Categories
4. Broker for Advance

FOREX.com

There are so many options to trade on FOREX.com. It’s also the preferred platform for CFD traders. With a number of different trading tools and lots of research options, FOREX.com is the perfect platform for new and advanced forex traders.

Pros

  • Very safe, publicly traded company with four tier-1 jurisdictions
  • Variety of assets including most currency pairs, cryptocurrency, CFDs, and stocks
  • Earned numerous awards for mobile trading, education, and low costs
  • Competitive pricing for spreads and volume, which benefits active forex traders
  • Includes advanced trading platforms and MetaTrader

Cons

  • Slow customer service
  • Pushes you towards agency execution and higher cost services

Typical spreads for FOREX.com via MetaTrader were 1.4 pips on the EUR/USD using data from the second quarter in 2019.

There was also an average spread of 1 pip during the third quarter for EUR/USD, but only for the non-MT4 platforms. If you are a high volume trader, FOREX.com has five tiers of pricing to suit your needs, which is highly customizable and praised by users.

Level one has a spread of 1.2 pips on EUR/USD exchange for traders who can maintain a balance of at least $10,000. Spreads are reduced as you upgrade to each level, so a level five must maintain a $500 million balance and that brings the spread down to 0.84 pips on EUR/USD pairings.

FOREX.com also provides dealer execution, and it never relies on third parties to make the trades. You can get higher quality trades because FOREX.com operates this way.

In addition, the platform added Direct Market Access (DMA) accounts for US traders. Active traders in the US get higher discounts with this type of account as well.

We test these features and more in our review of FOREX.COM.

Leave a Reply

Your email address will not be published. Required fields are marked *