Forex.com is one of the leading FX/CFDs trading brokers. It has a robust regulatory profile and URL, and its best feature is that it readily accepts US traders. Hence, its popularity in the USA is as immense as in the UK. These qualities make Forex.com a top-tier brokerage for trading.
Regardless of the many remarkable features that Forex.com has to offer, there have been a few negative feedback and reviews. Users have posted some complaints that accuse the broker of being a ‘market maker’ while also claiming that they conduct trading against their clients under the umbrella of conflicts of interest.
Forex.com UK – Background Information
GAIN Capital Group LLC is the leading running corporation behind Forex.com, and this corporation is located in New Jersey, USA, at the address – 135 US Hwy 202/206 Bedminster NJ 07921, USA.
Forex.com is an honorary member of the National Futures Association (registration number 0339826) and registered with the CFTC. It is in the regulation of US law; therefore, the brokerage is legally allowed to function in the vicinity of the USA.
The operator of Forex.com is managed and regulated by the developmental and regulatory bodies located all over the world. The FCA granted it its license for the UK, FSA in Canada, ASIC in Australia, additionally; CFTC, NFA, and IIROC.
Why Should You Depend on Forex.com as Your Top UK Forex Broker?
As already highlighted above, Forex.com is open to US traders, which makes it highly appealing and demanding. Besides this, it has multiple other advantages often absent from its competitors.
The operator of Forex.com has successfully managed to keep the features of pricing and trade execution as smooth as possible. Trading transactions process through quite rapidly and are completely slippage-free.
One of the most ingenious technological features is that the entire trading process can be automatically regulated and executed. For example, with limited orders, the system at Forex.com runs through automated algorithms and performs beneficial moves for the trader to enhance profits.
All the trades conducted through the system of Forex.com are entirely accounted for. The brokerage tirelessly analyzes the trading market, which has proven to be extremely helpful for confused and lost beginners. Not only that, but the broker offers an excellent and attractive trading platform for its traders.
Account Types
Forex.com has kept its services basic and straightforward. They offer two types of accounts: the Standard account and the Commission account. They also have a Demo account, which has a short-term availability and expires soon.
A Standard Account is the most commonly used one and is much more accessible as the minimum deposit limit is only $500. This account does come with a complete range of tradable assets, which can only be fully activated if a minimum deposit of $3000 is made. This amount of money usually does not pose an issue for dedicated traders.
The other type, the Commission Account, offers excellent spreads. For example, the spread is as little as 0.2 on a EUR/USD currency pair. Each asset will be charged a commission fee, which is quite affordable and reasonable – $5 on every $100k.
Forex.com Trading Platforms
There are a total of 3 trading platforms available at Forex.com, including an Advanced Platform, a Web Trader, and Trading Apps for mobiles supporting iOS and Android.
All the severe traders are destined to use the Advanced platform. It is also of interest to beginners and occasional traders, but it primarily aims to attract dedicated trading individuals.
With around 80+ technical indicators incorporated into the platform, highly customizable dashboards, hundreds of attractive templates for creating valuable strategies, and multiple options to set your trading preferences, the Advanced platform are one of a kind.
The Web Trader’s second platform is also quite similar to the Advanced platform. It offers over 50 drawing tools necessary to develop trading candlestick patterns and charts along with 70+ technical indicators. Moreover, this platform also provides a diverse range of trading tools and highly successful market analyses that can help traders perform well-calculated trades.
The designated applications for mobile trading are also quite sturdy in providing a high-quality trading experience, just like the two desktops mentioned above. All mobile trading applications fully support different types of orders. Depending on a trader’s type of account, he also has access to the tremendous tradable asset ranges through mobile apps.
All the platforms highlighted above can provide services to deliver real-time market news and alerts to keep the traders up to date and in the buzz of the trading hub.
Along with the exciting platforms that Forex.com has, there are also some new trading tools designed to facilitate traders in making better profits. The most convenient and well-known market research tools help conduct thorough market analyses and studies.
Two favorite cult tools include the Economic Calendar and the Latest Research feature. To top it off, Live Trading Sessions and the Global Research Team are also remarkable features available at this particular broker.
The dates for the Live Trading sessions are announced publicly on the broker’s official website. Depending on prior registrations, these sessions can be accessed, and the traders can choose around three sessions to attend.
One important feature worth mentioning is the Pivot Points feature. This feature allows pivot points to help traders set constant support and resistance levels.
These can be set daily, monthly, weekly, etc. The tool has a clear and brief introduction with an explanation regarding the use of pivot points. It is a guide to determine what levels can be selected by the trader for the many available assets.
Deposits and Withdrawals
Forex.com offers multiple banking methods for its customers. The trading accounts can be funded using debit cards, bank wiring, and credit cards, and deposits are as accessible and efficient as withdrawals.
The minimum deposit amount is $100. The maximum deposit limit using credit cards is GBP 20,000, but with bank transfers, there is no maximum limit for depositing funds into your account.
Asset Categories
Forex.com supports a wide variety of markets for its traders. The US version of Forex.com has limited available market variety but is still quite impressive.
The brokerage offers around 200+ trading markets worldwide, and 80+ Forex pairs are a part of this fold. Along with a marvelous collection of fiat and cryptocurrency pairs, there are 90 tradable shares at Forex.
Forex does not charge commissions and provides excellent leverage in terms of FX pairs. The spreads fluctuate tremendously with multiple sharp shifts, and trading costs are reflected in these spreads. Sometimes, the spread can reach up to 1.1 pips with even the trending currency pairs like EUR/USD.
