- يوليو 12, 2021
- Posted by: ForexTradeOn
- Category: Forex.com
Introduction
Forex.com is a forex and CFD broker that’s originally owned by StoneX Group. It’s founded in 2001 in New York, USA. and have customers from over 140 countries around the world. Forex.com is also regulated by top-tier financial authorities, including FCA, the Financial Conduct Authority in the UK. The broker has over 4,500 trading instruments including forex, CFDs and commodities. With a minimum deposit of $100, Forex.com becomes one of the best choices to start trading with.
Forex.com works on several platforms like:
- Web Trading Platform
- Desktop Trading Platform
- Mobile Trading Platform
- TradingView (third party web platform)
- MT4 (third party platform)
- MT5 (third party platform)
The first three platforms are customized platforms for trading on Forex.com brokers which are the web, desktop, and mobile trading applications. The other three platforms are third party platforms that you can trade on with your Forex.com account.
In this review we will cover all of them in detail with all their specifications and features.
Web Trading Platform
|
Pros |
Cons |
|
|
User interface (UI)
The UI of the web trading platform looks simple with easy-to-use functions on the right places within the platform. The platform also has a good charting function that visualizes the product prices within a specific time range.
Forex.com – Web Platform – UI
Login and Security
Unfortunately, the web trading platform of Forex.com hasn’t a two-step verification login method and only has a simple login using email and password.
Forex.com – Web Platform – Login
Searching
The platform has a good searching function with an ability to browse products by category as well as searching for them by typing the first letters.
Forex.com – Web Platform – Search
Placing orders
The web trading platform has 4 main order types available which are:
- Market
- Limit
- Stop
- Trailing stop
There’s an order confirmation feature that makes you safe away from risks and the not meant order clicks that happen out of sudden and waste your money.
Forex.com – Web Platform – Place Order
Notifications and alerts
The web platform has notification and price alerts features that helps you avoid risks and never miss an opportunity.
Forex.com – Web Platform – Notifications
Portfolio and reports
You can find useful portfolio and fee reports provided by Forex.com right in the ‘Reports’ tab.
Desktop Trading Platform
|
Pros |
Cons |
|
|
User interface (UI)
The UI of the desktop trading platform looks fine with every function in its place. There’s also a graph tool that helps you discover patterns with a variety of indicators.
Forex.com – Desktop Platform – UI
Login and Security
Like the web trading platform, there’s no two-step verification method for login.
Forex.com – Desktop Platform – Login
Searching
The searching function in the desktop trading platform is great. You can easily type the asset name before displaying a full list of results with some useful information.
Forex.com – Desktop Platform – Search
Placing orders
There are 4 main order types like the web trading platform which are:
- Market
- Limit
- Stop
- Trailing stop
There’s the same order confirmation feature that makes you safe away from risks when trading.
Forex.com – Desktop Platform – Place Order
Notifications and alerts
The desktop platform has price alerts feature that notify you in order to never miss an opportunity in the market and avoid losses.
Portfolio and reports
You can find relevant and clear fee reports of your account with useful information like P/L on the ‘Reports’ tab in the platform. You can also download the data on formats like PDFs.
Mobile Trading Platform
|
Pros |
Cons |
|
|
User interface (UI)
The UI of the mobile trading platform looks friendly with an ability to place a trade by swiping to the left or right.
Forex.com – Mobile Platform – UI
Login and Security
Unlike the web and desktop platforms, the mobile trading platform has a two-step verification method for login.
Forex.com – Mobile Platform – Login
Searching
You can search for assets within the platform by category or by typing the name of the asset. The search function works very fine and displays relevant answers.
Forex.com – Mobile Platform – Search
Placing orders
There are 4 main types of orders within the mobile trading platform which are:
- Market
- Limit
- Stop
- Trailing stop
- One Cancels the Other (OCO)
Forex.com – Mobile Platform – Place Orders
Notifications and alerts
The mobile trading platform provides price alerts and notifications like the previous trading platforms.
