As one of the largest online forex brokers in the USA, Forex.com has large and increasing following both in the U.S. and worldwide.
The company behind this platform is GAIN Capital Holdings, which has its headquarters in Bedminster, New Jersey.
There are many assets for traders to trade in on the platform. This ranges from forex, futures, cryptos, indices and commodities like gold or silver. It also offers trading options both on a desktop and through a mobile app; a demo account and the MT4 platform.
In this review, we discuss Forex.com in greater detail and have a look at some of their key features such as the App and demo account. Read on for more information.
- 1 Forex.com Availability
- 2 Is Forex.com Safe or a Scam?
- 3 Forex.com Key Features
- 4 How to Open an Account on Forex.com
- 5 How to trade on Forex.com
- 6 Forex.com Demo Account
- 7 Forex.com Deposit Review
- 8 Forex.com Withdrawal
- 9 Forex.com Support
- 10 Conclusion
As Forex.com is a U.S. based broker, the platform is available to users in the USA and Canada. There is also avialabillity for residents in Latin and Central America.
It is also allowed for traders in Australia, but please note that it is not offered to users in New Zealand at present.
The platform is also available across Asia, Europe, Russia, the Middle East and South Africa. However, for Africa there are also quite a few countries where it’s not offered.
Please see the list below on this review, but generally the Forex.com availability is wide and open to many traders globally.
Countries where the platform is not available:
Afghanistan, Angola, Belarus, Burundi, Central African Republic, Chad, Congo Republic, Cuba, Democratic Republic of Congo, Equatorial Guinea, Eritrea, Guinea, Guinea-Bissau, Haiti, Iran, Iraq, Ivory Coast, Lebanon, Liberia, Libya, Myanmar, New Zealand, Nigeria, North Korea, Sierra Leone, Somalia, Sudan, Syria, Turkmenistan, Uzbekistan, Western Sahara, Yemen, and lastly Zimbabwe.
Is Forex.com Safe or a Scam?
Forex.com is a fully reviewed and regulated trading platform owned by the U.S. firm Gain Capital Holdings.
The platform operates under the highest standards of financial reporting, financial regulation and disclosure. So you can be fully reassured that Forex.com is safe to use and not a scam.
Regulation ensures that the broker follows the proper conduct and rules put in place by the regulation authorities. This helps to protect against fraudulent behaviour and practices.
For instance regulation also makes sure the traders funds are kept fully separated from the broker’s funds. This means that in the unlikely event of Forex.com ever having financial problems, the trader’s money will be safeguarded. Your funds will be protected.
Gain Capital Holdings Inc. is listed in the New York Stock Exchange under the code NYSE: GCAP.
It’s 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.
Because Forex.com has other operations in other countries including the UK, Australia, Canada, Hong Kong, and Japan. However, regulation by the NFA and CFTC still apply.
In each country Gain Capital requires further local registration and regulation. As each country sets its own laws for which financial assets are allowed, this can also vary the assets offered by each country. This will be looked at more in the ‘key features‘ part of this review.
To see the regulation details for further countries, please see this list:
Additional Foreign Regulations:
- For the UK, it’s registered by the Financial Conduct Authority (FCA)- no. 13942
- In Canada, it is registered to both the Investment Industry Regulatory Organization of Canada (IIROC) and the (Canadian Investor Protection Fund (CIPF)
- The regulation for Australia is done by (ASIC), the Australian Securities and Investment Commission.
- For Japan, the regulator is the Japanese Financial Services Agency and the broker has a membership as well with the (FFAJ)– the Financial Futures Association of Japan.
- Lastly the Hong Kong division is a member of the (SFC) – the Securities and Futures Commission.
Forex.com Key Features
Forex.com has many great key features that we wanted to look at in more detail. Here below are the key things you should know about the broker:
- Forex.com Minimum Deposit: $50, £50, €50
- Minimum Trade: $1
- Low Spreads
- Assets: 500+ different markets available. Assets include CFDs, Crypto, Forex, Indexes, & Commodities.
- Forex.com Mobile Version & App: Yes
- Demo Account: Yes
- Trading Accounts: Web Trader, MetaTrader 4 & MetaTrader 5
- Accepts U.S. Clients: Yes
CFDs are not currently available to USA traders. If you want to trade CFDs please read our eToro USA review
Let’s quickly look in depth at some of the key features mentioned. One point to mention is that the Forex.com platform interface is easy to use and comes with live charts and many technical indicators.
As well as many tool features, such as drawing tools, there is also a great newsfeed that helps to keep you informed with what is going on in the trading world.
Besides this, the broker also provides the Web Trader, MT4 or MT5 online trading platforms for use.
These are all online trading interfaces which can be accessed either online or offline. You can download it straight from your Forex.com account for use on your personal desktop.
