Forex.com Broker Review

Comprehensive Forex.com Broker Review: A Strong Contender in Online Trading

In the realm of online trading, Forex.com has emerged as a renowned platform with a broad range of services and features. Offering access to a wide variety of markets, from Forex to commodities and indices, Forex.com has positioned itself as a go-to solution for traders worldwide. In this comprehensive review, we will delve into the various facets of Forex.com, assessing its trading platform, pricing structure, educational resources, customer service, and more.

Forex.com at a Glance

Forex.com is a trading platform that offers a wide range of financial instruments, including foreign exchange (forex) pairs, commodities, and indices. Operated by Gain Capital, a company listed on the New York Stock Exchange, Forex.com serves customers in over 140 countries.

Platform and Tools

The platform provides an intuitive interface that accommodates both beginners and experienced traders. Forex.com allows traders to choose between several trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and its proprietary FOREXTrader Pro platform.

• MetaTrader 4: This popular trading platform offers comprehensive trading tools, including technical analysis features and automated trading capabilities.
• MetaTrader 5: The upgraded version of MT4, MT5 offers additional features such as economic news alerts and a built-in community chat.
• FOREXTrader Pro: This is Forex.com’s proprietary platform, which offers advanced charting tools, customizable trading templates, and sophisticated order management tools.

Pricing and Fees

Forex.com uses a spread-based pricing structure, which means it charges the difference between the buy and sell price of an asset, known as the spread. The company claims to offer low, competitive spreads on a wide range of markets. Moreover, Forex.com does not charge any commission on trades, which can significantly reduce the overall trading cost for investors.

Educational Resources

Forex.com places a strong emphasis on educating its clients, providing a comprehensive range of educational resources. These include video tutorials, webinars, trading guides, and a glossary of key trading terms. Moreover, Forex.com provides an economic calendar that lists upcoming economic events that may impact market conditions.

Pros and Cons of Forex.com

Pros

• Wide range of markets: Forex.com provides access to a large number of markets, including forex pairs, commodities, and indices.
• Multiple trading platforms: The availability of several trading platforms, including MT4, MT5, and FOREXTrader Pro, ensures that traders of all experience levels can find a platform that suits their needs.
• Strong educational content: The comprehensive educational resources available on Forex.com make it a suitable platform for beginner traders who want to improve their trading skills.
• Competitive pricing: With spread-based pricing and no commission on trades, Forex.com offers a cost-effective solution for trading.

Cons

• No social trading: Unlike some other trading platforms, Forex.com does not currently offer social trading features that allow traders to follow and copy the trades of experienced traders.
• Limited research tools: While Forex.com provides basic research tools such as an economic calendar and news updates, it lacks more advanced research features such as in-depth market analysis reports.

Forex.com Customer Service

Forex.com provides multiple avenues for customer support. Traders can contact the support team via phone, email, or live chat on the website. Additionally, Forex.com maintains an extensive FAQ section that answers common questions about account setup, platform features, and trading operations.

Who Should Use Forex.com?

Forex.com caters to a wide spectrum of traders. Its user-friendly platform and educational resources make it a good choice for novice traders, while the advanced trading features and competitive pricing structure can attract experienced traders. Furthermore, Forex.com’s wide range of markets provides ample trading opportunities for different trading strategies.

Forex.com Demo Account

Forex.com provides a demo account feature, a vital resource for both novice and experienced traders. A demo account mimics the features and functionalities of a live trading account, with the key difference being that trades are executed with virtual money. This provides traders with a risk-free environment to understand the trading platform, experiment with different trading strategies, and gain confidence before transitioning to a live account.

Pros of Forex.com Demo Account

• Experience without risk: Traders can get a feel for the platform’s features and functionality without risking real capital.
• Strategy development: The demo account enables traders to test and refine different trading strategies, understand their outcomes, and learn to manage risk effectively.
• Unlimited access: Forex.com offers unlimited access to their demo account, allowing traders to practice trading at their own pace.

Cons of Forex.com Demo Account

• Not reflective of real-world trading: Despite its benefits, a demo account may not accurately represent the emotional pressures that come with real trading where real capital is at risk.
• Limited virtual capital: Forex.com provides a fixed amount of virtual capital in the demo account, which may not represent the trading conditions of investors with different capital levels.

Forex.com iOS/Android Apps

In line with the growing trend of mobile trading, Forex.com offers robust mobile applications compatible with iOS and Android devices. These apps provide traders with the ability to manage their trades, monitor market conditions, and perform technical analysis directly from their mobile devices, ensuring that they never miss a trading opportunity, regardless of their location.

Pros of Forex.com iOS/Android Apps

• Convenience: Traders can execute trades, manage positions, and monitor the markets on-the-go.
• Full functionality: The apps retain the full functionality of the web-based platform, including advanced charting, live quotes, and trading tools.
• Instant alerts: Users receive real-time alerts and notifications about their positions, margin calls, and significant market events.

