Forex.com Review : Is It the Best Forex Broker for 2024?

Introduction

Forex.com is a global forex and CFD broker, that has been established in 2001. It is the best broker in the trading industry, which benefits traders. It receives various awards because of its seamless trading experience, range of trading tools and platforms, and regulations. Forex.com broker will gain a huge reputation in the trading world because of its affiliates. It provides everything you require for forex trading: many currency pairs, low forex fees, and lots of technical research tools.

Forex.com is a registered broker with CFTC. It has monitoring guidelines and a robust bank review set, that claims it is a secure broker. There are various markets available on the Forex.com platform, like commodities, FX, and futures. If you want to start your trading journey with Forex.com, then you must look at this review guide. Here, we tell you about Forex.com, regulations, security, trading tools, pros, cons, etc, that help you to start your smooth trading journey.

What is Forex.com?

Forex.com is headquartered in the US, and founded in 2001. It is regulated and authorized by the Cayman Islands Monetary Authority (CIMA). It is a global forex and CFD broker that is regulated in 7 jurisdictions through affiliates. Forex.com allows traders, to use the 5500+ trading tools and assets, including pairs, metals, indices, commodities, etc.

This brokerage firm is a subsidiary of StoneX group, which incorporates the NASDAQ traded company, with $7.7 billion in assets. The best thing is that Forex.com currently works in more than 21 countries across 5 continents. There are more than 454,000 traders already performing trade on this broker because of its legality and safety.

Trading Platforms Offered by Forex.com

Forex.Com provides a proprietary trading platform and helps different third-party trading systems including MetaTrader 5, WebTrader, and TradingView trading platforms.

Proprietary Trading Platform

 FOREX.Com’s internet platform is similar to the laptop one but was optimized to work in all browsers and has barely fewer positions. It nevertheless has included trading tools, along with analysis and market recognition. The platform also supports FX trade indicators from Recognia and AutoChartist and has the potential to work with a market strategist. Make use of the predefined layouts as well as the customizable ones.

 The advanced charting in this platform includes over 50 drawing support and more than 70 technical signs. There are also more than 10 time durations, from monthly to tick changes and a zoom area position. Customize your setup with numerous chart types and styles.

When trading, you can take advantage of diverse advanced risk control options. The clever trade tickets will let you set orders based on pips, fees, or P&L. There is a one-click addressing the charts. The online trading platform also lets you easily assess your FOREX.Com account data and manage it, similarly to creating deposits or withdrawals.

MetaTrader 4/5 (MT4/MT5)

MetaTrader 5

Trading on MetaTrader 5 for FOREX.Com gives you access to more than 500 markets with intuitive market teams and searches. You can access 38 technical indicators, 21 timeframes, and 44 analytical systems, plus an incorporated financial calendar, daily candles, a strategy tester, and a market search.

This platform also helps professional advisors and can include free VPS hosting for 20-4/5 use of your EAs. To be eligible for this free web hosting, you need to have a minimum of $5,000 for your account and execute 10 rounds for mini plenty or equal each calendar month. MT5 is available for Windows, Android, and iOS.

MetaTrader 4

As referred to, FOREX.Com does not put it on the market its MetaTrader 4 compatibility is as much as the other platforms, but it has options for web, Windows, Android, and iOS. MetaTrader 4 is included with FOREX.Com research, Reuters News, Trading Central technical analysis, Autochartist Trade Ideas, and your account management tools. You can use Expert Advisors without a 3rd-party bridge and qualify for free VPS hosting.

Mobile App

The Forex.com mobile app allows you to trade over 80 global currency pairs, unleveraged gold and silver, and different supported systems on the go. The mobile app capabilities advanced charting, SMART indicators, overall performance, analytics, demo trading, and other capabilities vital for a very good trading experience. With the mobile app, you can execute trades in seconds and check your open positions.

You also can customize your Watchlists and indicators to suit your needs and stay ahead with included analysis, real-time fee indicators, and Reuters news. It offers you access to intuitive charting support that you could use to analyze fee movements and advanced order types that can be tweaked to fit your trading strategy.

The app features over 60 technical signs, 14 chart types, and 50+ advanced drawing support. It also offers included trading strategies. Forex.com permits you to routinely sync your positions between the web trading platform and the mobile app.