All of these platforms are customisable and allow you to access detailed trading tools, which can assist you with your trading decisions.
It is also worth mentioning that forex.com doesn’t charge fees or commission on forex trades. They are instead offset withing the spread. However, for forex pairs the broker offers average spreads and below the average costs for commodity CFDs and indexes.
How to Open an Account on Forex.com
To open an account with Forex.com is easy, either a real or demo account. It can all be done with a simple online application for a trading account. You just need to go to the broker and provide a few details.
You’ll need to provide your name plus 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 even if you have only a demo acount.
Verification is a legal requirement and necessary step the broker must do. It is needed to make sure that you are the correct owner of your account. It also helps to protect against fraudulent and scam accounts.
To verify your account you will need to provide Forex.com a copy of one of the following documents:
- A valid and current National Identity Card
- Current Driver’s License
- Non-expired Passport
If your proof of identity document doesn’t show your current address you may need to also provide an extra document to confirm the address.
This could be a utility bill, bank or credit card statement or a tax bill. All must be dated within the last 6 months
The verification process can normally be completed online with the documents upload via your account. However if it’s not possible you will need to send copies of your I.D. directly to the broker.
Once your account is approved and opened, you will receive an email from Forex.com. Alternatively, you may sign in to your online account to check the status of your trading account.
How to trade on Forex.com
You have just opened your Forex.com trading account or you have a demo account, and you wish to start participating in the forex market. But before you start trading, you should know the basics of what to do.
For this example we will go through the steps of trading currency pairs which are the same also for a demo account.
However, the steps can be applied for any asset.
1. Pick a Currency Pair
Start by picking two currencies: choose the 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 with any of the available currencies.
The only condition is that your account balance should be adequate and not in the negative.
2. Market Analysis
Never let your emotions affect your 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 relevant news on the economy.
3. Read the Quotes
Prices will be shown depending on the currency pairs you chose to trade. All the currencies and their prices are listed from left to right.
So the first price represents the selling price for the currency pair while the second is the buying price. The difference between them is known as the spread. This is also what the broker charges for completing the transaction.
4. Pick a Position
Forex trading is flexible because 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 novice traders can reap the benefits of a Forex.com demo account. This is because a demo account can help you to learn trading strategies, from simpler to strategic ones.
It also helps you to get used to the platform’s features and tools if you are a newly registered trader.
If you are an experienced trader, then the Forex.com demo account can help you to test your trading strategies without risking real investment.
This is because in the demo account, you get a fictional result which is different from a real trading transaction. After doing test trading, you can then go to trade for real on your Forex.com live account.
Forex.com Deposit Review
You need to deposit funds to your account in order to start trading. The minimum deposit the broker requires is just $50.
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 using either a debit card, credit card or direct bank transfer. You can add and save your payment details to your Forex.com online account.
The currencies accepted include the Dollar, Euro, Canadian Dollar, Australian Dollar, Great Britain Pound, and Japanese Yen.
Also good to note, but here are no deposit fees charged by Forex.com. This is a good advantage for traders looking to save money on transaction fees, especially as the minimum deposit by forex.com is just $50.
If you want to withdraw funds, log in to your online account and request a withdrawal of funds. This can all be accessed from the ‘MyAccount‘ section.
All deposited funds need to returned to the original payment method that made the deposit. So this could be a credit/debit card or bank wire transfer.
If there are any extra funds to be withdrawn this can be completed with a bank wire transfer or e-Check/e-wallet.
If you make a credit/debit withdrawal, the process time takes up to 24 hours. The maximum you can withdraw on a card is up to $50,000. There are no fees for making a credit/debit withdrawal.
For a bank wire transfer the processing time take up to 48 hours. For the maximum withdrawal amount, the amount is unlimited. But only when the initial card deposits have been refunded.
Please note that for bank wire transfers, Forex.com charges no fees. But there may be a small transaction fee charged by the receiving bank.
In case of any kind of problem with the platform, the demo account or the App, it’s possible to contact the support service of Forex.com.
Forex.com support is very fast and responsive. You can contact the support service in different ways:
To get in touch via phone, the number to call is the +1.908.315.0653 and it’s reachable from Sunday to Friday from 10 a.m. to 5 p.m.
The LiveChat option is a very good way to get assistance quickly. There is usually a team member available to help you within 5 minutes.
If you need to talk with the support for more general inquiries. This could include questions regarding the demo account or the platform, it’s possible to email. The email address is [email protected]. Usually, a support manager will answer within 24 hours.
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.
At the end of our Forex.com review, the trading procedure on Forex.com is straightforward and beginners can start out with a demo account. Given the easy deposit and withdrawal procedures, Forex.com is a must.