FOREX.com could be a great place to get your feet wet. As one of the largest forex brokers, they offer tight spreads, low trading fees, and a solid trading platform to help you navigate the fast-paced forex market.
In this article, we’re giving you an inside look at everything FOREX.com has to offer so you can decide if they’re the right broker for you. So, let’s dig into this article.
Overview of FOREX.com
FOREX.com is a prominent online trading platform for the foreign exchange (forex) market. It offers traders a wide range of currency pairs to buy and sell, allowing them to speculate on price fluctuations and profit from market movements.
With advanced trading tools and features, including real-time charts, technical analysis, and customizable trading strategies, FOREX.com caters to both beginners and experienced traders. The platform provides access to a global market that operates 24/5, enabling users to trade at their convenience.
Traders can also benefit from educational resources, market insights, and dedicated customer support. However, it’s important to note that forex trading carries inherent risks and requires a solid understanding of market dynamics.
Regulation and Security of FOREX.com
When it comes to trading forex, you want a reputable broker. FOREX.com meets that criteria. As a subsidiary of GAIN Capital Holdings, Inc., FOREX.com is regulated in major jurisdictions worldwide, including the US, UK, Canada, Australia, and the EU.
Safety of funds and data privacy are top priorities. Client funds are held in segregated accounts at top-tier banks and protected by investor insurance up to $500K. Two-factor authentication, data encryption, and other security protocols keep your information private.
You have a range of platforms to choose from. Their proprietary platform has innovative tools to help you discover and analyze trading opportunities. You can also use the popular MetaTrader 4 platform if you prefer. Desktop, web, and mobile access mean you can trade whenever and however you want.
What You Can Trade on FOREX.com
When you open an account with FOREX.com, you’ll have access to trade over 80 currency pairs, as well as CFDs on stocks, indices, commodities, and cryptocurrencies.
The major, minor, and exotic currency pairs are all available for trading 24 hours a day, 5 days a week. Majors like EUR/USD and GBP/USD typically have the tightest spreads and highest liquidity. If you’re looking for more action, check out the volatile exotics. With FOREX.com, you can go long or short on any pair and set stops and limits to manage your risk.
FOREX.com also offers CFDs on thousands of stocks, indices, commodities, and cryptocurrencies. Going long or short, you can speculate on price movements of major indices like the S&P 500 and FTSE 100, hot stocks like Apple and Tesla, commodities such as gold and oil, and cryptocurrencies like Bitcoin. CFDs provide exposure without having to own the underlying asset.
If you’re an experienced trader, FOREX.com gives you the opportunity to trade vanilla options and spreads on currency pairs and gold. You can choose between call and put options to speculate on price rises and falls. Options provide leverage and risk management capabilities for potentially high returns.
Fees of FOREX.com
FOREX.com doesn’t charge any commissions for trading forex, CFDs, stocks, futures, options, ETFs or bonds. Instead, they make money through the bid-ask spread. The minimum deposit to open an account is $100.
Deposit and Withdrawal Methods
You have several options to fund your FOREX.com account, including:
- Bank wire transfers
- Debit/credit cards (Visa, Mastercard, Maestro, etc.)
- eWallets (Skrill, Neteller, PayPal)
Withdrawals can be made through the same methods and typically take 3-5 business days to process. There are no withdrawal fees for bank wires, debit/credit cards, or eWallets. The minimum withdrawal amount is $50.
Account Types and Fees
FOREX.com offers five account types with minimum deposits ranging from $100 to $10,000. The fees and spreads you pay will depend on your account type. For example:
- Standard Account: $100 minimum, average spreads from 1.2 pips. No commissions.
- Commission Account: $2,500 minimum, tight spreads from 0.2 pips plus $5 per 100k traded.
- DMA Account: $10,000 minimum, raw market spreads plus commission of $25 per million traded.
Demo VS Pro Account on FOREX.com
|Purpose||Ideal for beginners and traders new to the platform. Enables risk-free trading with virtual funds.||Designed for professional traders seeking enhanced features and lower spreads for live trading.|
|Trading Environment||Simulated Market Conditions||Real Market Conditions|
|Funding||Virtual Funds (Not Real Money)||Requires Real Money Deposit|
|Spread & Commissions||Typically Fixed||Variable, Lower Spreads|
FOREX.com Customer Support
FOREX.com provides customer support 24 hours a day, 5 days a week via phone, email, and live chat. They aim to respond to all queries within 1 business day.
FOREX.com has a dedicated phone line for customer service and technical support. Representatives are available 24/5 to assist you with any questions about your account, deposits and withdrawals, trading platforms, and more. The phone number is 1-877-367-3946 (or 1-908-731-0730 for international callers).
If you have a non-urgent question or prefer to correspond by email, you can reach FOREX.com support at email@example.com. Be sure to provide details about your account, issue, or question in your email for the fastest resolution. Email support may take up to 1 business day for a response.
The live chat feature on FOREX.com’s website and trading platforms allows you to instantly connect with a support agent. Live chat is available 24/5 and is a convenient way to get answers to basic questions or minor technical issues. However, for account-specific or sensitive matters, phone or email support may be better options.
FOREX.com aims to provide helpful, courteous support to resolve any issues you may have. Their customer service team can walk you through the account opening process, advise you on trading strategies, troubleshoot any problems with the trading platforms, and more. If you ever feel you are not receiving adequate support or service, be sure to request to speak to a manager.
Is FOREX.com Legit or a Scam?
So, is FOREX.com legit or just another scam? After thoroughly reviewing FOREX.com, we can confidently say that it is a legitimate and reputable broker. Here are a few reasons why:
FOREX.com is regulated by top-tier financial authorities like the FCA, NFA, CFTC, and IIROC. This means your funds and data are protected. FOREX.com is also a member of the National Futures Association (NFA) and registered with the U.S. Commodity Futures Trading Commission (CFTC). They keep client funds in segregated accounts at top banks.
It has been facilitating currency and CFD trades since 2001. They are an award-winning broker and a trusted leader in the forex industry. FOREX.com is a subsidiary of GAIN Capital Holdings, Inc., a global leader in online trading.
Pros and Cons of FOREX.com
- Regulation and Security: FOREX.com is regulated by top-tier financial authorities like the FCA, ASIC, and CFTC. Your funds and data will be secure.
- Competitive Fees: FOREX.com has low trading fees, no withdrawal or inactivity fees, and a low minimum deposit. You’ll save money with every trade.
- Powerful Trading Platforms: FOREX.com offers MetaTrader 4, MetaTrader 5, and its own FOREXTrader platform. You’ll have access to advanced charting tools, automation capabilities, and mobile apps to trade on the go.
- Excellent Customer Support: FOREX.com provides 24/5 customer service with knowledgeable representatives. You can get help via phone, email, and live chat.
- Limited Products: FOREX.com focuses primarily on forex trading. If you want to trade stocks, bonds, ETFs, or other instruments, you’ll need to use another broker.
- Higher Spreads: FOREX.com’s spreads tend to be a bit higher than competitors. While the all-in costs are still low, you may be able to get tighter spreads with other brokers.
As one of the largest and most established brokers, FOREX.com offers a solid platform for forex and CFD trading with competitive fees and a choice of account types to suit your needs.
While their spreads can be higher than some competitors at times, their regulation, security, and customer service are top-notch. Overall, FOREX.com is a trusted and reputable broker that provides everything you need to start trading the markets.