Regarding the indices, the spreads can somewhat commence from 1 point. However, they tend to become unpredictable with some of the other available assets.
The selection of trades in the commodities sector is vast and contains beautiful things such as cotton, oil, sugar, etc. On most of these assets, the uncertain fluctuation of spreads is inevitable. For example, there is one pip spread for corn but 35 pips for cotton. Therefore, this needs to be watched accurately.
The section on cryptocurrencies offers some of the most popular and global cryptocurrencies, such as Ethereum, Bitcoin Litecoin, and Ripple. This area also has multiple crypto/fiat pairs, making trading even spicier for the traders. Examples include BTC/EUR, BTC/GBP, BTC/USD, and BTC/AUD.
A reminder for all traders is that they cannot buy cryptocurrencies on Forex.com, and a derivative known as CFD is primarily offered as a trading product at this broker. Traders can trade on the erratic price movements in the market of the cryptocurrencies but cannot make trades with real cryptocurrencies.
Trading Commissions and Fees
Even though trading and usage of the platforms and services are accessible at Forex.com, some costs are associated with trading.
The broker functions by making money by charging small commissions off the spreads and on all the trades conducted at Forex.com. The charges are pretty straightforward.
For example, the spreads are usually set to be 1.3 to 1.5 on valuable currency pairs like EUR/USD, while on other pairs like BTC/USD, the spread goes as high as 35. All the spreads are displayed in real-time and cover all the types of assets available at Forex.com.
All shared CFDs and the trades made on FX pairs using a ‘Commission Account’ is charged with commissions by the brokerage.
There is a 2.5% range of regional interest rollover rates at Forex.com.
All those accounts which have been dormant or inactive for quite a while and contain around $10,000 will be charged around $15 every month that they choose to remain idle.
Research and Education
The educational section at Forex.com is quite impressive as the enthusiastic broker ensures to guide traders in all possible ways and educate them regarding the trading business. It holds a great quiz aimed at providing traders with a higher level of understanding and achieving efficiency in trading.
To even increase the trading experience, there are many divisions in the education section. These include many trader courses in series, designed based on the trader’s level of expertise.
The aim is to cater to all kinds of traders, such as beginners and professionals. Another “Popular Topics” section is dedicated to discussions on the trending trading bits in the market.
Some sections are developed to teach trading concepts to traders, such as managing risks, conducting technical or fundamental analyses, and many other hot topics. A wide range of platform tutorials is also available to thoroughly guide and help the traders on Forex.com.
Customer Support Service
Customer service is taken very seriously at Forex.com, and they have ensured to provide multiple channels to reach them through. Customers can contact customer service through telephone, email, fax, and the widely used Live chat feature.
The support services are available 24 hours a day and five times a week with high response rates and a well-educated and highly trained staff.
Along with a detailed FAQ section containing comprehensive answers to the most commonly asked questions, the site also has a download center for better guidance for the traders.
Mobile Trading
In today’s era with advanced technology, Forex.com has managed to stay updated by introducing its dedicated mobile applications for operators like Android and iOS.
These apps are quick, interactive, contain smooth running interfaces, allow options for personalization, and offer evolved market analysis tools and indicators for traders to be accessed on the go from anywhere.
These apps have made it extremely easy and accessible for users to regulate their trading accounts without needing a desktop.
These are free applications powered by great companies like TradingView, which already focus on providing comprehensive charting features to prevent traders from learning any new technicalities using mobile applications.
To Trade or Not to rade with Forex.com
Forex.com has a lot of perks, along with some downsides too. It cannot go unnoticed that the brokerage offers some remarkable features along with various trading platforms and is regulated quite efficiently.
Its asset collection is also awe-inspiring, and the company overall is professionally managed and stems from a robust financial setup. All the trading rules and regulations are also sensible and decent.
However, this fact cannot be ignored because Forex.com is a true market maker and trades against its customers. It poses a conflict of interest, and even if it is not being misused, it is something that cannot be passed.
FAQ:
How do I trade on Forex.com?
Below are the critical steps to be followed to begin trading:
- A currency pair needs to be selected as you tend to exchange the value of one currency against another while conducting forex trading.
- The market needs to be thoroughly understood and analyzed.
- Make sure to pay special attention to the quotes.
- Choose your position/way wisely.
- Wait for a proper BUY level.
- Wait for an appropriate level of SELL.
- Now, you can begin trading using Forex.com.
How long does it take to withdraw from Forex.com?
Usually, withdrawals take around 24 hours to clear through, and it mostly depends on the method of banking used for making withdrawals.
How will debit card withdrawals be processed?
The number of debit card deposits is limited. Usually, on each debit transfer, a $50,000 limit is set on each transaction. The transfers may take around 24 hours to clear through.
What is the minimum deposit for Forex.com?
Fortunately, there is a $50 minimum deposit limit at Forex.com.
Can Forex be trusted?
Being one of the world’s most popular and significant trading markets, Forex.com has become a trustworthy brand to the satisfaction of its traders. As people use their hard-earned money to make trades on Forex.com, it is safe to say that Forex.com is as reliable and trustworthy as possible.
Where do I start to learn Forex?
Sites like BabyPips.com provide comprehensive learning material on the basics of Forex trading, which is recommended to all beginners. You can also begin practice trading with the help of a demo account, which does help significantly in learning and only includes the use of virtual money.
Do you pay tax on Forex.com?
Forex traders do tend to lose some forex profits through taxes, but these are set according to your government’s tax rules and regulations. From the total gains, around 60% is taxed at 15%, and the remaining 40% is taxed according to the locally set income tax bracket, which could rise to approximately 35%.
