|FCA and more|
|Forex, indicies, commodities, cryptocurrencies|
It can be an overwhelming task when choosing a viable online trading brokerage to trade with and it’s hard to make an important decision when there are so many viable options. This couldn’t be truer than with online forex and CFD brokers. The market is saturated with online platforms offering these services. The problem is, some of these brokers cannot be trusted and may be fraudulent. We want to make your decisions easier by shining light on the popular online trading brokerage known as Forex.com. This broker has gained a massive following and interest over the years and is accepting traders from all over the world. Let’s delve in this in-depth review as we uncover the facts and aspects of this lucrative online trading brokerage.
Forex.com has been competently offering the trading of forex and CFDs on a wide range of tradeable assets since their establishment in 2001. Forex.com is simply the trade name of the brokerage and is owned and operated by GAIN Capital Group LLC. The brokerage has head offices in Australia, Japan, the United Kingdom, Canada, and the United States which help to serve their global community of investors. However, the main headquarters of GAIN Capital Group LLC (dba Forex.com), is in the United States and located at 135 US Hwy 202/206 Bedminster NJ 07921, USA.
Since Forex.com is an international online trading brokerage and has offices throughout the world, they are regulated and licensed by numerous reputable regulatory authorities. For instance, see the 8 regulatory authorities Forex.com is registered and regulated with below.
- UK’s Financial Conduct Authority (FCA)
- Australian Securities and Investments Commission (ASIC)
- Canada’s Financial Services Agency (FSA)
- Commodity Futures Trading Commission (CFTC)
- Investment Industry Regulatory Organization of Canada (IIROC)
- National Futures Association (NFA)
- Securities and Exchange Commission (SEC)
- Hong Kong Securities and Futures Commission (SFC)
As you can see, Forex.com is highly regulated and compliant with all the rules and regulations of various nations and jurisdictions, making Forex.com a true global market leader in the online trading industry. Also, Forex.com has won over 30 awards from the most reputable and notable companies and award ceremonies over the years. The broker continues to outperform their competition and provide traders with the best services in the online trading industry.
Forex.com offers their traders one of the most extensive range of tradeable assets in the online trading industry. The assets available may vary from country to country, but no matter which country you’re from, Forex.com will have a wide variety of tradeable assets for you to choose from. Forex.com in the United States does not support CFD trading and therefore has a much more limited range of assets which include Forex, Gold & Silver, and Futures & Futures Options for the Commodities and Indices markets.
The country in which Forex.com offers the largest number of tradeable assets spread out across numerous markets is the United Kingdom. Forex.com in the UK offers traders over 200 trading products across 5 markets including Forex, Indices, Shares, Commodities, and Cryptocurrencies. Let’s delve into these markets and see what Forex.com offers their traders below.
- Over 80 currency pairs available
- Majors, Minors, & Exotic currency pairs
- Competitive spreads as low as 1.4 pips
- Exceptional execution quality
- Trade 24 hours a day, 5 days a week
- Earn cash rebates on your trading volume
- Access to over 15 of the world’s equity indices across American, European, Asian, and Australian markets
- Trade with fixed spreads from as low as 1 pt. during market hour
- Exceptional execution quality
- Access to over 90 of the most popular US and UK company shares
- Competitive spreads from 1 pt. on UK shares
- Go long or Short on the top companies from around the world
- Trade the world’s most popular equity indices across American, European, Asian, and Australian markets
- Trade commodities on variable or fixed spreads and 1% margin
- Go long or short on over 10 commodities
- Speculate on the price of the volatile cryptocurrencies without actually buying them
- Take both small or large positions
- Hold long or short positions
- Trade Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Ripple (XRP)
- Margin rates from 25%
- Spreads from $1
- Overnight financing of 0.08219%
Bonuses & VIP Program
Forex.com is a highly reputable online trading brokerage that offers top of the line trading services without the need to draw in new clients with flashy bonuses and promotions. As well, all traders are treated equally and have the same account access to the available investment products and services. Forex.com does offer Individual, Corporate, Joint, Partnership, and Trust accounts, but all accounts offer the same services while accommodating the account holders needs. There are no VIP accounts or bonus accounts available on Forex.com. However, one account type which can be considered a bonus account, is the demo account. This demo account allows new traders to practice using Forex.com’s trading services and platforms free of charge.
While Forex.com doesn’t offer any of the traditional bonuses or promotions that many other online trading brokerages does, they do have what’s called a FX Rebate Program. This program allows traders to earn cash rebates on their forex trade volume. The cash rebates rewards traders with higher trading volume at the end of each month, and this rebate can be used to offset the already tight spreads for forex trading. Traders will automatically receive cash rebates when they trade more than $50 million in a month.The rebates rewarded are determined by the trade volume tiers, see the tiers and associated cash rebates below.
Tier 1 ($50 million – $150 million)
Traders receive a $5 cash rebate per million. So, if they trade $150 million they receive a $750 cash rebate for that month.
Tier 2 ($150 million – $500 million)
Traders receive a $7 cash rebate per million. So, if they trade $500 million they receive a $3500 cash rebate for that month.
