Abstract：FOREX.COM is a wholly owned subsidiary of StoneX Group Inc, a broker that has provided financial services to traders since 2001.
It is now present in 21 countries on 6 continents. It is regulated in at least 6 jurisdictions and offers a range of products including Forex, Indices, Stocks, Cryptocurrency, Commodities, Futures and Options, 5 trading platforms and 4 account types for traders to choose from. All this makes it a trusted broker.
FOREX.COM Review Summary
FOREX.COM is a wholly owned subsidiary of StoneX Group Inc, a broker that has provided financial services to traders since 2001.
It is now present in 21 countries on 6 continents. It is regulated in at least 6 jurisdictions and offers a range of products including Forex, Indices, Stocks, Cryptocurrency, Commodities, Futures and Options, 5 trading platforms and 4 account types for traders to choose from. All this makes it a trusted broker.
FOREX.COM Pros & Cons
✅Multi-regulated: It is regulated by different agencies in at least 6 countries and holds different types of licences.
✅5 trading platforms: These include MT4 and MT5, which can be used on desktop, web or mobile.
✅Abundant educational resources: Lots of graded courses, popular guides, and webinars on different topics.
❌Limited product range: Traders who want to trade ETFs need to look elsewhere.
❌Not 24/7 support: Support is limited to Sunday 3pm (GMT) until Friday 10pm (GMT).
❌Stocks, futures and options need to be traded on other platform: Futures options are provided by StoneX and are traded using a StoneX Futures account.
❌USA traders are not allowed to trade CFDs: CFDS are not available in the United States, but Forex pairs can be traded.
Is FOREX.COM Legit?
I would say the answer to that question is yes.
To be clear, FOREX.COM is a wholly owned subsidiary of StoneX Group Inc.(NASDAQ:SNEX), and I noticed that FOREX.COM has a column on its website about its regulatory status, which is absolutely multi-regulated. As shown in the picture below:
In addition, according to WikiFX's information, FOREX.COM is regulated and licensed by ASIC, FCA, FSA, NFA, CIRO, MAS.
WikiFX has been deeply involved in the industry for more than ten years and has the world's largest database of forex brokers, providing real information including but not limited to company qualifications, regulatory status, historical performance, user reviews, risk ratings, etc., all of which have been strictly reviewed.
What can I trade on FOREX.COM?
Forex, Indices, Stocks, Cryptocurrency, Commodities, these are FOREX.COM trading instruments.
- Forex: Can trade more than 80 currency pairs. EUR/USD spread was as low as 0.0.
- Indices: More than 15 popular global indices such as Dow Jones (Wall Street), S&P 500 (US SP 500),FTSE 100(UK 100), DAX(Germany 40) and Nikkei 225 (Japan 225).
- Stocks CFDs: Tradable corporate giants such as Tesla, Amazon, Apple, NIO, Nvidia and thousands of other stock CFDS.
- Cryptocurrency CFDS: Ripple, Ether and Bitcoin CFDS are all included.
- Commodities: XAU/USD, XAG/USD, Gold Mini and Silver Mini all can be traded.In addition, natural gas and oil are all hot commodities.
- Futures and Options: Futures and options can be traded in agriculture, cryptocurrency, biofuels, stock indices, foreign exchange, interest rates, and metal market areas.
FOREX.COM also lists popular products in the FX, Indices, Stocks and Commodities trading markets, and you can choose whether to include them in your portfolio after learning specific information about their indicative pricing and leverage. The chart format allows you to view them in real time.
Account Types
FOREX.com offers 4 account types -Spread-only trading account, RAW pricing account, Meta trading account and Corporate trading account.
These account types target different types of traders. The Spread only account is biased towards traditional forex traders and the RAW pricing account is suitable for those seeking ultra-tight spreads with fixed commissions. MetaTrader account is suitable for experienced traders and can use the MT4/5 platform. What they all have in common is that their platforms support web, desktop, and mobile.
In addition, the Corporate trading account allows retail traders as well as institutional traders to conduct financial transactions in a corporate structure.
In addition, this broker supports the opening of demo account. However, it should be noted that the demo account is valid for 90 days.
If the above form of account comparison still does not help you make a choice, you can try the quiz provided by FOREX.COM: it asks you about your trading level experience, educational needs, and your understanding of investment terms through 5 questions.
It is not difficult to open an account at FOREX.COM.
- Find the account opening option on the official website and fill in your personal information.
- Provide home address, proof of identity and citizenship details.
- Ask for your basic financial details.
- Verify your personal information.
- Check FOREX.COM's client agreement.
