Industry News

Forex.com Review – How Legit And Reliable Is This Broker

Forex.com was established in 2001, as an online forex broker with an active presence in over 183 countries across the world. The brand is owned by Gain Capital, which is listed on the New York Stock Exchange (NYSE). The company’s headquarters is in Bedminster, New Jersey and it is regulated by top tier financial regulatory…

The firm offers clients 84 currency pairs, 8 cryptocurrencies, 17 indices, 26 commodities and 270+ stock CFDs. It supports margin trading with a maximum leverage of 20:1 for stocks and 50:1 for all other financial instruments.

In this review, we dig deep into its operations informed by its past and present client comments. We detail and rate each of the tradable financial assets offered as well as rating the quality of their services including customer support, trading fees, trading platforms, and account types.

Our goal is to help answer all your queries regarding its legitimacy and the safety of your funds to help you decide whether to open an account with them or not.

Strengths

Provides traders with an expansive range of tradable instruments
Features a huge selection of education and research materials
Supports multiple trading platforms including MetaTrader and WebTrader
Allows traders to choose between standard and commission accounts
Boasts of relatively low trading fees compared to its US peers

Weaknesses

The maximum leverage isn’t available for all traded instruments
Its WebTrader platform if fairly rigid and not easily customizable
Trading platform features limited fundamental analysis tools
Doesn’t support spread betting and binary options for futures traders

Table of Contents

What can you trade?

$50
Min Deposit

Good
App Support

1:30
Max Leverage

With regards to Forex trading, you have access to 84 currency pairs, which is more than you would get elsewhere. You get to trade all the major pairs, many more minor pairs, and a tad more exotic pairs than you would with its competitors.

When it comes to forex trading fees, the company has relatively expensive spreads. The EUR/USD pair, for instance, has an average spread of 1.3 on the standard account that is dependent on factors such as market volatility and liquidity. There also the commission-based trader accounts where spreads start from as low as 0.2 but attract a $5 commission for every $100k traded.

You also get access to margin-based foreign exchange trading for currencies. The rates are however dependent on your geographical location and local regulations. The U.S and international clients, for instance, have access to the entire 50:1 leverage, while UK traders can only use maximum leverage of 30:1 as directed by the FCA.

You can start trading with as little as $50 where the minimum traded lot is currently set at 1,000.

$50
Min Deposit

Mid
App Support

1:30
Max Leverage

Due to regulatory restrictions, Forex.com doesn’t offer this service to its U.S clients due to regulations. However, Canadian, U.K, and international clients have access to the 4500+ CFDs available for trading. These are primarily drawn from the global indices, shares and stocks, as well as commodities and cryptos.

The company has made most of these assets available to international clients on both the MetaTrader and WebTrader platforms. The market analysis section of their website features a fairly detailed economic calendar. You can also access the latest research and pivot points as well as popular topics and thought leaders’ views.

Traders can also opt to design individual automated trading algorithms on the platform or integrate third-party automated tools.

You also get access to the commodities markets through the spot metals CFDs on gold and silver. These commodities are only available on the WebTrader and not on the MetaTrader platform.

With regards to trading the commodities, you can speculate on their price appreciation or depreciation by taking trades in either direction. The precious metal traders also gain insights regarding the assets from the market analysis page.

$500
Min Deposit

Mid
App Support

1:30
Max Leverage

You can trade futures and futures options contracts as there is a platform through which you can invest in such products. U.S clients can also trade these instruments via

There is also a 14-day demo trading account for clients who would like to try trading the futures and futures options contracts. The simulated trading account is loaded with $50,000 virtual cash and contains all the key trading features like ultra-fast execution speeds and live market data.

What did our traders think after reviewing the key criteria?

The are three primary types of trading fees – all of which are volume-based and tied to different account types. These include pure spreads, spread plus fixed commission, and spread plus variable commission. The spreads, though competitive, are variable and are highly dependent on liquidity and the prevailing market conditions.

The pure spread account is popular with retail traders and spreads for the major currencies start from 1.0 with an average of 1.3 pips. The spread and fixed-rate commission account has lower spreads that start from 0.2 pips in addition to the $5 fixed commission for every $100k traded. The direct market access trader account fees start from 0.1 pips plus a variable commission that averages $60 for every $1 million traded.

With regards to discounts on fees, you get a cash rebate program that is pegged on the volume of trades. It also offers cash rebates of up to $9 for every million traded on the retail standard account, $9 for every million traded on the commission account and $20 per million traded on the high volume and direct market access account.

Non-trading fees include the rollover fees charged on trades that remain open at the end of the day’s trading session – 5 pm ET. Traders on the platform get to earn or pay these rollover rates based on whether they were long or short a trade.

