We test the latest trading providers on a daily basis
We test the latest trading providers on a daily basis
Ever since Alexander got his first stock savings account, he’s also taken a keen interest in the financial markets. Now a full time writer and contributor to TradersBest.com, he uses his experience in the world of finance on a range of different topics, from investment strategies to reviews of new brokers.
Forex.com is an established and well-renowned online trading platform. Our Forex.com review UK will take you through this comprehensive platform and outline what you can expect to assess.
With over 4,500 markets including the latest addition of crypto options, our Forex.com trading review is enthralled to bring you an online broker worth its weight in gold. With a compelling demo account and competitive fees, there’s no telling what trading goals you’ll be able to achieve!
Offers and New Customer Experience - What can you get at Forex.com?
At the time of writing, there’s no clear offer on the table for new customers, unlike with our Zeply Review. This shouldn’t lead you to look elsewhere. Our Forex.com review UK has found that this platform is highly robust and accommodates all types of online traders. As such, you’ll find that there are flexible account and pricing options, detailed trading resources, and a streamlined registration process.
All in all, you’ll be able to create a verified account within 5 minutes – from visiting the official website to logging into your very own account. Our review of Forex.com found that they offer a range of markets including cryptocurrencies. You’ll be able to trade Bitcoin, Ethereum, Litecoin, and Ripple and take advantage of highly-competitive trading fees. Plus, our Forex.com review UK has noted that this platform is really well-known for trading CFDs – making the entire crypto trading process even better. If you’d like to possibly utilise a new customer offer, head on over to our latest FP Markets review UK.
Usability Review Of Forex.com - What is the website like?
In terms of overall usability, you’ll find that our team took their time in assessing the usability of this online platform. The online broker certainly managed to create a well-thought-out online platform that combines a pleasing design with functional and intuitive features. Our Forex.com review UK has found that there are three ways in which to trade using the platform at hand.
The trading platform can be downloaded for desktop or accessed via the web. It’s also possible to download the mobile trading app for iPhone or Android. The mobile trading app is slick and you’ll have full access to all the desktop trading features. The mobile app from Forex.com powers an elegant and accessible platform all the while being able to do so from wherever one pleases. If you’d like to give the platform a look over before committing fully, we recommend you visit our latest coverage of the Forex.com demo account.
Is Forex.com safe when it comes to account types? Yes, certainly. You’ll find that there are flexible account options available. Many wonder, “Is Forex.com legit? Well, in our experience, they’ve always come up trumps and manage to excel in key aspects. There are three different accounts on offer from Forex.com – Standard Account, Commission Account, and Direct Market Access (DMA) Account. Below, we’ll outline the advantages of each of the three accounts on offer.
The first account type is great for anyone looking for a traditional trading experience. Spreads are extremely competitive and there are zero commissions. The overall pricing model is transparent and this account enables traders to utilise superior trade executions and capitalize on potential cash rebates and lower costs of up to 15%.
The Commission account enables traders to take advantage of significant reductions in spreads. Although commission needs to be paid, the commission is set at £5 (equivalent in base currency) per 100K traded. Using the Commission account will enable you to access the Active Trader Programme and take advantage of cash rebates and exclusive benefits.
Direct Market Access account
This type of account is geared towards experienced traders looking for deep liquidity and the opportunity to utilise markets with rapid price movements. This account will enable you to access prices sourced from global banks and liquidity providers without having to pay a mark-up from Forex.com. Is Forex.com safe in this regard? Absolutely. With the DMA account, you’ll have direct access to extremely deep FX liquidity pools and have the option of splitting the spread and placing orders within the top of book spreads.
Please bear in mind that you will have to pay an inactivity fee of £15 (equivalent in base currency) per month on all accounts. This applies to accounts that have not placed a trade or have no open positions within a 12 month period.
Over 80 different currency pairs
Industry-leading forex trading platform
Trade forex 24 hours a day, 5 days a week
Fees – Competitive Fees At Forex.com
There are certain fees that you need to take into account when using the Forex.com platform. Our latest Forex.com review UK found that you can make use of a trading account that has low fees for a range of trading options. You’ll be able to access zero commission trades and make use of tight spreads.
You can expect to pay a financing fee of 2.5% for open positions held overnight. There are no data fees and borrowing costs apply to very few markets. You will pay a back to base currency fee and it’s important to keep in mind inactivity fees which we outline below based on account types. One of the biggest highlights of Forex.com is the ability to do away with commission fees for trades made using a Standard Account. And, even using a Commission Account will not incur high commission fees. You can also read our review of “is BDSwiss safe?” and “is Mercatox safe?” to see how the two brokers compare in terms of fees.
