Founded in 2012 in Canada, Forex.com is an established broker that caters mainly to retail FX and CFD trading. The online broker offers its clients access to several cryptocurrencies, over 220 popular stocks, and over 80 currency pairs.
Being licensed by the strictest financial regulators globally and offering clients a wide range of products has given Forex.com an edge compared to other brokers of its kind. The following Forex.com crypto review aims to help you understand each aspect in detail.
Forex.com: Pros & Cons
- A wide range of product offerings that include cryptocurrencies
- An advanced web-based platform that is easy to us
- Registered and regulated by Tier-1 financial authorities
- Offer rebates for high-volume traders through the ‘Active Trader’ program.
Forex.com offers its users two web-based trading platforms; Web Trader and MetaTrader 4. The primary difference between both platforms is that the company built Web Trader in-house, whereas MetaTrader 4 is a third-party.
The following Forex.com review Canada focuses on Web Trader as the platform belongs to the company. The trading platform is quite easy to use. Numerous customization options allow users to set up their trading accounts according to their preference by adding, removing, or changing the size & positions of tabs.
The platform’s theme is optional; users can go with a light or dark theme. Overall, the platform looks and feels great and has a simple navigation. Though when it comes to security, the site only has one-step authentication. A two-step authentication would make it safer.
You can access Forex.com’s trading platform through phones, laptops, and tablets. The three platforms to choose from are web-based, mobile-based, and desktop. The web and mobile versions are much better regarding usability, speed, navigation, etc. The desktop version feels slightly outdated in comparison.
How to Trade – Our top tips
- Once you’ve decided that you want to trade with Forex.com, you’ll have to choose which account you’d like to set up. This can be a Standard or Direct Market Access (DMA) account.
- To register an account, you’ll have to fill in personal and financial details.
- The platform will ask a few questions to judge your knowledge regarding trading and finances; you’ll have to answer those questions.
- Once you’ve filled in personal details, you’ll be required to provide proof of identity and residence; this is to ensure that you are who you claim to be.
- Once you’ve got your account set up, you can deposit funds free of cost. The funds can then be used to trade numerous stocks or cryptocurrencies. The platform has numerous tools to help you with your trading journey, so it’s best to make the most analytics and trading tips.
- The chatbot and customer service team can be approached if you have any sort of queries.
A plus point of trading with Forex.com is that they offer clients multiple withdrawal and deposit options free of cost. Not having to pay any deposit fee and having the convenience of making free of cost unlimited withdrawals makes Forex.com a go-to option for many traders. The minimum deposit amount on the trading platform is $100.
Users can simply use wire transfer, e-wallets and debit/credit cards for withdrawals and deposits. However, the only drawback is that the platform doesn’t support withdrawal with some credit cards. While using wire transfer for deposits can take several business days, paying with debit/credit cards is instant and hence more preferable. On the other hand, withdrawals take 2-3 business days if done through wire transfer and up to 5 business days if done through a debit or credit card.
The recommended option for deposits is through debit/credit cards, and for withdrawals, it is wire transfer. The trading platform allows users to choose from a variety of 6 base currencies. These include EUR, GBP, USD, AUD, CHF, and JPY. However, a currency conversion fee can be avoided if users open a multi-currency account with a digital bank. The process of opening an account with a digital bank usually takes no more than a few minutes.
Forex.com provides customer support through three channels; Email, phone, and live chat. Their customer service is great as it doesn’t take long before you receive a relevant answer to your query. For someone who’s new to the platform, the live chat option could seem a bit tricky, but it’s efficient nonetheless.
When you go to the live chat option, a chatbot opens and allows you to ask basic questions. For instance, if you want to ask how you can deposit funds or how you can withdraw funds, the chatbot will give you an immediate answer. To connect to a customer service provider, you can type in ‘agent’ in the chat, and you’ll be connected to somebody shortly.
An email response could take up to 4 days, so it’s ideal only if the matter or query isn’t urgent; however, most people receive a response within a day. The only drawback of the customer service at Forex.com is that the customer service is available six days a week, 24 hours, but not seven days.
Forex.com is considered a highly secure broker as it is licensed under top-tier financial authorities, including IIROC & NFA. Operating under several legal entities across the world and offers investors an investor protection amount based on where they’re located.
So, if someone is located in Canada, they will be entitled to a protection amount of 100,000 CAD under the IIROC (Investment Industry Regulatory Organization of Canada). The legal entity above Forex.com in Canada is GAIN capital – Forex.com Canada Limited. Having a strong parent company makes the broker a safe choice for clients, as it decreases the chances of the company going down or bankrupt.
Similarly, the platform also has protection for minors and asks for proof of identity during the account opening process to ensure there aren’t any minors signing up. The minimum age for trading with Forex.com is 18. Age verification is done before processing payments for the protection of minors. The brokers’ websites use certificate authority (C.A.) to authenticate their websites, and encryption methods are adapted to encrypt any information that is passed through the website.
Reputation and Customer Feedback – A broker with a good reputation
Forex.com has a good reputation, mainly because it comes under the umbrella of tier-1 financial authorities and offers a decent amount of trading options. Our Forex.com review Canada highlights many pros of trading with Forex.com, though there are minor improvements that could make the broker an even better option.
For instance, the broker lacks customer support on weekends and has a slightly outdated desktop platform. Other than that, there isn’t much to complain about; the fee on the spread is generally low, there aren’t any hidden charges, the platform offers numerous tools to assist traders with their investments, and the customer service is pretty decent.
When it comes to choosing a top-notch trading platform, there’s often a lot of confusion. There are too many factors to consider before determining whether or whether not a platform is ideal for you. However, our Forex.com crypto review concludes that forex.com is, in fact, a highly reputable and secure broker.
Not only does Forex.com offer clients numerous instruments to trade with, but their trading platform is suitable for beginners and experts alike. The only drawback of trading with the platform that should be considered is that the monitor-based trading platform isn’t very advanced or easy to use. However, the phone and web-based platforms are up to the mark. Register an account today if you want to trade crypto on Forex.com and make the most out of forex.com cryptocurrency tools and features.