- After the application is processed, upload 3 documents to verify the account, including proof of identity, proof of address, and proof of Social Security number.
FOREX.COM Fees
FOREX.com has different requirements for forex spreads for different account types. In the case of EUR/USD, for example, Spread-Only provides variable spreads as low as 1.2; RAW, on the other hand, provides raw spreads as low as 0.0.
Forex spreads for both accounts are offered as “Typical” and “As Low As”. The “Typical” spread for RAW remains in the range of 0 to 281.1, while the “As Low As” spreads remain in the range of 0 to 16.1; The “Typical” Spread for Spread-only ranges from 1.5 to 541.1, with the “As Low As” remaining at 0.1 to 25.
It can be seen that the number of foreign exchange pairs provided by FOREX.com is large, and the spread span is relatively large.
In addition, Spread-Only does not charge commissions, while RAW requires a fixed commission of $7 per $100,000 traded. However, if you buy $50,000 / CAD, you get $3.50 or $7 round trip commission.
What both account types have in common is a cash rebate of up to $10 per million transactions. The higher the transaction volume, the greater the reward.
- Inactivity fees: If there is no trading activity for 12 months, the account will be charged $15 per month.
- Currency exchange fees: Trading in markets settled in a currency different from the base currency of your account incurs certain currency conversion fees. The standard is +/-0.5% of the market interest rate at the time of conversion.
Trading Platforms
FOREX.com offers its own platform for traders, FOREX.com platform which has three versions.
- Mobile trading app
The app features a clear interface, Advanced TradingView charting and analysis tools, real-time trade and order alerts, and account management. Price trends and market dynamics are available anytime, anywhere. In addition, it enables you to use the search function to find target products.
Here is a detailed introduction video, you can browse: https://www.FOREX.COM/en/trading-platforms/mobile-trading/
Web trader
Web Trader supports multiple chart types and more than 80 technical indicators, ready for in-depth technical analysis.
Here is a detailed introduction video, you can browse: https://www.FOREX.COM/en/trading-platforms/web-trader/
MetaTrader 4 interface looks relatively clunky and cumbersome, with more than 20 application suites to optimize strategies and access to nine EA's. It is available on desktop, web and mobile.
It is an upgrade of MetaTrader4, trading is relatively faster, and the choice of trading products is broadened. It is also available on desktop, web and mobile.
Ninja Trader supports features such as automated trading, market analysis, and advanced trade management, which can be used on the desktop. You can use the Ninja Trader through FOREX.com.
FOREX.COM also allows you to trade your account directly from the TradingView website with access to their industry-leading charts and tools, access to over 80 technical indicators and build custom indicators using PineScript. Both web and mobile devices are available.
Don't worry about not playing the platform features, the above trading platform use tutorial you can browse: https://www.FOREX.COM/en/platform-tutorials/
Deposit and Withdrawal
FOREX.COM supports four deposit methods - local online transfer, credit or debit card, wire transfer and Neteller or Skrill. The required minimum deposit is $100. It is important to note that the currencies accepted by these four methods are different.
There are two ways to withdraw money: Credit/Debit Card and Wire Transfer. Minimum withdrawal amount is $100.
Customer Support
The fastest way to get customer support is through live chat. In addition, phone and email are included in the contact information. You can also find them through public social media and physical address.
Trading Tools
FOREX.COM is providing a better trading experience for traders and has made many “AIDS”, including a variety of trading tools.
Performance analysis, FOREX.com calls it a trading coach for traders. It can help you understand the psychology of trading and analyze trading patterns.
It shows real-time data on the long and short positions of each instrument and the percentage of that amount, and it is constantly updated.
The Trading center is primarily a research portal that provides technical analysis tools for traders to scan the market for actionable trading methods. Technical insights, checking trade, and suggested stop and limit levels are all included.
It acts as a gadget for determining important daily, weekly and monthly support and resistance levels.
You can select any two currencies and use this tool to see live exchange rates.
- Margin and Pips Calculator
Helps you confirm how much a point of movement is worth and how much margin is required to trade.
The Bottom Line
FOREX.COM has a long history as an experienced player in the Forex space and also offers a wide range of products. With its multi-institutional regulation and rich educational foundation, it provides multi-functional trading tools and platforms.
If you are looking for a broker with a global footprint and extensive resources to support your trading journey, FOREX.COM may well be the trading ally you are looking for.
Each day, WikiFX conducts field surveys on the broker's Office address and environment, verifying whether the office space and team size align with public information. Before making a decision, utilizing the services of WikiFX to evaluate the broker is an advantageous approach.
