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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  

 

QRYPTOS

QRYPTOS Review
Trader's rating 2.1
Editor's rating 3.8

Trading accounts

 

Account type Minimum deposit Leverage Maker Fee Taker Fee
Standard Undisclosed Unknown -0.075% 0.15%

QRYPTOS is the second brand operated by QUOINE (with QUOINEX being the main product they are famous for). While this may seem curious to those who aren't familiar with the crypto space, there is a simple reason for running two companies – they offer different services. Their first project is aimed at cash to cryptocurrency transactions, while QRYPTOS focuses on exchanging one digital asset for another. The situation is very similar to the one at Coinbase and GDAX.

 

 

The company, security of funds

 

Company Country Regulation
QUOINE Pte. Ltd Japan/Singapore/Vietnam JFSA

 

QRYPTOS is owned QUOINE Pte. Ltd., a company with offices in Japan, Singapore and Vietnam.  When it comes to their viability as an exchange, they are regulated by the Japanese Financial Services Agency (JFSA). This is more than what most competitors in the crypto-space can claim.

 

QUOINE was founded in 2014 and their latest project, QRYPTOS is even younger. A lot of its features, like the mobile apps are still under development. We will update this review, once major changes occur. 

 

Substantial hacks have not yet occurred at either of the companies operated by QUOIN. That being said, we must mention the most notable case of a technical issue, experienced by the parent company. One of their largest traders (the firm B2C2) made a $3.7 million profit, after allegedly “exploiting a glitch” in the QUOINEX trading software. The transaction(s) were later reverted, leading to a lawsuit. Not much is known about the details of this event. For the sake of clarity we must mention, this whole saga happened before the company received the JFSA regulatory approval.

 

As the QRYPTOS project is fairly new, there also aren't that many user reviews.

 

Trading conditions

 

 

Trading instruments (cryptocurrencies)

Quite a few coins are available at QRYPTOS. The full list includes Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Ethereum Classic, Monero, Zcahs, Sellar, Dash, Augur and NEM (13 trading pairs in total). While the selection isn't as big as the one provided by Bittrex, for instance, it is still very solid.

 

Minimum initial deposit

We didn't have information about the minimum deposit at QRYPTOS. On the other hand, forex brokers usually provide this freely. As an example, one of the world's leading FCA-regulated brokers (which also offers Bitcoin and Ethereum trading) IG doesn't have an entry bar. One can open an account with the company for as little as she wants. For a full comparison of the two different services, read this post.

 

 

Leverage

There is no information on the leverage available at QRYPTOS. The company’s other brand QUOINEX offers a 1:25 ratio, but a lot fewer products (and a different fee structure, more on that later). We are unaware if this functionality will be integrated with QRYPTOS. Keep in mind, cryptocurrencies tend to be a lot more volatile than traditional ones, where forex brokers offer amazing leverage levels, such as 1:500.

 

 

Fees

The main way of attracting volume to the QRYPTOS exchange is the fee structure. While a lot of exchanges offer slightly better conditions for market makers, going into negative territory I.e. paying rebates for providing volume is usually reserved for the big traders. QRYPTOS offers a 0.075% rebate for everybody who provides liquidity on their platform. The taker fee is a very competitive 0.15%. In effect the company is giving 50% of its profit to the passive traders.

 

Before you think, you can become a liquidity provider at QRYPTOS and make money without taking any risk, we will have to clarify how exchanges work. A market “maker” (not to be confused with a forex market maker) is a trader who places pending orders on the exchange, hence filling the “order book”. A taker is anybody who sends a market order, entering directly at the best possible price. If you decide to be a liquidity provider, who simply aims to profit from the buying and selling of others, you will still be taking a significant market risk. Whenever a swift market move occurs, your will be taking the other side. On top of that the field is very competitive, with a lot of algo players.

 

Trading platform

 

The platform provided by QRYPTOS is web-based, with mobile apps promised for the future. Traders can fully customise the layout to their preference, but the main limitation of browser platforms still applies – everything must be in the same window. When it comes to the charting, one can choose between the charts provided by either TradingView or Cryptowatch. Here is a preview of the default layout:

 

 

As you can see from the picture, the charts aren’t properly configured yet, or the trading activity is rather minimal. Additionally they have maintained one of the features from QRYPTOEX, which we didn’t like – the order book is still placed vertically. As far as our tinkering with the platform, we couldn’t find a way to make it appear better. That being said, this still a fairly new project, so such things should not be surprising. 

 

Methods of payment

QRYPTOS only accepts cryptocurrency transfers. They are possible in all of the coins, which the company supports. On top of that, you can use your QUOINEX account as a means of depositing money with the company.

 

 

Conclusion

QRYPTOS is the second brand operated by the JFSA-regulated company QUOINEX. While their initial project QUOINEX is oriented towards attracting new people to the cryptocurrency space, this one is for the more experienced traders. With 13 trading pairs this exchange offers some alternatives, but is by no means an altocoin heaven. The entire QRYPTOS project is still in its early days, and we will update this review, once more information is available.

 

Pros Cons
JFSA Regulation Not enough user feedback yet
No major hacks yet Not that many altcoins available 
Competitive commissions (including rebates) The order book is placed vertically (as in QUOINEX)
Customizable trading platform   
Several trading instruments  

 

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