Forex.com – Mobile Platform – Notifications
TradingView
|
Pros |
Cons |
|
No two-step verification |
User interface (UI)
The UI of the TradingView platform has the best UI of all previous platforms. The UI looks clean and modern with stable functions and provides a good trading experience.
Forex.com – TradingView Platform – UI
Login and Security
Unfortunately, you can’t login to your trading account with a two-step verification method as you only have the basic login option with username and password.
Searching
The research function of the TradingView platform is fine and you can find the asset you’re searching for by simply enter the firs letters of it.
Forex.com – TradingView Platform – Search
Placing orders
There are 3 main types of orders within the TradingView platforms which are:
- Stop
- Limit
- Market
Forex.com – TradingView Platform – Place Orders
Notifications and alerts
You can set price and notification alerts on the platform as well as the ability to notify you by email.
Portfolio and reports
TradingView has a good portfolio and fee reports with the ability to download the reports.
MT4 Platform
|
Pros |
Cons |
|
|
Languages
MetaTrader 4 is available in a number of languages like:
MT4 Languages
|
Arabic |
Bulgarian |
Chinese |
Croatian |
Czech |
Danish |
|
Dutch |
English |
Estonian |
Finnish |
French |
German |
|
Greek |
Hebrew |
Hindi |
Hungarian |
Indonesian |
Italian |
|
Japanese |
Korean |
Latvian |
Lithuanian |
Malay |
Mongolian |
|
Persian |
Polish |
Portuguese |
Romanian |
Russian |
Serbian |
|
Slovak |
Slovenian |
Spanish |
Swedish |
Tajik |
Thai |
|
Traditional Chinese |
Turkish |
Ukrainian |
Uzbek |
Vietnamese |
User interface (UI)
MT4 has a very customizable UI that you can adjust according to your needs and preferences. On the other hand, it seems hard to find some of the features inside.
MT4 – Mobile Version – UI
Login and Security
Unfortunately, the MT4 does not provide a two-step verification method for logging in, and it does only support a one-step login.
Searching
Searching using the MT4 platform has two different options:
- You can search by categories and find assets.
- You can also type the name of the asset and search for it manually.
MT4 – Mobile Platform – Search
Placing orders
MT4 has a simple order types which are:
- Market
- Limit
- Stop
- Trailing stop
In addition to those 4 types, there are other orders which are the time limit ‘Good ‘til time’ (GTT) and ‘Good ’til canceled’ (GTC).
There’s also an order confirmation feature in MT4.
Notifications and alerts
Unfortunately, the MT4 web trading platform does not have an option to set price alerts and notifications unlike the desktop and mobile versions.
MT4 – Mobile Version – Notifications Settings
Portfolio and reports
Under the ‘History’ tab, you can find your portfolio reports with a clear fee description.
MT4 – Mobile Version – Portfolio
MT5 Platform
|
Pros |
Cons |
|
|
MT5 is a free application for traders allowing them to perform technical analysis and trading operations in the Forex and exchange markets.
Languages
MT4 does support over 20 languages including English, French, Spanish, Italian, Japanese, and Chinese.
User interface (UI)
MT5 was launched in June, 2010. It has about 1 million users worldwide. It also has a good interface which is similar to MT4 with the main functionalities available. MT5 is more suitable for advanced traders.
MT5 desktop version
MT5 – Mobile Version
Security
MT4 encrypts your trading data with all of your information from cyber attacks as well as not revealing your IP address while trading using the platform.
From a login perspective, MT4 has a two-step verification method as well to protect your account from hacks.
Research
MT5 offers financial and forex news from international agencies and provides a daily broadcast of dozens of newsletters from global events. MT5 also provides you with powerful and clear searching tools.
MT5 search
Placing orders
MT5 has the same order types as the MT4 platform which are:
- Market
- Limit
- Stop
- Trailing stop
In addition to these 5 order types, the MetaTrader 5 platform has two more order options which are:
- Buy stop limit
- Sell stop limit
Like the MT4, MT5 has ‘stop loss’ and ‘take profit’ options while trading as well.
