One of the major players in the US online retail trading scene; Forex.com, owned and managed by GAIN Capital Holding INC is the direct competitor of FXCM in the US market. Most traders hold forex.com in high regards, and it is one of the top platforms to consider for your trading needs.
Expert advisors hosting, competitive spreads, free market research, educational support and24/7 available customer service are some of the benefits you can derive from your partnership with Forex.com.
Traders with sufficient qualifications can gain access to GAIN Capital’s ECN platform; and on the account of it being strictly regulated with reputed regulatory bodies across various jurisdiction only adds to the credibility of this broker.
Forex.com Reliability – Is Forex.com a Scam?
Forex.com was established in 1999 and has over 16 years of market experience behind it. It is one of the most reputed online forex and CFD trading platform in the US market. Its holding entity GAIN Capital Holding Inc is listed on the New York Stock Exchange (GCAP). The company has a total market capitalization of $1.397 billion and has customer equity of $876 million as of March 2016. It also has liquid assets and available cash amounting to a size of $200 million, with stats like these, the traders never have to worry about their broker facing a liquidity problem. Traders partnering with Forex.com have the added assurance of not only working with a seasoned player but also with one of the most secure ones.
Forex.com has its headquarter in the United Kingdom at Park House, 16 Finsbury Circus, London As forex.com is headquartered in UK it falls under the jurisdiction of UK’s Financial Conduct Authority (FCA). In addition to being regulated in UK, it is also regulated in several jurisdictions and complies with high standards of regulatory procedure. This coupled with its strong financial resources makes Forex.com a force to reckon with in the trade market.
As Forex.com lies under the jurisdiction of FCA, it is mandatory for the broker to comply with its stringent regulatory laws. One of the requirements is to release regular financial reports and annual audits with an independent auditor, the other requirement is for Forex.com to keep their client funds segregated from the broker’s funds in tier 1 banks, which essentially means; the clients of Forex.com enjoy better security and coverage. In addition to the above, traders associated with Forex.com also benefit from the coverage under the Financial Services Compensation Scheme (FSCA) for an amount of up to 50,000 pounds.
Mentioned below are the other bodies with whom Forex.com is regulated in other jurisdictions: Australian Securities and Investments Commission (ASIC); Canada’s Financial Services Agency (FSA); Commodity Futures Trading Commission (CFTC); Investment Industry Regulatory Organization of Canada (IIROC); National Futures Association (NFA); Securities and Exchange Commission (SEC); Securities and Futures Commission (SFC)
In the light of the above information and their strong standing in the market for 16 years, traders can be assured of their safety while partnering with Forex.com as their broker.
Forex.com Trading Platforms
Listed below are the platforms that Forex.com offers.
· MetaTrader 4 (MT4)
MetaTrader4 has an array of features and tools to offer and is an industry standard platform when it comes to forex trading. It even allows traders with automated trading options. The MT4, traders offers more than 30 types of CFDs and 45 forex instruments.
· FOREXTrader PRO
Packed with advanced features such as pattern recognition, signal and an advanced charting package, the FOREXTrader PRO is a highly competent online forex trading platform. Moreover, it is fully customizable.
Both these web –based programmes are available as a downloadable version to be installed on standalone desktops or smartphones.
GTX ECN Platform
For experienced traders, once they qualify, they can gain access to GAIN Capital’s GTX platform. The platform comes with benefits such as ultra tight spreads, transparent pricing and deep liquidity for the traders whom have a high net worth and manage various institutional clients.
Account Types
Two options are available at Forex.com – Standard trading account and the Premium trading account. The standard trading accounts requires an opening deposit of minimum $500 euros and an opening deposit of at least $25,000 for the premium account. While opening standard account traders are advised to deposit a sum of $3000 to unlock the full access to a range of tradable instruments.
Commission & Spreads
Like all online forex broker, Forx.com does not charge any commission for their services. Instead, Forex.com make money by adding a spread on top of the prices that traders get from the market. The spreads charged are variable and competitive. They start from as low as 1.2 pips for major pairs like the EUR/GBP. For even more competitive spreads, traders can opt to trade through the GTX Direct ECN platform.
Customer Support
Forex.com’s excellence extends to their customer support as while. They boast of a customer service that is available around the clock, through Monday to Friday. The traders can get in touch with the support via email, fax, live chat and telephone. In order to cater to their non –English speaking clientele they provide multi-lingual support on their website and through their customer care.
Forex.com Pros & Cons
Pros
- It is a global market leader
- A change to access GAIN Capital’s ECN Platform
- A strictly regulated broker
- Solid financial support with an NY listed company behind
- Reliable platforms with superior trade execution
- Ultra tight spreads
Cons
- It’s a Market Maker Broker
Conclusion
It’s a name to reckon with in the financial market, it has an entity like GAIN Capital Holding INC behind it, which adds credibility and stability to the operation. Forex.com is a highly reputed broker with a trusted high profile clientele. They are dependable and reliable and have proven so with their current standing and track record. Not only is it a regulated broker, it also provides the traders with superior quality services and products to work. We highly recommend you this broker of you’re looking for safe, transparent and competitive experience.
Forex.com Rating
Pros
- It is a global market leader
- A change to access GAIN Capital’s ECN Platform
- A strictly regulated broker
- Solid financial support with an NY listed company behind
- Reliable platforms with superior trade execution
Cons
- It’s a Market Maker Broker