FOREX.com Information
Founded in 1997, FOREX.com is an unregulated brokerage company registered in the United States. This firm is a global trading service provider of foreign exchange, CFDs, and other financial investment services for retail and institutional clients. This firm claims to offer a variety of forms of investment products with its advanced platforms such as MT5, MT4, and its proprietary mobile app. It provides three live trading accounts. However, there is no customer support option on its website. Furthermore, there is limited information about account types and trading fees.
Pros and Cons
Is FOREX.com Legit?
FOREX.com operates without regulation from any recognized financial authority. Engaging with an unregulated broker like FOREX.com carries substantial risks, and investors should be aware of the potential consequences before depositing funds.
What Can I Trade on FOREX.com?
With FOREX.com, you can make a diversified portfolio in 5 asset classes, including forex, indices, commodities, stocks, and cryptocurrencies. There are more than 300 products you can choose from. You can trade stock of those juggernauts like Apple, Google, Microsoft, etc. For index trading, you'll have access to S&P 500, NASDAQ, Dow Jones, etc.
However, a couple of things you won't see here are ETFs, mutual funds, and bonds. FOREX.com doesn't offer a single one from the trio.
Account Types
FOREX.com offers three live trading accounts: Standard, Mini, and Miniature. The Mini accounts are ideal for beginners. The Standard accounts are suited for investors of all experience levels and the Miniature accounts are designed for seasoned investors. However, no detailed information is available on its website. And this firm doesn't provide a demo account, which could be an inconvenience for beginning investors.
FOREX.com Fees
FOREX.com provides spreads from 0.0 pips and leverage is up to 1:500. The minimum deposit is $100.
Besides, there are account opening offers, transfer discounts, and cashback on trades with this broker. For example, you'll earn at least 15% commission rebates when you trade more than $10 million in total trading volume of US Stocks and Hong Kong CFDs in a calendar month.
However, there is no further information about trading fees on its website.
Trading Platform
FOREX.com offers its proprietary platforms for beginners and seasoned investors. The FOREX mobile app can be installed on IOS and Android devices. It provides more than 80 technical indicators, powerful charting tools, and analytical tools. The WebTrader platform allows you to trade forex from any browser and operating system (Windows, Mac) without the need for additional software.
Other popular platforms such as MT4 and MT5 are also available with FOREX.com.
The Bottom Line
FOREX.com provides its customers with plenty of investment opportunities with its advanced trading platforms. Cashback offers could be a plus for potential investors. However, there is limited information about trading fees and customer support options, and its unregulated status is an obvious barrier for investors. As you compare online brokerages, keep safety, ease of use, and cost firmly in mind.
FAQs
Is FOREX.com safe?
FOREX.com is not regulated by any reputable financial authority. Before choosing a brokerage, remember to consider the risk involved.
Does FOREX.com offer transfer discounts?
Yes, you can get a 3% cash rebate based on the total amount of deposits in your account within 72 hours after the first deposit. The maximum cash-back amount is $888.
Does FOREX.com offer leveraged trading?Yes, FOREX.com provides a leverage option, which is up to 1:500.
Risk Warning
Online trading involves considerable risk, so it may not be suitable for everyone.
