Forex.com Review 2018
- US Traders
- 84+ Pairs
- 1 Day Payouts
- Mobile Friendly
- Low Deposit
When it comes to experience, Forex.com have a lot. They are owned by Gain Capital Holdings Inc. which was established in the UK in 1999. Forex.com was launched in 2001. Not only are they licensed and regulated by the Financial Conduct Authority in the UK, they also hold several licenses from regulatory bodies around the world.
Their platform is technically advanced, easy to use and offers a choice of trading platform. From the app for Android and iOS to their choice of web trading platforms there is a lot to choose from. With many currency pairs available to trade in, they offer competitive spreads and a free demo account. They also ensure that there are educational tools for traders to improve their experience.
So how do you know if Forex.com is the trader for you and how can you ensure that they offer all of the features that you expect? Our experienced experts research and analyse every Forex broker to ensure you that we bring you the information that you need. What can be difficult to find for you, is not a problem for us and we save you time finding the answers to your questions.
Forex.com offer many features but are they right for you? In this review, you will discover:
- A bit more about Forex.com and their background in the industry
- The bonuses and incentives that they offer to traders like you
- How to know if they are a reliable broker that is safe to invest with
Most brokers offer a choice of accounts. Some only offer one while many offer, two or more. Forex.com don't have a list of fancy accounts. They have just two in addition to the Demo Account for those who aren't quite ready to trade yet:
To open a Standard Account all you need is an email address and $500. The rest is easy. You simply open your account and begin trading. The spreads are competitive and there are plenty of educational tools to help you get to grips with the platform.
Active Trader Account
This account requires a little more deposit. In fact, an Active Trader Account requires a $20,000 deposit. In return for this you have access to a dedicated relationship manager and the spreads are as low as 0.7 pips.
Forex.com actively encourage you to test their demo account with a link to the platform right below the link to open an account. They state that if you aren't ready to invest yet, you can try the demo account. Their demo account is available to all traders whether you have a real money account or not and will give you access to $50,000 in virtual funds.
Trade Features And Payouts
There are many different features offered across the many brokers with different payouts. The main features to consider are the leverage and the spreads along with whether they offer a Stop Loss and what sort of trading experience they offer. In the case of Forex.com their features include the following:
What is leverage? Well if you don't have a large capital to invest you can leverage your money or "multiply" it. Forex.com seem keen that their investors don't get themselves into too much of a predicament when trading without experience and that they don't risk too much capital. They keep the leverage low ranging from 1:25 to 1:50 and not 1:400 or 1:500 like you get with some brokers.
The spreads range depending on the currencies that you are trading in and the type of account that you have. Looking at an average across the pairs it would seem that a floating spread of 1.7 pips seems to be the average on the EUR/USD spread and 2.1 pips with the GBP/USD pair. This is with a Standard Account. An Active Trader Account has considerably better spreads.
The Stop Loss feature is accessible in the "positions" tab in the account manager window. You can set your trade to Stop Loss and Take Profit. This means that when the spread reaches the desired level, the trade automatically stops.
There are a few different types of trading platform available from Forex.com that allow you to trade on either a mobile, tablet or laptop whether it be Mac or web based. The first is the FOREXTrader PRO platform. Then there is the industry leading MetaTrader4, with an app for Android and iOS. Dealbook has also recently been added which allows you to trade from 120+ currency pairs in Forex and other types of trading.
Bonuses And Promotions
There isn't much evidence of a bonus on the Forex.com website unless you really search for it. By typing in bonus to the search bar at the top of the site we were able to find a $50 bonus and its terms and conditions. The bonus was valid for a 6-week period at the time of writing this review.
In order to qualify for the bonus, you have to deposit a minimum of $250 in one sum to a qualifying account. The bonus is then credited to the account within five business days of the end of the month in which you make the deposit. There are other terms and conditions applied to the bonus which will you need to read if you want to take advantage of the offer.
