In this blog, we have reviewed Forex.com. We covered topics like opening an account, fees, deposit and withdrawal, customer services, education, and safety.
Forex.com is the best and the most trusted one-stop-shop for forex traders. Established in 2001, Forex.com is a brand listed on the New York Exchange. Forex.com is an excellent choice for brokers looking for the home base currency for trading. It provides a vast range of tradable currencies, a user-friendly trading platform, and minimum account deposits.
It has regulated by the top-tier Financial Conduct Authority (FCA) of the UK and Commodity Futures Trading Commission (CFTC) of the US and several other financial institutions. Its education center 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 has 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 the market. You have to do the following steps for opening an account :
- Choose you to want to open an account at Forex.com or Metatrader4 (a third-party website).
- First, fill in your personal and financial information.
- Please 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 options accounts. When you exchange currencies, you notice two terminologies stated “bid price” and “ask price.” In addition, on some platforms, it is regarded as “sell” and “buy” prices.
The bid price is the highest price the buyer is willing to pay. And ask price is the lower price that a seller is ready to get for the security. The difference between the bid and ask is known as “spread,” which is the broker’s commission.
Forex.com charges fewer fees as compared to its competitors. However, you need to maintain 2% of your margin in your account every time.
Deposit and Withdrawal
Forex.com provides various types of deposit and withdrawal options. 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. This is 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, then this 6 you have to pay conversion fees.
- It does not charge any depositing fees. You can use bank transfer, PayPal, or credit/debit card for depositing money.
- Withdrawal is also accessible 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 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 venues 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, type in and click the search bar. Bids and asks of currency are laid out clearly and update every second to give a clear picture.
Forex.com only avails trade in crypto, forex, and CFDs. Other assets like real, stocks, or funds are not available.
ETX Capital Review
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 in a webinar simply by putting your name, email address, and contact number through the Forex.com website.
Forex.com customer support
It has great customer support services, live chat support is 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 [email protected]
- 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?
Several financial authorities regulate it like FCA, CFTC, and National Futures Association(NFA). And Forex.coms’ 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|
Forex.com is a great forex broker regulated by top-tier financial institutions. On the 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. Also it took only few hours to verify the account.
As I do not charge any amount if you do not trade for one year, hence feel free to try Forex.com.
Can I renew my demo account?
Demo accounts last for 30 days after sign up. Afterward, you will not be able to log in using the demo account credentials. Demo renewals are not available at this time.
What is the minimum amount required to open an account?
The initial min. amount required to open an account is $100
What time to "Day" orders expire in my DMA Account?
Most of the day, orders placed in currency pairs expire at 5 P.M EST. However, New Zealand Dollar (NZD) will expire at 3 pm EST.
Can I convert my Standard Account to a Commission Account, or vise versa?
No, you are not allowed to switch between accounts. You have to operate a separate account if you want to use both of them.