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Crypto Trading Forex.com Review Canada 2021

Is Forex.com legit?

Founded in 2001, Forex.com is an established broker that caters mainly to Retail FX and CFD trading. The online broker offers its clients access to a number of cryptocurrencies, over 4500 popular stocks, and 80 plus currency pairs. A cherry on top is that the broker is regulated by three tier-1 financial authorities, FCA (UK), CFTC, and NFA (US).

Being regulated and licensed by the strictest financial regulators globally, and offering a wide range of products to clients 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 of Forex.com 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.
  • A high stock CFD fees

Security, Usability, Look & Feel - What is the site like?

Forex.com offers its users two web-based trading platforms; Web Trader and MetaTrader 4. The primary difference between both platforms is that Web Trader was built in-house by the company themselves, whereas MetaTrader 4 was introduced by another company.

The following forex.com review Canada is focused on Web Trader as the platform belongs to the company itself. The trading platform is quite easy to use and easily navigable. There are numerous customization options, which 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 either go with a light theme or a dark theme. Overall the platform looks and feels great and has simple navigation. Though when it comes to security, the platform only has one-step authentication. A two-step authentication would make it safer.

Forex.com’s trading platform can be accessed through phones, laptops, and tablets. The three platforms to choose from are web-based, mobile-based, and a desktop version. The web and mobile versions are much better when it comes to usability, speed, and 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 The desktop version feels slightly outdated in comparison.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 amongst the two trading platforms; Web Trader or MetaTrader 4.
  • To register an account with the chosen trading platform, 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.

Payments - What payment options are available?

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 only.

Users can simply use bank transfer, PayPal, 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 bank 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 bank 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 bank 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.

Customer Service - Email, phone, and live chat support

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 while it’s available 24 hours from Monday to Friday, the customer support team is not available on weekends.

License & Security - Is Forex.com legit?

Forex.com is considered a highly secure broker as it is licensed under top-tier financial authorities, including the FCA & 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 1000’000 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 Forex.com 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.

FOREX.com Crypto

Forex.com Crypto Trading – Trade crypto with Forex.com today

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.

If you’re interested in finding out about other top-notch trading platforms that offer crypto trading as well, you can read our Avatrade review or CMC Markets review.

Trading Costs - Forex.com Fees

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.

Jurisdictions and Limits - Forex.com review 2021

Being regulated and licensed under tier-1 financial authorities such as the Financial Conduct Authority and the National Futures Association ensures that the broker follows several rules and adheres to strict guidelines.

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.

Other Trading - Other trading options on Forex.com

If you’re a crypto trader, you must’ve 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.

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.

Forex.com Review FAQS

❗️ Is Forex.com good for beginners?

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.

🔥 Can I make money with Forex.com?

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.

🙋🏻‍♀️ How much money do I need to trade with Forex.com?

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.

Final Thoughts - Forex.com review 2021

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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