Clients have access to three primary live trading account types, which include: the standard account, the commission account and the direct market account. There are also free demo accounts on offer that you can use to trade both Forex and futures contracts. The demo accounts come loaded $50,000 in virtual trading capital and are valid for 14 days.

The Standard Account

The standard account is accessible on both WebTrader and the MetaTrader trading interfaces. It calls for a $50 minimum deposit and attracts wholly variable trading fees where the spreads average 1.0 pips for the popular EUR/USD pair. Standard account holders subscribed to its Active Trader Program also get to earn up to 18% cash rebates.

The Commission Account

The Commission account stands out because it employs both variable spreads and fixed commissions in the determination of trading fees. Spreads on the account start from 0.2 pips with the fixed commission set at $5 for every $100k traded. The minimum deposit amount is $50 and the account is only available on the Webtrader and mobile apps and not on MetaTrader.

Direct Market Access Account

The direct market access account is specifically designed for high volume and frequent traders. Trading fees are a mix of variable spreads that start from 0.1 pips for major pairs and a variable commission starting from $60 for every million traded. The minimum account operating balance is set at $100K but traders are advised to maintain not less than $250K in their accounts. The DMA account is also not available on the MetaTrader interface.

There are no Sharia-compliant trading accounts, which are synonymous with the absence of overnight/rollover fees.

The firm supports several major trading interfaces including the MetaTrader (MT4), in-house trading platforms, Ninja trader, and API connections.

However, you can only access the standard forex trading account on the MT4 and Ninjatrader platforms. The two other accounts offeredare only accessible via the proprietary trading platform, which is available as a web trader, desktop app, and mobile app.

Our reviewers found the website well organized and easy to use with the home page featuring all the important tabs needed for fast and easy navigation. These include the signup and login tabs for new and existing clients as well as the markets, services, about us, platforms, market analysis, education and support tabs for everyone else looking for more insights. There also is a search tab where you can key in direct queries for even faster navigation.

The firm provides 24/5 customer support but doesn’t offer a live chat function on its website. However, its clients can access the support team on the telephone and via text messages, or through the different social media pages, and email. The website also features a detailed FAQ section.

There are four key payment options supported, which include:

Debit card payments: it does not support credit card payments but processes debit card transactions for both Visa and MasterCard branded cards. The minimum deposit for debit cards is set at $50 and the maximum at $10,000. You can deposit in USD, EUR, and GBP currencies but all these are automatically converted to USD. processing of deposits is near-instant and free.

Debit card withdrawals have an estimated wait time of 24 hours. They do not attract processing fee but have a per transaction limit of $50,000.

Bank wire transfers: you can make deposits in up to seven different currencies when it comes to bank wire deposits that must then be converted to USD. There is no minimum or maximum deposit limits for bank transfers. It may take up to two business days for the transfer to reflect in your trading account and there is no processing fees in addition to those charged by your bank.

Bank Wire withdrawals have an estimated wait time of 48 hours. There is no withdrawal limit but attract a $25 fee per transaction for amounts above $10,000.

eCheck: they also accept eCheck payments. The minimum deposit is $50 with the maximum set at $10,000. Transaction processing is immediate and free.

eCheck withdrawals have an estimated wait time of 24 hours, don’t attract processing fees and have a withdrawal limit of $25K per transaction.

Personal or business check: You can also fund your account using both personal and business checks. There are no minimum or maximum limits on deposits and transaction processing is free. Traders might, however, wait for up to 10 business days after the day of receiving the check for the cash to reflect in their accounts.

Personal or business check withdrawals are available with wait times of 48 hours. These are free and there are no maximum withdrawal limits.

There are no running promotions or bonus offers available at the moment, except for the cash rebate program available to its Active Trader Program clients.

The brand is owned by GAIN Capital Group, which is a public company headquartered in Bedminster, NJ, and is registered with and regulated by financial regulatory agencies such as the Futures Market commission (FMC), the National Futures Association (NFA), the Retail Foreign Exchange Dealer (RFED), and the Commodities Futures Trading Commission (CFTC).

As for deposit protection, there is no evidence of brand insuring customer deposits with the FDIC. GAIN Capital claims that it maintains a separate account for their customer funds while adding that these funds are then “distributed across a global network of custodian banks and brokers.”

The firm was established in 2001 and has over the years won several awards and global recognition. For instance, in Feb 2001, Forex.com was named the Forbes “Best of the Web” by Forbes.com before being named the “Best Online FX Trading Platform” for the year 2001 by Global Finance later that year. Others include being voted the Best Forex Broker in the USA for 2013 by the FT and Investors Chronicle magazine the same year.

