Forex.com (https://www.forex.com/) was established in 2001 as an international FX and CFD brokerage firm. The name Forex.com is a brand name of the investment company GAIN Capital and is listed in the NYSE. Many first time investors and traders would like to know if Forex.com is safe or just another scam. This Forex.com review will help you discover the true nature of this company and if it’s indeed an excellent place to take your hard-earned cash. Lets find out more about this broker in our full review.
Forex.com Headquarters And Regulations
Forex.com, under GAIN Capital, is headquartered in the UK. It also has offices in the USA, Japan, Canada, and the Cayman Islands. Aside from being listed in the NYSE, this is also regulated by the FCA (Financial Conduct Authority) from the UK and the CFTC (Commodity Futures Trading Commission) in the USA.
How Many Customers Do They Have And From Where?
There is no specific record of the number of customers that Forex.com has, but it is presumed that it has customers from almost all countries. However, there are some exceptions, such as New Zealand and Hong Kong.
What Are The Types Of Forex.com Accounts?
There are three account types from Forex.com, and these accounts vary in their structure, pricing, and trading platforms.
- Forex.com account – this account offers higher spreads and with no commissions. It uses Forex.com’s trading platforms.
- Meta Trader account – this account also has higher spreads with no commissions. It uses the Meta Trader 4 trading platform.
- DMA account – this account comes with lower spreads and low commissions for $2 per lot/trade. This account also uses Forex.com’s trading platforms.
Forex.com also has different accounts depending on account ownership: individual, joint and corporate accounts.
What To Expect With Forex.com?
Here are essential features that you must consider before signing up for Forex.com.
- Account Sign Up And Verification
The account signup process is done digitally through a simple online registration process. It takes only 15 minutes to complete, and account verification takes two business days. This is one of the slowest by far.
During the signup process, you will need to provide information about your trading history, verify your residency, and submit requirements like a national ID, driver’s license, or passport.
After your account has been approved, you will need to deposit a minimum of $50 to start trading. Compared to other online brokers, this is one of the most affordable minimum deposit.
- Trading Platforms
The type of platform to use for trading depends on the account type you have. Forex.com’s platform is available for Forex.com account and DMA account holders. Meta Trader 4 platform is available for Meta Trader accounts. You can trade using Forex.com’s website, mobile, or desktop version.
Forex.com on the desktop has a user-friendly and customizable format. You can use the search function, plus there are a variety of order types available. The same goes for the mobile version where you can plan and trade on the go.
- Supported Cryptocurrencies And Pairs
You can only trade using Forex, cryptocurrencies, and CFDs. You cannot buy assets, real funds, or real stocks. Forex.cm also offers currency pairs.
There are 84 possible currency pairs, 17 stock index CFDs, 270 stock CFDs, 26 ETF CFDs, 26 commodity CFDs and 8 cryptocurrencies
Forex.com does not employ two-step authentication techniques or other methods to secure users’ accounts. This may create security issues for many users. Clients who are a part of GAIN Capital UK Ltd. Will get negative balance protection for Forex spot as well as CFD trading.
- Deposits And Withdrawals
There are many options for users when it comes to deposits and withdrawals. Take note that there are no charges for deposits and withdrawals. Some credit cards do not permit withdrawals from Forex.com.
You can use bank transfers, electronic wallets, credit, and debit cards in making deposits and withdrawals. Withdrawals take 2 to 3 business days if you use bank transfers. It can take longer at five business days for credit card withdrawals.
- Tools And Training
Forex.com helps first-time traders and with charting tools, economic calendars, and market analysis made by the company’s research team. You may also use a demo account to practice trading before you hit live. Besides these tools, you can also take advantage of trading platform tutorials, educational videos, and informative articles.
- Customer Support
You can contact Forex.com by phone, through email, and by live chat service. Their support is 24 hours a day from Sunday to Friday.
What Are The Advantages Of Forex.com?
The following are good reasons to use Forex.com.
- All digital account signup and verification with the lowest minimum deposit amounts.
- There are many ways to deposit and withdraw from Forex.com.
- You can choose from three different accounts.
- There are many educational resources available for beginners.
- A demo account is available to prepare you for live trading.
- Forex.com’s trading platforms are easy to use and understand.
- Mobile and desktop platforms are available.
- Forex.com accepts cryptocurrency trading.
- Forex.com has low fees for stock index CFDs and forex trading.
- Parent company GAIN Capital is listed on the NYSE.
- Provides high levels of investor security and protection
Some Forex.com disadvantages to consider
- Stock CFD fees are very high.
- There is an inactivity fee.
- Slow account verification; can take two days for the account to be fully verified.
- Customer support is not 24/7.
- Customer security is not adequate. No two-step login verification.
- Not all credit cards are accepted for withdrawals.
Forex.com is a popular forex broker, and we now know why. It is regulated in the UK and US, low forex fees, a wide variety of tradable pairs, useful quality tools, and educational materials, and excellent customer service.
There are some disadvantages, such as inactivity fees, no popular assets, bonds, or real stocks trading, and there is no two-step verification system to protect customers. But despite these disadvantages, we focused on the pros and recommend Forex.com to beginner traders and those who want to learn more about forex trading. But remember, most retail CFD traders lose money, so be learn all you can and be extra careful when you start trading live.
I’m Jon, owner of Trade Wise at https://tradewise.community/ and https://www.youtube.com/channel/UC7VmOx8DbvX4Rbrac2pPcjw
I review forex and crypto trading products and services to find the best of what’s out there for creating a passive income without becoming a full-time trader.