Forex.com is a regulated forex broker that accepts traders from all over the world, including South Africa. It has a license provided by the FCA UK, with FCA Register Number 113942. This broker offers plentiful assets, including cryptocurrencies and they say they are the largest MT broker in the world.
Forex.com is owned by GAIN Capital UK Ltd, and more legal data can be found on their website.
Forex.com really promises a lot, but can they live up to it? Read our Forex.com review and find out more about features, account types, trading conditions, withdrawals and deposits with this broker.
Forex.com Account Features
Forex.com offers three different account types. Traders can use two real accounts and one demo. However, the real accounts are not something you can easily get by making a deposit, at least one of them isn’t.
Let’s sort things out!
Forex.com review found out how there are a Professional account and Retail account advertised on the website. And while a Retail account is something that can be considered as a “classic” trading account that requires only a deposit, Professional account is not available for all traders.
Forex.com Professional Account
The professional account is created for traders who trade larger volumes and already have some relevant trading experience. In order to qualify for this account the trader must:
- Make over 10 big transactions in the past year
- Have a financial portfolio with cash deposits over €500.000
- Have one year professional experience in financial sector trading leverage products
Every trader that wants this account type, must fulfill two out of three conditions and submit a request for Forex.com Professional account. Traders from South Africa can do so as well. Still, criteria are pretty demanding, so traders better focus on retail accounts instead.
Professional account has margin rates from 0.25% and offers cash rebates as well as a credit facility. Traders can contact dedicated Market Strategist for more information on market movements and use broker-assisted dealing.
Forex.com Retail Account
This account type is available for all traders after they deposit $50. This is also a minimum deposit with Forex.com. Our Forex.com review showed how this broker gives access to the proprietary platform, MetaTrader platform, and margin rates from 3.33%.
Forex.com Demo Account
Forex.com has a demo account that is available for all traders for free. Once you open a demo, it will last for 30 days. In that time, you can trade virtual money you have at disposal, but you can’t make any real profit as money is not real. Considering that Forex.com offers two different trading platforms, you can open one demo on each. However, you can’t have multiple demo accounts on a single platform with the same email address. Also, once the demo account expires, you no longer have access to it.
The demo account is a very desirable feature that traders appreciate whether they are experienced or only starting in the world of online trading. It gives traders a real opportunity to explore trading interface without making real money trades. That way, they can afford themselves to take more than a few trades to test tools and features available.
Forex.com spreads are listed in a special section. They offer floating spreads and display typical and current values. We will list some spreads for popular currency pairs and cryptos:
- AUD/USD – 1.8
- EUR/GBP – 1.5
- EUR/USD – 1.4
- GBP/USD – 2
- Bitcoin – 35
- Bitcoin Cash – 2
- Ethereum – 1.2
- Ripple – 60
Forex.com offers over 90 currency pairs, indices, stocks, and cryptocurrencies.
Forex.com Cryptocurrency Trading
Forex.com traders in South Africa can also find some popular cryptocurrencies on the asset list.
Available cryptos are as follows (with spreads):
- Bitcoin – spread from 35
- Bitcoin Cash – spread from 2
- Ethereum – spread from 1.2
- Litecoin – spread from 0.5
- Ripple – spread from 0.6
Margin rates for cryptocurrencies start at 50% for retail clients, while professional traders have different rates. Also, Forex.com claims that traders can take advantage of volatility when trading with them and can open positions at 10p. They are also promising great risk management and the possibility to lock profits. However, trading cryptocurrencies is considered to be riskier than traditional CFDs so make sure to understand what cryptos are all about.
Tip: Consider IQ Option instead – the best regulated broker for South African traders with a minimum deposit of only $10!
Forex.com Trading Platform
Forex.com has integrated two different trading interfaces. One is their proprietary platform, and the other one is the popular MetaTrader 4 platform.
Forex.com Proprietary Platform
The proprietary platform is a platform developed by the broker. Forex.com likes to accentuate how their platform offers personalized trading experience thanks to a great number of charting and analysis tool traders can apply during trading. Also, there are 70 different technical indicators, as well as some ready-made strategies you can use. In case you decide to use a proprietary platform, make sure to use the correct demo version. That way you will be able to study the platform before you start the real trading.
Forex.com proprietary platform is a web-based platform which means you don’t have to download any programs but can access the trading interface directly from your browser. In case you prefer trading on the go, there is a mobile app for that.
Forex.com MT4 Platform
MetaTrader4 is one of the most popular trading platforms in the world. Forex.com MT$ platform I no different than others. You can decide to trade from your browser, download and install the platform on the computer or use a mobile app. MT4 platform comes equipped with numerous tools and features, as well as expert advisors.
Forex.com Market Strategist
Market Strategist is a special feature available only for Professional Forex.com users from South Africa. To put it simple, Market strategists give you a chance to experience personalized education and lessons as well as demos on how to use certain features on the platform. Still, they are not advisors and are not allowed to make any suggestions on how you should trade.
Forex.com Customer Support
In our Forex.com review, we decided to test customer support. Our first test was related to live chat. Live chat can be found on the right side of the website. Once we clicked the chat, we were greeted by a support robot that answers some simple and more frequent questions. The robot leads you each step of the way and suggests some interesting topics. In case you haven’t found your answer, or simply want to talk to a human being, you can easily talk to an agent. During this review, we found ourselves in a never-ending loop while chatting with the robot.
Traders can also use email and phone number in order to get in touch with the broker.
Forex.com also offers some reading and educational materials, as well as videos. You can also take courses depending on your level of knowledge. In case you need some basic information, check out the FAQ or glossary.
Forex.com Deposit and Withdrawal
Forex.com minimum deposit is $50. However, they recommend you make a deposit in the amount of $2,500. This is just a recommendation and you are not obliged to deposit as much. You are the one in charge of your own money.
Deposit methods are:
- Credit cards
- Wire transfer
Wire transfer withdrawals include a withdrawal fee of $25 in case you are withdrawing less than $5,000. Forex.com review showed how this broker charges fees for trading CFDs with shares. The entire list of fees is available on the interface. There are also fees for overnight trades. The financing rates are set at a rate of +/- 2.5%
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