Forex.com is an online broker operating since its launch in 2018 in South Africa. After taking a closer look, our Forex.com review South Africa found that the broker offers an exceptional range of commodities, indices, metals, stocks and, most importantly, cryptocurrencies.
Not only does Forex.com offer an excellent trading platform that uses MetaTrader 4 & 5, and the broker doesn’t charge any transaction fees on any of your deposits. Newer users can also find in-depth educational tools on the site to help ease their crypto trading growing pains on the site.
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Top online brokerage firms need to curate a website that is intuitive and easy to use. Our Forex.com review South Africa has taken a closer look at the broker’s site to find out if it checks these boxes. Our Forex.com review found that the broker has a streamlined mobile app for users to take advantage that is available for both IOS and Android. The security for their mobile app is exceptional as it employs a two-factor authentication (2FA) and biometric authentication. It also encrypts data using SHA256, TripleDes, and MD5.
Trading with Forex.com crypto is a safe bet as we found that the same level of security is applied to the main website trading platform as well. The level of security on the site is excellent but positives don’t stop there. The Forex.com crypto South Africa trading platform itself is easy to use and is incredibly intuitive. We found the loading times between pages to be almost non-existent on this slick platform.
Users will have no trouble locating the different elements of the site as the main tab at the top of the homepage has all the information you need. Everything is laid out in a clear and concise fashion and the colour scheme only serves to make life easier as everything is very easy to read.
If you have made it this far into our Forex.com crypto review, chances are you are now interested in using the trading platform. But how do you trade crypto on Forex.com?
To do so, you must complete a couple of steps. Firstly, you need to create your account. You will have the option to choose between a Standard, Commission or a Direct Market Access account. After that, you will need to provide some information, like your name and contact details.
Forex.com will either ask you for further identification or begin to process your account opening request immediately. Once they have completed the process, you will receive an email to inform you that your account is now open. To complete the final step, you will need to deposit a minimum of $100 or in your base currency equivalent) to have an active account. We would be remiss if we didn’t mention that you can also open a free demo account to test out the site and its trading platform.
Our Forex.com crypto South Africa review found that executing a trade is fairly straightforward, as the site has numerous educational tools to help you on your way. Once you are more familiar with the landscape, you can utilise the exceptional MetaTrader 4 or 5 trading platforms to begin your venture into cryptocurrency trading. We recommend checking out our FP Markets review if you need more diversity in your trading tools.
| Company | StoneX Europe Limited |
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| Headquarter | 2064 Strovolos 1st Floor, Office 123/124, Nicosia, Cyprus |
| Year of Founding | 2021 |
| CEO | Sean O’Connor |
| Website | www.forex.com |
| Available Languages | English |
| Customer Support | Live Chat, Email Support |
| support@forex.com | |
| Phone | +357 22090062 |
| Licence | CIMA – Cayman Islands Monetary Authority |
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| Verified by | – |
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Online brokerage firms need to offer a decent selection of payment methods for their users to easily make deposits and withdrawals on the site. Our Forex.com review South Africa found that users can make their deposits using a wire transfer, an e-wallet or a credit/debit card. This is not a particularly extensive range of methods but it includes the major South African banks.
Your minimum deposit when using a credit/debit card is about $100 (currency equivalent in rands) while your maximum deposit is capped at $10,000 per transaction. You won’t be charged any transaction fee from the side of Forex.com but you may incur some charges from your bank so be sure to keep that in mind. Processing times for using a credit/debit card should be instant but may take a few hours at most.
Using a wire transfer for you deposits is best for those looking to execute larger transactions on the site. This is because there is no minimum or maximum deposit cap. Processing times for a wire transfer can vary but on average you can expect your deposit or withdrawal to clear within 1-2 business days. Take a look at our XTB review for a comparison of different payment methods.
Our Forex.com review 2024 found that the broker offers exceptional customer support for their traders. Users are bound to run into a few issues or at the very least have a few queries and when they do they can access the extensive FAQs section on the site. The FAQs section covers just about everything you could think of and will most likely answer your question before needing any actual support from the technical team at Forex.com.
However, if you do need to contact a member of the support team at Forex com you can do so with the site’s fantastic live chat feature. If you prefer to speak to someone directly you can also call the broker, follow a few simple prompts to narrow your problem down and then be connected to a support member.
When conducting our reviews we always make security and licensing a top priority. The safety of users on these sites is paramount which is why our Forex.com crypto review has taken the time to analyse the overall safety of using the site.