Notifications and alerts
MT5 has instant notifications and alerts in its system to never miss an opportunity in the market.
Reports
The MT5 platform carries news reports from international news agencies and also sports an economic calendar.
3. FAQs
- How long does it take to verify my account?
- It takes about 1 to 2 business days to verify your Forex.com account.
- Can I open more than one trading account?
- Yes. If you already have an account of one type, you can open a new account of the other type (i.e., standard and commission accounts.)
- Does Forex.com allow bot trading?
- Yes, it does.
- Does Forex.com give a bonus?
- Yes, Forex.com offers a welcome %20 bonus of the first deposited amount up to $5,000 in the first 14 days.
- Does Forex.com allow scalping?
- Yes we allow scalping but if you are going to request a lot of quotes and not act on them the system will put you on the bottom of the list and you will receive lesser priority.
- Does Forex.com allow hedging?
- Since it is regulated by the NFA, you cannot use this broker to take on hedging positions in the same trading account if you are based in the U.S.
- Where is my money held?
- Your money is held with top-tier banks and Forex.com ensures that your money remains segregated from the assets of the bank
- Does Forex.com offer a swap-free account option?
- es, FOREX.com offers swap-free accounts in certain circumstances.
- How do I login using the MT4 mobile platform?
- Steps:
1. Go to ‘Settings’
2. Click on ‘Manage Accounts’ or ‘Settings’
3. Then click on the small plus sign or select ‘New Account’
4. Then select ‘Log in to an existing account’
5. Search for the broker name
6. Select the server your account was set up on
7. Enter your login credentials and password
8. Click on ‘Sign In’
- When will my demo account expire?
- After 30 days.
- Can I login to more than one account from the same computer?
- Yes, you can do such a thing by using the MT4 Multi Terminal.
- Can I login to the same account through different devices?
- Yes, you can login to the MetaTrader 4 platform using the same password and username through different devices.
- Does Forex.com accept payments from third parties?
- No, as the name(s) on the FOREX.com trading account must be an exact match with the name(s) on the account of the other financial institution.
- Can I renew my demo account after its expiration?
- Unfortunately, no.
- How can I fund my account?
- You can easily fund your account by logging in to MyAccount and visiting the Funding page.
- My verification documents are not in English. Will this be a problem?
- FOREX.com has staff available to translate documents from many languages.
- For a joint account, do I need documentation for both account holders?
- Yes, both account holders must provide a government-issued photo ID when we aren’t able to electronically verify their ID. Documentation for proof of address also must be verified for both applicants.
- Can I convert my Standard Account to a Commission Account, or vise versa?
- No, account types cannot be converted to the other pricing model. If you already have an account of one type, you can open a new account of the other type.
- Is there a commission demo account available?
- No.
- Can I fund with a personal check or business check?
- Unfortunately, Forex.com does not accept checks as a funding method at this time.
- Does FOREX.com accept Western Union or PayPal?
- No, it doesn’t.
- How are metals traded?
- Gold and silver are traded as spot while copper, palladium and platinum are traded as CFD futures.
- Can I trade cryptocurrencies on the MetaTrader trading platforms?
- At this time, cryptocurrency trading is available on the MetaTrader 5 platform, but not the MetaTrader 4 trading platform.
- Does FOREX.com’s desktop platform support backtesting?
- Yes, you can backtest strategies in the FOREX.com desktop platform using its Development Studio.
- How much does it cost to have the Performance Analytics tool?
- There is no additional cost to use Performance Analytics.
- If I have multiple accounts, will it show all my accounts aggregated or will I need to login to each account to access Performance Analytics for that account?
- You will need to log in to each account to access Performance Analytics for that account.
- Can my balance go negative?
- While Forex.com’s margin requirements, closeout levels and real-time margin system are designed to limit your trading losses, you do risk incurring losses greater than your account balance, especially during periods of extreme market volatility.
- What’s Active Trader?
- This is a Forex.com program in which you apply for if you want to trade in high volumes without any additional fees. You can automatically be qualified for Active Trader when you open an account with a minimum $10,000 or trade $25M of volume in a calendar month.
