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Forex.com Review

We spent up to five months to test up to 30 of the top Forex brokers in the course of our 4th Annual Review. Check below for our top findings:

  1. com is regulated by up to 4 tier-1 jurisdictions and it is publicly traded. It is, therefore a safe broker for both CFDs and Forex trading.
  2. The platform is rated as the Best among 7 top Forex brokers in areas like Ease of Use, Crypto Trading and so on.
  3. Pricing on the platform is also highly competitive and very easy to understand.

Is the platform safe?

The platform is a low-risk platform and has 93 out of 99 overall Trust Score. The platform does not operate a bank. It is regulated by 4 tier-1 regulators, no tier-2 regulators and 1 tier-3 regulator. Its tier-1 regulators are:

  • Investment Industry Regulatory Organization of Canada
  • Japanese Financial Services Authority
  • Financial Conduct Authority
  • Commodity Futures Trading Commission

Offering of investments

The platform offers more than 4,500 CFD instruments on its platforms, including Advantage Trader web, desktop and Web Trading platform. You will also have access to more than 500 symbols on MT5.

Commissions & Fees

The pricing structure on this platform is competitive and this gives the broker a high ranking.

Spread comparison

The typical spread on EUR/USD is 1.3 pips. The average spreads on Forex.com South Africa slightly vary where you compare it with its branches outside the United States.

Active trader program rebates

The platform offers Active Trader program that features five tier of pricing with level 1 starting with a spread of 1.2 pips on the EUR/USD for Forex traders having a minimum balance of $10,000. The spreads get further reduced with subsequent levels when the trader surpasses the threshold for any specific month-to-date trading volume.

Dealer execution

The broker is a market maker. As a result, it offers dealer execution and its trade execution ability does not rely on any third party. This means that trading with the platform can lead to a far better dealer-execution in any challenging market condition when compared to an agency broker. You can equally access agency execution on the platform.

Market execution

The broker offers the Direct Market Access account and execution method, but this is only available to its US members. The execution style is also agency based as part of the DMA type of account. This type of account equally offers a greater discount for many active traders as against the Active Trader program on Forex.com.

Its many features

  • The minimum initial deposit is $100
  • The average spread on EUR/USD is 1
  • All-in cost on EUR/USD is 0.7
  • Active Trader or VIP discount is available

Platforms & tools

The platform offers everything needed by a Forex trader to make an informed trading decision.

  • Advanced trading: The Advanced Trading is a flagship platform from the broker and it is the best choice for seasoned Forex traders. It also features robust charting package and comes with a huge selection of 139 technical indicators and drawing tools. Some of the available technical analysis tools include AutoChartist’s automated technical analysis.
  • Web trading: It is the best choice for casual traders. You can easily browse through markets and also carry out research, as well as, analyze charts through Trading Central for placing trades. It is an alternative to TradingView that comes with 67 indicators. It is the best for individuals focused mainly on charting.
  • MetaTrader: The broker offers both MT4 and MT5.

Research

The research offers by this broker is centralized and you can access them via the Advanced Trading platform to keep it well organized. It includes multiple news channels, analysis tools from AutoChartist, real-time trade signals, and Trading Central from automated pattern-recognition. Forex.com South Africa offers a premium package that costs GBP 720 annually.

Mobile trading

The broker offers AdvantageFX mobile app that is ranked among the best in the Forex industry. It comes with several trading features and offers clean navigation.

  • Mobile research: Some of the features are news, market updates, alerts, Signals from Trading Central, integrated research and economic calendar. The mobile app is easy to navigate and the operation is straightforward due to its minimalistic design and fluid user interface.
  • Mobile charting: The mobile app can sync watch lists automatically and comes with charts that are easy to use even though it comes with only 10 drawing tools and 7 indicators.
  • MetaTrader: The app supports both MT4 and MT5 platforms also.

Customer Service

The broker is in partnership with Customerwise, a customer experience research group to carry our phone tests from different parts of the UK. The results of the research are:

  • Average connection Time is 1 to 2 minutes
  • Average Net Promoter Score is 7.2 out of 10
  • Average Professionalism Score is 7.4 out of 10
  • Overall score is 7.6 out of 10
  • Ranking is 14th out of 22 brokers.

Final thoughts

Forex.com South Africa has proved itself to be a trustworthy Forex broker. It offers an excellent trading platform and also provides competitive pricing, reassert, tools and so on. The customer service may not seem to be the best in the Forex market, but the experience is still very great for all Forex traders at all levels at this platform. Its overall score makes it one of the best forex brokers of 2020.

About the company

This Forex broker started operation in 1999. It is a subsidiary of GAIN Capital Holdings and listed on the New York Stock Exchange as GCAP. It currently has its operations spread across many countries and it is regulated by tier-1 regulators in various countries like Australia, Japan, Canada, UK and US.

The company has more than 800 employees that were recruited via its international offices. It equally caters to the needs of more than 200,000 Forex institutions and retail traders. The company is one of the pioneers of Forex trading in the United States and it remains one of the largest of all retail Forex brokers all over the world. Its assets stand at $1.3 billion in the second quarter of 2019, while Forex.com boasts of more than 71,000 active Forex traders as of August 2019.

Available trading features

  • Virtual trading is available
  • Proprietary platform is also available
  • Desktop platform is available
  • Web platform is available
  • There is no copy-trading/social trading
  • MetaTrader 4 and MetaTrader 5 are available
  • There is no cTrader
  • It offers up to 139 charting indicators
  • It also offers up to 25 charting tools
  • Trade From Charts is available
  • It offers 18 watch lists
  • It also offers trailing stop

Available research features

  • Daily market commentary is available.
  • Forex News is available from top-tier sources.
  • Weekly webinar is also provided.
  • AutoChartist is available.
  • Trading Central is also provided, as well as, Delkos Research.
  • Traders can access social sentiment- currency pairs on the platform and economic calendar.

Available features on the mobile app

  • It is available for both Android and iOS devices.
  • You can use the mobile app to trade Forex and CFDs.
  • The trader can also get access to basic fields of alerts ad Watch List.
  • Watch List syncing is available.
  • Access to 7 indicators.
  • Drawing tools are also available.
  • Traders can access multiple time frames and autosave of drawings on the trading chart.
  • Forex calendar is accessible on the mobile app.
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