Forex.com is kept in check by several different regulatory bodies globally, but the main one for South African residents is CIMA. They are also members of various other regulatory bodies to match their ever-expanding international presence, including the FSA, IIROC and ASIC.
Licensing is important, but it needs to be well supported by the level of security on the site before we can deem the Forex.com crypto South Africa trading platform safe to use. We found that the site employs SHA256, TripleDes, and MD5 software technology to protect all your personal, financial and trading information.
Look, when it comes to online reviews we have all found there to be at least a couple of negative folks who come rain or shine will comment something negative. However, we took the time to sieve through the overtly negative comments to find out the real user feelings towards Forex.com. Our findings were fairly uniform as most users come away with a feeling of satisfaction for the trading platform and its dedicated customer support.
As the years have progressed global markets have seen increasing ebbs and flows in commodity valuations. One thing that has steadily progressed is the popularity of crypto trading. Forex.com Cryptocurrency is fast becoming a stalwart in the trading game and it’s easy to see why. Our Forex.com review takes a closer look at some of the cryptocurrencies available on the broker’s site and how you can go about trading them.
After thoroughly analysing the Forex.com crypto trading platform we found that the broker currently offers a solid range of cryptocurrencies for users to trade through CFDs. Users on the brokers platform can trade with Forex.com Bitcoin, Litecoin, Ripple or Ethereum. As it is with many other online broker platforms, you can’t actually own the underlying crypto assets on Forex.com, you can only trade them through the use of CFDs. You can trade cryptocurrency on leverage with the Forex.com crypto trading platform starting at 25%. This essentially means that in order to trade 1 unit of crypto you will only need 25% of the value of that crypto to take a position. Remember, the greater your leverage is, the greater your overall risk is.
At TradersBest.com we were more than satisfied with the Forex.com crypto trading options available on the platform. However, if you are a dedicated crypto trader and feel you would like even more options then we recommend taking a look at our Plus500 review.
Our Forex.com review 2024 found that the broker has a couple of different fees for you to keep in mind when going forward with any large scale trades on the platform. All in all, we found the fees to be very reasonable.
Firstly, you may incur some commission fees from Forex.com depending on what account you are currently using with them. The accounts that will incur commission fees are naturally the Commission account. You will be charged around R750 (commission account) per 1 million added to the displayed spread.
Apart from the commission fees, you may also run into some financing fees which will see users incur a fee with interest rates of +/- 2.5% for holding a position open overnight or over a weekend. Lastly, users may also incur an inactivity fee of around R15 a month should an account have not made a trade or hold any open positions after a period of 12 months.
When we conduct our reviews of online brokerage firms one of the first things we look out for is where the broker is allowed to legally operate and what some of the limits on your account may be. As such, our Forex.com review 2024 takes a closer look at some of these details.
At the time of writing, our review found that not only can you use Forex.com crypto trading in South Africa but in a plethora of different countries as well. Over 140 countries are able to utilise the Forex.com crypto services worldwide. That is a staggering amount of different regions and further solidifies the legitimacy of the Forex.com crypto trading platform. This makes trading Forex com Bitcoin that much safer.
In terms of any limits you might encounter on the Forex.com platform we found that you will need to withdraw a minimum of R100 from your account.
But what else can you find on the Forex.com crypto trading platform? It would be highly unlikely that a trading platform of this stature would only allow users to trade in Forex.com cryptocurrency. At TradersBest.com we want to make sure you get the whole picture of what you can trade with the online broker. As such, our Forex.com review has run a fine tooth comb through the rest of the site to see what else is available to trade.
Our Forex.com crypto trading review found that the broker offers a number of different options to satiate the needs of its users. Traders using Forex.com can choose to trade in golds and metals, indices, commodities, stocks, forex and of course cryptocurrencies. Forex.com offers a versatile portfolio along with their fantastic range of trading platforms that include the ever popular MetaTrader 4 and MetaTrader 5. You can also access these platforms via the MetaTrader mobile version and streamlined app. Take a look at our eToro review for a comparative look at what other trading platforms are out there.
And so concludes our Forex.com review 2024. We found this online broker to be one of the best in the industry and South African residents looking to venture into online trading will find the site to be a real treat to use. Hopefully after reading our review you are well equipped to trade crypto on Forex.com.
With no transaction fees, nominal overall costs and an excellent trading platform, it’s difficult to find anything genuinely negative to say about this well rounded online brokerage firm. If Forex.com didn’t hit all the right notes for you personally we recommend checking out our BDSwiss review.
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