Forex.com Broker Review: Is It Worth Your Investment?

The broker is regulated by several financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Investment Industry Regulatory Organization of Canada (IIROC).

Trading Products

Forex.com offers a range of trading products, including forex, indices, commodities, and cryptocurrencies. The broker offers access to more than 80 currency pairs, which is a significant advantage for forex traders. Forex.com also provides traders with access to a variety of trading tools, including advanced charting and analysis tools, trading signals, and an economic calendar.

Forex.com offers two account types: Standard and Commission. The Standard account has no commission fees, but the spreads are slightly higher. The Commission account has lower spreads, but traders pay a commission fee on every trade. The minimum deposit for a Standard account is $100, while the minimum deposit for a Commission account is $1,000.

Trading Platforms

Forex.com offers several trading platforms, including the popular MetaTrader 4 (MT4) and its proprietary platform, Forex.com Web Trading. The broker also offers a mobile trading app that is available for both iOS and Android devices.

MT4 is a widely used platform that offers a range of advanced trading tools, including automated trading through expert advisors, trading signals, and custom indicators. Forex.com Web Trading is a user-friendly web-based platform that is suitable for both novice and experienced traders. The platform offers a range of features, including customizable charts, advanced order types, and real-time news and analysis.

Fees and Commission

Forex.com's fees and commissions are competitive compared to other online brokers. The broker charges a spread on each trade, which varies depending on the trading product and account type. For example, the average spread for the EUR/USD currency pair is 1.3 pips for the Standard account and 0.2 pips for the Commission account. Forex.com also charges a swap fee for holding trades overnight.

In terms of commission, Forex.com charges $5 per lot for Forex trades on its Commission account. The broker does not charge a commission fee for trades on its Standard account, but the spreads are slightly higher.

User Reviews and Ratings

Forex.com has received mixed reviews from its clients. Some traders have praised the broker for its competitive spreads, advanced trading tools, and user-friendly platforms. Many traders have also highlighted the quality of customer support provided by Forex.com, with most queries being resolved in a timely and professional manner.

However, there have been some complaints from clients regarding the broker's execution speeds, with some traders reporting that their trades were filled at prices that were not as favorable as expected. Some traders have also noted that the broker's spreads can widen during periods of high market volatility, which can result in increased trading costs.

Overall, Forex.com has an average rating of 3.9 out of 5 stars on Trustpilot, based on more than 500 reviews. The broker has also received mixed ratings on other review sites, such as Forex Peace Army and Investopedia.

Pros and cons for Forex.com:

Pros:

1. Forex.com is a well-regulated broker that provides a safe and secure trading environment.
2. The broker offers a wide range of trading products, including forex, indices, commodities, and cryptocurrencies.
3. Forex.com provides traders with access to advanced trading tools, such as automated trading through expert advisors and custom indicators.
4. The broker offers competitive trading conditions, including tight spreads and low commission fees on its Commission account.
5. Forex.com provides excellent customer support, with most queries being resolved in a timely and professional manner.

Cons:

1. Some traders have reported that Forex.com's execution speeds can be slow, leading to trades being filled at prices that are not as favorable as expected.
2. The broker's spreads can widen during periods of high market volatility, which can increase trading costs for traders.
3. Forex.com's minimum deposit for a Commission account is relatively high, at $1,000.
4. The broker does not offer as many educational resources and tools as some other online brokers.

Conclusion

Should You Choose Forex.com as Your Broker? Based on our review, Forex.com appears to be a reputable and well-regulated broker that offers a range of trading products and platforms. The broker's competitive trading conditions and advanced trading tools make it a suitable choice for both novice and experienced traders.