The Forex.com Canada experience that we were able to make in the course of our test can confirm the positive image that several traders have of the broker. For instance, we noticed positively that customers can choose from three different trading platforms.
Over 200 currency pairs may be traded and under the heading Knowledge Center. Forex.com offers its customers tons of useful information about trading with foreign exchange, such as webinars or various training videos.
Pros & Cons of Forex.com Canada
- Free demo account
- Trading platforms good for beginners
- Over 200 currency pairs tradable
- Reliable customer support
- Forex.com is highly licensed and regulated
- lack of promotions or bonuses
- No negative balance protection
In the course of our experience report on the broker Forex.com, we dealt intensively with the trading platforms that the broker makes available to its customers. The broker offers two trading platforms of its own and traders can even use the MetaTrader 4 software.
The main platform is certainly the so-called “Forex Trader Pro”. It enables comprehensive chart analysis and contains various trading tools. This platform is essentially available in three versions, namely as a web-based version, as a download version and as a mobile trading platform in the sort of the Forex.com app.
Additionally, with the trading platform “GTX – Forex ECN”, a trading platform for advanced and professional Forex traders is additionally offered as an alternate. Among other things, customers can use one-click trading here and have the benefit of commission-based ECN trading. A part of our positive Forex.com experience in the area of the trading platform is that it’s easy to modify back and forth between the various platforms.
The large number of tradable currencies and base values in CFD trading is additionally very convincing. In total, over 200 currency pairs and various CFDs on commodities or indices may be traded.
The broker Forex.com is part of the international financial services company Gain Capital. The forex broker has been operating successfully on the market since 1999, while the broker has also been giving private customers the chance to trade forex online since 2001.
The headquarters are in the USA, more precisely in New Jersey. The international orientation of the broker is made clear, among other things, by the actual fact that the trading platform is offered in several international languages, such as English, Russian, Chinese and, for some time, also in French. The broker now has customers in over 140 countries. It is regulated in Europe by the UK’s Financial Conduct Authority (FCA).
Account opening & trading conditions
If you would like to open a trading account with Forex.com, you’ll do so within five minutes. The account opening is free and the trader is guided step by step through the opening process.
The account may be opened in several currencies, such as euros or US dollars. If you initially want to learn how trading in forex works or want to check the broker’s platform, you have the choice of opening a free Forex.com demo account.
The account can be opened with a minimum deposit of $500. Our experience with Forex.com was also excellent when it came to trading conditions. A high maximum leverage of 400: 1 is offered and trading is possible from a spread of 1 pip.
Is Forex.com Scam or Legit Forex Broker?
We can say with a probability bordering on certainty that there’s no fraud at Forex.com. First of all, we consider Forex.com to be reputable, as tons of information about security and risks is published on the website. For instance, there’s an explicit risk warning in the course of which the broker points out that trading in forex and CFDs is related to a high level of risk. In this way, even traders who haven’t yet had any experience in Forex trading or CFD trading are informed.
Additionally, the broker’s terms and conditions can be called up at any time free of charge on the website. You’ll also read in the data protection regulations what happens to the info entered and the way they’re used. It’s also a forex. com in fact, fraud is also very unlikely because the broker is regulated by the United Kingdom financial regulator. So, there’s continuous monitoring here, which also gives the trader a high level of security. Lastly, we can therefore clearly state that we consider Forex.com to be reputable.
Final word about Forex.com
After our extensive test, we can say that we strongly recommend the broker Forex.com for Canadians. The trader can choose from different platforms, including between the broker’s own trading platform and MetaTrader 4. In addition, the number of tradable currency pairs is extremely large with over 200. The trading conditions are very customer-friendly. The broker also provides numerous professional tools for marketing research and other learning aids.