Among the numerous Forex brokers, it is hard to guess or predict which Forex broker is the best to side with, especially when trading itself represents a great risk. Traders have to deal with the double trouble of finding a decent broker and trading in the merciless market, regardless of how good the broker is. This is not an easy task to do, and they have to pay great attention to the advertisements overcrowding the Internet if they want to make a successful choice. This Forex.com review is supposed to serve as an objective overview of what this particular broker holds for you and how it assists traders.
General Forex.com Information
This Forex broker has come a long way from its first registered office in 1999 in the UK. The broker went through both, the glorious economic times of 2000-2006 and the global financial crisis from 2007-2010/2011 (still present in some countries). Forex.com witnessed the Forex market taking another turn with the onset of the digital era. Forex.com made sure to have the appropriate licenses to operate in the market and enhance its reputation by proudly presenting a series of Forex licenses, some of which are highly appreciated in the Forex world. With the main seat in the UK, it is only logical that Forex.com first knocked on the door of the FCA to start its successful entrepreneurship. The ASIC (Australian regulatory capital market regulator) and NFA (US National Futures Association) licenses followed enabling the broker to spread its wings into the wide world. Besides these licenses, the broker registered with the Hong Kong and Canadian authorities on capital and securities market to reaffirm its global presence. We can see that, as opposed to 90% of European brokers, this broker allows US clients and provides Forex services under the US law as well. US traders are usually limited to US trading only due to differences in the European and American laws on capital markets. Forex.com broke the barriers and ensured a nice US clientele by playing by American rules.
This broker offers two types of platforms. For the European traders, there is the standard MT4 platform with all the sophisticated tools and powerful software which account for a unique trading experience. The MT 4 is not accepted on the US market because it supports scalping and hedging which is illegal in the USA. For US traders, and those who want to try something other than MT4, the ForexTrader Pro platform is the solution. This platform is equally advanced as the MT4, and it can be customized. It offers 50+ currencies, commodities, CFDs, and metals to its traders. Both platforms are accompanied by the Forex.com mobile trading apps for flexible trading on the go. The mobile apps do not differ much from the desktop versions, except for size. You can easily download them to iOS and Android devices and start your trading career with just a few clicks.
Two types of account are available with this broker. You can choose between the Forex.com Standard and Premium account:
- The standard account can be open with a $250 deposit, whereby, to get full access to all tradable instruments, traders are advised to deposit $3,000.
- The Premium account is reserved for deep pockets. Namely, the account is accessible to those who have the luxury to spend $25,000 on a trading account. This account comes with major benefits like collecting interest rate, reduced prices on major currencies, and traders can consult a relationship manager to enhance their trading.
There is also a demo account for all those who want to test the market with Forex.com without any risk of loss before they decide to invest real money. This leading broker enables binary and spot Forex options trading in more than 3,000 markets.
Unfortunately, there are no Forex.com bonuses available. This Forex broker focuses only on trading and the profits earned via trading with no incentives from the company. Forex.com should definitely reconsider its (no) bonus policy and offer at least a welcome bonus for fresh newcomers. Traders always appreciate a nice gift from their service provider even if it is a simple bonus of $10.
Forex.com Banking Options
When it comes to banking options, Forex.com is well-equipped, but putting a couple of additional e-wallets to the list would not harm the global broker. For now, traders can deposit and withdraw via four payment methods including credit card, debit card, wire transfer, and Sofortbanking (which is only available in Germany, Switzerland, the UK, and the Netherlands). The broker does not apply a fee for deposits or withdrawals, and withdrawal requests are processed within 48 hours. The minimum withdrawal transaction starts at $30 which is very convenient for traders who do not have to wait to make a small fortune before being able to withdraw. There is also a maximum withdrawal limit at $10,000 (per transaction).
The Forex.com customer support is a polite and competent squad of employees. They are at your disposal around the clock, and you can call them, e-mail them, or have a chat via the live chat option. Numerous educational materials are also available for additional help and education about the trading market.