Experienced traders already know about forex.com, a broker that is almost 20 years old in providing access to financial markets, now time forex.com review.
Forex.com was launched in 2001 and has a good track record among both professional and amateur forex traders. Provides Direct Market Access services for over 4500 markets including forex, indices, commodities and crypto.
It has clear regulations in six jurisdictions including the well-known high-level Regulation Financial Conduct Authority (FCA) in the UK. And the US Commodity Futures Trading Commission (CFTC). Forex.com is regulated in the Cayman Islands Monetary Authority.CMA under the Securities Investment Business Law of the Cayman Islands.
Forex.com is a global online broker part of Gain Capital listed in NYSC. This is a futures advisory trading company which was acquired by StoneX Group Inc. in February 2020.
The broker Forex.com uses metatrader platforms including Metatrader 4, Metatrader 5, Metatrader Web, Metattrader mobile.
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Forex.com company profile
Forex.com is a broker that was founded in 2001 with the license of CFTC/NFA, FCA UK, ASIC, IIROC, JFSA, and SFC with a holding company called Gain Capital Group LLC. Gain Capital is a brokerage company that began operating as a forex broker from 1999 and is listed in the CFTC.gov regulated broker list issued by the United States government and is listed in the retail forex brokerage company/brokerage category.
The Gain Capital itself is part of the StoneX group.Inc which is listed on the NASDAQ SNEX. By having six regulations registered in six jurisdictions, this gives trustworthy to customers. Traders have more confidence in regulated than non-regulated brokers.
The StoneX Group is a company with the role as a bridge for companies, organizations, traders and investors to the global market ecosystem. StoneX provides access to 36 derivatives exchanges, 175 foreign exchange markets via Forex.com and City Index, among other platforms.
StoneX is one of the Fortune-100 Companies with a track record of nearly 100 years StoneX Group Inc. registered with (NASDAQ: SNEX) has approximately 2,700 employees in 40 offices spread across five continents.
Account type
Forex.Com offers three types of accounts that can be selected according to the needs of traders. These types of accounts are Standard account, Commission account, and DMA account.
Standard account
Standard accounts offer traditional spreads ranging from 1.3 averages to 0.8 lows. The live spread will depend on global market dynamics, so it is a variable spread.
Provides more than 80 pairs that can be chosen according to the wishes of traders, but you need to pay attention because each pair has a different spread size. For example, GBPMXN offers a typical spread from 238 to as low as 118. So it is important when you choose a pair to trade with attention to the spread that is taken.
Commission account
Commission account is not available on Metatrader, however, it offers low commission for EURUSD of 0.2 and commission of $ 5 for 100K trades. These accounts offer attractive promotions with a rebate system if in a month the volume reaches millions of dollars with a rebate of $ 10.
Get support from experienced market strategists, and become an active trader if you deposit a minimum of $ 10,000 or trade $ 25M of volume in a calendar month. And if you deposit by wire transfer you will be reimbursed for bank fees.
DMA account
DMA is short for Direct Market Access, it provides direct access through global banks with competitive spreads depending on market availability. This variable spread is determined by various factors in the market directly, including depending on volatility and availability of liquidity.
Different pairs also provide different total spreads and are usually the highest spreads on the GBPMXN and EURMXN pairs. You may need to be selective in choosing a pair so that you will be charged a reasonable fee.
Cryptocurrency trading account
Traders can also trade cryptocurrencies for Bitcoin, Ethereum, Litecoin and Ripple with fixed spreads and low margins. However for crypto trading, it is only available on the Metatrader 5 platform, and Metatradfer 4 users are not available for crypto trading.
Users who have registered with Metatrader 4 can add to their Metatrader 5 account with the ‘Add an additional account’ button. If it has been approved you will receive a login data email, and you must use Metatrader 5.
Trading Platform
Forex.Com provides a platform that supports web trading, a platform for desktop and a mobile platform. Web trading is a direct platform via a web browser with a specified address. the desktop platform is to be installed on desktop or laptop computers. Meanwhile, the mobile platform supports operating system Android and IoS.
