FOREX ReviewFOREX Review
FOREX.com is a currency trading website operated by Gain Capital Holdings, Inc., a financial services company that’s been in business since 1999. GAIN Capital is listed on The New York Stock Exchange (NYSE: GCAP).
FOREX.com is regulated by the Financial Conduct Authority in the UK and is regulated in five other jurisdictions around the world: Commodity Futures Trading Commission (CFTC), the National Futures Association (NFA), and the Securities and Exchange Commission (SEC) in the U.S. Financial Services Agency (FSA) in Japan, Securities and Futures Commission (SFC) in HK, Australian Securities and Investments Commission (ASIC) in Australia and Investment Industry Regulatory Organization of Canada (IIROC).
FOREX.com has won rewards for the best research and analysis by FX Street for 2014 and 2015.
At FOREX.com, traders can choose between a standard trading account and a Premium account. The minimum initial deposit required for a standard account is $250. However, traders are recommended to deposit $3000 to be able to access the full range of tradable instruments.
The Premium account requires $25,000 to open. Premium account holders also get to work with a ‘Relationship Manager’ to help with all their trading needs. At the time of this FOREX.com review, traders were able to receive 15% reduced pricing on major currencies and 2% interest on account balances.
There is also a risk-free $50,000 demo account for traders of all levels.
FOREX.com is one of the easiest websites to navigate. It is well tabbed and all features provide clear descriptions of the products and services being offered. There is a choice of over 45 currency pairs, CFD’s in 10 global indices and commodities and the broker has just added a list of Equities, Bonds and Rates.
Traders can also trade options in CFDs, spot Forex, and binaries in over 3200 markets. These are offered through GFT which is now part of FOREX.com. GFT is based in the UK and is a global leader in online trading.
The learning center at FOREX.com offers a variety of different educational material.
For self-study, the ‘Learn to Trade Forex’ course allows traders to study at their own pace and consists of seven lessons covering everything including pips, margin, technical analysis & tools, charting, and more. Along with the course, traders receive a demo trading account with $50,000 in virtual funds, so they can apply the lessons they covered on a live trading platform.
In their interactive course, traders can study online with the benefit of interactive tools and videos which illustrate how to understand chart patterns, anticipate market moving events and manage risk . This course too comes with a demo trading account of $50,000 in virtual funds as well as workbooks and quizzes that can be printed out for later use.
There is a series of videos for beginners and others with technical analysis for more advanced traders. For more in depth understanding of how the various platforms work, there are instructional videos on the FOREXTraderPRO and MetaTrader4 platforms.
Forex.com Video Tutorials
There are also several interesting online webinars which are available to all FOREX.com clients. Pre-registration is required.
When it comes to market analysis, FOREX.com is well supplied. They offer live daily market updates, weekly insights on top financial events, quarterly outlooks and other special reports.
In the Pivot Points section, FOREX.com lists the daily, weekly and monthly support and resistance levels so traders can determine their pivot points. Pivot points are used by traders as a predictive indicator and to denote levels of technical significance. When used in conjunction with other technical indicators such as support and resistance or Fibonacci, pivot points can be an effective trading tool.
Technical outlooks are posted in the Technicals section and a full alphabetized glossary of financial terms is provided.
Forex.com Technical Outlook
I was surprised when doing this review that there were no bonuses or promotions mentioned. This is uncommon in the Forex industry where bonuses and promotions act as a definite way to attract new trading clients. Perhaps they consider the 15% reduced pricing on major currencies and 2% interest on Premium account balances to be promotions but this is nothing like the bonuses and promotions offered by the competitors.
There are several interesting trading tools at FOREX.com. Tradable is a tool that can be used by traders of all experience levels. Tradable comes pre-packaged with a selection of easy to use apps tailored to meet all comfort levels. Traders have complete flexibility to customize the platform to meet their individual needs.
ForexCharts by eSignal gives traders access to more than 40 customizable indicators and drawing tools including Gann Lines, Donchian Channels, Fibonacci Circle and more and traders can plot against Global Treasury Information Services Inc. (GTIS) rates – a composite stream of over 275 contributors to get an overall picture of market action or, drill down to view only FOREX.com streaming data.
Forex.com eSignal Platform
Besides the FOREXTraderPRO platform, FOREX.com offers several other trading platforms.
With MT4, traders have total lot size flexibility, including micro lots, mobile trading for iPhone & Android and automated trading using custom EAs. Hedging is allowed and there are no 3rd party bridges or auto syncs.
The MetaTrader4 platform offers quality trade executions, tight spreads and personal customer service. Traders can select over 77 Forex and CFD markets as well as take advantage of other integrated features including streaming news, extensive technical research from Trading Central and in-house analysts as well as pattern recognition software from Autochartist.
At the time of this FOREX.com review, a third trading platform had just been added to the lineup of platforms offered at FOREX.com—the Dealbook. The Dealbook platform is offered under the GFT brand and traders can choose from 120+ currency pairs with spreads as low as 1 pip on the majors and over 3,200 markets as CFDs, spot FX, binaries and options.
Advanced charting is available through the Forex.com DealBook platform and it is available as download, web and mobile with award winning apps for Andoid, IOS and Kindle Fire. Advanced charting allows traders to monitor their position and evaluate trends and forecast market moves all in one place. The DealBook software provides easy-to-read charts, a bundle of free indicators as well as a wide selection of customization options.
FOREX.com accepts funds by credit or debit card, wire transfer, where there is a minimum transaction of $30 and a maximum transaction of $10,000. Funds can also be wired via Sofortbanking.
Customer support is available 24/7 via email, telephone and live chat. I was pleased to see that chat was reached only by clicking on the chat tab and that it doesn’t pop up immediately upon opening the site.
Trade orders by telephone are accepted by FOREX.com UK during market hours.
FOREX.com has covered all bases. Their website is super responsive and user-friendly and all topics are covered in depth and are clearly described so that the information is understood by traders of all levels of trading experience. It’s nice to see that there is a very generous demo account but I would have preferred to have more choices of accounts over and beyond the two that are offered.