FOREX Broker Review 2020

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FOREX Broker Review 2020
Forex.com Review

Official Fx Watchdog Verdict: Forex.com comes with high reviews across the masses with an excellent variety of social trading options.

What you need to know about forex.com
In this Forex.com review, you’ll find out the ins and outs of this broker. Forex.com is one of the first brokers in making online forex exchange possible in the United States. At the moment, FOREX.com is one of the greatest retail forex agents in the world. In this detailed broker review, you will learn why. 

FOREX.com is part of GAIN Capital Holdings and established in 1999. Next to Forex.com, the GAIN Group also includes CityIndex and Daniels Trading. The GAIN Group has over 800 employees worldwide, with more than 200,000 institutional and retail clients. FOREX broker is one of the largest CFD and online retail forex brokers. Experts say that the company possesses more than $1.3 billion in assets. Its subsidiaries currently operate in different countries with licenses from several top regulatory brands, including the United States, Canada, the United Kingdom, Australia, and Japan. 

Their website may give the impression of being less fancy than other online forex brokers who have more attractive designs and complicated programming. But you shouldn’t underestimate this broker by its appearances. Forex.com has plenty of components that other online brokers don’t have. The broker permits traders to get to more than 180 global markets, for example, Indices, Stocks, Cryptocurrencies and Commodities.

Besides all of this, there is more to appreciate and learn about this broker. How about we dive further into this company and see whether this might be the best broker you can use to trade. Let’s start the forex.com review!

Is FOREX.com trustworthy?
With having ‘Gain Capital Holdings’, an international provider of digital trading possibilities, as a parenting company FOREX.com meets the highest standards of financial and organizational operation. GAIN’s financial statements are available on their website, the statements are divided per quarterly and annually. Forex has been proven to be stable while innovating in the newest technologies. Forex.com makes sure trades have been executed successfully in 99.99% of the times. 

FOREX.com is a safe broker; it is traded on an open market and doesn’t operate as a bank. Being endorsed by one tier-3 controller (low trust), no 2-tier controller (normal trust), and 4 tier-1 controllers (high trust). The following tier-1 controller’s licensed their affiliates: 

  • Financial Conduct Authority (FCA) in the UK
  • Australian Services and Investments Commission (ASIC)
  • Investment Industry Regulatory Organization of Canada (IIROC)
  • Cayman Islands Monetary Authority (CIMA)
  • Japanese Financial Services Authority (FSA)
  • National Futures Association (NFA) in the US
  • Commodity Futures Trading Commission (CFTC)

Financial instruments offered on Forex.com
Forex.com gives you access to shares, indices, cryptocurrencies, and commodities. If you select this propriety trading platform, you get access to more than 80 currencies, 11 commodities, 17 indices and more than 200 shares. In addition, forex.com provides Bitcoin options with the capacity to trade against GBP, EUR, USD, and AUD.

How to open an account on Forex.com?
Via Forex.com you can easily open a digital account. Registering online takes only 10-15 minutes. Some customers mentioned in their reviews that accounts were verified within 2 business days, which is somewhat slower than other brokers. 

Here are some steps to open a Forex.com account: 

  1. Decide whether you need to utilize Forex.com’s trading platform or MetaTrader 4, which is a third-party platform for trading. 
  2. Fill in financial and personal information. 
  3. Answer some questions relating to your trading history and financial knowledge. 
  4. Verify your residency and identity. You can upload a driver’s license, national ID card, or passport to check your character. Bank statements and utility statements are accepted as proof of residency.

FOREX.com platform
FOREX.com gives forex investors all that they require to be able to trade successfully. They provide more than 4,500 CFD trading tools; these include Advanced Trading Platform, Web Trading and Mobile Trading. On all platforms, they offer advanced charting tools such as more than 70 technical indicators, different chart types and more than 50 drawing tools. On top of that FOREX offers trained market strategist to work together with you on creating your trading plan. Their research team generates live market insights. 

Advanced Trading Platform: FOREX.com’s Advanced Trading platform is the best platform for experienced traders. It offers a sophisticated charting package full of 80+ technical indicators and drawing devices. Forex.com provides professional tools to analyse the market with additional interactive charting features from Autochartist and Recognia. This platform is more suitable for experienced traders because they can create automated trading frameworks to their own needs from the Automated Trading Center. Less support more fast and flexible trading options.

Web Trading: This platform is good for new traders as it is easy to navigate and use. The Web Trading platform makes trading simple by the feature Smart Trade Ticket. This feature helps you manage your investments by setting target goals based on price or pips. Also this platform offers analysis tools from Autochartist and Recognia.

Mobile Trading 
The FOREX.com AdvantageFX mobile app is not available in some countries. If the app doesn’t come up in your App Store searches then it is not available for you. Trading in digital assets is an intense job, prices fluctuate non-stop and you need to be on top of the game to make profits. The FOREX.com mobile app helps you to get access to act based on the latest changes in the market. The easy-to-use app is available in both Android and iOS. Some of the features are integrated research, economic calendar, live alerts, the latest trading news, market updates, and a simple method to scroll between prices and charts. 

Forex.com virtual demo account 
Forex.com provides a demo account for investors to figure out how to use to their platform and how trading is done. In contrast, to live trading, the demo account gives you virtual cash. This way you can start trading without any risk. The account is available to use for one month.

MetaTrader MT4 and MT5 
All around the world investors like to use the trading platform MetaTrader 4. The MT4 provides real-time account data of your account; Expert Advisors have optimized the environment to trade, free VPS hosting is offered and full market analysis from Reuters news. On top of all that, Forex.com executes trades in less than 1 second in 99.73% of the times.

What are the fees and commissions?
Forex.com is a transparent and easy-to-use platform. The same counts for their fees and commissions, competitive and clear. There are no fees when paying with a credit-/debit card. FOREX.com charges a commission on CFDs on shares. This broker charges a financing fee on trades that hold a position open until the next day. FOREX.com charges an inactivity fee, this fee is £12 per month.   

Spreads are the difference between the selling price and the buying price. Spreads for the most popular forex investments have been between 1 and 3.3 pips. PIP means the point of percentage in currency pairs. The pip protects investors from losing a lot during investments. The only differences we have noticed in the spreads are the price for the US market differentiates from the price for the rest of the world. You can find a detailed list of the ‘typical’ and ‘ live’ spreads of Forex.com here.

Professional accounts
When trading with a minimum of 25 million pounds, you will receive a monthly dividend. FOREX.com offers five different classes per FX, Commodities and Indices. Find the full list here.

Customer Service

The website provides a detailed FAQs page. Next to that, the FOREX’ Customer Service is available 24/6 from 10 am on Sunday until 5 pm on Fridays. Due to the COVID-19 virus, customer service is busier than normal. As a FOREX.com investor, you will receive all the support you need. 

Conclusion Forex.com review
After the Forex.com review, we can comfortably say it is an outstanding forex dealer. It has a highly responsive site that is easy to use and is user-friendly to dealers of all degree of experience. Also, besides forex trading, the platform provides other trading options like popular commodities and cryptocurrencies. All in all, Forex.com is a decent trading choice with so many benefits.

Let’s compare forex.com review with BDSwiss broker review.

Good

  • Great education options
  • Great trading conditions for new and advanced traders
  • Regulated by top-tier authorities

Bad

  • Mobile app is not available in all countries
7.9
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