If you prefer to transact on the go then you probably rely on your mobile phone or tablet for quite a lot. When it comes to trading, you don't want to be sat in front of a desktop, you need the freedom to trade on the go just as you do your shopping or banking. When choosing a Forex broker, it is important that the platform is optimised for mobile use.
This can be either via an app that is suitable for both Android and iOS devices or a mobile responsive website that recognises what device you are using and delivers the optimal experience. Many traders prefer to use an app as it doesn't need you to continually sign in and you can receive notifications on the go. Before you choose your broker make sure you check what sort of mobile trading experience they deliver.
Deposits And Withdrawals
To deposit funds into your Forex.com account you will need to use a credit or debit card. They also accept wire transfer with a minimum deposit of $30 and a maximum of $10,000. Be advised that wire transfer means that it takes longer for your funds to clear and become available to trade.
Withdrawals are made using the same account that you used to make the deposit. It can take a few days for the funds to reach your account and you may be charged a transaction fee for the withdrawal.
In addition to competitive spreads, a good mobile trading experience and a $50,000 demo account, Forex.com also offer the following:
Forex Site Reviews
Whatever you need, whenever you need it, the Forex.com customer support team is available 24 hours a day, 7 days a week. The live chat assistant does not automatically up, rather it allows you to click if you require assistance. There are also the options to email and telephone.
You can contact the Client Support team, the Money Transfers Support team and the Account Opening department. You can also write to their London address if this is your desired method of communication.
Forex.com have been trading for many years now and long before many of their newer competitors. Their website is advanced and perfect for those who want the option to trade on the move. They have a good, solid offering along with trading tools for all levels of experience. In addition to this they offer competitive spreads and other trading features.
If you are looking for a reliable broker, their long-standing reputation in the Forex community is a strong indication of their commitment to their clients. In addition to this they are licensed and regulated by many of the key regulatory bodies across the globe. If you want a solid trading experience with everything you need from a broker, then Forex.com is a good pick. Whether you are new to trading and looking to open your first account or whether you are seeking to change brokers, there is a strong argument for making this your choice.
Reviewed by: ForexTradingExpert.net
Frequently Asked Questions
Is Forex.com legit, will they scam me?
With a good reputation since their trading offering began in 2001, there are many reasons to trust Forex.com. Not least of these reasons are the number of licenses they hold from respectable sources across the world. They are licensed to offer their services in the US in addition to Canada, Hong Kong, Japan, Australia, the UK and The Cayman Islands. Their website and customer support details are comprehensive and detailed and there are many ways to get in touch with the broker.
Do they have a decent mobile or tablet app?
There are two options to enjoy mobile trading with Forex.com. First is their responsive website which recognises the type of device you are accessing the site from and responds to deliver the best user experience for that device. Then there is an app for Android and iOS for both mobile phones and tablets. The broker certainly offers everything that you need to enjoy trading on the go.
What bonus do they offer for new traders?
It is not easy to find the bonus offering from the broker but there is one if you look hard enough. We found a timed bonus available for a specific period. The bonus of $50 is subject to a minimum deposit of $250 and is only available for a few weeks. It is well worth checking what bonuses and promotions are on offer if you are looking to open an account as they tend to change regularly with many brokers.
Can I start trading on a free demo account?
Yes, traders are actively encouraged to use the demo account which gives you virtual trading funds of $50,000. If you are new to trading you should definitely take advantage of this as it will help you get established as a trader before you risk your own funds on the live platform. It is particularly useful to get used to the charts, trading environment and the functions needed to trade effectively.
What's the min. deposit and ideal trade amount?
The minimum deposit depends on the account that you wish to open. A Standard Account requires an initial deposit of $500. Further deposits can be made but they must match or exceed the minimum transaction of $30 if using wire transfer. When it comes to the ideal amount per trade, it is recommended that you spend 1% of your capital on each trade. If your balance is $500 then you would invest $5 per trade.
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