Introduction
Forex.com is a forex and CFD broker that’s originally owned by StoneX Group. It’s founded in 2001 in New York, USA. and have customers from over 140 countries around the world. Forex.com is also regulated by top-tier financial authorities, including FCA, the Financial Conduct Authority in the UK. The broker has over 4,500 trading instruments including forex, CFDs and commodities. With a minimum deposit of $100, Forex.com becomes one of the best choices to start trading with.
Forex.com works on several platforms like:
- Web Trading Platform
- Desktop Trading Platform
- Mobile Trading Platform
- TradingView (third party web platform)
- MT4 (third party platform)
- MT5 (third party platform)
The first three platforms are customized platforms for trading on Forex.com brokers which are the web, desktop, and mobile trading applications. The other three platforms are third party platforms that you can trade on with your Forex.com account.
In this review we will cover all of them in detail with all their specifications and features.
Web Trading Platform
|
Pros |
Cons |
|
|
User interface (UI)
The UI of the web trading platform looks simple with easy-to-use functions on the right places within the platform. The platform also has a good charting function that visualizes the product prices within a specific time range.
Forex.com – Web Platform – UI
Login and Security
Unfortunately, the web trading platform of Forex.com hasn’t a two-step verification login method and only has a simple login using email and password.
Forex.com – Web Platform – Login
Searching
The platform has a good searching function with an ability to browse products by category as well as searching for them by typing the first letters.
Forex.com – Web Platform – Search
Placing orders
The web trading platform has 4 main order types available which are:
- Market
- Limit
- Stop
- Trailing stop
There’s an order confirmation feature that makes you safe away from risks and the not meant order clicks that happen out of sudden and waste your money.
Forex.com – Web Platform – Place Order
Notifications and alerts
The web platform has notification and price alerts features that helps you avoid risks and never miss an opportunity.
Forex.com – Web Platform – Notifications
Portfolio and reports
You can find useful portfolio and fee reports provided by Forex.com right in the ‘Reports’ tab.
Desktop Trading Platform
|
Pros |
Cons |
|
|
User interface (UI)
The UI of the desktop trading platform looks fine with every function in its place. There’s also a graph tool that helps you discover patterns with a variety of indicators.
Forex.com – Desktop Platform – UI
Login and Security
Like the web trading platform, there’s no two-step verification method for login.
Forex.com – Desktop Platform – Login
Searching
The searching function in the desktop trading platform is great. You can easily type the asset name before displaying a full list of results with some useful information.
Forex.com – Desktop Platform – Search
Placing orders
There are 4 main order types like the web trading platform which are:
- Market
- Limit
- Stop
- Trailing stop
There’s the same order confirmation feature that makes you safe away from risks when trading.
Forex.com – Desktop Platform – Place Order
Notifications and alerts
The desktop platform has price alerts feature that notify you in order to never miss an opportunity in the market and avoid losses.
Portfolio and reports
You can find relevant and clear fee reports of your account with useful information like P/L on the ‘Reports’ tab in the platform. You can also download the data on formats like PDFs.
Mobile Trading Platform
|
Pros |
Cons |
|
|
User interface (UI)
The UI of the mobile trading platform looks friendly with an ability to place a trade by swiping to the left or right.
Forex.com – Mobile Platform – UI
Login and Security
Unlike the web and desktop platforms, the mobile trading platform has a two-step verification method for login.
Forex.com – Mobile Platform – Login
Searching
You can search for assets within the platform by category or by typing the name of the asset. The search function works very fine and displays relevant answers.
Forex.com – Mobile Platform – Search
Placing orders
There are 4 main types of orders within the mobile trading platform which are:
- Market
- Limit
- Stop
- Trailing stop
- One Cancels the Other (OCO)
Forex.com – Mobile Platform – Place Orders
Notifications and alerts
The mobile trading platform provides price alerts and notifications like the previous trading platforms.