Cons of Forex.com iOS/Android Apps

• Small screen: The inherent limitation of a small screen may restrict the detailed analysis that a desktop platform offers.
• Dependency on internet connection: The mobile apps require a stable internet connection for optimal performance, which may not always be available.

Forex.com Affiliate Program

The Forex.com affiliate program allows individuals to earn a commission for referring new clients to the platform. Affiliates receive marketing materials, dedicated support, and comprehensive tracking tools to monitor their referrals and earnings. The commission is typically based on the trading volume of referred clients, providing an opportunity for affiliates to earn passive income.

Pros of Forex.com Affiliate Program

• Passive income: Affiliates can earn a commission based on the trading volume of their referrals, providing a source of passive income.
• Support and resources: Affiliates receive marketing resources and dedicated support to help maximize their referral efforts.
• Transparency: The program provides comprehensive tracking tools, allowing affiliates to monitor their referrals and earnings effectively.

Cons of Forex.com Affiliate Program

• Dependent on referrals: Earnings are entirely dependent on the trading activity of referred clients, which can be unpredictable.
• Payment thresholds: There may be minimum payment thresholds, and it might take some time for affiliates to reach these and receive their commissions.

Conclusion

Overall, Forex.com provides a comprehensive trading service with a broad range of markets, multiple trading platforms, and strong educational content. While there is room for improvement, particularly in the area of social trading and advanced research tools, Forex.com remains a strong contender in the online trading space. Its competitive pricing structure, coupled with a robust trading platform, makes it a worthy consideration for both novice and experienced traders alike.

What are the good alternatives to Forex.com broker?

Alternative 1: IG

IG is a well-established brokerage that offers an impressive selection of tradeable assets, spanning forex, CFDs, commodities, indices, and cryptocurrencies. Known for its comprehensive educational resources and advanced trading platforms, IG caters to a broad spectrum of traders.

Pros of IG

• Vast range of markets: IG provides access to over 17,000 markets, significantly more than many other brokers.
• Quality educational resources: IG’s educational content is widely respected, offering comprehensive material for both beginners and experienced traders.
• Advanced trading platforms: IG offers its proprietary trading platform alongside MT4, each equipped with a robust suite of trading tools and features.

Cons of IG

• Higher minimum deposit: IG requires a higher minimum deposit compared to some brokers, which may deter some smaller investors.
• Inactivity fee: If an account is inactive for a period, IG charges an inactivity fee, a factor potential traders should consider.

Alternative 2: eToro

eToro is an innovative broker known for pioneering social trading, a feature that enables traders to copy the trades of experienced investors. Besides forex, eToro offers a variety of other assets, including CFDs, stocks, and cryptocurrencies.

Pros of eToro

• Social trading: eToro’s social trading feature allows beginners to learn from and copy the trades of experienced traders.
• Diverse asset range: Traders have access to a variety of markets, including forex, stocks, and cryptocurrencies.
• User-friendly platform: eToro’s platform is intuitive and easy to navigate, making it ideal for novice traders.

Cons of eToro

• Withdrawal fee: eToro charges a flat fee on withdrawals, which may deter some traders.
• Limited technical analysis tools: Compared to some competitors, eToro offers fewer tools for in-depth technical analysis.

Alternative 3: TD Ameritrade

TD Ameritrade is a reputable broker offering a vast array of investment options, including forex, stocks, futures, and options. Known for its exceptional customer service and high-quality research tools, TD Ameritrade appeals to traders of all levels of experience.

Pros of TD Ameritrade

• No minimum deposit: Unlike many brokers, TD Ameritrade doesn’t require a minimum deposit to open an account.
• High-quality research tools: TD Ameritrade provides advanced research tools, enabling traders to make well-informed decisions.
• Excellent customer service: TD Ameritrade is known for its responsive and knowledgeable customer service team.

Cons of TD Ameritrade

• High trading fees: Compared to other brokers, TD Ameritrade’s trading fees can be on the higher side.
• Complex platform: The Thinkorswim platform, while powerful, can be overwhelming for beginners due to its complexity.

Popular questions internauts asks about Forex.com broker:

1. What trading platforms does Forex.com offer?

Forex.com provides multiple trading platforms to accommodate traders of varying skill levels. This includes MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the most popular platforms in the forex trading community due to their comprehensive trading tools and features. Additionally, Forex.com offers its proprietary platform, FOREXTrader Pro, which comes with sophisticated charting tools, customizable trading templates, and advanced order management features. Each of these platforms caters to different trading styles and strategies, enabling traders to choose the one that suits their needs the best.