Fees, Spreads, and Commissions

Fee Structure

 FOREX.Com makes cash from the dealing or bid-ask unfold. For forex pairs, the bid is the final trade price the broker can pay, at the same time as the ask is the lowest trade rate the broking will sell at. The difference between the bid and ask costs is referred to as the “dealing unfold”.

A Standard account is commission-free, and you have the selection of an account if you plan on the use of the broking’s proprietary platforms, a MetaTrader 4, or a MetaTrader 5 account in case you opt for that platform. They also price reduce average dealing spreads than many competing brokers, even though their spreads are variable, on the way to trade depending on forex market conditions.

You can be capable of accessing spreads as low as 0.0 in a Commission account, while minimum spreads in Standard bills are around the 1.0 mark, depending on the currency pair.

The sum of money you could expect to pay in commissions varies depending on how regularly you’ll be trading. Most traders could be acquainted with a commission structure, and comparing dealing spreads is a common process to evaluate pricing among forex brokers.

Raw Pricing Account

For traders who are searching for the tightest possible spreads, Forex.com gives a Raw Pricing account. This account type is for high-frequency traders or those who require precision in their trading activities. The Raw Pricing account capabilities spread beginning as little as 0.0 pips on important forex pairs, and this means that the difference between the bid and ask prices can be genuinely nonexistent.

 However, this account comes with a fee of $5 per trade. While the spreads are minimal, the fee adds a set cost according to trade, which traders need to think into their overall price calculations. This structure benefits traders who fee tighter spreads and are safe with a price-based model.

Commission-Free Trading

For individuals who opt for a straightforward trading experience without additional fees, Forex.Com presents a Standard account that is cost-free. The Standard account offers competitive spreads beginning from 1.0 pips on predominant currency pairs.

In this approach, traders are only handling the unfold as their value of trading, and not using additional commission fees as per trade. This account type simplifies cost management, making it simpler for traders, in particular beginners, to expect and manage their trading fees.

Account Types

FOREX.Com gives 3 main account types to cater to one type of broker profile: the Standard Account, MT4 Account, and DMA account. Spreads are the same between Standard and MT4 accounts, and more competitive spreads are available by the DMA account.

Standard Account

 The Standard account is a traditional Forex trading account with no commissions, only spreads. This account type comes with Forex.Com’s proprietary web trading platform and provides advanced charting support with more than 80 technical indicators. The Standard account also offers the opportunity to access up to 15% in currency rebates for trading price discounts.

Spreads on this trading account get as little as 0.8 pips on EUR/USD and you get the option to trade on the TradingView platform.

Raw Pricing Account

 The Raw Spread account gives spread reductions with spreads in essential FX forex pairs getting as little as 0.0 pips on each MetaTrader and Forex.Com platform. There is a USD 5 as per USD 100,000 traded in addition to the low spreads.

The Raw Spread account also offers multi-asset rebates on the Forex market, Indices, Commodities, Cryptocurrencies, Metals, and Equities of up to $50 per million traded in addition to reimbursing bank transfer fees.

Demo Account

 You can evaluate FOREX.Com’s systems yourself before trading by establishing a demo account. You can best open a Standard demo account, but this offers you the potential to practice trading techniques and the advantage of familiarity with the diverse FOREX.Com systems.

Keep in mind that your demo account will most effectively close for 30 days. Currently, FOREX.Com does not provide the potential to resume your demo account. You can only have one demo account for every platform type (that means one for MetaTrader and one for FOREX.Com proprietary systems) as per your email address and account.

Leverage and Margin

Leverage and margin are important components of trading on Forex.com, allowing traders to govern larger positions with a smaller amount of investment. Understanding these elements can assist traders make knowledgeable decisions and manage their risk efficiently.

Leverage Options

While FOREX.Com doesn’t make it that clear, the broker uses Margin Trading in the area of leverage. This can also sound a bit confusing, but margin and leverage are essentially equal elements. As an example, when you have leverage of 50:1, that can equate to 2% leverage. So to area a trade of USD 1M/CAD, you’d only want $2000 to open that position.

In FOREX.Com’s case, they use step margin which processes the better the trade size, the extra margin is needed to open that position. Most of the margin requirements range from 3-5%, especially for fundamental forex pairs. Again, it’s vital to be cautious of trading with higher volumes because the margin size can be passed up.

