As one of the largest online forex brokers in the U.S, Forex.com has a large following. The company behind this platform is GAIN Capital Holdings that has its headquarters in Bedminster, New Jersey.
The platform deals in forex, futures, gold, and silver worldwide. It offers trading options both on a desktop and through a mobile app.
In this write-up, we discuss Forex.com in greater detail. Read on for more information.
To reiterate, Forex.com is a trading platform owned by the U.S firm Gain Capital Holdings. Due to the nature of its operations, Forex.com operates under the highest standards of financial reporting, corporate governance, and disclosure.
Gain Capital Holdings, Inc. is listed in the New York Stock Exchange under the code NYSE: GCAP. It is registered as a Retail Foreign Exchange Dealer and Futures Commission Merchant (FCM) by the Commodity Futures Trading Commission (CFTC). It also holds the National Futures Association (NFA) membership.
Forex.com has operations in other countries including the UK, Australia, Canada, Hong Kong, and Japan. Although Gain Capital operates subsidiaries in all of these countries, regulation by the NFA and CFTC still apply. Under each of these jurisdictions, Gain Capital requires local registration and regulation.
In the UK, it is registered by the Financial Conduct Authority (FCA), under registration number: 113942. The Australian subsidiary is regulated by the Australian Securities and Investment Commission (ASIC). In Canada, it is a member of the Canadian Investor Protection Fund (CIPF) and Investment Industry Regulatory Organization of Canada (IIROC). The Hong Kong subsidiary is a member of the Securities and Futures Commission (SFC). In Japan, the Japanese Financial Services Agency is the regulator. Gain Capital Japan Limited also has a membership with the Financial Futures Association of Japan (FFAJ).
These are the main characteristics of Forex.com
- Demo Account
- Mobile Version and App
- Minimum Deposit of $ 210
- Accepts U.S. Clients
- No commissions
- low spreads
*You capital is at risk
Open an Account in Forex.com
Online application for a trading account on Forex.com is simple and easy. You will enter your name and the details on your National ID card, Passport or Driving License. This is necessary for the verification of your identity. You will also need to enter your current address.
Where it is impossible to complete the application online, you will have to send copies of the following documents to Forex.com:
- Valid, current National Identity Card
- Valid, current Driver’s License
- Valid, current national or international passport
You will have to fill in a Forex.com application that contains your full name, date of birth, and expiration date. To confirm your address, you must submit a utility bill, a financial statement from the bank or building society, council tax bill, address registration certificates from the local government, a valid driving license, issued within six months or less.
The least you can deposit to open your account is 50 of your local base currency. For better risk management and greater flexibility, Forex.com recommends that you deposit a minimum of 2,500.
Once your account is approved and opened, you will receive an email from Forex.com. Alternatively, you may sign log in to your online account to check the status of your trading account.
*You capital is at risk
How to Trade In Forex.com
You have just opened your Forex.com trading account and you wish to start participating in the forex market. Before you start trading, you need to go through the following steps:
Step1. Pick a Currency Pair
Start by picking two currencies: one you are buying and another you are selling. While you may want to start by pairing two of the largest currencies, you can pair virtually any of the available currencies. The only condition is that your account balance should be adequate.
Step 2. Market Analysis
Never emotionally approach forex trading. Proper research and market analysis is a must. If you are following a specific currency, look at all the historical carts, consult indicators, and follow news on the economy.
Step 3. Read the Quotes
The prices will be shown depending on the currency pairs you chose to trade. The currencies and their prices are listed from left to right. The first usually represents the selling price for the currency pair while the second is the buying price. The difference between them is known as the spread or what the dealer charges for completing the transaction.
Step 4. Pick a Position
Forex trading is flexible in the sense that you can speculate either upwards or downwards on the currency pairs you have chosen. If you pick a buy position between currency 1 and currency 2, then you believe that currency 1 will rise in comparison to currency 2. In this case, you look at currency 1 and bullish and currency 2 as bearish. With a sell position, you believe that currency 1 will fall in value compared to currency 2. In your view, currency 1 is bearish while currency 2 is bullish.
Forex.com Demo Account
Both seasoned and newbie traders require a Forex.com demo account to help them learn the intricacies of the trading procedure. Through it, you will learn the features and tools on the Forex.com trading platforms for newly registered traders. For the seasoned, the Forex.com demo account enables them to test their trading strategies without risking their investment. In the demo account, you get a hypothetical result which is far from those from a real trading transaction. After doing test trading, you can then go to trade on your Forex.com live account.
*You capital is at risk
Deposit and Withdraw From Forex.com
To deposit funds into your Forex.com account, first, log in to your online account and go to the Funding page. From there, you can make deposits from your debit card, credit card, or direct bank transfer. Whichever your choice method, make sure you add your debit card, credit card or bank transfer details to your Forex.com online account.
The currencies accepted include the Dollar, Euro, Canadian Dollar, Australian Dollar, Great Britain Pound, and Japanese Yen. You can make a minimum of 10 and a maximum of 20,000 deposit in any of these currencies. All deposits on Forex.com do not attract a transaction fee.
The minimum deposit by forex.com is just $ 210.
If you want to withdraw funds, log in to your online account and make a request. You may receive your money through your debit card or credit card accounts. The finds may also be wired to a bank account.
If you live in any of the countries where Forex.com has operations, it is definitely worth your while. It operates under the regulation of the financial authorities where it is situated and it trustworthy. The trading procedure on Forex.com is straightforward and Newbies can start out with a demo account. Given the easy deposit and withdrawal procedures, Forex.com is a must. Try it now!
*You capital is at risk