Gain Capital Holdings have established MarketFX.com to trade currencies online. This organization is known for more than 20 years so far. This broker is considered one of the most competitive and trusted ones. Not all traders, however, will find his platform beneficial as it is associated with plenty of risks. Still, both newcomers and experts frequently choose MarketFx.com.
The primary asset at MarketFX.com is CFD. That is a rather complicated trading tool with high risks. Almost 70% of users lose funds while trading CFDs at MarketFx.com, and it is not the fault of the last one. At the same time, there is no reason to doubt the reputation and safety of this broker. After all, its developer is a leading figure in financial services, included on The New York Stock Exchange. It is just vital to understand the way CFDs function and the associated threats. If you can afford to lose some money, you can take certain risks and play on MarketFX.
Is Forex.Com Safe to Use and Legal?
Its owner, Gain Capital Holdings, has registered the brokerage officially. The Financial Conduct Authority in the United Kingdom controls and monitors Forex.Com completely. Also, the broker is regulated by the authorities in such countries as the United States, Japan, Hong-Kong, Singapore, Canada, and Australia. The major regulators include the NFA, CFTC, FCA, FSA, and CIMA.
The platform operates since 2001. During those 20 years, the broker faced only several minor fines, with $50,000 as the greatest one (because of the temporary tech issue). The track record of Forex.Com is solid and fair. Today, it is one of the hugest online retail brokers. The users can access more than one hundred and eighty international markets. Those are:
- Forex pairs
- Indices & stocks
As for the registration, the website offers a single-step sign in procedure. However, it would be smarter to involve two-step verification at Forex.Com.
What about the Fees at Forex.Com?
Compared to many other famous brokerages, Forex.com offers rather low fees. Experts discovered that after estimating the prices of a typical trade for particular goods. It means purchasing a leveraged product for a single week. Then, the product is sold.
Experts found out that the fees are transparent, and a few account types are offered. In one case, you may have to pay the spread on each trade while in another, the spread is lower, which is compensated by the presence of commission.
As for the initial deposit, the lowest required amount is $50. Compared to other services, this is a very low charge, as many others insist on a minimum of two thousand dollars. Typically, the spread hovers roughly one pip and goes as low as 0.8 pips. Also, Forex.Com does not set up any deposit/withdrawal fees, but the inactivity fee is $15 monthly.
Features and Accounts Available
There are two basic types of accounts at Forex.Com: a standard and an Active Trader. Unlike the first one, an Active Trader asks for a minimum of $20,000 in a deposit. If you wish to try this platform for the first time in your life, apply for a risk-free $50,000 demo account. It will help you to master the basics. The costs can be divided into the two categories:
- Spreads & commissions
- Overnight financing fee/”swap rates”
When it comes to navigation, among all sites for trading and financial education. Forex.Com us one of the simplest and most convenient. The site is well-tabbed. You will find all the explanations of the available features. More than 3,200 markets are present where users can trade CFDs and binaries.
Coming back to the question of an Active Trader account, you may be interested in what makes it special. First of all, a user obtains a so-called Relationship Manager to serve any trading needs. Moreover, the owners of this upgraded account obtain other bonuses, such as:
- Priority service
- No account fees
- Interpretation of financial data
- Personalized support & help
- Reports and analytical data
- Great discounts on popular markets
Available Trading Tools
You can discover a range of various instruments for trade on this platform. It is possible to use the famous Meta Trader 4. As for the native Forex.Com platform, it is called Web Trader. Meta Trader 4 tends to be a free instrument, which is secure, quick, and most robust. As for the Web Trader, the built-in option, it can offer the following features:
- Economic calendars
- Financial news
- Market sentiment & tech indicators
- Advanced charts, etc.
The tab system may seem confusing only for the first time. The platform is customizable.
The fact that Forex.Com offers rather low fees and no commissions makes this service attractive for many investors. It also provides excellent desktop & mobile functionality and is easy to navigate. The traders will enjoy the built-in TradingView charts and personalized support. Also, Forex.Com is strictly regulated by authorities from seven countries.
At the same time, trading CFDs is the riskiest thing that you can imagine. The platform offers a tiny rebate for active users. Then, there is no protection of negative balance. Although the fees are low, Forex.Com has higher spreads overall compared to global brokerages. This platform better suits experts in trading or those who can allow losing some money.