Forex.com Broker Review

Trading in the foreign exchange market (forex) can be a complex venture. With numerous brokers available online, it is vital to carefully select one that aligns with your trading style, financial goals, and experience level. In this comprehensive review, we shall delve into one such platform, Forex.com, evaluating its key features, tools, benefits, and potential drawbacks.

A Brief Introduction to Forex.com

Forex.com is a globally recognized trading platform that has carved a niche for itself in the forex trading space. Established in 2001, it offers access to over 90 global markets and facilitates the trading of multiple asset types such as forex, indices, commodities, and cryptocurrencies.

The platform is managed by GAIN Capital UK Ltd, a subsidiary of StoneX Group Inc., a publicly-traded company in the US. Forex.com has since gained a reputation for its diverse trading options, advanced trading tools, and extensive educational resources.

Trading Platforms and Tools

Trading Platforms

Forex.com offers three main trading platforms to cater to different trader needs:

• Advanced Trading Platform: A proprietary platform for professional traders, offering advanced charting, customizability, and over 100 technical indicators.
• MetaTrader 4 (MT4): A globally recognized platform favored by many traders for its user-friendly interface, automated trading capabilities, and extensive customization options.
• Web Trading: A convenient browser-based platform suitable for both beginners and experienced traders, offering real-time analytics, sophisticated charts, and powerful trading tools.

Trading Tools

Forex.com stands out for its assortment of trading tools designed to empower traders and enhance decision-making. Some noteworthy tools include:

• Trade Signals powered by Autochartist: This feature analyzes markets in real-time and provides insights based on statistical analysis, helping traders identify potential trading opportunities.
• Advanced Charting: It provides over 80 technical indicators and drawing tools, enhancing market analysis.
• Recognia Technical Analysis: This tool offers short-term and swing traders with technical analysis for up to 66 market conditions, informing strategic planning.

Markets and Products

Forex.com provides its users access to a wide range of markets. These include:

• Forex: It offers over 80 currency pairs, including major, minor, and exotic pairs.
• Indices: Traders can speculate on the performance of global indices such as S&P 500, FTSE 100, DAX 30, and more.
• Commodities: Forex.com provides the opportunity to trade commodities such as gold, silver, oil, and natural gas.
• Cryptocurrencies: Despite being a forex-focused broker, it also provides access to various digital currencies like Bitcoin, Ethereum, Litecoin, and more.

Educational Resources and Customer Support

Educational Resources

Forex.com has a wealth of educational resources catering to both beginner and experienced traders. These resources aim to aid traders in improving their trading skills and understanding market dynamics. The educational suite includes:

• Webinars and Videos: Forex.com provides webinars on a variety of topics and video tutorials explaining platform features, trading strategies, and market analysis techniques.
• Guides and Articles: In-depth guides and articles covering various aspects of trading are available, from fundamental forex concepts to advanced trading strategies.
• Glossary: A comprehensive glossary explaining trading terms and jargon is available, serving as a handy reference for beginners.

Customer Support

Customer support is an integral part of any trading platform, and Forex.com does not disappoint. Its support team is available 24/5 via phone, email, and live chat, ensuring that users’ queries and concerns are addressed promptly.

Account Types

Forex.com offers different account types tailored to cater to varying trading styles and experience levels. The options include:

• Standard Account: This account type is suited for beginners and casual traders. It offers a user-friendly platform, access to educational resources, and customer support.
• Commission Account: Ideal for high-volume traders, this account type offers lower spreads in exchange for a commission per trade.
• Direct Market Access (DMA) Account: Designed for experienced traders, this account provides access to deeper liquidity and the ability to view and trade on available prices directly from market makers.

Pricing and Fees

Forex.com operates on a spread and commission-based model. Spreads vary depending on the account type and the market being traded, starting from as low as 1.0 pips for the EUR/USD pair on a standard account. Commission accounts, on the other hand, offer reduced spreads for a set commission per trade.

Inactivity fees apply if an account is dormant for 12 months or more, and overnight funding fees, also known as swap rates, apply to positions held open overnight.

Demo Account

For beginners in forex trading or those looking to test the platform before committing real capital, Forex.com offers a free demo account. This provision aligns with the platform’s commitment to ensuring that traders are well-equipped to navigate the dynamic forex market.

Pros of the Forex.com Demo Account

• Virtual Funds: The demo account comes loaded with $10,000 in virtual funds, allowing users to explore and engage in risk-free trading.
• Real Market Conditions: The demo account replicates real-time market conditions, helping users gain practical trading experience without financial risk.
• Full Access to Platforms and Tools: Users can access all trading platforms and tools available to live account holders, providing a comprehensive understanding of the platform’s offerings.

