The support page has separate tabs for support, a currency converter, a margin and pip calculator, market hours, service updates, and popular FAQs. FOREX.com has an excellent rating from Trustpilot, scoring 4.7 (81% of reviews award 5 stars and 5% 4 stars). FOREX.com recommends ACH bank transfers, but direct wire transfers, and debit card deposits up to $10,000 are also supported. FOREX.com does not accept checks to fund accounts, but it does support Paypal and Skrill for deposits and withdrawals. The minimum deposit amount is $100, although FOREX.com recommends funding accounts with at least $2,500. FOREX.com does not offer trading journals or tax accounting tools, and the platform does not support backtesting of strategies.

The moderators also organize regular AMAs (Ask Me Anything) with experienced traders and industry professionals, further enhancing the educational aspect of this community. The trading platform offers advanced trading tools and performance analytics to enhance the trading experience. The various countries where FOREX.com does business have varying regulatory standards, hence, there are differences in product offerings across markets. In the U.S., FOREX.com offers customers access to over 80 currency pairs, while in other countries, including the U.K., FOREX.com also offers leveraged products, such as spread trading and contracts for difference (CFDs). Access to trade stocks, commodities, and bonds is available through a StoneX account, but foreign exchange trading takes place on FOREX.com platforms only. The foreign exchange market, or forex, is the largest and most liquid financial market in the world.

Novices will also appreciate the comprehensive range of educational tools and resources. Mobile traders will also be impressed with the app, which mirrors the functionality of the broker’s advanced web-based trading platform. FOREX.com is among one of the only brokers offering MT5 to U.S. traders. FOREX.com focuses its resources on currency trading — and in this arena, it excels. Lower-than-average dealing spreads and a comprehensive trading platform will delight the most experienced forex trader. Our commitment to providing unbiased, comprehensive reviews of forex brokers is rooted in extensive research and expert analysis.

FOREX.com does a great job of centralizing its research within the Advanced Trading platform and keeping it organized for easy accessibility. The only downside to FOREX.com’s research offering is the low quantity of available video content, although the amount of available content continues to improve each year. Our proprietary scoring model evaluated each broker across 11 major categories and 73 weighted criteria, plus an additional 15 non-weighted criteria. The overall ratings are a weighted average of the weighted criteria, ensuring a balanced and fair assessment. All FOREX.com customers have free access to Reuters news, as well as market calendars.

As is usual for brokerage companies, the more trading volume and price volatility, the more likely it is that there will be longer wait times for support, but FOREX.com is known to be fairly responsive. At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here). FOREX.com has some limitations, but it offers impressive platforms for trading currencies and excellent educational options both beginners and experienced traders can appreciate. In short, FOREX.com gives you top-quality trading platforms and a solid foundation from which to grow as a forex trader and hopefully apply your knowledge to increase your net worth.

I am very satisfied because Marcus was…

I’ll be increasing funds after my trading strategy proves successful. The challenge is making a profitable strategy with the account constraints required under US regulation. Yes, FOREX.com offers MT5 to forex trading in the U.S. and globally. Just click on the currency pair you want to trade, enter the amount of currency you’d like to exchange and execute your trade. When you close out a position, it will show you a small summary of your trade and your overall net loss octafx broker reviews or gain. Finally, higher-volume, higher-balance customers can earn interest on unused cash balances and receive rebates on their trading costs based on volume.

Account and Research Amenities

They also charge lower average dealing spreads than many competing brokers, although its spreads are variable, so they can change depending on foreign exchange market conditions. While FOREX.com has basic tools for checking portfolio balances, positions, and the use of margin in real time, there is nothing noteworthy about its portfolio analysis offering. Performance Analytics will benefit traders who make the effort to utilize the planning and analytical tools within this feature.

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA). There is no minimum per transaction when funding via wire, though FOREX.com recommends at least $1,000 for all accounts besides the DMA account. FOREX.com offers nearly a hundred written articles that are conveniently organized by experience level, with content for beginner, intermediate, and advanced users.

The Top 10 Forex Trading Communities on Reddit

Using leverage by trading on margin is a common method forex traders use to control larger positions with a given amount of trading capital. This lets them amplify profits (or losses) and make more meaningful trades as a result. FOREX.com offers a pivot point calculator to help identify trading levels. In addition, there is a margin and pip calculator so traders can understand exactly how much is at risk for each pip of market movement.

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We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points. Jay and Julie Hawk are the married co-founders of TheFXperts, a provider of financial writing services particularly renowned for its coverage of forex-related topics.

As with any financial market, the forex market attracts its fair share of scammers. R/ForexScams provides a platform for traders to share their experiences with fraudulent brokers, signal providers, and other forex-related scams. This community aims to educate traders about potential pitfalls and help them avoid falling victim plus500 review to scams.

73% to 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. For all of these account types, web, mobile, and desktop platforms are available. FOREX.com provides educational content in many forms, including FAQs, articles, videos, and webinars. Information is generally easy to understand and well-structured for clients with various levels of experience, allowing traders to build up their knowledge base and learn more over time.

1. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).
2. In all, FOREX.com’s mobile app and the MetaTrader mobile app both work well, as would be expected.
3. Traders can discuss programming languages, trading platforms, and algorithmic strategies.
4. The subreddit also provides educational materials, such as book recommendations and video tutorials, to help traders improve their skills.

Other third-party apps such as NinjaTrader are also supported, and there are APIs to further support clients. Trading is fast and precise, and orders, positions, and purchasing power are all real-time and easy to navigate. Further, FOREX.com supports electronic advisors, which are automated trading algorithms that can be incorporated into a trading system. The section on portfolio analysis, below, outlines a Performance Analytics feature that helps traders understand their personal trading.

Traders can also seek advice on how to identify legitimate services and protect their investments. FOREX.com is a trusted brand that delivers an excellent trading experience for forex and CFDs traders across the globe. It offers a wide range of markets and provides an impressive suite of proprietary platforms – alongside limited access to MetaTrader. FOREX.com provides a seamless trading experience, regardless of the platform used. In addition to its own platforms, FOREX.com also offers MetaTrader, a third-party app that has sophisticated trading tools, including those for strategy automation. MetaTrader 4 and 5 are both available, as some users prefer the older platform, which syncs with the MetaTrader mobile app.

The trading technology at FOREX.com is robust, as the platform typically offers narrow spreads and very fast execution, and shows balances and buying power in real time. One hundred percent of FOREX.com trades were executed, with 99.12% of trades executed in less than one second, and with an average price improvement of 0.78 pips per limit order. In addition to the ability to trade directly from charts, technology also includes paper trading accounts so traders can become familiar with spot currency trading before committing real capital. MetaTrader brings an additional layer of advanced capabilities to FOREX.com clients, as traders can create sophisticated algorithmic trading rules that can run automatically.