OVERVIEW OF FOREX.com
Forex.com is one of the most popular platforms for trading financial assets. That’s why we decided to review forex.com, its pricing structure, trading tools, resources, and other aspects. It will help you to find out whether it is suitable for you.
- Minimum deposit: $100
- Trust Score: 95
- Tradeable Symbols (Total): 5500
It is a US-based broker platform well-regulated by highly trusted and reputable financial jurisdictions, including Commodity Futures Trading Commission (CFTC), Financial Conduct Authority (FCA), Australian Securities & Investment Commission (ASIC), Japanese Financial Services Authority (JFSA), The Markets in Financial Instruments Directive (MiFID), etc.
Traders can trade in various financial products, including cryptocurrencies, stocks, commodities, indices, metals, bonds, and forex currencies. The platform offers a variety of account types, including standard, commission-based, and DMA. Plus, it also has an Islamic account for traders who trade specifically in such accounts. Forex.com support both Metatrader 4 & Metatrader 5. It has a user-friendly proprietary app for mobile trading. It also has various third-party plugin platforms so that it can offer traders all the services at a single destination.
FOREX.com REVIEW
Forex.com is a widely used trading platform with a large customer base and an excellent reputation in the market. It offers extensive features, including real-time analysis, market insight, news, economic calendars, etc. The technical analysis tools are terrific. You can access more than 200 indicators and 80 charting and drawing tools.
The best part of the platform, which makes it suitable for novice traders, is the quality of education & research materials. The platform has more than 100 written articles and blogs related to trading. It produces everyday distinct content for different financial markets. So you can learn and earn on the platform. However, the video content may disappoint you.
Forex.com offers leverage up to 1:50, which can be an issue for traders trading with high leverage. However, it can be seen as a positive aspect. Many forex brokers offer unrealistic high leverage, and traders end up blowing up the account because the higher the leverage, the higher the risk. It does not provide the option to copy the trades of expert traders, so it is not for copy traders.
Like any other platform, Forex.com also has some advantages and disadvantages, but its pros exceed the cons. Therefore it is an excellent platform to start your trading journey with. We have also analyzed the client’s review of the platform and found that the positive reviews are more than the negative ones. We recommend you check them by yourself and visit its website for overall analysis.
OUR ASSESSMENT ON FOREX.com
Forex.com has an experience of more than 20 years in the financial market. It serves over 180 countries and has over 10,00,000 clients globally. The platform is incorporated in the USA, where the rules for forex brokers are very strict. So, it fulfills all the regulatory compliances and operates against the laws. The pricing structure of forex.com is also low and transparent.
The currency spreads are competitive to market standards, and it varies based on the account type. The platform does not charge any withdrawal fees and provides timely withdrawal and deposit. However, it does charge inactivity fees. So, in case of no activity for one year, it charges 15 USD per month.
It can be a problem for inactive traders. It also charges swap fees for holding positions overnight. You need at least 100 USD to open an account with forex.com, and the minimum balance requirement for a DMA account is $25,000.
The Forex broker offers excellent customer support services. You can get in touch with its team through live chats, emails, or website for all your trading-related queries. However, you cannot connect with the team on weekends. The platform also has a well-designed and user-friendly website. You can get all the details on its website regarding its trading policy, cost, products, and services.
Summary
Based on our forex.com review, we gave this platform a trust score of 95 out of 100 and four point-five rating on a scale of one to five. It provides a variety of customizable and advanced tools to trade. It has an overall good previous customer track record and reviews.
It provides the services of a demo account so that you can analyze them by yourself. However, the demo account facility will expire in 30 days. So you will have limited time to try and test its services.
Pros
- Traders find it very difficult to select a credible platform. However, forex.com is regulated by several reputed authorities. It follows all the rules regarding leverage limits and segregates accounts to provide a reliable system.
- It is amongst the best platform for learning trading in different financial markets, and that is also free. So people who are new to the market can access free trading courses designed for experienced, advanced, and intermediate traders on the platform.
- Technical analysis is a must to place trade efficiently and predict the market better. It offers quality technical analysis indicators and charts. These are easy to understand and interpret. So even a beginner can use them and place a trade.
Cons
- The Meta Trader 4 and 5 users can only go for standard accounts as the platforms are unavailable for other account types. So it can be a major issue. Also, a standard account is a premium account type. So the spreads and pricing structure are comparatively high.
- Forex.com is incorporated in the USA, and it has a significant client base in the country. However, it does not offer negative account balance protection and guaranteed stop losses for US clients. It can be a big drawback as these are essential risk management tools.