Forex.com Review

 Globally, forex and CFDs traders trust FOREX.com. This reputable brand delivers a superior trading experience. A vast array of markets awaits them, complemented by an innovative range of proprietary platforms. There's also the option of limited access to MetaTrader.

FOREX.com isn't a budget broker. Unless high volumes are traded, that's the case. Yet, their multi-asset provision is quite appealing. Traders of all levels of forex experience find it attractive.

StoneX Group Inc., a publicly traded entity, wholly owns GAIN Capital Group LLC. The latter operates under the DBA name FOREX.com. Regulated in top-tier jurisdictions like the U.S., Canada, and the UK, it's exceptionally secure for forex trading.

Read More: Forex Risk Management

Kickstarting your journey requires platform selection. You can opt for Forex.com's exclusive platform. Alternatively, a third-party one like MetaTrader 4 is available. Beginners often go for the former. The latter tends to attract experienced investors seeking greater trading control.

Providing certain details is essential. Personal and financial information is needed. Employment status, yearly income, and residence location are required. Detailed contact information, including name, email, and phone number, are also necessary.

The last step involves a brief Q&A. Questions about your financial knowledge and trading experience will be asked. Verification via photo ID and proof of residence is also required. For identity, submit a national ID card, driver's license, or passport. Bank statements or utility bills can be used for residence proof.

Forex.com Compared

Forex.com stands as a renowned Forex trading platform. Particularly, active Forex traders can greatly benefit. Less frequent traders might find it appealing too, despite slightly higher spreads compared to global competitors.

Forex.com's reputation is solid in the Forex industry. It's recognized for its reliable regulation. However, other platforms could be a better fit for your needs. We do have a few recommendations.

Forex.com is under the ownership of GAIN Capital Holdings. The parent company was established in 1999. It's traded on the NYSE with the symbol GCAP. 

This giant company boasts multiple trading names and subsidiaries. They have established a presence in several countries. GAIN Capital is regulated by corresponding authorities in the UK, US, Canada, Japan, and Australia.

As an expansive enterprise, GAIN Capital hosts over 800 employees globally. They serve more than 200,000 retail and institutional clients. The company enjoys the status of a pioneer in the US Forex trading industry. It's also counted among the largest FX brokers worldwide.

The second quarter of 2019 showed the company's assets exceeded $1.3 billion. The platform registered more than 71,000 traders by August 2019.

Regulatory agencies in the US, UK, Japan, Australia, Singapore, and Cayman Islands oversee Forex.com. Country-specific laws dictate their product offerings. This well-regulated, publicly traded broker has the backing of major Tier-1 banks. This adds credibility to its low-risk, trustworthy status.

KYC and AML regulations keep financial institutions in check. Trading platforms like Forex.com employ these to prevent fraud, money laundering, and other illicit activities.

Forex.com's client funds are separate from the company's operational funds. Extra protection is provided to Canadian clients through the Canadian Investor Protection Funds. No additional insurance is offered to other clients. Nonetheless, its solid reputation and stringent regulation by the FCA and other heavyweights make it reliable and low-risk.

Read More: 10 Best Forex Trading App UK

Forex.com does not offer negative balance protection. That could result in clients' accounts going into negative. However, the accounts are constantly monitored. If a client lacks sufficient margin in their account, their positions are auto-liquidated. This method does not assure negative balance prevention, and it could be risky for careless traders. Guaranteed stop losses are offered at a cost.

Pricing transparency is one of Forex.com's strengths. Pricing details can be found easily on the platform. Functioning demo accounts let clients test the platform's pricing structure before investing. 

Forex.com employs heavy data encryption to safeguard information. However, added security measures like fingerprint technology and 2-factor authentication are missing.

Forex.com's reputation precedes it in the FX trading landscape. The platform is known for its exceptional trading experience, competitive pricing, well-designed mobile app, sound security measures, and comprehensive regulatory compliance. It has won seven top awards in 2020, highlighting its various strengths.

Selecting a Forex broker can be tough for both beginners and experienced traders. The platform has features tailored for both these categories. It strikes a balance to cater to all skill levels.

For beginners, Forex.com offers a myriad of learning resources. Beginners can create a functional demo account to practice. Platform tutorial videos and general educational content on Forex are available. They can also engage in trading quizzes to gauge their skills.

For the experts, Forex.com offers advanced trading features. The advanced trading option includes technical analysis tools, automated analysis from AutoChartist, and a customisable automated trading system. These features help experts fully utilise their skills.

In essence, the platform suits traders of varying skills and experience levels.

Forex.com offers several advantages to its users. It supports buying and selling of over 80 currencies, making it one of the most comprehensive currency pairs trading platforms worldwide.

Forex.com users have access to more than 90 individual indicators. These can be added to a currency chart at the click of a button. Users can even add multiple indicators to a single chart for detailed views. This feature bolsters technical analysis, aiding users' trading decisions.

Forex.com aids understanding of Forex trading through its educational resources. The online broker has an extensive educational section, consisting of live webinars, articles, economic calendars, videos, and tutorials. Both beginners and advanced traders will find these tools useful.

Trading Platforms

Forex.com serves as a reliable hub for traders. Three main platforms set it apart. First, the Advanced Trading platform is designed for seasoned traders. Equipped with extensive charting and 139 technical indicators, it's a perfect fit for experienced hands.

The platform also features drawing tools. Traders have access to technical analysis tools. One standout feature is the Autochartist. It functions as an automatic market scanner, seeking emerging patterns.

Next, the Web Trading platform. This provides a user-friendly interface for casual traders. Its ease of use makes it perfect for newbies and seasoned traders alike. Through this platform, you can access your account anywhere. From a PC to a smartphone, it keeps trading within your reach.

The third platform, MetaTrader, includes both MT4 and MT5. They cater to professional trading experts who demand precise control over their orders. They need access to comprehensive data to optimize profitability. MT4/MT5 provides this versatility and data insight.

Forex.com values education for traders. Their comprehensive resources cater to beginners and experts alike. The "Learn to Trade Forex" course consists of seven lessons. Topics range from pips to margins, charting, and more. With this course, traders can test their newfound knowledge on a risk-free demo account.

Interactive courses aid the learning process. They include risk management, market movement predictions, and chart pattern analysis. Traders can quiz themselves and print workbooks for review.

Video tutorials offer additional learning material. They cover FOREXTraderPRO and MT4 platforms. An online webinar series is also available. Pre-registration is required.

Traders in the US have access to 83 forex pairs, unleveraged gold, and silver. Clients outside the US can trade indexes and commodities. Crypto trading is only available in the UK currently.

Forex.com offers three account types. Each has different pricing structures and platforms:

Forex.com Account: Higher spreads, no commission, Forex.com’s platform. 

MetaTrader Account: Higher spreads, no commission, MetaTrader Platform.

DMA Account: Lower spread, $2 commission per lot per trade, Forex.com’s platform.

There are also different account ownership options:

• Individual: One person owns the account.
• Joint: Two or more people share account ownership.
• Corporate: A legal entity owns the account.