When it comes to getting your trades done, at Forex.com, you will enjoy the benefit of a hybrid STP Market Maker broker feature and this will be depending on the account, either STP for the DMA account of Market Maker for the Retail and Commission account. So, you’ll get one or the other execution.
Regarding executions, it is essential to note that in an STP platform, you will have Direct Market Access to buy and sell assets on the international market. On the MM side, the broker will be the buyer and seller of any orders.
At Forex.com, the minimum trade size is 1 micro lot (0.01 standard lots). It allows traders to open positions with as low as $1000 in non-leverage options.
Whether you are a day trader, swing trader, investor or only wish to trade at certain times and volatility, you have the options to do so at Forex.com and the broker will allow you to scalp and hedge.
If you wish to trade algorithmic strategies, you will be pleased to know that trading with EAs is allowed through MT4 and MT5 platforms as well. VPS, which is a service that helps traders to deploy their expert advisors on a dedicated server independently from the trader’s own computer, are legal to use as well.
This brings us to the most important aspect of your trade plan and how it can be applied at Forex.com. The broker offers 5 main risk management tools which include, Stop Losses, Take Profits, Limit Orders, Trailing Stops and Margin Calls. The following are a description of these features to remind you of how they work universally in the industry:
- Stop losses and take profit are tools that allow you to protect yourself from losses and secure gains.
- Limit orders is a tool that asks XM to open a trade once the asset reaches a certain price
- Trailing Stop helps you to secure profits while the asset keeps moving in the right direction.
- Margin Calls are also available. They warn you when your equity is below a certain level.
The great thing about Forex.com is the trading hours which are the times where an asset is available for trading. If you do not know already by now, the FX market is a twenty-four-hour market which means you can trade from the moment Asia opens on a Sunday (or Asia Monday) right up to the close in New York on a Friday. At Forex.com, the Forex trading will be available around the clock so long as the market is open.
For the cryptocurrency market, this is even open on weekends and so too is Forex.com, so you can take advantage of the weekend price action as well.
The stock, index and the commodities/futures markets depend on the asset itself or on the local market hours of the stock exchanges or the indices, but so long as the markets are open, Forex.com will be there to offer you access, night and day, depending on where you are in the world.
Leverage depends on the Forex.com entity you register with. For instance, if you are with the UK entity, then the leverage on forex is 30:1 (200:1 for professional traders). With the US entity, the leverage on forex is 50:1. With the Australian entity (ASIC) the maximum leverage on forex is 30:1. Last, with the Global entity the leverage on forex is 200:1.
Platforms & Mobile
As a key tool to implement your trading strategies, choosing the right platform is very important as it could either hurt your position or enhance your whole trading experience. Let’s take a look.
Charting and Trading tools
At Forex.com, you will enjoy great charting and trading tool software which are provided by MetaTrader 4 and 5. Metatrader offers the familiar 51 chart indicators. It also provides around 31 drawing tools from third-party platforms.
Then, you have the luxury of one-click trading and you can even set orders directly from the chart. This is critical when you want to access the market and price with ease and precision and can make a real difference to the overall execution experience when trading volatility, especially if you are a scalper wanting to get in and out of the market.
Finally, the Forex.com proprietary platform offers more than 100 trading tools though it is not as customizable as MetaTrader.
MetaTrader 4 and 5 are similar, with 5 being the latest version of MetaTrader and it is taking a number of years for traders to move from 4 to 5, but depending on your preference, Forex.com makes both available to you to enjoy.
However, MT4, for example, is only available with Standard Retail accounts but is considered the best third-party trading platform on the market. It is a powerful trading platform and is encrypted communications between you and the servers. There are over 50 indicators and charting tools to enjoy from the get-go.
The platform even enables the trader to copy other traders. MT4 is accessible and compatible with Apple, iOS, Mac, Windows, Android and comes in the form of either a download desktop version or via Webtrader.
MetaTrader 5 is only available with Standard Retail accounts and is an improved version of MT4. There are more indicators, it has an economic calendar, it features 6 more pending orders that can be available and market depth is shown across 21 total timeframes. You can also code, download and install trading robots for algo trading. Again, this is available for Apple, iOS, Mac, Windows, Android and is on Webtrader also.
Forex.com Trading Platform Trader
Now, let us get into the Forex.com trading platform. This platform is highly user friendly, for which some may prefer over MetaTrader.
Also, another advantage is that there is a huge amount of charting, trading and drawing tools, for a total of around 130 tools. Again, this platform can be enjoyed on either Apple, iOS, Mac, Windows, Android and also is accessible on Webtrader as well.
Whether you trade forex, commodities, stocks and the indices or crypto, Forex.com has it all. So let’s break down the individual asset classes and get into them.
Firstly, if you wish to trade currencies, then you are in the right place with there being over 80 forex pairs to pick from which gives you great mobility around the forex industry. You will also be able to enjoy really competitive spreads on the majors from 0.2 pips. And again, forex will be available to trade so long as the market is open, which is 24/5, Asia’s open on a Monday (Asia) to the New York close on a Friday.
If you want to trade commodities, this asset class will be made available to you through CFDs and Futures. Fixed and variable spreads will be available and up to 16 in total, consisting of 5 metals (Palladium, platinum, gold, silver, all traded vs USD), 4 energies (in Brent and WTI crude oil, Natural Gas, and Heating Oil ) and 7 agricultural contracts (Corn, Coffee, Cocoa, Sugar, Soybean, Wheat, and Cotton).
When it comes to trading global equities, Forex.com gives you a great variety to choose from so that you can have access to the action across world-wide markets depending on what is happening in the world. You will have 15 indices from all around the world to access with very low spreads during market hours.
For trading individual stocks and shares, you will have access to over 4,500 of the most popular UK and US companies. However, these will not be available on MT4 and to US traders. Commissions will be charged from as low as 0.08%.
As for crypto, here are 5 cryptocurrencies to trade made available through Forex.com. These are the most common and liquid in the markets today and should be familiar to any observer of this expanding and growing marketplace: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple.
When buying or selling these cryptos, you will be trading against the US dollar in the main, however, Bitcoin can also be traded with EUR, GBP and even AUD.
Forex.com Active Trader Program
For high volume traders, you have the Active Trader Program which means that you can qualify for it once you trade at least 25 lots in a calendar month and reduce your trading costs by up to 18%. You can also earn rebates up to 9 lots traded and get reimbursed of bank and wire transfer fees.
Social Trading – Copy Trading
While Forex.com does not have any Social Trading features or copy trading features, it’s still possible to enjoy copy trading thanks to MetaTrader.
Don’t forget, MetaTrader offers the possibility to trade with EAs, which are basically algorithms that open and close assets automatically. These can be coded (with MQL Language) or downloaded from the MQL5 forum community, so you still have plenty of flexibility and all at your fingertips.