Upon search of reviews regarding the brokerage firm, Forex.com one would be welcomed with quite a number that point to the soundness of trading conditions with the firm. Of course, online reviews can easily be fabricated as with any Political piece or showbiz extra. Indeed, we live in a post-truth world that is rife with fake news and black propaganda that makes even what may potentially be honest and sincere testimony appear shady and entirely unbelievable.
Such is the case with Forex.com. Most of the reviews that had been written about the company appear positive and leaves little to no room for shade. This review serves to either confirm or refute what had been said about Forex.com. To serve this cause, the review team had looked into the following aspects of its service to form a holistic assessment of the firm’s capabilities:
- The firm’s regulatory status
- The fees charged to clients upon transacting with the brokerage
- The available trading accounts through Forex.com
- The trading platforms the firm provides its clients
Forex.com had been established back in 2001, making it one of the longest-operating brokers that had the opportunity of making the best of web trading.
Forex.com’s niche lies in trading Foreign Currency Pairs and CFDs. The firm is a trading company under the umbrella company, GAIN Capital and is listed in the New York Stock Exchange (NYSE).
Forex.com is regulated by two of the trading industry’s most trusted financial authorities in the trading industry:
- The Financial Conduct Authority (FCA) for companies operating within the United Kingdom
- The U.S. Commodity Futures Trading Commission (CFTC)
With these aforementioned conditions, it is easy to assume that Forex.com is a brokerage that one can trust. On top of this, preliminary findings and reliable online review sites agree that Forex.com leads with highly competitive fees, easy account creation, and effective trading platforms just to specify a fee benefits.
Offers and Services
Accessible Trading Assets
The review team contends with claims made by a number of reviewing entities online that Forex.com offers a competent set of assets.
The table below details the fees traders of Forex.com are required to pay for certain services.
|EURUSD||Fees built into the spread Peak hours sees the average spread cost at 1.4|
|GBPUSD||Fees built into the spread Peak hours sees the average spread cost at 2.1|
|S&P 500||Fees built into the spread Peak hours sees the average spread cost at 0.6|
|Inactivity Fee||£/$/€ 15 or JPY 1500/month once a year|
These fees appear to be enticing with reference to other brokerages as Forex.com’s fees are seen as relatively low.
On top of these, the minimum fee for the creation of an account is pegged at $100. This minimum payment requirement is cheap with consideration to what Forex brokers usually charge.
The only criticism that the review team has against this is that this amount would probably not be enough to cover potential loss that may be incurred through preliminary trades through Forex.com.
Available Trading Accounts
Forex.com clients are in three account types that vary with the fee structures that are plotted out and the trading platforms that are being offered. These accounts are as follows:
- Forex.com Account
This type of account provides traders with high spreads without commission fees. The Forex.com Account also makes the company’s own proprietary platform available to its users.
- MetaTrader Account
The terms with spreads and commission fees through the MetaTrader account is the same as with the Forex.com Account. And as the name strongly suggests, traders who have opened this account type are allowed usage of MetaQuotes’ MeaTrader 4 platform.
- DMA Account
Lower spreads are provided through the DMA Account. The commissions available through this account are at $2 per lot for every trade. Like the Forex.com Account, the trading platform for this account is the Forex.com proprietary platform.
The type of account ownership has three additional fields:
- Joint (ownership by two or more legal entities)
- Corporate (an account owned by a company or an organization)
Creating an account is convenient and relatively fast for users given that it only takes a total of 2 business days; the filling of details for application could be done within a total of 10 to 15 minutes. The following steps should be performed through the following procedures:
- Select a trading platform
- Provide personal and financial information
- Answer some of questions about financial knowledge and possible trading history
- Verify identity and area residency
- Upload any form of an identity document such as national ID card, passport, or a driver’s license. The accepted documents also include statements of accounts and other banking statements.
The process of account verification is the only facet of account creation that the review team had found to be challenging. The proof of identification uploads, while observing the stringent requirements had not been accepted easily by the company’s submission bin. The rejection did not come with a notice or explanation as to why the submission had not been accepted.
The trading accounts offered by the brokerage are certainly reliable, specifically the MeaTrader 4 platform. MT4 provides a wide selection of trading tools that have charts which are wholly customizable alongside a range of technical indicators.
Trade with Forex.com
The following facets laid out in this review allow for the positive image of the brokerage::
- Competitive fees
- Effective trading platforms
- Purposeful trading accounts
It is to the opinion of the review team that Forex.com is a firm that traders can truly rely on.