Cons of the Forex.com Demo Account

• Limited Duration: The demo account is only available for 30 days, which might not be enough time for beginners to fully grasp trading nuances.
• No Real Money Gains: While the demo account provides valuable experience, users cannot make real money profits since it operates with virtual funds.

iOS/Android Apps

In today’s digital age, mobility is a crucial factor for many traders. Recognizing this, Forex.com offers mobile trading apps for both iOS and Android platforms, ensuring users can manage their trades anytime, anywhere.

Pros of the Forex.com iOS/Android Apps

• User-Friendly Interface: The mobile apps feature a user-friendly interface that’s easy to navigate, enabling quick and efficient trade execution.
• Complete Functionality: Traders have access to full trading functionality, including real-time quotes, charts, and order placement.
• Access to Trading Tools: The mobile apps come equipped with several key trading tools, allowing traders to stay informed and make well-informed decisions.

Cons of the Forex.com iOS/Android Apps

• Limited Tools Compared to Desktop: Despite offering a range of tools, the mobile apps may not provide the same extensive tool set as their desktop counterparts.
• Dependent on Internet Connectivity: The effectiveness of the mobile apps hinges on stable internet connectivity, which can be an issue in areas with poor network coverage.

Affiliate Program

Forex.com also offers an affiliate program as part of its comprehensive service suite. This program allows users to earn extra income by referring new clients to the platform.

Pros of the Forex.com Affiliate Program

• Earning Opportunities: The affiliate program provides a lucrative earning opportunity, with affiliates earning a commission for each referred user who opens a live trading account.
• Marketing Tools: Affiliates are provided with a variety of marketing tools to aid in promoting Forex.com, including banners, links, and landing pages.
• Support: Affiliates receive dedicated support to ensure they can effectively market the platform and drive conversions.

Cons of the Forex.com Affiliate Program

• Dependent on Referrals: Earnings in the affiliate program are solely based on successful referrals. If affiliates cannot convince others to sign up, their earning potential is limited.
• Commission Structure: The specifics of the commission structure may not be immediately clear, necessitating direct consultation with Forex.com to clarify the details.

Conclusion: Is Forex.com the Right Broker for You?

In conclusion, Forex.com’s extensive product offering, robust trading tools, and comprehensive educational resources make it a competitive choice for both new and experienced traders. While the platform’s pricing structure may not be the most competitive, its overall value proposition, characterized by an impressive range of trading platforms and high-quality customer support, certainly compensates for this.

As with any broker, potential Forex.com users should consider their individual trading needs, style, and financial goals before starting. Despite its advantages, Forex.com, like all trading platforms, comes with a degree of risk. Therefore, it is vital for traders to employ effective risk management strategies and continually invest in their trading education.

Good alternatives to Forex.com broker

IG Group

Founded in 1974, IG Group is one of the oldest and most reliable online forex brokers. IG offers an extensive range of tradable assets, comprehensive research tools, and excellent customer support.

Pros of IG Group

• Wide Range of Markets: IG offers access to over 17,000 markets, including forex, indices, stocks, commodities, and cryptocurrencies.
• Excellent Trading Platforms: IG provides its proprietary trading platform alongside MetaTrader 4, providing excellent versatility to traders.
• Superior Research Tools: IG provides high-quality research tools and market analysis, beneficial for informed trading decisions.

Cons of IG Group

• High Minimum Deposit: The required minimum deposit for IG might be high for beginners or casual traders.
• Inactivity Fee: IG charges an inactivity fee if there are no trading activities for two years, which can be inconvenient for infrequent traders.

OANDA

OANDA is a well-established forex broker known for its advanced trading platforms, transparent pricing model, and quality educational resources.

Pros of OANDA

• No Minimum Deposit: OANDA does not require a minimum deposit, making it an attractive option for beginners or those with limited capital.
• Advanced Trading Platforms: OANDA offers its proprietary platform, alongside MetaTrader 4, with advanced charting tools and indicators.
• Quality Educational Resources: OANDA provides high-quality educational resources, including webinars, trading videos, and market analysis articles.

Cons of OANDA

• Limited Product Range: Compared to other brokers, OANDA offers a relatively limited range of tradable instruments.
• Inactivity Fee: OANDA charges an inactivity fee for accounts inactive for 12 months, impacting infrequent traders.

Interactive Brokers

Interactive Brokers is renowned for its extensive range of offerings and advanced trading platforms, catering to experienced traders and investors.

Pros of Interactive Brokers

• Wide Range of Products: Interactive Brokers offers a massive range of tradable products, including forex, stocks, options, futures, and ETFs.
• Advanced Trading Platforms: It provides powerful trading platforms with advanced charting features, trading algorithms, and risk management tools.
• Excellent Customer Support: Interactive Brokers offers quality customer service with live chat, phone support, and email assistance.

