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June 19, 2020

Broker Review: FOREX.com

Frank Cabibi

Overall Rating: 2.8/5

Customer Service1/5
Commissions & Fees3/5
Platform, Tools, and Education4/5
Customer Reviews & Regulations3/5
Offering of Investment3/5

Customer Service

Going off customer reviews, Forex.com doesn’t have the best customer service. Traders say that it takes too long for them to verify their account. More reviews say that it’s too hard to deposit and withdrawal cash, and accounts get locked up. It looks like the biggest problem is withdrawing money with multiple reviews regarding that issue.
My rating for this section is 1/5.

Commissions and Fees

https://www.forex.com/en-us/trading/pricing-fees/trading-costs/

With this broker, traders are given the choice to use between 3 different accounts: standard, commission and STP Pro. Although you don't have to pay for commissions on the standard account, spreads are not so tight. 1 pip is not that big a deal, but it is not as good as other forex brokers like AxiTrader that provides .4 pip spreads on their no-commission account. So execution is not as tight, but you're also not paying commission. The commission and STP Pro accounts are have some very tight spreads, although you have to pay for either one through commissions or their service.
My rating for this section is a 3/5.

Platforms, Tools, Education

Forex.com uses MetaTrader as one of their main platforms as well as their own Forex.com platform. They also allow API Trading and NinjaTrader. One of their trading tools includes their Recognia scanner that shows quick trade set ups using pivot tables and support and resistance levels. They also have advance charting tools that you can try out for free with lots of educational content regarding trade.
I give this section a 4/5.

Customer Reviews & Regulation

Forex.com is regulated in over 180 countries including the UK, US, Canada, Australia, Japan, Singapore, and the Cayman Islands according to Investopedia. Overall trust for this broker is decent for a very highly regulated broker.
My rating is 3/5

Offering of Investment

Forex.com has higher spreads than other international brokers and trading crypto is not allowed to those who live in the US. If your account goes negative, there is no protection that the broker has to provide and your account will become liquidated. If there is a problem with your account, their customer service is not the best and may take a while to resolve the issue. Other than those reasons, Forex.com has great tools and education for trading. If you live outside the US, this broker is something to consider, but other brokers provide crypto trading for US citizens.
This section will get a 3/5

My Rating

From the majority of customer reviews, it seems like you might get what you pay for with this broker, but I believe that there are better options. This broker is definitely not above-average broker, and a very important feature brokers need is a good customer support team. Because ratings are so poor, this broker is not as great as the other options out there.
My overall rating is a 2.8/5.


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Disclaimer:

Please note that this email is my personal opinion only. I am not a licensed financial advisor, and any information shared or discussed is not to be construed as investment advice. Trading and investing involves a degree of risk, and is not suitable to all investors. Please consult with your financial advisor before making any sort of investment decisions.

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