Forex.com FAQs

Forex.com is the trademark of Gain Capital UK, Limited, a market-making broker incorporated in England and Wales. As a market-making broker, Forex.com is fully accountable for all client orders. Besides, the CFD broker reduces a client’s credit exposure by executing back to back positions with LCH. Clearnet, a Central Counterparty Clearinghouse.

Forex.com is not an ECN broker but provides Direct Markets Access (DMA) to traders looking for deep liquidity. The primary difference between ECN and DMA is that while ECN electronically matches buyers and sellers without the intervention of a third party, DMA brokers make individual contracts with liquidity providers. The features of the Forex.com DMA Account include access to level-II pricing, spreads from 0.1 on all markets and the option to split the spread.

Retail clients residing in the UK and the EU come under stringent regulations that limit their max leverage to 30:1. To qualify for lower margins or higher leverage, you could register as a professional client if you meet the eligibility criteria set by the regulators. You can change your leverage by filling out the margin change request form and submitting it to [email protected]

To connect Forex.com to MT4, you have to first register with the CFD broker. Next, check for a welcome email from Forex.com, which would also include your MT4 log in credentials and a link to download the platform. Download the desktop application on your computer or Android, iOS mobile device and start using the cutting-edge platform from MetaQuotes.

Daily Financial News

What is the best crypto wallet ?

What is the best crypto wallet: a hardware wallet, a software wallet, or a mobile wallet?

In the early stages of learning how to use Bitcoin, the security question arises: how to ensure your coins remain in your possession? Only by generating and storing keys in a way that can be verified can you be certain. It is impossible to be sure no one else has a copy of your keys unless you know they were created properly and stored offline.

Hardware wallets create your keys offline using a random number generator, so they cannot be logged. Additionally, the keys are kept permanently offline, so they cannot be accidentally shared on a network.

In software wallets and mobile wallets, random number generators are often built into the device the wallet is installed on. Since they use inputs like the current time to calculate randomness, they are difficult to verify and generally not secure. Even if your device generates randomness in a secure manner, host the resulting keys on a networked device, and an attacker can extract, view, or intercept them at any time.

It is transparent to verify that open-source hardware wallets create and store randomness securely, and that your keys are kept offline while being protected from threats like phishing. It is different in the case of open-source Bitcoin wallet though.

In addition to protecting against other vulnerabilities, hardware wallets resolve new attacks both progressively and reactively among security researchers. Supporting bug bounty programs ensures that all types of security issues are regularly checked.

What is the best crypto wallet_ a hardware wallet, a software wallet, or a mobile wallet_

Stay more secure everywhere

Hardware wallets have set a new standard for universal cybersecurity, as we discussed above. According to speculators, the future of the internet – dubbed Web3 – will rely on cryptographically secure keys backed up physically. In the cryptosphere, as well as in everyday business, e-commerce, and social media, hardware wallets are essential.

Your assets and identity are both protected offline when you use a hardware wallet for authentication, so there is no counterparty risk.

As a result of forgetting passwords and changing authenticator devices, security has long relied on third parties. Using the open recovery seed standard, users can backup their accounts safely without relying on a third party and recover accounts from any compatible device. Using Shamir backup, the recovery seed is split into multiple equal parts for stronger security.

Keeping in mind that not just crypto can be targeted is important. Similarly, your data can be leaked, resulting in phishing attacks, hostage situations, or compromised devices arriving by mail.

It has become easier and more affordable for everyone to have verifiable security thanks to hardware wallets.

The base layer of crypto security is hardware wallets

By bridging the digital and physical worlds, hardware wallets create digital keys offline and keep them safe. Crypto assets can be controlled with the keys in many ways, such as two-factor authentication, digital signatures, or two-factor authentication.

With open standards, you can ensure the same level of security across any app you use. As a result, dozens of hardware wallet manufacturers have appeared around the world, accelerating the adoption of crypto security and ensuring standards are maintained to ensure your coins remain yours regardless of wallet.

Industry News

School4Trading Review – How to Spot Possible Forex Broker Fraud

In this School4trading Review, we will look at the features of the software, as well as the customer support. First, let us look at the interface. The design is simple and easy to navigate. It also provides a chatbot, which helps you to communicate with the broker. The customer service is warm and inviting, which is a hallmark of a good broker. In contrast, a fraudulent broker will use cold and impersonal customer support to lure people in.

Another problem with the system is that the login process is not always intuitive. You may have to retype your password several times to get in. Then, you may experience difficulties withdrawing your funds or accessing your account. In such cases, you might have to wait for days or even weeks before you can withdraw the money you’ve invested. This is not a good sign. It’s better to choose a different trading platform altogether.