Forex.com – Mobile Platform – Notifications
TradingView
|
Pros |
Cons |
|
No two-step verification |
User interface (UI)
The UI of the TradingView platform has the best UI of all previous platforms. The UI looks clean and modern with stable functions and provides a good trading experience.
Forex.com – TradingView Platform – UI
Login and Security
Unfortunately, you can’t login to your trading account with a two-step verification method as you only have the basic login option with username and password.
Searching
The research function of the TradingView platform is fine and you can find the asset you’re searching for by simply enter the firs letters of it.
Forex.com – TradingView Platform – Search
Placing orders
There are 3 main types of orders within the TradingView platforms which are:
- Stop
- Limit
- Market
Forex.com – TradingView Platform – Place Orders
Notifications and alerts
You can set price and notification alerts on the platform as well as the ability to notify you by email.
Portfolio and reports
TradingView has a good portfolio and fee reports with the ability to download the reports.
MT4 Platform
|
Pros |
Cons |
|
|
Languages
MetaTrader 4 is available in a number of languages like:
MT4 Languages
|
Arabic |
Bulgarian |
Chinese |
Croatian |
Czech |
Danish |
|
Dutch |
English |
Estonian |
Finnish |
French |
German |
|
Greek |
Hebrew |
Hindi |
Hungarian |
Indonesian |
Italian |
|
Japanese |
Korean |
Latvian |
Lithuanian |
Malay |
Mongolian |
|
Persian |
Polish |
Portuguese |
Romanian |
Russian |
Serbian |
|
Slovak |
Slovenian |
Spanish |
Swedish |
Tajik |
Thai |
|
Traditional Chinese |
Turkish |
Ukrainian |
Uzbek |
Vietnamese |
User interface (UI)
MT4 has a very customizable UI that you can adjust according to your needs and preferences. On the other hand, it seems hard to find some of the features inside.
MT4 – Mobile Version – UI
Login and Security
Unfortunately, the MT4 does not provide a two-step verification method for logging in, and it does only support a one-step login.
Searching
Searching using the MT4 platform has two different options:
- You can search by categories and find assets.
- You can also type the name of the asset and search for it manually.
MT4 – Mobile Platform – Search
Placing orders
MT4 has a simple order types which are:
- Market
- Limit
- Stop
- Trailing stop
In addition to those 4 types, there are other orders which are the time limit ‘Good ‘til time’ (GTT) and ‘Good ’til canceled’ (GTC).
There’s also an order confirmation feature in MT4.
Notifications and alerts
Unfortunately, the MT4 web trading platform does not have an option to set price alerts and notifications unlike the desktop and mobile versions.
MT4 – Mobile Version – Notifications Settings
Portfolio and reports
Under the ‘History’ tab, you can find your portfolio reports with a clear fee description.
MT4 – Mobile Version – Portfolio
MT5 Platform
|
Pros |
Cons |
|
|
MT5 is a free application for traders allowing them to perform technical analysis and trading operations in the Forex and exchange markets.
Languages
MT4 does support over 20 languages including English, French, Spanish, Italian, Japanese, and Chinese.
User interface (UI)
MT5 was launched in June, 2010. It has about 1 million users worldwide. It also has a good interface which is similar to MT4 with the main functionalities available. MT5 is more suitable for advanced traders.
MT5 desktop version
MT5 – Mobile Version
Security
MT4 encrypts your trading data with all of your information from cyber attacks as well as not revealing your IP address while trading using the platform.
From a login perspective, MT4 has a two-step verification method as well to protect your account from hacks.
Research
MT5 offers financial and forex news from international agencies and provides a daily broadcast of dozens of newsletters from global events. MT5 also provides you with powerful and clear searching tools.
MT5 search
Placing orders
MT5 has the same order types as the MT4 platform which are:
- Market
- Limit
- Stop
- Trailing stop
In addition to these 5 order types, the MetaTrader 5 platform has two more order options which are:
- Buy stop limit
- Sell stop limit
Like the MT4, MT5 has ‘stop loss’ and ‘take profit’ options while trading as well.
Notifications and alerts
MT5 has instant notifications and alerts in its system to never miss an opportunity in the market.
