Forex.com review (2022) Review
Forex.com is considered one of the largest CFD and forex brokers in the market. It provides access to currency pairs, stocks, indices, cryptocurrencies and commodities. In our review, we look at all aspects of forex.com’s offerings for traders. Forex.com was one of the first companies to offer online forex trading services. It was founded in 1999 and is part of GAIN Capital Holdings, which is regulated in many countries.
The FOREX.com brand belongs to GAIN Global Markets Inc., which is regulated by the Cayman Islands Money Management Authority (CIMA) under the Cayman Islands Securities Investment Act (as amended), license number 25033. Subdivisions of the company are regulated by: FCA, FSA, CFTC, IIROC, ASIC. Client funds are held in segregated accounts. No money insurance is provided, except in Canada, where client funds are protected by the Canadian Investor Protection Fund. Data is encrypted using https protocol. No two-factor authentication is provided.
The company gives brokers the opportunity to make trades using the classic MT4 terminal. It is quite a handy programme that can be
- installed it on your computer or laptop;
- downloaded as a mobile application for Android or iOS;
- opened in any browser window without any additional settings.
The terminal gives you access to all assets at once – currency pairs, stocks, indices, raw materials, etc. It already contains a set of built-in indicators which settings can be changed by the user as he or she wishes. Traders also appreciate this program for the fact that other indicators can be added as well. Another plus is the possibility of using trading advisors that can be easily integrated in the terminal.
The set of trading instruments is wide enough to satisfy the needs of both beginners and professionals. Training courses, analytics, live webinars are available. The minimum deposit starts from $50. Several types of accounts are available, among which we would like to mention the DNA account that gives direct access to the interbank for a fee. Spreads are average for the market and vary depending on the type of account. In the account of “Standard” type the spread on GBP was 1.5 – 2.2 pips on a quiet market, on EUR 1.1 – 1.6 pips, on the news the spread on GBP widened to 3.5 pips, on EUR 1.8 pips. For traders with an account of $25,000 or more or a monthly turnover of $25 million, the “Active Trader” loyalty programme is offered, giving the benefits of 15% cashback on trades, a personal manager and reimbursement for bank transfer costs.
For first-time investors there is a demo account, with which you trade and use fake capital. As forex trading involves many risks, those who are new to it are advised to seek free advice from an independent website expert. For the purpose of training beginners in this area the official website of the Forex broker has an Education section with useful materials.
In the application form, enter your country, name, telephone number and e-mail address.
And you will get 30 days access with a limit of $10000 virtual currency (no cash equivalent). Once your balance is zeroed out, you can open a trading account.
Depositing and withdrawing money
To make deposit/withdrawal operations, trader needs to use appropriate function in your personal cabinet. Bank wire transfer, plastic cards (debit and credit), as well as Sofort banking, which is available in some European countries. It is safe to say that some of the reviews compiled about Forex.com, claiming that the administration of the trading platform needs to work in this direction, are completely true.
Pros / Cons
- Low minimum deposit
- Low fixed and floating spreads
- Great program for the active trader
- No social media and no deal copying functions
- Fee for inaction