Cons of Interactive Brokers

• Complex Interface: The platform’s complex interface may be daunting for novice traders.
• High Account Minimum: The relatively high account minimum may pose a barrier for new or low-capital traders.

Forex.com Q&A

1. Is Forex.com a trustworthy broker?

Forex.com has built a strong reputation over the years as a reliable and trustworthy broker. It is managed by GAIN Capital UK Ltd, a part of StoneX Group Inc., which is a publicly-traded company in the US. While all investments come with inherent risks, Forex.com is regulated and adheres to international financial standards, providing a level of assurance to its users. However, as with any investment decision, it’s crucial to conduct your own research and risk assessment before trading.

2. What kind of trading platforms does Forex.com offer?

Forex.com offers three primary trading platforms to cater to different trader needs and preferences:

• Advanced Trading Platform: This is Forex.com’s proprietary platform, best suited for professional traders. It offers advanced charting, customizability, and over 100 technical indicators.
• MetaTrader 4 (MT4): MT4 is a globally recognized platform, favored by many traders for its user-friendly interface, automated trading capabilities, and extensive customization options.
• Web Trading: This browser-based platform is suitable for both beginners and experienced traders. It offers real-time analytics, sophisticated charts, and powerful trading tools.

3. Does Forex.com provide any educational resources?

Yes, Forex.com provides an impressive range of educational resources that cater to both beginner and experienced traders. These resources include:

• Webinars and Videos: Forex.com hosts regular webinars on a variety of trading topics and provides video tutorials on its platform features, trading strategies, and market analysis techniques.
• Guides and Articles: Traders can access in-depth guides and articles on various aspects of trading, ranging from fundamental forex concepts to advanced trading strategies.
• Glossary: The platform also provides a comprehensive glossary explaining common trading terms and jargon, a handy resource especially for beginner traders.

4. What are the fees associated with trading on Forex.com?

Forex.com operates on a spread and commission-based model. The exact fees depend on the account type and the market being traded. Spreads start from as low as 1.0 pips for the EUR/USD pair on a standard account. Commission accounts offer lower spreads but charge a set commission per trade. It’s important to note that inactivity fees apply for accounts that have been dormant for 12 months or more. Overnight funding fees, also known as swap rates, apply for positions held open overnight.

5. What types of accounts can I open with Forex.com?

Forex.com offers three primary types of accounts designed to suit different trading styles and levels of experience:

• Standard Account: Suitable for beginners and casual traders, this account provides access to the user-friendly platform, educational resources, and customer support.
• Commission Account: This account type is designed for high-volume traders, offering lower spreads in exchange for a commission per trade.
• Direct Market Access (DMA) Account: Ideal for experienced traders, this account provides access to deeper liquidity and the ability to view and trade on prices directly from market makers.

6. Can I use Forex.com on my mobile device?

Yes, Forex.com offers mobile applications for both iOS and Android devices, ensuring users can manage their trades on-the-go. These mobile applications provide complete trading functionality, including access to real-time quotes, charts, and order placement. However, the range of trading tools on the mobile application may be slightly limited compared to the desktop platform.

7. How does Forex.com’s demo account work?

Forex.com’s demo account is designed to help beginners understand the dynamics of forex trading and allow potential users to test the platform. This account comes loaded with $10,000 in virtual funds and mirrors real-time market conditions, providing users with practical trading experience. The demo account is available for 30 days and offers access to all the trading platforms and tools available to live account holders.

8. What type of customer support does Forex.com offer?

Forex.com has a dedicated customer support team available 24/5 to address user queries and concerns. Support channels include phone, email, and live chat. The quality of customer service can significantly enhance a trader’s experience, and Forex.com is committed to ensuring prompt and comprehensive support to its users.

9. What assets can I trade on Forex.com?

Forex.com offers a wide range of assets for trading. These include over 80 currency pairs, indices, commodities, shares, and cryptocurrencies. The variety of assets available allows traders to diversify their investment portfolios and explore different markets.

10. Does Forex.com have an affiliate program?

Yes, Forex.com offers an affiliate program where users can earn extra income by referring new clients to the platform. Affiliates earn a commission for each referred user who opens a live trading account. Forex.com provides marketing tools such as banners, links, and landing pages to help affiliates promote the platform effectively.

Forex.com non-EU popular countries:

Forex.com Broker in Argentina

Forex.com offers an accessible and efficient trading platform for Argentinian traders. The broker, recognized globally, provides local traders access to an expansive range of financial instruments including currencies, indices, commodities, and cryptocurrencies. One of the noteworthy features of Forex.com in Argentina is its robust educational resources. These resources are highly beneficial for both novice and experienced traders, providing extensive learning opportunities on diverse trading topics. It’s worth mentioning that the availability of a demo account provides an opportunity for Argentinian traders to familiarize themselves with the platform’s features and gain practical trading experience without risking real capital.

