FOREX.com is one of the largest and best forex brokers (opens in new tab) in the U.S. As part of the StoneX Group, a Fortune 100 company which has been operating since 1921, FOREX.com offers the financial strength and security that all forex traders crave. In addition to forex, the platform allows for the trade of gold, silver and futures.
FOREX.com review: Account options
In order to begin trading with FOREX.com, you need to make an initial deposit of $50. This is low compared with other forex traders and can be paid via debit card, wire transfer or eCheck. Trading opportunities are available 24/7 and in over 80 currency pairs.
FOREX.com offers three forex trading accounts, but it is the Standard Account that is pitched at those who want a traditional currency trading experience. This means there are no commissions - instead, your cost is in the bid/ask spread. If it is clear and transparent pricing you're after, the live spreads are constantly flashing and updating on the FOREX.com website.
For the most prolific traders, the Active Trader Program offers the chance to reduce costs by up to 18% with cash rebates. You can earn up to $9 in cash rebates per million FX traded in monthly volume and get interest on your average daily available margin up to 1.5% APY.
FOREX.com review: Platforms
FOREX.com offers a desktop trading platform, a web trading platform and a mobile app, each with integrated trading tools, market commentary and analysis. The most sophisticated tools are reserved for the more professional desktop traders, who can access more than 100 predefined indicators or create their own.
There is also the option to toggle and zoom between 15 time frames, trade directly from the charts, and access advanced customizable drawing tools to plan your next move. Trading on a web platform is the next level of sophistication, with advanced charting features, 70+ technical indicators, 50+ drawing tools and more.
Last, but definitely not least, there are the iPhone and Android apps, which offer full trading capabilities with multiple order types, all the news and analysis from the other platforms, and real-time trade alerts and notifications. You can also personalize the navigation bar, dashboard, and method of trade execution, customize your overview and create watchlists - there's almost everything you should need for trading on the go.
FOREX.com review: Support
While FOREX.com is geared up to offer the more experienced forex trader a great service, the novice traders are not ignored. A dedicated education section on the website hosts a number of excellent resources to newer investors, including an introduction to trading concepts, managing risk and strategies. Weekly webinars that offer commentary on the marketplace and provide insight on the forex market are available too. If you're wondering how to get to grips with the platform itself, various tutorials and a detailed user guide are there as well.
Should you use FOREX.com?
FOREX.com is the ideal platform if you want to trade on the move. The mobile app is impressive, and certainly stands up against other forex trading apps available today. The absence of any commission, the low deposit requirement, and the incentives available for frequent trading are all excellent too.