Metatrader 5 trading platform
Metatrader 5 is the newest platform from Metaquotes, which is available for desktop as well as mobile, supports various timeframes and technical tools that are better than MetaTrader 4. With Metatrader 5 you can trade on multi-asset indices, crypto, stocks and forex.
Depending on the device you have, you can download and install it on Android and Apple smartphones, as well as on your desktop computer.
Metatrader 5 Web trading platform
Using Metatrader 5 Web trading, you don’t need to install the platform on your device, just log in via the address in your browser, the platform will automatically appear for you to do analysis and transactions.
Metatrader apps
Metatrader apps provide by FXblue in collaboration with forex.com and provide an application tool integration of 20 applications with various custom indicators that you may need. If you are a MetaTrader 5 user you can use this application which will be integrated into your platform.
Metatrader 4 trading platform
Surely you are no stranger to this platform, which is also made by Metaquotes and supports platforms for desktop and mobile devices. The Metatrader 4 platform is widely used by forex and CFD brokers with its advantages.
VPS hosting
Ea users will really need a VPS to be able to run the robot 24/6. How to get a VPS hosting service. The trader needs to make a minimum deposit of $ 5000 and execute at least 10 round trip mini lots or the equivalent per calendar month. If the calendar month does not meet the requirements, the user will not be able to access VPS hosting.
Forex.com features and services
Forex.com offers a variety of advantages to encourage clients to achieve success in forex trading. For beginners, there is useful information especially for beginners that can be accessed easily using internet media.
Beginner’s basic education includes introduce in forex, and the intermediate class introduces forex at a higher level, and the advanced class is education for traders who are experienced in financial markets.
The superior feature of forex.com is that the customer funds are compressed into segregated accounts, which are spread over custodian banks so that the funds are safer not to mix for trading.
Sometimes they also give webinar invitations that discuss various information about forex and cryptocurrency news. There are also various predictions about forex and crypto trading by analysts. Analyst Matt Weller, CFA, CMT is leading market research, for forex.com and the city index.
Other expert analysts include Fiona Cincotta, who has 13 years of experience in the field, Tony Sycamore Market Analyst with more than 20 years of experience, and Joe Perry, also more than 20 years of experience.
Range of market
Forex.com provides services in several types of markets, namely, the forex market, indices, stocks, commodities, metals and gold, cryptocurrencies and oil.
- In the forex market, there are more than 80 tradable pairs.
- Meanwhile, in indices, there are around 18 indices that can be traded.
- On the stock market, there are more than 50 shares of large companies such as Tesla motor, Paypal, eBay, and other large companies which are popular stocks.
- Gold and metal are assets with the symbols XAUUSD and XAGUSD.
- On the cryptocurrency market trading Bitcoin, LItecoin, Ethereum, Bitcoin Cash, Ripple is available.
- OIL.
Education
Like a large brokerage company, Forex.com also provides education to its customers with various useful articles as a way of learning, especially for beginners.
Customers can learn about risk management, technical analysis, fundamental analysis, trading strategies and various materials that can be studied.
Forex.com Review commission and fees
Each type of forex.com account has different fee settings between standard, DMA and Commission accounts.
- On a standard account it also depends on the pair being traded, usually EURUSD and USDPY, typically the spread size is between the lowest 0.8 to 1.3.
- The commission account is identical to the ECN account type in that it does not charge a spread but takes a commission of $ 5 on every $ 100K contract trade.
- DMA or Direct Market Access is identical to the STP account, with variable spread costs depending on market liquidity conditions, the amount of the spread fee also depends on the pair being traded. The lowest spread on DMA accounts is 5.1 on XAGUSD.
In short, forex.com provides a low fee, but quite high for CFD trading, and you will also be charged a fee for inactive accounts.
Forex.com Review minimum deposit
For the beginner class, maybe forex.com is not a broker that provides the lowest minimum deposit, because the minimum is $ 100. Unlike some brokers who dare to offer a minimum deposit of between $ 1 to $ 10, such as Instaforex, TenkoFX, FXOpen or Firewoodfx.
