Forex.com

Should You Trade with Forex.com? Read This Broker Review First?

About Forex.com

Forex.com is a broker that is well-suited to many types of traders, but particularly those who trade in high-volumes and can benefit from Forex.com’s rebate program. In addition to forex, Forex.com offers a wide variety of trading products. With licenses from the FCA and other regulatory agencies, it offers security and reliability. 

As with any regulated broker, there are advantages and drawbacks, so we have created this review to help you decide if Forex.com is the right choice for your trading style.

Year Founded 2001
Regulation FCA, CIMA, CFTC, NFA
Minimum Deposit $100
Product Types Cryptocurrencies, stocks, ETFs, CFDs, indices, commodities, forex
Products Offered 80 currency pairs, 4,500 stocks

Regulation

The first thing you should look for when signing up with a broker is what kind of licenses they hold. Forex.com is regulated by the FCA or the Financial Conduct Authority of the United Kingdom, which is a first-tier licensing authority. In addition, it holds licenses from the CFTC or the Commodities Futures Trading Commission, National Futures Association (NFA), Retail Foreign Exchange Dealer (RFED) and the CIMA or the Cayman Islands Monetary Authority. 

Forex.com is a solidly regulated broker with first-tier licenses, particularly the FCA, which is known for its tight standards. First-class regulators will conduct a regular audit of the brokers it licenses and require ongoing documentation to maintain significant oversight. They also deal with customer complaints and can settle disputes.

Accounts and Payment

It takes only 100 units of currency to open a Forex.com account, which is a reasonable minimum consistent with the industry standards. Clients are offered three account types:

  • Standard (spreads)
  • Commissions
  • Direct market access

Forex.com offers rewards for high volume traders with its Active Trader Program. Clients who have an account with at least $10,000 and who trades in a volume of 25 million monthly enjoy special rebates. This is available only to those who hold standard or commissions accounts. 

Traders who keep their holdings overnight are subject to swap fees. If accounts are inactive for 12 months or more, there is a $15 monthly inactivity fee.

Trading Products and Trading Platforms

Clients can trade stocks, indices, commodities, ETFs, indices and cryptocurrencies and more.  They offer 80 currency pairs and 4,500 individual stocks. For US traders, there may be fewer trading products offered due to US regulations. 

Forex.com features the highly popular MetaTrader 5 with its many features and resources. It is available on the web, in downloadable versions or mobile.

Education and Research

Educational resources can be accessed according to category or type of trading or the experience level of the client. The instruction covers topics such as fundamental and technical analysis, risk management and trading skills. Although the educational resources are sound, they should be considered as supplemental to a comprehensive trading course and are not necessarily sufficient for those who have no trading experience. 

For research, Forex.com offers Trading Central, with technical analysis, a financial calendar of events and proprietary news and analysis. Charts and calculators are also useful, and premium accounts provide personalized research to match the client’s trading style. One perk that makes Forex.com unique are charts built into the platform.

Forex.com Pros and Cons

Here are some advantages and disadvantages of FXPro’s service:

Pros

  • Top-tier licenses
  • Charts connected to the platform
  • Rewards for high-volume traders
  • Safeguards for UK and European accounts
  • Large selection of trading products

Cons

  • No stop loss protection for US Clients
  • Customer service is just okay–delays in chat response often.

Should You Trade with Forex.com?

After analyzing Forex.com, we have come to the conclusion that it is regulated and seems like a legitimate broker. Forex.com is a particularly good choice for high volume traders who can take advantage of the rebate program. 

However, even if a broker is regulated, there still may be issues that can arise and the need for a broker complaint. If you need to deal with problems such as forex withdrawal problems and fund recovery, contact Broker Complaint Registry.

Do You Have a Complaint with a Broker? Broker Complaint Registry Will Help

 Contact Broker Complaint Registry experts if you need assistance with a broker complaint.  We deal with a variety of issues, including data theft, forex trading scams, and crypto complaints. Our team will refer you to experts who have vast experience dealing with regulators, banks, and law enforcement. We will provide advice and give you valuable guidance to help you resolve the issue.