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.
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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 The desktop version feels slightly outdated in comparison.
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.
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.
With the rise in crypto trading globally, many people are inclined towards investing in cryptocurrencies; after all they offer traders high potential returns. Luckily Forex.com has introduced Forex.com crypto trading. The cryptocurrencies available to trade on the platform are Bitcoin, Ethereum, Litecoin, and Ripple. The Forex.com bitcoin trading option has attracted many crypto investors to register accounts with Forex.com.
In fact, if you’re seeking a cost-effective way to trade crypto while managing your risks and locking profits, Forex.com should be your go-to option. Knowing the volatile nature of cryptocurrencies, the trading platform enables users to trade crypto without owning the currency itself. In other words, you can trade crypto on CFDs with Forex.com, which means you can go long or short on a number of cryptocurrencies without dealing with digital wallets or exchanges.
This allows you to benefit from the volatile nature of cryptocurrencies. You can make a profit when crypto prices rise, and you can go short to make profit when crypto prices fall. On top of that, you get to trade on margin and don’t need to worry about exchange fees, protecting your crypto coins in digital wallets, or dealing with unprecedented risk. There are numerous tools on the platform that aim to help you minimize or manage your risk while trading as well.
Most brokers have different trading and non trading fees or charges. Thankfully Forex.com has relatively low fees when compared to other brokers. However, the fees usually depend on the asset being traded. While the fees on spread for some assets, including EUR/USD, GBP/USD, and S&P 500 CFD are low, it’s important to note that the stock CFD fees on the platform are high.
Apart from the fee on the spread, which refers to a fee applied on the difference of an asset’s buying and selling price, the broker also charges its users an inactivity fee. So, if a user does not use their account for one year at a stretch, they will be charged $15 per month. The inactivity fee isn’t much when compared to other brokers though.
The stock index CFD fees are built into the spreads, while stock CFD fees are charged via commission. Similarly, the fees for trading stock Index CFD are low and the fee for stock CFD is high.
Forex.com comes under the umbrella of GAIN Capital Holdings, which is a public company based in the USA that operates subsidiaries around the world; regulated by financial authorities in the U.K., Japan, Canada, Australia, and the U.S.
Out of many strict practices, primarily, the broker keeps client funds separate from Forex.com funds to ensure that even if the brokerage firm faces a loss of any sort, it does not affect their clients’ money in any way. Similarly, the account opening process requires proper verification, which is why opening an account takes up to 2 days with Forex.com.
If you’re a crypto trader, you may have dipped your toes in stock trading as well. If you haven’t, you might want to at some point in your life. After all, just like the Forex.com cryptocurrency trading option, other trading options on the platform can prove to be profitable as well. While crypto trading is still a new concept, stock trading has been around for centuries, and Forex.com has been offering numerous stock trading options since 2001 in the US.
What makes Forex.com unique is that the platform offers numerous trading options under one roof. Users can register an account and trade cryptocurrencies, forex, equities, commodities, indices, bonds, ETFs, industry sectors, gold & silver (unleveraged in the U.S.), and futures (through an affiliate) through a single account on Forex.com’s online trading platform.
The trading platform also offers CFDs on numerous products. Users can access currency pair CFDs, stock index CFDs, stock CFDs, ETF CFDs, commodity CFDs, and crypto CFDs.
Disclaimer: Due to leverage, CFDs are known for being high-risk instruments. Over 2/3rd of CFD trades end up in a loss, so before you jump into trading CFDs, make sure you’re willing to face the risk that tags along.
There are numerous tools on the platform that aim towards minimizing the risk that tags along with different trading instruments, especially CFDs. The tools on the platform include an interactive chart, trading ideas from experts, and high-quality market reports.
There are a number of features and tools that make a platform suitable for beginners. Luckily, Forex.com offers users to customize their trading page. So, users can manage their workplace and charts efficiently. Similarly, the platform offers many order types, which are ideal for beginners and experts alike. To see whether this platform is for you, be sure to consult our latest Forex.com broker review.
Making money through trading cryptocurrencies or stocks may sound easy, but there’s a lot to consider. In order to make a decent amount of profit, one must analyze the risk to reward ratio and apply decent strategies. Forex.com offers its users educational tools to support them through their trading journey. To see how you could benefit from AvaTrade, have a read of our latest broker review.
Forex.com requires users to deposit a minimum of $100 of their selected base currency in order to begin trading. Though trading with such a small amount may not be profitable, beginners should always start off with smaller amounts to avoid high risk and to build a portfolio without losing too much money. For a full guide on how to invest with Forex.com, take a look at our review at TradersBest.com CA.
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.
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