Forex.com Review

I have tested Forex.com for a few months, and I must say that it’s a very solid global platform, primarily focused on Forex Trading, as the name itself implies. In this post I will be giving a detailed review of Forex.com trading platform, diving into the features available, the fee structure and the resources available for members.

 

 

Quick Broker Overview

 

Gain Capital Holdings, the company operating Forex.com was founded in 1999, and is a publicly traded in the New York Stock Exchange, (with the trading handle GCAP). The group is licensed in 5 jurisdictions, which means it ticks the essential boxes for trustworthiness and safety for consumers.

 

With over 800 staff members, this company is quite a large organization and has over 200,000 clients, both individual investors, just like you and me, but also corporate clients, meaning it handles the trading accounts of other companies.

 

Forex.com is available in various countries, including USA, Canada, UK and Australia and is one of the biggest global FX Brokers with over $1 billion in assets under it’s control.

 

The platform offers a robust mobile app and a very competitive tiered fee structure, apart from various types of investment and trading options, including spot trading and the ever popular crypto currency trading, even though crypto currencies cannot be traded as actual but only though CFD. In fact, on Forex.com offers over 4,000 CFD instruments.

 

As to traditional currency pairs, the platform has around 91 different currency pairs on offer to be traded, which means that apart from the main currency pairs, Forex.com also offers the opportunity to trade with minor currency pairs, or Crosses as they are also known, and even the less popular exotic currency pairs. (Click here for a detailed understanding of different currency pair categories).

 

The downside of Forex.com, compared to the more popular competitors, like Etoro and Plus500, is that this platform does not offer copy-trading or social-trading.

 

Fees and Charges for Trading

 

Trading platform often have very complicated fee/commissions calculations that can get pretty tricky to keep track of as a client. Forex.com, however has a relatively simple fee structure which is also quite competitive.

 

The average spreads we saw in our trading transactions where between 1 and 1.4, with the cheaper spreads when not trading on their MT4 platform.

 

Apart from the general spreads, Forex.com also has a more generous fee structure for traders that are more active and conduct a higher volume of trades. This system is called the ‘Active Trader’ and is based on 5 different levels of spreads which will decrease as you trade more and you advance to a higher-up level. Starting with level 1, the spread is at 1.2 pips, which is within the average for the platform. If traders exceed a specific level of trades during the month they will then advance to the next fee level and so on, with the maximum level having fees which are very low, even down to spreads of 0.85 pips.

 

As a Market Maker, Forex.com does not have to rely on third parties to execute a trade but has its own dealer execution which is important to know since it can offer better deals on trades.

 

Forex.com however also offers an agency based DMA account. DMA stands for Direct Market Execution, where the broker only charges a commission. This type of account benefits from better discounted fees when compared to the Active Trader Program, even as low as 0.8 pips for the main currency pairs.

Forex.com Leverage

The broker offers a handy Pip and Leverage calculator that you will find very handy when deciding how much to invest and leverage in your currency trades.

At Forex.com the maximum leverage, varies depending on the product and that’s why this calculator is useful to have.

Table showing leverage multiplier at Forex.com

 

Opening an Account with Forex.com

 

Anyone can open an account with Forex.com, and it’s free to register. In order to start trading with real money, however, you will need to deposit at least $50 as a minimum amount. This minimum deposit threshold is quite common in most Forex Platforms. As we do with other Broker reviews, we always suggest that you open a Demo account first.

 

 

Demo Accounts at Forex.com

It is important to know that before using any of your hard earned cash you can test all the platforms available with this broker using a Demo account which Forex.com will give to its users for free upon registration. So, if you’re looking to test the waters just go ahead and register for a free account with Forex.com but before making any real money deposits, try your hand with a demo account so that you get used to the different platforms and the way they work.

Once you feel comfortable and happy with the performance of the platform then you can proceed in funding your trading account with real money and hopefully start making some real profits.

The Forex.com Platforms

 

Forex.com offers different platforms based on the user’s Trading Experience and knowledge.