Margin Requirements

Margin requirements at FOREX.Com vary depending on the currency pair you’re trading. For example, the margin requirement for a position in the USD/CAD pair is 2%. This method that for each $100,000 position you need to hold, you want to preserve a deposit of a minimum of $2,000 in your margin account. That also implies a leverage ratio of 50:1.

The minimum balance required to open an account with FOREX.Com is 100 devices of your base currency. If you’re a U.S. Trader, because of this you could open an account with as little as $100. However, they show that maximum traders keep a minimum of $2,500 in their accounts, which helps save you automated position closeouts due to a loss of available margin. Here’s an overview of margin requirements for diverse assets

Pros and Cons

here are the advantages and drawbacks of Forex.com

Pros

First, let’s test the advantages of using Forex.Com and how these factors will raise your trading experience.

Technical Analysis and Research Tools

With charting tools and trading recommendations given through Forex.com, forex traders and traders stand a better risk of smart trading decisions that have great results. Another big element that those studies support is that they can be interactive and permit traders to complete trades in charts.

FCA and CFTC Regulations

 Forex.Com is regulated by the Financial Conduct Authority and US Commodity Futures Trading Commission (CFTC), assisting the platform to emerge as more trusted and responsible to its users. Another body to Forex.com’s reliability is that customers have asset safety of as much as £85,000 provided by the Financial Services Compensation Scheme (FSCS).

Account Protection for EU & UK Users

 Negative balance safety is offered to all EU & UK traders through the use of Forex.Com, protecting against market hole risks and enforcing stop loss orders.

Rebates for High Volume Traders

Forex.Com’s DMA account guarantees that high amount traders have high-quality options that copy their experience and needs. This allows the platform to stand out, as many trading platforms focus on simple capabilities that can be amateur-friendly and easy to use.

Direct Market Access

 Account types with direct market get access to allow users fast-trading execution and Forex market transparency. This fast and smooth technique is favored by the ones who need to make commissions.

Customer Service

 Trading platforms and vendors have to deliver methods their customers can get in touch when they need support. Forex.Com has several styles of touch, along with stay chat, phone, and assist from 10 am – 5 pm through Sunday to Monday. While clients can use FAQ and assist sections to find widespread data, it’s good to contact them by mobile for more specific and urgent needs.

Cons

Here are some drawbacks of using Forex.com

Limited Portfolio Choice

 When the usage of Forex.com, traders are limited to forex and CFD trading. Whilst those are the maximum popular types, and the account services are suitable for getting and selling currency pairs, some traders can also want to enlarge in addition, which can be tough while the usage of Forex.Com.

Desktop Platform Inaccuracies

 Forex.com is a modern trading service with an app and a computer platform. Whilst each system is intuitive and innovative with many positions, there are some inaccuracies and previous data that professional traders could pick up on quickly. As a web broker, it’s essential to have an updated website with correct data.

U.S. Clients Miss Out on Protection

 Negative balance protection and stop-loss orders are not available for U.S. Customers, meaning that traders based in America are a great deal more responsible for having troubles concerning trading.

Deposits, Withdrawals, and Customer Support

Deposit Methods

 Again, investment techniques with FOREX.Com range according to the place you’re based. The conventional strategies of bank transfer and Visa debit are familiar to all countries. Digital pocket services, which include Skrill and Neteller, are most effective and familiar in Europe and other countries. PayPal, however, is available in the United Kingdom and the EU. In the United States, you cannot fund your account with credit cards, but debit cards can be familiar. Here are funding methods available in the US.

Here are the various funding options available in Canada:

Here are the following funding methods available in the UK:

Your currency are following: United States Dollar (USD), Euro (EUR), and Great British Pound (GBP). Here are funding methods available in Europe.

Withdrawal Process

Here are the funding methods available to help you withdrawal

Customer Support

FOREX.Com gives the best insurance for customer service, from email to phone to chatbot. You can contact the support staff 24 hours a day through the chatbot, although you have to undergo some prompts earlier than being transferred to a real individual. We found the support staff knowledgeable and useful, with quick response time.

While assist is available 24 hours an the afternoon, this is only between 3 pm on Sunday (GMT) and 10 pm on Friday (GMT). As such, you won’t have the ability to speak with everyone on Saturday. For those who don’t communicate in English, the guide is also available in Spanish, Portuguese, German, Chinese, Arabic, Polish, Russian, Hindi, and Japanese.

FAQ Section