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Forex.com US

Forex.com US Review
Trader's rating 5
Editor's rating 5

 

Trading Accounts & Conditions

 

Account type Min. deposit Min. trade size Max. leverage Average Spreads
Standard $50 0.01 1:50 1.4 pips 

 

Leading US broker Forex.com offers a single account type on several trading platforms. The broker provides commission-free trading with variable spreads and the option to use micro lots.

 

In addition, Forex.com offers swap-free accounts to investors of Islamic belief, as well as free demo ones for 30 days after sign up.

 

 

Forex.com (US) Advantages

 

Regulated in the US and other countries

Forex.com belongs to the Gain Capital group. Gain Capital meets high standards of corporate governance, financial reporting and disclosure. The parent company of the major FX brand Forex.com, GAIN Capital Holdings, Inc. (NYSE:GCAP)  is a registered Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA).

 

Besides, its subsidiaries are properly licensed in the countries of their operation: 

 

Company Country Regulation
GAIN Capital Group, LLC USA NFA, CFTC
Forex.com UK Limited UK FCA
GAIN Capital FOREX.com Australia Pty Limited Australia  ASIC
Forex.com Canada Limited Canada  ILLROC
GAIN Capital Group (Hong Kong) Limited  Hong Kong SFC
GAIN Capital Japan Ltd.  Japan FFAJ

 

Apart from Forex.com, Gain Capital Group is operating the brands City Index, GTX, Gain Capital, FinSpreads, and others.

 

The largest broker in the US

Not only that Forex.com is regulated in the United States, but it is actually the largest forex broker in the country. After FXCM has left the US market, Forex.com became the undeniable leading provider of financial services in the US.

 

Actually, a very few brokers have remained active on the strictly regulated US market: Oanda, Interactive Brokers, and TD Ameritrade.

 

Competitive spreads

Forex.com offers commission-free trading with variable spreads, the average ones on EUR/USD amounting to 1.4 pips, which is a rather competitive pricing. By comparison, the cost of trading at Oanda, another US broker, is exactly the same.

 

Low minimum investment required

In order to open an account with Forex.com, one has to invest just $50. Almost everyone can afford such an investment.

 

Several top-notch trading platforms available

Leading US broker Forex.com offers a single account type on several trading platforms. The broker provides commission-free trading with variable spreads and the option to use micro lots.

 

Actually, this piece of trading software is as sophisticated and customizable as the MT4. Its professional-grade trading tools include top-notch interactive charting with more than 100 predefined indicators, as well as the option to create some of your own. There are also a number of Integrated trading strategies, which are also customizable. Besides, users can code their own trading strategies (in C++), there is a back-testing excel tool available, and signals trading. Here is a snapshot of the platform:

 

Click on the image to zoom-in.

 

Some of the new functionalities of the platform after a recent update include powerful charts with integrated one-click trading, smart trade ticket with advanced risk management option, pre-defined and customizable layouts, and more. 

   

Various payment methods, fast withdrawals

Yet another thing we like about Forex.com (US) is the fact that it support several convenient payment methods, and namelY Debit Card, Wire Transfer, ACH and Checks. What is even more important from a client's point of view, withdrawals are processed pretty fast – within 48 hours.

 

Bonuses available

Last but not least, Forex.com (US) offers cash rebates for high volume traders. The latter are able to get rebates up to $10 per million traded. 

 

 

Forex.com (US) Disadvantages

 

Leverage capped to 1:50

Actually, this is not a weak side of the broker itself, but a legal requirement in the US. Brokers operating in the country are not allowed to provide leverage of more than 1:50, and Forex.com simply complies with the regulatory requirements. 

 

 

Conclusion

 

Forex.com (US) is the largest US broker and one of the few actively operating in the country. A market leader offering trading in more than 80 forex pairs and CFDs, it has serviced over 200,000 customers globally.

 

The US broker is a part of the Gain Capital group – a leading forex brokerage with global presence. All members of the Gain Capital family are duly regulated by the respective governmental agencies, including Forex.com (US). It is registered with the CFTC and a member of NFA. US regulation is one of the strictest, which is a good thing in terms of investor protection, however some of the rules imposed are considered too restrictive.

 

For example, Brokers registered with the NFA are required to maintain a net capital of at least $20 million to guarantee customers’ positions, which is the highest minimum capital requirement worldwide. Moreover, hedging is not allowed and leverage is limited to 1:50, as we already mentioned above.

 

Now, let’s sum up the strong and weak sides of Forex.com (US):

 

Pros Cons
A global leading broker Leverage capped at 1:50
Solid regulation  
Competitive spreads, commission-free  
Several trading platforms, including MT4  
Low min. deposit required  

 

FX Choice

FX Choice Review
Trader's rating 4.1
Editor's rating 4.4

Trading Accounts

 

Account type Minimum deposit  Minimum trade size  Maximum leverage  Average Spread 
Classic  $100 0.01 1:200 1.2 pips on EUR/USD
Pro  $100 0.01 1:200 0.5 pips on EUR/USD + $3.86 per lot (per side)


Clients of FX Choice are provided with a choice of two account types: Classic and Pro. The main difference between the two is that the Classic one is commission-free, offering higher spreads, while the Pro account is commission based and provides tighter spreads due to the ECN environment. Besides, only the Pro account offers a choice of desktop platforms – MetaTrader 4 and MetaTrader 5.