If you’re having trouble logging in, you should also check the legitimacy of the broker. Whether the broker is licensed by a reliable regulatory body or closed down, you’ll want to be sure it’s legitimate. If the broker isn’t licensed by the right body, don’t trust him. You shouldn’t waste your time with an inexperienced company. This will only cause you problems in the long run.

The next factor that should be checked is the licensing. A legitimate broker will have a license from a high regulatory body. However, a broker without a license will be unreliable. Moreover, a reliable regulator will take away the license of a scam broker. As a result, a trustworthy School4Broker/Profittrade review should mention fees, account rules, and contract terms. A scam broker will be unable to operate legally.

Secondly, look for warning signs. The broker should be licensed and regulated by a reliable regulatory body. It should be regulated by a high level. If it doesn’t, it’s a scam. Lastly, it should have a website that lets you easily access your account. Moreover, you should not hesitate to check the contact information. If you find any information that seems suspicious, you should reconsider using the broker.

In summary, Forex trading isn’t easy, but it doesn’t have to be complicated. It’s not as difficult as it seems if you’ve heard about the program. You’ll learn everything about the basics and how to become a professional. But if you’re still unsure about whether this program is right for you, don’t hesitate to contact a school4trading’s website.

The most important thing to remember when it comes to Forex trading is that it’s not easy. While it’s important to have a strong background in trading, there are a number of factors that can affect your success. Having a proper plan is vital in the long run, because you will be trading with real money. And, the platform should be reliable. Otherwise, you’ll end up losing a lot of money.

As we’ve mentioned, Forex is not easy. Investing isn’t something you can do in the comfort of your own home. You need a proven system. There are no free trials, so you’ll have to find a way to do it yourself. This isn’t a scam, and it’s a great way to make money without any help. A Forex system can help you learn the intricacies of the market.

Although the process of learning Forex isn’t an easy one, it’s certainly not impossible. Fortunately, there are many people who are willing to take the time to learn how to trade. But, even the most experienced trader needs to be aware of the risks of the market. While Forex trading isn’t easy, it can be done with the right knowledge. The software’s user-friendly interface is key.

Daily Financial News

Don’t Count On JPY Correction; Staying Long GBP/JPY

The path of the potential pace of the JPY decline may still be underestimated by markets, which continue trading the JPY long.

While the 10% USDJPY advance from September lows looks impressive from a momentum point of view, it may no thave been driven by Japan’s institutional investors reducing their hedging ratios or Japan’s household sector reestablishing carry trades.

Instead, investors seemed to have been caught on the wrong foot, concerned about a sudden decline of risk appetite or the incoming US administration being focused on trade issues and not on spending. Spending requires funding and indeed the President-elect Trump’s team appears to be focused on funding. Here are a few examples: Reducing corporate taxation may pave the way for US corporates repatriating some of their USD2.6trn accumulated foreign profits. Cutting bank regulation could increase the risk-absorbing capacity within bank balance sheets. Hence, funding conditions – including for the sovereign – might generally ease. De-regulating the oil sector would help the trade balance, slowing the anticipated increase in the US current account deficit. The US current account deficit presently runs at 2.6% of GDP, which is below worrisome levels. Should the incoming government push for early trade restrictions, reaction (including Asian sovereigns reducing their holdings) could increase US funding costs, which runs against the interest of the Trump team.

Instead of counting on risk aversion to stop the JPY depreciation, we expect nominal yield differentials and the Fed moderately hiking rates to unleash capital outflows from Japan.The yield differential argumenthas become more compelling with the BoJ turning into yield curve managers. Via this policy move, rising inflation rates push JPY real rates and yields lower, which will weaken the JPY. Exhibit 12 shows how much Japan’s labor market conditions have tightened. A minor surge in corporate profitability may now be sufficient, pushing Japan wages up and implicity real yields lower.

JPY dynamics are diametrical to last year . Last year, the JGB’s “exhausted”yield curve left the BoJ without a tool to push real yields low enough to adequately address the weakened nominal GDP outlook. JPY remained artificially high at a time when the US opted for sharply lower real yields. USDJPY had to decline, triggering JPY bullish secondround effects via JPY-based financial institutions increasing their FX hedge ratios and Japan’s retail sector cutting its carry trade exposures. Now the opposite seems to be happening. The managed JGB curve suggests rising inflation expectations are driving Japan’s real yield lower. The Fed reluctantly hiking rates may keep risk appetite supported but increase USD hedging costs.Financial institutions reducinghedge ratios and Japan’s household sector piling back into the carry trade could provide secondround JPY weakening effects