Tier 3 ($500 million – $1.5 billion)
Traders receive a $10 cash rebate per million. So, if they trade $1.5 billion they receive a $15,000 cash rebate for that month.
Tier 4 ($1.5 billion – $2.5 billion)
Traders receive a $12 cash rebate per million. So, if they trade $2.5 billion they receive a $30,000 cash rebate for that month.
This cash rebate plan is only beneficial to very high-profile investors and traders, and generally only institutional level traders will benefit from the FX Rebate Program.
Forex.com offers traders fully optimized mobile applications that are available for both Apple and Android smart devices on the Apple App Store and the Google Play Store. These applications allow Forex.com traders to trade on the go with the same advanced tools and features as the desktop trading platforms. The mobile applications have full featured trading and advanced risk management options, advanced charting and analysis tools, real-time trade & order alerts, and integrated fund management.
The mobile app allows traders to trade the markets with precision by facilitating advanced order placement and the analyzation of full screen charts all from your smart mobile device. Traders can also build custom watch lists to track the markets important to you and receive real-time alerts and notifications when your order is triggered or there’s new market moving news. From the app, traders can access integrated market analysis, economic calendars, and Reuters news. All this information and these features can be customized within the app to your liking, you can choose what shows on your dashboard and navigation bar. All in all, the mobile applications offered by Forex.com are exceptionally good and offer all sorts of advanced and customizable tools and features. The application also runs very smoothly and is user-friendly.
Deposits & Withdrawals
Making deposits and withdrawals with Forex.com is very easy and straightforward. Forex.com currently only supports two methods of money transfer: Debit/Credit Card and Wire Transfer. However, deposits and withdrawals via Check and eCheck are coming soon. See below, some details pertaining to each transfer method.
- Minimum transaction amount of $50
- Maximum transaction amount of $10,000
- All transactions are automatically converted to USD
- Accepted cards: Visa, MasterCard and Discover
- Typical processing time for deposits is immediate
- Processing time for withdrawals is up to 24 hours
- No fees charged for deposits or withdrawals
Bank Wire Transfer
- No minimum transaction amounts
- No maximum transaction amounts
- Accepted currencies include USD, EUR, CAD, JPY, CHF, AUD, and GBP
- Typical processing time for deposits is 1 – 2 business days for domestic wire transfers, and 2 – 5 days for international wire transfers
- Processing time for withdrawals is up to 48 hours
- No fees charged for deposits or withdrawals
Another area that Forex.com excels in is the amazing level of customer support. Clients can reach support representatives via telephone, email, live chat, and through their social media channels. Support is available 24/7 and in multiple languages, depending on the region you are in. The support representatives usually respond in a timely fashion and are very professional and friendly with their responses. The live chat functionality is best suited for quick and generic questions, while the email and telephone support options are best for more serious inquiries. In addition to these methods of support, traders can browse the websites extensive FAQ page, a variety of informative content on the site, and a very resourceful education center. All in all, the support offered by Forex.com is phenomenal.
Extra Features & Resources
Forex.com has an extensive amount of extra resources for traders of all experience levels. For instance, traders have access to a complete and comprehensive education centre that has educational material for every level of trader. Traders can complete a quiz which helps to establish what type of trader they are based on their personality traits and other things. Also, users can complete extensive beginner, intermediate, or advanced trader courses that are complete with loads of informative content and videos. Also, users have access to various educational themes which teach and provide knowledge on a variety of topics including trading concepts, managing risk, technical analysis, trading strategies, fundamental analysis, Forex.com platform tutorials and MetaTrader platform tutorials. As well, traders have access to a glossary and a comprehensive FAQ page. The educational content offered by Forex.com is some of the best material we have ever seen offered by an online trading brokerage.
In addition to the education centre, Forex.com features a Market Analysis section on their website. In this section, traders will find all the latest market research and news relating to the markets which have been gathered by Forex.com’s award winning global research team. Also, traders have access to a whole suite of analysis tools including advanced charting, trade alerts, an economic calendar, pivot points, and more. Also, traders can gain access to a highly trained market strategist to work with you on developing a trading plan that best suits your needs. For traders who don’t meet the qualifications to receive a personalized market strategist, they can sign up for up to 3 live trading sessions which are presented via a webinar and conducted by Forex.com’s team of global analysts.
- Licensed and regulated in 8 different jurisdictions
- Advanced trading platforms for both desktop and mobile
- Wide array of tradable assets available to trade
- Excellent customer support and additional resources
- Mobile application can be difficult to use for some features
- Market maker brokerage
- Limited deposit & withdrawal options
Is Forex.com regulated?
Yes, it’s regulated by 8 reputable regulatory authorities from around the world.
What methods can I use to deposit funds at Forex.com?
Debit/Credit Card and Bank Wire Transfer.
Does Forex.com accept international traders?
Yes, they accept traders from all over the world.
How long will it take for my withdrawal request to be processed?
Withdrawals are processed within 48 hours.
Is there a fee for making a withdrawal?
No, there are no fees for deposits or withdrawals with Forex.com.
What is the minimum initial deposit requirement at Forex.com?
$50 is the minimum deposit.
Where is Forex.com located?
Forex.com is located at 135 US Hwy 202/206 Bedminster NJ 07921, USA.