Forex.com Review 2018
Our Forex.com review 2018 has addressed 11 key areas that we consider highly important to any budding traders looking for the best forex brokers with which to apply their trade.
Forex.com Minimum Deposit
Our forex.com broker review identified three types of accounts that are available for those keen to sign up with this company.
The forex.com demo account gives budding traders $50,000 of virtual money to trade to get familiarized with the trading platforms and to practice and learn the strategies involved in FX trading.
The standard account requires a forex.com minimum deposit of $500 to register. It must be noted though that to gain access to the entire range of trade instruments, clients are required to deposit $3000.
The premium account requires a higher deposit of $25,000 to open and provides the full experience with plenty of additional features not offered in the standard account.
What is Forex.com?
Forex.com is owned and operated by GAIN Capital Holdings, a UK registered company listed on the New York Stock Exchange with an asset value exceeding $1.39 billion. Founded in 1999, Forex.com is one of the largest brokers in the United States and was, until recently, engaged in a battle with FXCM for dominance of the U.S marketplace. The 2017 decision by the NFA to ban FXCM from trading for defrauding its customers has left forex.com as the undisputed king of US forex trading. Based in Bedminster, New Jersey, Forex.com is highly respected for their trustworthiness and the integrity of their operational practices, making it clear why they are a popular choice amongst USA traders.
Our forex.com USA review has determined that when it comes to Americans looking for a trusted, highly respected forex broker, you can’t really do better than this brokerage firm. As mentioned above, the banning of FXCM from US trading has left forex.com as the leading forex broker in this region. While there are several unregulated brokers operating in the US, these should be avoided. In terms of those that adopt the strict regulations enforced by regulatory bodies, forex.com is the way to go.
As a highly respected brokerage, forex.com follows strict regulations that they must abide by to preserve such a lofty reputation. The major regulatory body that oversees forex.com is the United Kingdom’s Financial Conduct Authority (FCA) under license number 113942. As a result, the company is required to release up to date financial reports as well as conducting annual audits. These reports, in addition to the audit, ensures that the broker is operating within the framework laid out by the FCA. Furthermore, there are several other regulators who oversee the forex.com affiliates operating in other jurisdictions around the world. These regulators include:
- The Investment Industry Regulatory Organization of Canada (IIROC)
- Financial Services Authority (FSA) in Japan
- The Australian Services and Investments Commission (ASIC)
- The Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) in the United States
- The Securities and Futures Commission (SFC) in Hong Kong
- The Cayman Islands Monetary Authority (CIMA)
Reliability and Security
Our forex.com review 2018 found that when it comes to reliability and security, there are few forex brokers who can match this brokerage firm. As a highly regulated firm, forex.com is required to keep client funds segregated from the funds used for the company’s own operating expenditure. This is achieved by separating client funds into tier 1 banks which ensures their safety and security.
A good indicator of a company’s reliability is their success on the awards circuit. Forex.com is the winner of many awards, particularly over the past 5 years. These awards include:
- Best Forex Broker 2011, 2012, 2013
- Best US Forex Broker 2013
- Best Online FX provider 2011
The protection of client personal information and data is done using 128-bit Secure Sockets Layer (SSL) technology which encrypts data and makes any breach near impossible. This ensures that a client’s personal information, passwords and email address is well protected.
Forex.com Trading Platform
Our forex.com broker review identified two main trading platforms for use by clients of this company. They are the highly popular Meta Trader 4 platform as well as the forex.com Advanced trading platform.
Meta Trader 4 is considered the ultimate trading platform for online forex trading and is packed with an abundance of features. It is highly customizable, contains advanced charting capabilities and many technical indicators.
The Advanced Trading Platform contains advanced charting features, over 80 technical indicators, and possesses many drawing tools to help clients customize their experience. In addition, there are many educational tools available within the platform that will help you to expand your knowledge.
Mobile Trading Capability
Forex.com has been configured for use on Android and iOS smartphones and tablets. Their app contains updated news, market analysis, real time alerts and notifications that make trading while out of the office or home that much easier.
Types of Trading
With forex.com there are over 200 trading products that can be traded across forex, indices, shares, commodities and cryptocurrencies. Clients can trade over 80 currency pairs, 90 equities, as well as popular commodities and indices.
In terms of cryptocurrency trading there are four types that are available for trading. These are:
Check out our list of the best cryptocurrency exchanges 2018 here!
Spreads and Commissions
Our forex.com review in 2018 is pleased to report that this company does not charge any commissions on trades that are performed. Like most big online brokers, they instead earn money by adding a spread to the prices that traders receive on the FX marketplace. While the spreads vary considerably, some of the most popular forex trading pairings start from as low as 1.2 pips.
There are two main ways to make a forex.com deposit. Funds are accepted via credit and debit cards and via direct bank transfer. The accepted currencies include USD, EUR, CAD, JPY, CHF, AUD and GBP. The forex.com minimum deposit is $10. There are no fees charged for incoming card deposits and transactions are normally completed within 24 hours.
Withdrawals can be requested by submitting a funds withdrawal application via your account page. Funds are returned to the original account via credit/debit card or wire transfer and usually are completed within 48 hours. There are no withdrawal fees.
Promotions and bonuses
Our forex.com broker review could not find any existing promotions or bonuses being offered by this company at the time of writing. However, forex.com often offers a $50 bonus deposit to their clients at certain stages throughout the year if previous years are any indication.
Forex.com provide their clients with around the clock support, 24 hours a day over the 5 business days that the forex marketplace is operating. They provide a range of services to customers including responding to assistance via email, fax, live chat and telephone.
- Strong customer support offered 24/5
- A com demo account offered
- A choice of two trading platforms that possess many features
- com usa is available to potential US clients
- cryptocurrency trading available
- Very little in the way of promotions and bonuses
- com minimum deposit required for standard account is quite high
Our forex.com review in 2018 found that for those looking for a highly reliable, secure, trusted forex broker, then you can’t go wrong with this brokerage firm. With a tremendous track record of quality customer support, supreme reliability, cryptocurrency trading available, and with access granted to USA traders, it is little wonder that forex.com is considered one of the best FX brokers in the industry.