Reports
The MT5 platform carries news reports from international news agencies and also sports an economic calendar.
3. FAQs
- How long does it take to verify my account?
- It takes about 1 to 2 business days to verify your Forex.com account.
- Can I open more than one trading account?
- Yes. If you already have an account of one type, you can open a new account of the other type (i.e., standard and commission accounts.)
- Does Forex.com allow bot trading?
- Yes, it does.
- Does Forex.com give a bonus?
- Yes, Forex.com offers a welcome %20 bonus of the first deposited amount up to $5,000 in the first 14 days.
- Does Forex.com allow scalping?
- Yes we allow scalping but if you are going to request a lot of quotes and not act on them the system will put you on the bottom of the list and you will receive lesser priority.
- Does Forex.com allow hedging?
- Since it is regulated by the NFA, you cannot use this broker to take on hedging positions in the same trading account if you are based in the U.S.
- Where is my money held?
- Your money is held with top-tier banks and Forex.com ensures that your money remains segregated from the assets of the bank
- Does Forex.com offer a swap-free account option?
- es, FOREX.com offers swap-free accounts in certain circumstances.
- How do I login using the MT4 mobile platform?
- Steps:
1. Go to ‘Settings’
2. Click on ‘Manage Accounts’ or ‘Settings’
3. Then click on the small plus sign or select ‘New Account’
4. Then select ‘Log in to an existing account’
5. Search for the broker name
6. Select the server your account was set up on
7. Enter your login credentials and password
8. Click on ‘Sign In’
- When will my demo account expire?
- After 30 days.
- Can I login to more than one account from the same computer?
- Yes, you can do such a thing by using the MT4 Multi Terminal.
- Can I login to the same account through different devices?
- Yes, you can login to the MetaTrader 4 platform using the same password and username through different devices.
- Does Forex.com accept payments from third parties?
- No, as the name(s) on the FOREX.com trading account must be an exact match with the name(s) on the account of the other financial institution.
- Can I renew my demo account after its expiration?
- Unfortunately, no.
- How can I fund my account?
- You can easily fund your account by logging in to MyAccount and visiting the Funding page.
- My verification documents are not in English. Will this be a problem?
- FOREX.com has staff available to translate documents from many languages.
- For a joint account, do I need documentation for both account holders?
- Yes, both account holders must provide a government-issued photo ID when we aren’t able to electronically verify their ID. Documentation for proof of address also must be verified for both applicants.
- Can I convert my Standard Account to a Commission Account, or vise versa?
- No, account types cannot be converted to the other pricing model. If you already have an account of one type, you can open a new account of the other type.
- Is there a commission demo account available?
- No.
- Can I fund with a personal check or business check?
- Unfortunately, Forex.com does not accept checks as a funding method at this time.
- Does FOREX.com accept Western Union or PayPal?
- No, it doesn’t.
- How are metals traded?
- Gold and silver are traded as spot while copper, palladium and platinum are traded as CFD futures.
- Can I trade cryptocurrencies on the MetaTrader trading platforms?
- At this time, cryptocurrency trading is available on the MetaTrader 5 platform, but not the MetaTrader 4 trading platform.
- Does FOREX.com’s desktop platform support backtesting?
- Yes, you can backtest strategies in the FOREX.com desktop platform using its Development Studio.
- How much does it cost to have the Performance Analytics tool?
- There is no additional cost to use Performance Analytics.
- If I have multiple accounts, will it show all my accounts aggregated or will I need to login to each account to access Performance Analytics for that account?
- You will need to log in to each account to access Performance Analytics for that account.
- Can my balance go negative?
- While Forex.com’s margin requirements, closeout levels and real-time margin system are designed to limit your trading losses, you do risk incurring losses greater than your account balance, especially during periods of extreme market volatility.
- What’s Active Trader?
- This is a Forex.com program in which you apply for if you want to trade in high volumes without any additional fees. You can automatically be qualified for Active Trader when you open an account with a minimum $10,000 or trade $25M of volume in a calendar month.