In this blog we have reviewed Forex.com. Here we covered topics like, how to open an account, fees, deposit and withdrawal, customer services, education and safety.
About Forex.com :
Forex.com is the best and the most trusted one stop shop for forex traders. Established in 2001, Forex.com is a brand listed in the New York Exchange. Forex.com is an excellent choice for the brokers looking for the home base currency for trading, as it provides a huge range of tradable currencies, user friendly trading platform and minimum account deposits.
It is regulated by the top-tier Financial Conduct Authority (FCA) of the UK and Commodity Futures Trading Commission (CFTC) of the US, along with several other financial institutions. It’s education centre provides extensive trade education and research knowledge to seasoned and inexperienced traders for free.
How to open your account
Just like other platforms Forex.com also have the same procedure for opening an account. It also has a fully digital account opening process. It usually takes 2 days for verification, which is a bit slower as compared to market. You have to do the following steps for opening an account :
- Choose you want to open an account at Forex.com or Metatrader4 (a third party website).
- Fill in your personal and financial information.
- Answer a few questions related to your financial knowledge so that they can customize your feed as per your knowledge.
- Lastly, upload your ID and other documentary evidence to verify your identity and residency.
Sometimes they reject your application without any reason, so in that case contact them for further information.
Forex.com accepts customers from most of the country, except Hong Kong and New Zealand.
Forex.com charges fees in a slightly different way as compared to stock and option accounts. When you exchange currencies you notice two terminologies stated “bid price” and “ask price”. On some platforms it is regarded as “sell” and “buy” prices.
Bid price is the highest price the buyer is willing to pay for. And ask price is the lower price that a seller is willing to get for the security. The difference between the bid and ask is known as “spread” which is the commission of the broker.
Forex.com charges less fees as compared to its competitors. The range of spread lies between 0.2-1.0 mark, depending on the currency pair. For example, margin requirements on the USD/CAD pair is 2%. This means that for every $100,000 of margin you want to use, you need to maintain a deposit of at least $2,000 in your account.
Deposit and Withdrawal
Forex.com provides multiple deposit and withdrawal options, all free of charge. But it does not support withdrawal with some credit cards.
Forex.com provides 6 base currencies : EUR, GBP, USD, AUD, CHF,
JPY. You have to select in which currency you want to continue your exchange. The reason behind this is that if you have your bank account operating in any of the given currencies.
You do not have to pay conversion fees. But in case, if you have any other currency as a base currency that this 6 you have to pay conversion fees.
* A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank.
- It does not charge any depositing fees. You can use bank transfer, paypal or credit/debit card for depositing money.
- Withdrawal is also free at Forex.com and the procedure for withdrawal is the same as depositing.
Steps to withdraw money :
Steps to withdraw money :
- Log in to ‘My Account’
- Click on ‘Funding’ and then select ‘Withdraw’
- Enter the amount you wish to withdraw
- Confirm your withdrawal
Forex.com Usability :
Forex.com is a user friendly platform that is easily accessible and customizable. It is a comprehensive trading platform with lots of order types. Forex.com provides three platforms to choose from; i.e Web, mobile and desktop.
You can easily add, remove, or change the size and position of tabs to create your own unique trading platform.
To navigate currency pairs, just type in and click the search bar. Bids and asks of currency laid out clearly and update every second to give the clear picture.
Forex.com only avail trade in crypto, forex and CFDs. Other assets like real, stocks or funds are not available.
Forex.com is doing great in terms of education. It is providing video tutorials, charts, graphs and demo accounts to provide trading based information. It also provides live webinars to boost forex strategy making and risk management.
You can enroll into a webinar simply by putting your name, email address and contact number through Forex.com website.
Forex.com customer support :
It has great customer support services, live chat support is a bit tricky and email services are slow and sometimes a bit unsatisfactory.
- Phone. Call 877-367-3946, and select option 1.
- Email. Send a message to support@FOREX.com.
- Chat. Send a message on FOREX.com.
Customer service is continuously available from 10 a.m. Sunday to 5 p.m. Friday EST.
Why Forex.com over others?
- Wide range of currencies to trade
- Plenty of educational tools
- Comprehensive list of indicators and currencies
Is Forex.com Safe?
It is regulated by several financial authorities like FCA, CFTC and National Futures Association(NFA). And Forex.com’s parent company GAIN capital is listed on New York Stock Exchange Forex.com provides negative balance protection for clients belonging to GAIN Capital UK Ltd for forex spot and CFD trading, but only for retail clients from the European Union.
|Low forex fees||Limited product portfolio|
|Great variety of currency pairs||High stock CFD fees|
|Low stock index CFD fees||Non-user-friendly desktop platform|
|Fully digital||Relatively slow account verification|
|User friendly||Problem with credit card withdrawal|
Bottom Line :
Forex.com is a great forex broker regulated by top-tier financial institutions. On one hand, it has low forex fees, high quality research tools, educational tutorials. While on the other hand, it does not provide trading in stocks, bonds and options.
As i does not charge any amount if you do not trade for one year, hence feel free to try Forex.com.