Trading Platforms - What are the trading platforms like?
Is Tickmill good for online trading? We’ve attempted to answer the same question regarding Forex.com. There are three types of trading platforms available from Forex.com. The first trading platform is the desktop trading platform which is known as the Advanced Trading Platform. This platform is designed for utmost speed and flexibility while incorporating sophisticated trading tools and analytical features.
The Web Trading Platform can be accessed directly from the web and there’s no need to download any software. There may be slightly less charting features, technical indicators, and trading tools on hand than with the Advanced Platform. But, you’ll still have a specialised platform that facilitates quick and seamless trading.
The Mobile Trading Platform can be downloaded for iPhone or Android. The app has enjoyed stellar reviews. You’ll be able to access integrated news and market commentary as well as make use of multiple order types and enable real-time alerts.
Trading Payments - Is Forex.com Safe?
You can fund your account using your credit or debit card or alternatively by wire transfer. Card payments apply to all Visa bank cards and the minimum deposit amount is set at £100 (or currency equivalent) while maximum single deposits are capped at £10,000 (or currency equivalent). Bank transfers have no minimum or maximum deposit limit but take between 1-2 business days to clear. There are no fees for incoming deposits. Your bank might charge a fee and it’s best to check with your banking institution.
In order to request a withdrawal, visit MyAccount and follow the steps. The minimum withdrawal amount is set at £100 currency units.
Customer Service - Reliable and responsive customer support
Forex.com has a very good customer service track record. You can make use of the live chat function if you wish to get in touch with a representative. It is possible to get in touch via the telephone. Most online platforms usually experience high call volumes and this means it is necessary to provide customers with an alternative contact option. Our Forex.com review UK found that this platform has managed to include a Services Update page on the official website. You can visit this page if you wish to find out more about common questions that may arise during periods of high call volume and general assistance. Forex.com’s customer support is available from 10am on Sunday to 5pm on Friday on a 24 hours basis.
Regulation and Deposit Insurance - Is Forex.com safe?
Much like when we set out to answer the question, “Is Plus500 safe?” We’ve done the same for Forex.com. Is Forex.com safe? Our team delved into the regulatory features that this broker must adhere to. First and foremost, Forex.com is authorised and regulated by the Cayman Islands Monetary Authority.
As such, certain protocols and policies are put in place. This includes security measures which encrypt all data and prohibit third-party entities from accessing your personal information. You’ll be able to trade in private and won’t have to worry about your finances and data being accessed. A standard, yet vital, KYC process is put in place to verify all customer’s identities and protect individuals from potential scams. Lastly, all customer deposits are kept separate from operating funds and spread across a global network of custodian banks.
Additional Features - What else can you get at Forex.com?
Is Forex.com safe? Yes, we’ve established this is a safe and reliable trading platform. They have even incorporated a 2-factor authentication measure which provides you with total control of your trading account. From logging into your account to processing deposits and withdrawals, it’s all under your absolute discretion. But, what about additional features over and above the standard trading services that one comes to expect in the current online environment? Forex.com has created and included a slew of great trading features which enhance the overall experience. You’ll find that there are a number of comprehensive educational tools and features. If you are unsure of what kind of trader you are, take the online quiz offered by this broker. Or, you can embark on the trading courses that they have included on their official website.
Many different brokers offer different additional features. For example, if you’re looking to find an alternative broker, you may be asking the sort of questions like, ‘is eToro legit?’ – you can read our review right here!
Forex Trading Offers
Our review of Forex.com is eager to outline the available forex options. This online trader is an industry leader when it comes to online forex trading. You’ll find that you can trade in over 80 different currency pairs. This includes all major pairs, minor pairs, as well as a number of exotic pairs. You’ll be able to trade forex CFDs using all three account types.
Forex Trading Costs
The most important fees to take into consideration are the rollover fees and relevant spreads when trading forex. No matter which account you use, we recommend you take these fees into consideration. The rollover rate will depend on the interest rate differential of the two currencies as well as the spot price. All open positions will be charged an overnight rollover fee.