Forex.com Broker in Brazil

In Brazil, Forex.com is recognized as a reliable and comprehensive trading platform. With a focus on forex trading, Forex.com provides Brazilian traders with an opportunity to participate in global currency markets. The trading platform also offers an extensive selection of tradable assets beyond forex, catering to a diverse range of investment preferences. Brazilian traders can benefit from the advanced trading tools and charting features that Forex.com provides. Furthermore, the multilingual customer support, accommodating Portuguese language, is a valuable asset for Brazilian users, enhancing their trading experience through prompt and efficient service.

Forex.com Broker in Colombia

Forex.com provides Colombian traders with a sophisticated yet user-friendly platform, suitable for both beginners and seasoned traders. Offering access to a diverse range of assets, Colombian traders have the opportunity to engage in various markets including forex, commodities, indices, and more. One standout feature for Colombian traders is the platform’s compatibility with multiple devices. With mobile apps available for both iOS and Android, Forex.com ensures Colombian traders can manage their trades anytime, anywhere, fitting trading seamlessly into their lifestyle. The platform’s commitment to user education further enriches the trading experience, offering extensive learning resources to assist Colombian traders in developing their trading skills and knowledge.

Forex.com Broker in Indonesia

Forex.com has carved a significant presence in the Indonesian trading landscape, offering a robust and reliable trading platform to local traders. Indonesian traders have access to a comprehensive range of tradable assets, including a diverse selection of currency pairs – a key advantage given the popularity of forex trading in the country. The platform’s advanced charting features and technical indicators facilitate informed trading decisions, and the availability of a demo account provides a safe and practical environment for traders to hone their strategies. Additionally, the provision of customer support services in the Indonesian language makes Forex.com an attractive option for local traders.

Forex.com Broker in Philippines

Forex.com is highly regarded by Filipino traders for its versatile and comprehensive trading platform. The platform provides access to a wide array of financial instruments, allowing traders in the Philippines to diversify their portfolios. Forex.com’s advanced trading platform, featuring real-time analytics, customizable charts, and various trading tools, caters to the needs of both beginner and experienced Filipino traders. Furthermore, Forex.com’s educational resources provide valuable learning opportunities for Filipino traders, helping them stay informed about market trends and trading strategies. The broker’s commitment to user support and education makes it a strong choice for Filipino traders navigating the global forex market.

Forex.com Broker in Thailand

In Thailand, Forex.com has established itself as a trusted platform for forex trading. Thai traders are provided access to a broad range of currency pairs, as well as other financial instruments like commodities, indices, and cryptocurrencies. The broker’s easy-to-navigate interface, coupled with advanced trading tools, makes it a suitable choice for both beginner and experienced Thai traders. Forex.com’s commitment to education further strengthens its presence in Thailand, offering a wealth of learning resources, including webinars, video tutorials, and comprehensive articles. Moreover, its mobile trading platform allows Thai traders to monitor the market and execute trades on the go, providing flexibility and convenience.

Forex.com Broker in United Arab Emirates

Forex.com is a reputable broker in the United Arab Emirates (UAE), providing traders access to an expansive array of global markets. UAE traders can diversify their portfolios with the broad range of tradable instruments available, including forex, indices, commodities, and cryptocurrencies. Forex.com’s advanced trading platforms, such as MT4 and its proprietary platform, cater to different trading preferences and styles. The broker’s customer service also offers support in Arabic, catering to the local language needs. Furthermore, the comprehensive educational resources and demo account provided by Forex.com ensure that UAE traders are well-equipped to make informed trading decisions.

Forex.com Broker in Vietnam

In Vietnam, Forex.com is recognized as a comprehensive trading platform offering access to diverse global markets. Vietnamese traders can take advantage of the wide variety of tradable assets on offer, from major and minor forex pairs to commodities, indices, and cryptocurrencies. The broker’s powerful trading platforms offer a wealth of trading tools and features, catering to various trading strategies. Notably, Forex.com’s strong commitment to user education and its provision of a risk-free demo account make it a strong choice for Vietnamese traders looking to develop their trading skills and strategies. The availability of customer support in Vietnamese further enhances the user experience for local traders.

Forex.com Broker in Mexico

Forex.com is a preferred broker for many Mexican traders, providing a comprehensive and user-friendly platform to trade a variety of financial instruments. The platform’s advanced charting features and wide range of technical indicators allow Mexican traders to conduct detailed market analysis. Forex.com also offers a broad selection of educational resources, providing traders with valuable insights into forex trading and market trends. The platform’s multilingual support, including Spanish, is particularly beneficial for Mexican traders. Additionally, the availability of mobile trading applications ensures that traders can manage their trades and monitor the markets anytime, anywhere.