What is more, traders can choose to open Corporate or Individual accounts.


The Com
pany. Security of Funds

 

Company

Country

Regulation

FXChoice Ltd.

Belize

IFSC

 

FXChoice is a broker specialized in Forex and CFD trading for private clients, institutional investors and fund managers. Having around a decade of experience in the forex industry, the brokerage strives to provide excellent service and customer support. In 2016 alone FXChoice was awarded the Exceptional Customer Service accolade by LiveHelpNow on 5 occasions.

 

The broker offers trading in almost 40 currency pairs and various CFDs (on indices, precious metals, commodities, energies) through two robust trading platforms. With their NDD technology FXChoice is executing around 15 000 digital transactions a day.

 

The company behind the brand, FXChoice Ltd., is headquartered in Belize and regulated by the local International Financial Services Commission (IFSC).

 

IFSC has liberal control over forex brokers. Its supervision focuses on promulgation of regulation and a mandatory code of conduct, as well as the licensing process. Compliance-checking, reporting and on-going supervision are little emphasized.

 

Despite of the lack of strict regulatory rules, FXChoice places a special focus on security and keeps clients’ funds in segregated accounts, absolutely separate from their corporate ones.

 

What is more, this broker practices positive price correction. This practically means that even if traders actually slip into negative balances under extraordinary circumstances, FXChoice will simply zero out these balances. 


Trading Conditions


Minimum Initial Deposit

Unlike most forex brokers, who usually set up different initial investment for different account types, FXChoice demands $100 from both Classic and Pro account holders. This is a comparatively low initial investment for ECN environment.


Average Spreads & Commissions

This broker offers competitive variable spreads, which vary by account type. Nonetheless, trading costs on both accounts are similar, amounting to an average of 1.2 pips on EUR/USD per (ECN account holders are offered spread averaged 0.5 pips on EUR/USD incurring a commission of $ 7 per lot round turn).  So, FXChoice’s pricing is pretty attractive


Maximum Leverage

The maximum leverage level offered to FXChoice’s clients is 1:200, which is average for the industry.

 

Trading Platforms

 

The broker supports several trading platforms: MetaTrader 4, MetaTrader 5, as well as Myfxbook Autotrade.

 

Both the MT4 and the MT5 offer access to the forex, contracts for difference (CFDs), options and futures markets, but the MT5 also offers an option for trading in stocks. Both platforms use MQL programming languages and allow automated trading via Expert Advisors (EAs). They offer advanced charting packages, trading and analysis tools, alerts, signals, and customizable indicators.

 

With FXChoice MT4 is available as desktop version, mobile apps and there is also a web-based version offered, called Web terminal MetaTrader 4.

 

The MT5 was developed and promoted as an upgrading on MT4, yet many brokers still prefer the earlier technology, since many of MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform. Lately, however, the MetaTrader 5 is gaining popularity among both traders and brokers, as the hedging option was added to it and a number of other enhancements were made. With FXChoice the platform is available as a PC version and mobile apps.

 

In addition to MT4 and MT5, FXChoice is offering the Autotrade service operated by Myfxbook. This is a social forex community and online automated analytical tool, by which you can copy the trades of any system you select, directly into your FXChoice MetaTrader 4 account, without any additional fees or software to install. 

 

Besides, traders who keep a monthly balance of $3,000 or more at least 5 lots per month qualify for free VPS.


Promotions

Like many other forex brokers, from time to time FXChoice offers its clients special bonuses.


Methods of Payment

 

This broker provides a variety of payment methods to its clients: wire transfer, credit/debit card, e-wallets: Skrill, Neteller, FasaPay, Bitcoin, Perfect Money, ePayments, Trustly, Astropay and PaySafeCard.

 

Accounts can be opened in USD, EUR, GBP, AUD, CAD and Bitcoin.

 

Conclusion

 

Despite its looser regulation, FXChoice is a reliable award-winning NDD broker with more than 10 years of experience in the forex industry. It offers fast market execution and competitive trading conditions on a variety of trading platforms. To sum up the above, here are the Pros & Cons of FXChoice:

 

Pros Cons
Competitive spreads Liberal regulation
Pure NDD brokerage  
Low initial deposit for ECN environment  
Both MT4 and MT5 available   
Extra tools such as live economic calendar, VPS  

 

FxChoice Headquarters: 
21 Regent Street, P.O. Box 1814, Belize City

Country: Belize

Regulation: N/A

Website: MyFxChoice.com

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