PROS / There are no commissions on the trades you make through FOREX.com.
CONS / The online platform offers little in the way of customization.
VERDICT / FOREX.com offers no commissions and has relatively low spreads. Its platform has some flaws, but it offers a large amount of currency pairs that may make it attractive to experienced traders.
FOREX.com is one of the largest forex brokers in the U.S. It is operated by GAIN Capital Holdings and is based in Bedminster, New Jersey. In addition to forex, you can also trade gold, silver and futures. This broker offers a desktop trading platform and mobile app, and it doesn’t charge commissions on its trade.
Our reviewers downloaded the available demo accounts for each brokerage and evaluated each of them on the ease of use and the features they offer. FOREX.com’s ForexTrader platform was rated below average, in part because its charting tools have few options for adjusting and manipulating the data. You also cannot compare different pairs with the charts. The platform does not include options for creating multiple watchlists.
FOREX.com’s mobile app is one of the better ones our reviewers testing. It allows you to place trade and add funds to your accounts, and it syncs with your account so any changes you make are reflected in the desktop platform and vice versa. The main drawback again lies with the charting tools; you cannot use technical indicators with the mobile app.
This broker offers more than 50 technical indicators, including Bollinger Bands and Stochastic Studies. This is about average for the forex brokers we reviewed, and these tools are useful way to plan your forex trading strategies. FOREX.com has over 50 currency pairs available. In addition the major and minor pairs, some exotic pairs, such as the Singapore Dollar and the South African Rand, are available for trading.
FOREX.com does not charge any commissions on the trades you make. The broker’s markup comes on the bid/ask spread. This is the difference in the buying and selling price. FOREX.com’s spreads are roughly average, but it’s important to know that spreads are volatile and subject to change depending on current market factors.
In order to begin trading with FOREX.com, you need to make an initial deposit of $250. Among the brokers that require a minimum deposit, this is the lowest amount.
FOREX.com provides some educational resources to investors. These include weekly webinars that offer commentary on the marketplace and provide insight on the forex market. Platform tutorials are also available as well as a user guide that provides a full breakdown on how to use the platform.
FOREX.com charges no commissions for trading but marks up the bid/ask spread. Its platform isn’t as easy to use as some others, but it does have a low initial deposit which may make it a good option for first-time investors.