2. Does Forex.com provide educational resources?

Yes, Forex.com places a strong emphasis on trader education. It offers a broad range of educational resources designed to help traders improve their trading skills and knowledge. These resources include:

• Video Tutorials: These cover a range of topics from basic trading concepts to advanced strategies and market analysis techniques.
• Trading Guides: Comprehensive guides provide in-depth information on various aspects of forex trading, including risk management, technical analysis, and trading psychology.
• Webinars: Forex.com regularly hosts webinars where experts discuss various trading topics, market trends, and trading strategies.
• Glossary: A detailed glossary helps traders familiarize themselves with common trading terms and jargon.

3. How does Forex.com’s pricing structure work?

Forex.com operates on a spread-based pricing structure. The spread is the difference between the buying price and selling price of an asset. Forex.com offers competitive spreads on a wide array of markets, helping traders to minimize their trading costs. Importantly, Forex.com does not charge any commissions on trades, which further contributes to reducing the overall cost of trading.

4. Does Forex.com have a mobile trading app?

Yes, Forex.com offers mobile trading apps compatible with both iOS and Android devices. These apps ensure that traders can access their accounts and the markets at any time and from anywhere. The mobile apps come with a host of features including live quotes, advanced charting tools, and trade management features. Furthermore, they send real-time alerts and notifications about market events and account changes, helping traders stay updated.

5. Is Forex.com suitable for beginner traders?

Forex.com is a good choice for beginner traders. Its user-friendly trading platforms make it easy for new traders to navigate the markets. Furthermore, Forex.com’s comprehensive educational resources help beginners understand the basics of trading and develop their trading skills. The availability of a demo account allows new traders to practice their strategies and get a feel for the platform without risking real money.

1. What trading platforms does Forex.com offer?

Forex.com provides multiple trading platforms to accommodate traders of varying skill levels. This includes MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the most popular platforms in the forex trading community due to their comprehensive trading tools and features. Additionally, Forex.com offers its proprietary platform, FOREXTrader Pro, which comes with sophisticated charting tools, customizable trading templates, and advanced order management features. Each of these platforms caters to different trading styles and strategies, enabling traders to choose the one that suits their needs the best.

2. Does Forex.com provide educational resources?

Yes, Forex.com places a strong emphasis on trader education. It offers a broad range of educational resources designed to help traders improve their trading skills and knowledge. These resources include:

• Video Tutorials: These cover a range of topics from basic trading concepts to advanced strategies and market analysis techniques.
• Trading Guides: Comprehensive guides provide in-depth information on various aspects of forex trading, including risk management, technical analysis, and trading psychology.
• Webinars: Forex.com regularly hosts webinars where experts discuss various trading topics, market trends, and trading strategies.
• Glossary: A detailed glossary helps traders familiarize themselves with common trading terms and jargon.

3. How does Forex.com’s pricing structure work?

Forex.com operates on a spread-based pricing structure. The spread is the difference between the buying price and selling price of an asset. Forex.com offers competitive spreads on a wide array of markets, helping traders to minimize their trading costs. Importantly, Forex.com does not charge any commissions on trades, which further contributes to reducing the overall cost of trading.

4. Does Forex.com have a mobile trading app?

Yes, Forex.com offers mobile trading apps compatible with both iOS and Android devices. These apps ensure that traders can access their accounts and the markets at any time and from anywhere. The mobile apps come with a host of features including live quotes, advanced charting tools, and trade management features. Furthermore, they send real-time alerts and notifications about market events and account changes, helping traders stay updated.

5. Is Forex.com suitable for beginner traders?

Forex.com is a good choice for beginner traders. Its user-friendly trading platforms make it easy for new traders to navigate the markets. Furthermore, Forex.com’s comprehensive educational resources help beginners understand the basics of trading and develop their trading skills. The availability of a demo account allows new traders to practice their strategies and get a feel for the platform without risking real money.

6. What types of accounts does Forex.com offer?

Forex.com provides a variety of account types to cater to different trading needs and preferences. This includes Standard, Commission, and Direct Market Access (DMA) accounts. The Standard account operates on a spread-only basis, while the Commission account offers lower spreads in exchange for a fixed commission per trade. The DMA account provides direct market access for traders seeking greater price transparency. Traders can choose the account type that best aligns with their trading style and strategies.

7. How reliable is Forex.com’s customer service?

Forex.com prides itself on its responsive and efficient customer service. Traders can reach out to the customer support team via phone, email, or live chat, ensuring that they receive prompt assistance for their queries or issues. The support team is knowledgeable and courteous, working diligently to provide solutions and information to customers. Moreover, the Forex.com website hosts an extensive FAQ section, where traders can find answers to many common questions about trading on the platform.

8. Does Forex.com offer any bonuses or promotions?

While Forex.com does not typically offer bonuses or promotions on deposits, it emphasizes providing competitive spreads and robust trading services. It is worth noting that regulatory restrictions in some jurisdictions prohibit forex brokers from offering monetary bonuses to clients. However, Forex.com’s competitive pricing, diverse trading tools, and comprehensive educational resources offer substantial value to traders, making up for the lack of traditional bonuses or promotional offers.

