FOREX.com Review 2019 | Is FOREX.com a Scam or Legit Forex Broker?
Rating breakdown
FOREXcom Overview
Forex.com is currently one of the larger online brokers that is cornering the U.S online retail trading scene. The trading platform is owned and managed by a holding company known as GAIN Capital which is in direct competition with FXCM for the domination of the U.S market.
| # | Broker's Features | FOREXCOM Availability |
|---|---|---|
| # | Commissions | ✔ |
| # | Hedging | ✔ |
| # | PAMM | ✔ |
| # | Scalping | ✔ |
| # | Accepts US traders | ✔ |
| # | 24 hour trading | ❌ |
| # | Swaps | ❌ |
| # | Demo account | ✔ |
| # | Daily analysis | ❌ |
| # | Automated trading | ❌ |
| # | Mobile trading | ✔ |
| # | Trading by phone | ❌ |
| # | 1st deposit bonus | ❌ |
| # | Forex contests competitions | ❌ |
| # | Bonuses Promotions | ✔ |
| # | Interest charges on the balance | ❌ |
| # | Free education | ❌ |
| # | Expert advisors | ❌ |
| # | Partnership programs | ❌ |
| # | Trust management | ❌ |
| # | 24 hour support | ❌ |
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review FOREXcom.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. FOREXcom offers Online Financial Trading and Investment Services Such as Currencies, Commodities, Indices, CFD, Cryptocurrency.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. FOREXcom is Market Maker.
Features: Several of the highlight features include an economic calendar, integrated research, and signals from Trading Central, alerts, market updates, and news, and an easy way to scroll between prices, charts, and open positions. Trading and managing positions within the mobile app are straightforward thanks to its fluid user interface and minimalist design.
FOREXcom allows you to execute a minimum trade of 0.01. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As a market maker, FOREXcom may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.
Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. FOREXcom recommended minimum capital is $50.
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. FOREXcom is regulated by CFTC, NFA. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Investor Protection & Regulations: Operation of Forex.com under the jurisdiction of the UK’s Financial Conduct Authority (FCA). For traders, one of the key benefits of being regulated by the FCA is the fact that the brokers under the FCA jurisdiction operate within strict regulatory guidelines.
Account currencies: Next lets consider the Account currencies each broker offers. FOREXcom offers EUR, GBP, USD, AUD, CAD, CHF, JPY different account currencies for each account types.
Account Openning: As for the trading accounts at Forex.com, traders can open a standard trading account or qualify for a professional account. The minimum initial deposit required for a standard account is £/$50.
FOREXcom offers a demo account for practicing trading skills and get familiar with the broker’s trading platform.
Languages Available: Next lets have a look at each broker's different Language options. FOREXcom offers Arabic, English, Japanese, Russian, Chinese, Arabic..
Payment methods: Next lets have a look at each broker's payment options. FOREXcom offers Credit/Debit Cards, Bank Wire Transfer different payment methods for each account types.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, FOREXcom makes MT4, WebTrader available to clients.
Web & Desktop Trading Platforms: At Forex.com, there two main types of trading platforms: MetaTrader 4 (MT4) and the Advanced Trading Platform
Mobile Trading Platforms:
Support
Committed to helping their clients succeed, Forex.com provide their clients assistance on a 24/5 basis. The support team can be contacted by means of: Email, Fax, Live Chat, Telephone
Recup
Forex.com is a well known broker in the forex retail market. They have proven themselves to be a broker who is dependable and reliable. Apart from being a regulated broker, traders are provided with superior quality services and products to work.
Final Thoughts
Overall, FOREX.com is a trusted forex broker that shines thanks to its excellent offering of platforms, tools, research, and competitive pricing. While customer service isn’t award-winning, FOREX.com delivers a great experience to forex traders of all experience levels.
Trading Experience
FOREX.com is publicly traded and regulated in four tier-1 jurisdictions, making it a trusted, safe (low-risk) broker for trading forex and CFDs.