However, the minimum deposit of $ 100 is considered to be a good total to initiate a trade. As with one theory, the more capital is the stronger it is to withstand price movements using the same position size.
Forex.com Review rollover fee
A rollover fee, also known as a swap fee, is a fee charged for open trades over the night. This usually refers to the difference in interest rates on the selected pair.
Several pairs such as AUDUSD, AUDCHF, AUDCNH, and other pairs that are paired with AUD are not subject to rollover fees for both short and long positions.
You may be considering rollover fees in choosing a trading pair, so it’s better to check first for related information.
Forex.com Review Deposit and withdrawn
For deposits and withdrawals, forex.com only provides the option of using a credit card or debit card and wire transfer. But on the bright side, forex.com will reimburse the bank fees for all wire transfers.
The minimum deposit is $ 100 or it’s equivalent in other currencies such as EUR or GBP. In the process of depositing using a credit card, it will be processed immediately. But by wire transfer, it will take 1-2 working days to process.
The minimum withdrawal process is $ 100 and you must use the source when making a deposit. For example, you deposit by credit card, then withdrawal must also be via credit card. Conversely, if by wire transfer, the withdrawal is also via wire transfer.
Credit card withdrawals are free of charge, but wire transfer withdrawals may incur a fee from the receiving bank.
Forex.com verification requirement
All brokers that are officially regulated will usually comply with anti-money laundering rules and KYC rules. In the process of verifying a merchant account requires several documents for ID verification and proof of address.
For identity cards, you can use an ID card, or driver’s license, scan the photo and send it. For proof of address, you can use an electricity bill or credit card. The document you sent may have rejection, follow the instructions to repeat it again with a clearer document.
Forex.com Review in popular site reviews
Reading reviews of traders’ experiences on well-known review sites such as FPA, forex-rating and Trustpilot at least gives a different perspective in making filters when choosing a broker.
ForexPeaceArmy Forex.com review broker
FPA or ForexPeaceArmy is a well-known site where there are many broker reviews listed on this site. Forex.com is one that has been highlighted by traders’ reviews. It is also quite surprising because due to a number of regulations from several jurisdictions, it turns out that some traders’ reviews gave negative feedback to Forex.com.
One complaint stated he deposited $ 5000 but the account is only available to $ 4975, meaning a fee of $ 25 is charged. Whereas according to the website for wire transfers there will be reimbursement.
One trader reporting experience a withdrawal that was rejected on the grounds of money laundering. Even though he made a deposit of $ 300 via credit card and made a withdrawal of $ 100.
Forex.com review Trustpilot reviews trader
Trustpilot is also one of the sites where traders who have used brokerage services provide feedback on their experience.
The trust score in the broker is only 2.2%. Where bad statements get a bigger share of 61%, Poor 19%, average 3%, great 14%, excellent 5% from 37 reviews at time press. The percentage might change on future if new reviews come to vote.
But if you read the reviews of the reviewers, some of them are quite suspicious. Because many claims to get funds with the help of certain authorities. It seems that the reviewers intentionally gave negative reviews. With the aim of promoting how to get funds by scam brokers.
Forex.com review forex-rating reviews trader
There is a difference in experience among traders who give forex.com broker reviews on forex-rating. There are traders who have the experience of the difficulties of closing profitable positions. But easy when in an unprofitable position.
Some traders complaining about the same problem regarding difficult order execution even though the internet connection is fine.
On the other hand, someone has been using a brokerage service for more than five years and all is well. There are even those who judge that the negative reviews given by traders are only false information.
Conclusion
In my Forex.com review, this is a leading broker in America. Some say the level of trust in brokers is quite high in America. In addition, he owns the holding company StoneX Group. It is a public company whose shares are listed on the NASDAQ.
Some of the reviews on FPA and Trustpilot as well as the forex-rating may not be completely correct. Because in business sometimes competitors cheat to dominate the competition.
After all, forex is a risky business, the golden rule must always be obeyed. Only spend money that affords to lose. Because you will never know later will get the victory or losing money.
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