Forex Trading Software Reviews – CFDs are complex instruments and the risk of losing money quickly due to leverage is high. 79% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can accept the high risk of losing money.
Founded in 2001 as part of GAIN Capital Holdings, FOREX.com is a global online broker created for people who want to trade the retail Forex and CFD markets. GAIN Capital Holdings is a conglomerate, City Index, an online CFD and spread betting operator, and Daniels Trading, a futures advisory trading firm, StoneX Group Inc. Purchased by in February 2020.
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StoneX Group Inc., a publicly traded company (NASDAQ: SNEX ), says it “connects clients across asset classes in global markets through institutional platforms, end-to-end clearing and execution and a high-touch experience.”
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Globally, FOREX.com offers a wide range of different asset classes, from CFDs to spread betting on futures, but not all are available in all regions where it operates. In addition to its namesake Forex, FOREX.com offers commodities, indices, private stocks, bonds, ETFs, gold and silver (not leveraged in the US), cryptocurrencies and futures to provide trading opportunities for all types. Merchants who offer. FOREX.com (UK) also offers client account protection such as ESMA mandated negative balance protection and guaranteed stop loss orders.
FOREX.com offers US clients access to more than 80 competitive currency pairs on a variety of account types. A well-organized and navigated website with fully disclosed services and fees, multiple user interfaces, industry-standard training and research tools, and regulatory oversight puts FOREX.com in the top echelon of online brokers.
FOREX.com claims to be the #1 FX broker in the US and this claim was last confirmed by the CFTC (June 30, 2020).
“A statement showing the total amount of FCM, RFED, or FCMRFD funds received by a retail forex client by aggregating all funds, securities, and assets deposited into one or more retail forex accounts.
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FOREX.com is suitable for all types of traders looking for a wide range of products and asset classes, but works best for high volume traders. Product offerings vary by region, but the broker emphasizes fast and reliable execution, a variety of platforms, and account security. In the US, this is aimed at customers who want to trade the currency markets.
FOREX.com started primarily as a market maker, but has since evolved into an ECN, generating revenue either through client trades “overwhelmed” by the bid/ask spread, or through commissions that are the same as the network. Prices are transparent and easy to find on FOREX.com.
Spreads vary depending on the account type chosen by the client. For example, the minimum EUR/USD spread for US clients in the “Standard” account is 1 pip, while the “Commission” and “STP Pro” accounts have spreads of 0.2 and 0.1 respectively. However, the latter two require fees of $50 and $60 million in addition to the specified spread. Regions outside the US also offer Direct Market Access (DMA) for larger accounts (25,000+). The DMA account offers no markup on the spread, but commissions are paid.
Traders with standard accounts and commission accounts can also benefit from the Active Trader program. The program is open to anyone who opens an account with a minimum of $10,000 or trades $25 million per month. The program is not open to DMA account holders as this is a reduced fee based on account volume.
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FOREX.com requires a minimum deposit of “at least 100 of the base currency of your choice” but recommends a deposit of 2,500 so that the customer has “flexibility and risk management” when trading.
As is common practice in the FX industry, clients may be charged a swap fee for overnight services. This may incur currency conversion fees when trading in a currency other than the base currency of the account.
As for other fees, accounts with no trading activity for more than 12 months will be subject to an inactivity fee of $15 per month. The site does not list any additional fees for deposits or withdrawals.
FOREX.com trading platforms are suitable for both the active day trading professional and the occasional long-term trader. Clients can choose a downloadable advanced trading platform or MetaTrader 4 (MT4) for a desktop experience, WebTrader for a browser-based trading experience, or the FOREX.com or MT4 mobile app for trading on portable smart devices.
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Within the platforms, traders can access charts, economic calendars, news, positions and trade/order history, as well as trading signals and research reports and market analysis from FOREX.com analysts. Platforms do not have many disadvantages. There are enough indicators and charting tools to satisfy the avid technical analyst, and the platforms are functional enough to make quick trades when needed. The charting package is provided by TradingView and is the most impressive aspect of the web platform.
Trading on a web trader or an advanced downloadable trading platform is intuitive. Clients can trade directly on the charts by right-clicking and selecting the “Trade” option or by clicking the “Buy” and “Sell” buttons at the top of the chart. Then the order window will open, entry, stop loss and profit target. One-click trading can be enabled for quick trade execution.
There are four main order types on the FOREX.com platform with the option to add “Take Win” and/or “Stop Loss” orders. Additionally, the trader can choose whether the stop loss should be the last stop loss order. One difference between the web-based and downloadable offer is that guaranteed stop orders are only available on the latter and are only available for the UK/EU. Customers.
A FOREX.com account can also be integrated with NinjaTrader, a popular third-party trading platform. VPS is available for MT4 accounts. Clients can use the FOREX.com API to connect their strategies. MT4 and MT5 connectivity allows you to use automated strategies using MetaTrader algorithms.
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There is a mobile application in use that gives traders access to all account information. Traders can add or withdraw funds, view trade history, create checklists, access news and view charts through the mobile app. Plus, it’s easy to navigate and set up.
The chart feature is one of the drawbacks of the mobile app. There are a limited number of common indicators such as RSI, MACD and moving averages, but lack charting features and advanced technical tools. Full order functionality, including conditional orders and the ability to easily set stop losses and profit targets when trading.
Working demo accounts are provided free of charge, which gives potential customers time to check the pricing structure before investing real capital. One criticism of the broker’s demo accounts is that they expire after 30 days and FOREX.com does not allow a potential client to continue with the same confidence or apply for a new account. It looks like you’ve had enough time to test our platform. So open a sponsored “live” account or go elsewhere.
Globally, FOREX.com provides access to a wide range of financial instruments across various asset classes, including:
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In the United States, the product line serves currency trading, gold and silver, and futures exposure exclusively through its FuturesOnline subsidiary.
The broker’s website provides numerous ways customers can contact FOREX.com, including online chat and telephone support from 10:00 AM to 5:00 PM ET on Sundays. ET on Friday. The FAQ and customer support on the website were satisfactory, but attempts to reach them via live chat were unsuccessful. Social media support is not available, but there are social media accounts that post market analysis and company information.
Phone support is the fastest way to get a real person to answer your questions. When you start a call, a small menu will appear. Wait times vary depending on call volume, but on a typical day you can expect to wait a few minutes before reaching a representative. If you have more questions, email support is available. However, you may expect one to three business days for a response.
FOREX.com’s educational offerings are industry standard and well organized. Customers can access content based on experience level or topic. All content other than “Technical Analysis” topics available on the Platform is available only through the Website.
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The client experience is divided into three categories – beginner, intermediate and advanced – and topics range from providing industry-standard market fundamentals such as fundamental and technical analysis, risk management and trading strategies to platform tutorials. A comprehensive glossary is also available.
New investors will find some useful information, but they are unlikely to rely solely on FOREX.com’s knowledge when ranking the markets. However, the material covers all the basic topics that a beginner needs
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