Forex Trading Conditions
You can trade forex 24 hours a days, 5 days a week at Forex.com. You’ll be able to access all 80+ forex pairs. Keep in mind that spreads will depend on market conditions which include current volatility, liquidity, and a range of additional factors. Typical spreads that you come to expect might not be available for Managed accounts. If you are using the MetaTrader platform, spreads will vary accordingly.
Forex Summary & Conclusion
Our review of Forex.com is pleased to outline the extensive forex trading options at your disposal. This online broker is highly-praised for its forex trading capabilities. You’ll have access to a wide selection of markets with useful trading tools, tight spreads, and the option to trade forex CFDs without paying commission.
Crypto Trading Offers
When it comes to trading crypto, is Forex.com safe? They are. You’ll have access to several different cryptocurrency CFDs. You can trade Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. You can go long or short on crypto trading options from 10p a point.
Crypto Trading Fees
There are a number of fees for crypto trading. Our review of Forex.com has found that the fees outlined on the platform is based on the assumption that Bitcoin costs £9,000. Based on this, you’ll incur an overnight funding fee of £3.70 while the total daily cost for one trade is £38.70. The total cost of holding a trade for one year is set at £1385.14.
Crypto Trading Conditions
You can only short Bitcoin and Ethereum using the Forex.com platform. Other than this, you’ll have the option of trading crypto CFDs without having to use a digital wallet or concern yourself with having to access a crypto exchange. Although the selection of crypto is not as extensive, you’ll still be able to access popular crypto options that have low trading costs.
Crypto Summary & Conclusion
Our review of Forex.com has found that this platform has certainly gone to the extra effort of including an efficient crypto trading platform. This enables you to access a number of popular cryptocurrency CFDs without having to invest heavily upfront. Leverage your position or manage your risk with the trading tools available on this platform.
Review of Forex.com FAQ
✅Is Forex.com a reliable online trading platform?
There are a number of trading platforms in the UK that offer a reliable and trustworthy online experience. To find out if this platform is reliable, take a look at our latest Forex.com review UK. We’ve gone to great lengths to analyse the entire platform and all the trading services and features on offer. You’ll be able to objectively assess whether this platform is for you! If you want to see how other platforms operate in comparison, check out our review of Vantage FX or even our review of Degiro.
🎁Does Forex.com provide new customer offers?
It has become a standard feature of online trading platforms to offer new customers some sort of welcome offer. Due to the influx of new online trading platforms, you’ll find that tighter competition has led to innovative new offers and crafty new features. Each trading platform is looking to stand out from the masses. We’ve highlighted any relevant offers in our Forex.com review UK.
🔐Are the Forex.com trading fees competitive?
The top online trading platforms are continuously looking for ways in which they can reduce their trading fees. Free accounts and commission-free trading have really come to the fore in recent times. As the cost-efficiency of online platforms improve, you’ll find yourself winning on all fronts. In our review of Forex.com, we’ll outline all the latest trading fees so that you can decide if this platform caters to your trading needs.
📞What is the Forex.com customer support like?
You’ll find that our review of Forex.com assesses all the operational aspects of the online trading platform. This includes a look at customer support. We’ll outline precisely how you can get in touch with this online broker and whether they afford you the necessary attention. We’ll also answer the question, “Is Forex.com safe?” An important question that needs to be answered for all online platforms.
💸How do I fund my Forex.com trading account?
When it comes to using an online trading account and engaging in real trades, it’s important that you know how to fund your account. Without funding your account, you won’t be able to make trades using real fiat currency. As such, we’ve dedicated an entire section to payments. We’ll outline which methods you’ll have at your disposal and what kind of processing times and fees you can come to expect. Our review of Forex.com is comprehensive and enlightening. At Tradersbest.com Finance we strive to make the most of our capacity to assess online trading platforms.
Conclusion Of Our Forex.com Review UK
We have managed to conclude that Forex.com is a fantastic online trading platform for all types of traders. With this in mind, it’s important to take into account that Forex.com is primarily focused on providing forex trading services. There are spreads on over 80 different pairs, including currencies and six metals. However, there is a range of alternative markets and instruments that one can access. Today, it’s also possible to trade in cryptocurrency CFDs via this reliable online platform, so you can see why it’s smart to have a solid Forex strategy.
If you prefer accessing your chosen trading account via your mobile device, then our review of Forex.com has found this might well be the best online broker for you. Forex.com continues to expand its product offering and you’ll find that regular updates and improvements are made to its trading platforms. Our Forex.com review UK most definitely recommends this trading platform to you!
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Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.