 

One of the platforms is called ‘Advanced Trading’ and as the name implies it is best suited for the more experienced Forex traders. This platform includes a large selection of charting options and over 140 Trade indicators. The technical analysis offered on the platform is from Autochartist. This system scans the market to provide users with a complete Market analysis, trading patters, and trade ideas. The system also allows the more advanced traders to build their own automated trading systems based on their preferred Forex Trading Strategies and risk threshold.

 

Charting on forex.com

 

For the less experienced and more occasional Forex Traders, Forex.com offers ‘Web Trader’ its Web based Trading Platform which is very user friendly. You can easily navigate through it to find the different markets and currency pairs, perform research, scrutinize Forex charts and most importantly easily place the trades you want.

 

screenshot from webtrader

 

Forex.com also offers an alternative internet platform which is a white-label solution from TradingView. A white-label means that the product is not produced and operated by Forex.com themselves, but it’s a solution operated by another company which Forex.com uses on its own system, ie, putting it’s logo and colour schemes on a supplier’s system for a fee. In any case, what’s important is that for this web based platform Forex.com sources its information from TradingView, a very popular web app for charting Trading Data. You can read more about this system here. This platform is ideal for those users who want to conduct very in-depth market analysis and charting.

 

My opinion for those who can’t decide between the 2 web-platforms on offer at Forex.com, is to go with their original Web Trading Platform and not the White-Label solution. This is because the former offers a more complete solution to all the user’s Trading needs, while the latter is more focused on technical analysis.

 

Finally as a broker, Forex.com also offers the very popular MetaTrader complete set of products to its clients, including the flagship products MT4 and MT5.

 

Metatrader 4 on Forex.com

 

Resources and Research Reports

 

The research area on Forex.com’s platform is very well organized. Users can easily find various news channels, real-time trade signals, analysis charts, and regular updates and research reports from the broker’s own experienced senior analyists.

 

Those Forex Traders who want to take their analysis up a notch, Forex.com also offers a premium service. At a cost of around $900 a year, the subscriber can benefit from trading signals pushed directly to them. These signals come directly from Faraday research team of expert qualified analysts.

 

Mobile Trading

 

The Forex.com platform can be used on mobile by downloading it’s AdvantageFX app for both android and apple devices.

forex.com app download page ios

 

Forex.com android app download page

Their mobile app is probably one of the top 5 apps in the trading scene particularly due to the various features available and its ease of use and navigation.

 

Practically all the features available in the desktop version can be found within the AdvantageFX app, including research and signal, news updates, economic calendar, charts. Apart from this, actually performing trades on the app is a piece of cake, thanks to its friendly user interface where one can easily navigate between the different modules, for example going from open currency pair rates to the trading module with a click of a button.

 

By choosing your favorite currency pairs, you can easily see the live rates within your ‘watch list’ and furthermore synchronize this with your charts, which are then automatically saved when you close the app.

Personally I definitely give a thumbs up to the fact that you can view the charts in landscape mode. As most of you know when using your mobile phone it can be very difficult to get a clear view of these charts and being able to turn my phone sideways to view them in landscape mode is super important for me. To be honest I can’t understand why this feature is not a default requirement on all mobile trading apps!

The mobile app offered by Forex.com also has the added benefit of extending the MT5 and MT4 apps for its members.

For a better understanding of the functionality of their trading app, they a look at this clip.

 

Forex.com Takes Customer Care Seriously

 

To conclude we have also had a very good experience when testing their customer care response. We found their feedback time to be quick and the customer care team were very knowledgeable about the subject. All in all a very pleasant experience to deal with them.

Apart from this they offer a wealth of resource material for free to their members in order to ensure that traders can learn all the ins and outs of the Forex Market and keep up to date with latest news from around the world that effects currency pair rates.

 

 

Conclusion

 

Our Forex.com review has outlined how this online broker is a trusted and serious organization that takes care of its clients and places importance on ensuring they get a complete and safe Trading experience when using their various platforms.

 

 

With a wide range of features on offer and various platforms to choose from, we believe that Forex.com is ideal for any type of currency Trader, be it the novice trader as well as the more experienced expert in the field. Added to these features is the very competitive pricing model they offer to their customers with some of the lowest pip spreads we found in the industry.