When creating this Forex.com broker review it was important to look at and evaluate what cryptocurrencies can be traded with the broker. With Forex.com crypto, you can trade Bitcoin, Ethereum, Litecoin and Ripple. In their own FAQs, Forex.com claims to have reliable executions and competitive financing with fixed spreads and low margin. In our Forex.com review, we found this to be fairly accurate. With Forex.com bitcoin trading it’s definitely fair to say that the pricing was easy to understand and competitive, making it suitable for new traders as well as advanced and professional traders.
One drawback we found in our Forex.com broker review is that crypto trading isn’t currently available on one of their two Met Trader trading platforms. Customers who only have an MT4 account will have to upgrade to an MT5 account in order to trade cryptocurrencies. Again, we are duty bound in this Forex.com review to warn new traders about the risks of crypto trading. With Forex.com, you can’t buy actual crypto currency, you only have the option to buy and sell it as CFD, meaning you never really own your crypto as an asset with Forex trading.
In this Forex.com broker review we’re not focussing entirely on the platform’s crypto trading capabilities as Forex.com offers over 80 digital currency pairs on a platform that’s designed for traders of all levels. As well as currency pairs, we found in our Forex.com review that they offer sport trading and a total of 4500 CFDs.
We found Forex.com trading tools to be excellent for all types of users. True to their word, Forex.com does understand what traders need as their market layout has clearly been made with advanced traders in mind but is displayed in such a way that new traders can grasp it fairly quickly.
Our Forex.com broker review wouldn’t be complete without a simple explanation of how Forex global currency trading works. To put it in layman’s terms for potential new traders, you buy and sell a currency at the exact same time, which is why quotes are always given in pairs of currencies. This means that traders never hold onto or own a currency and market prediction is required to make money. Get the prediction wrong and you can lose. That’s why Forex trading is risky business, even for those with experience.
While Forex.com’s fees aren’t amazingly low, they’re not astoundingly high either. What impressed us most when conducting our Forex.com broker review was their transparency when it comes to their fees and how they generate money, as a full explanation is provided on their Forex Trading tab. Forex doesn’t charge fees in the form of traditional transaction fees you might get with a bank or crypto exchange. What Forex.com does is mark up the market price slightly, which in turn creates a larger spread and generates their profits.
In our Forex.com review we did find one type of hidden fee that wasn’t made as transparently clear as the rest of their fees, pricing and commission, but it shouldn’t affect too many traders. Accounts that remain inactive for over 12 months and that have a balance lower than $10,000USD will be subjected to a (relatively small) $15 per month fee.
This Forex.com review has been created for readers and traders from across the globe, which is why Jurisdiction limits is an important factor for us. Forex.com is available and regulated in UK, USA, Canada, Australia, Japan, India, South Africa, and the Cayman Islands. With laws varying in each country, so do the products and services available. The biggest restriction we found in our Forex.com broker review is that cryptocurrency CFDs are not available to clients in the USA.
Forex trading starts at 6am on Monday Sydney time and closes at 5pm on Friday in New York, meaning that trading is available 25 hours a day, 5 days a week. In our Forex.com review, we found them to be well regulated in each country they’re available in. For example in the Cayman Islands Forex.com is authorised and regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands.
Opening your account
The first and most important step when it comes to trading cryptocurrencies with Forex.com is opening the right type of account. There are two options, the Standard account and the Professional, depending on your budget. If you’re starting off with a Standard account, make sure to create a Metatrader 5 account, which appears in the form of an orange button. The Standard Forex.com account runs on an MT4 platform that doesn’t support crypto trading.
The process of your account application isn’t complicated and should only take around 5 minutes. You will need to enter the tax identification number for whichever country you’re registered in and will have to fill out a section regarding your trading experience. It should also be noted that Forex.com may get in touch to ask for ID documents for verification purposes. If you have any problems during the process, there is a live chat widget that can be opened next to the form that’s extremely helpful and quick to respond.
Once your account’s been verified and officially created, it’s time to make your deposit with a credit card, debit card or by wire transfer. See the Payments section above for more details.
Once your account has been created you’ll be able to begin trading Bitcoin, Ethereum, Litecoin and Ripple as CFDs (contract for difference). Trading as CFDs means that you don’t actually own any cryptocurrencies as an asset, as you essentially buy and sell at the same time. Forex.com has a wide range of research and market info for you to study before making your trades.