9. Can I trade cryptocurrencies on Forex.com?

Yes, Forex.com provides the opportunity to trade cryptocurrencies, albeit as CFDs (Contract for Difference). This means that while you can speculate on the price movements of cryptocurrencies, you don’t actually own the digital asset itself. Trading crypto CFDs can be an attractive option for traders who wish to benefit from crypto price volatility without the need to manage digital wallets or deal with blockchain-related complexities.

10. How does the Forex.com affiliate program work?

The Forex.com affiliate program allows individuals to earn commissions for referring new clients to Forex.com. Affiliates receive marketing resources and dedicated support to help them promote Forex.com effectively. The program provides comprehensive tracking tools, enabling affiliates to monitor their referrals and earnings. Commissions are typically based on the trading volume of referred clients, offering affiliates a potential avenue for passive income generation.

Popular Forex.com countries:

Forex.com Broker in Argentina

In Argentina, Forex.com has been well-received by traders due to its comprehensive suite of trading tools, diverse market offerings, and competitive pricing. It offers Argentinian traders access to a variety of asset classes, including forex, indices, commodities, and cryptocurrencies. The platform’s availability in Spanish ensures that Spanish-speaking traders can navigate the platform efficiently. Additionally, Forex.com’s educational resources and customer support make it a reliable and user-friendly choice for traders in Argentina.

Forex.com Broker in Brazil

Forex.com caters to Brazilian traders by offering a broad range of trading instruments across multiple markets. Brazilians can benefit from Forex.com’s advanced trading platforms and comprehensive educational resources. The option of using the platform in Portuguese ensures that Brazilian traders can use the platform and its resources effectively. Furthermore, Forex.com’s commitment to transparency and security enhances the trading experience for its clients in Brazil.

Forex.com Broker in Colombia

Forex.com has made its mark in Colombia by providing traders access to a vast array of financial markets. Its advanced trading platforms, along with its rich educational content, make it a preferred choice among Colombian traders. The availability of customer support in Spanish is a significant advantage for Spanish-speaking traders in the country. Additionally, Forex.com’s competitive spreads and pricing structure help Colombian traders maximize their trading potential.

Forex.com Broker in Indonesia

In Indonesia, Forex.com offers an appealing proposition for traders looking for a reputable online broker. It provides access to a wide range of markets, and its intuitive trading platforms cater to both beginner and experienced traders. Forex.com also offers Indonesian traders extensive educational resources to develop their trading skills. Additionally, its commitment to transparency and reliable customer support makes Forex.com a trusted choice among Indonesian traders.

Forex.com Broker in the Philippines

Forex.com is a popular broker among traders in the Philippines, owing to its diverse range of tradeable assets, advanced trading platforms, and comprehensive educational resources. Filipino traders can access a multitude of markets, including forex, indices, commodities, and cryptocurrencies. Forex.com’s commitment to transparency, combined with its competitive pricing structure, makes it a preferred choice for traders in the Philippines.

Forex.com Broker in Thailand

Forex.com is a preferred choice for traders in Thailand due to its wide array of trading instruments and robust trading platforms. Thai traders can trade in forex, indices, commodities, and cryptocurrencies using intuitive and advanced trading platforms like MT4, MT5, and ForexTrader Pro. Forex.com also offers comprehensive educational resources which can be of great help to Thai traders in enhancing their trading knowledge and skills.

Forex.com Broker in the United Arab Emirates

For traders in the United Arab Emirates, Forex.com provides a highly versatile trading environment. It offers access to a variety of markets, catering to the diverse trading interests of Emirati traders. Forex.com’s secure trading platforms, coupled with its dedication to transparency and fair trading practices, make it a trustworthy choice for traders in the UAE. Moreover, its robust educational resources further enhance the trading experience for both beginner and experienced traders in the region.

Forex.com Broker in Vietnam

In Vietnam, Forex.com has carved a niche for itself by offering a wide spectrum of financial markets and state-of-the-art trading platforms. The broker’s commitment to transparency and competitive pricing has resonated well with Vietnamese traders. Forex.com’s extensive educational resources help Vietnamese traders in improving their trading knowledge, making it a preferred choice for traders in the country.

Forex.com Broker in Mexico

Forex.com is gaining popularity among Mexican traders due to its comprehensive market offerings and advanced trading tools. Mexican traders have the option to trade in various markets, including forex, indices, commodities, and cryptocurrencies. The availability of customer support in Spanish and the platform’s Spanish language option make Forex.com an efficient and user-friendly choice for traders in Mexico. Furthermore, its comprehensive educational resources aid Mexican traders in broadening their trading knowledge and honing their trading skills.