RECOMMENDED FOREX BROKERS
For a review of FOREX.com/uk click here.
The recipe has been time and time again tested… Has it been perfected at FOREX.com. Read on to find out.
GAIN Capital Group LLC or better known as FOREX.com is a member of the National Futures Association (NFA), and is a registered Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC). In order to be eligible for providing Forex trading, a would be broker must first maintain a net capital of $20 million minimum; the main reason only a handful of brokers remain in operations in the USA. Forex.com keep clients’ funds in segregated bank accounts for the safety of traders’ investments. Furthermore, the leverage in the US has been limited to 1:50.
The CFTC is an independent U.S. federal agency, with a head global markets commissioner appointed by the president and approved by the senate. The main duties of this entity is to protect investors against fraud and manipulation. The NFA self-regulatory organization for the U.S. derivatives industry. It’s main duty is to safeguard traders interests and to oversee that all members (including IG US) fulfill their lawful obligations. These two entities are considered to be the most austere regulatory agencies in the world.
The EUR/USD spread averages between 1.1-1.4 pips for the Standard Account. It’s 0.4-0.5 pips (commission not included) for the Commission Account. The cost of trading for the DMA account is on average 0.5-0.6 pips (commission not included). The leverage has been limited to a maximum of 1:50.
Seeing as this is a US broker, the number of instruments for trading has been limited to: Currency Pairs, Gold, Silver, Futures, Future’s Options.
The only available languages English and Chinese.
Gain Capital US LOGIN
There is substantial ground to cover when talking about platforms. FOREX.com’s range of terminals is both extensive and vivid: MT4, NinjaTrader, and the proprietary FOREX.com platform: Advanced Trading Platform.
This ubiquitous terminal is abundant in trading option specifically designed to give traders an edge. Expert Advisors are a staple by now, while one click trading, multiple order types, superior chart management and customizable trading indicators (and many more) open so many possibilities for traders. The platform also allows for VPS’s, letting the auto trading bots to trade without worrying that their job will be interrupted by a power failure or net crash.
The leverage here is limited to 1:50. Metatrader 4 supports only the Standard account type, with an average EUR/USD cost of trading of 1.1-1.4 pips.
MT4 can be experienced on a desktop downloadable software, or on any mobile/tablet device. The broker has not included a web substitute.
NinjaTrader does not shy away from features, meaning that it has all that traders have come to expect from this type of platform. It comes with an array of clean and customizable charts, great design choices, a market analyzer, drawing tools and over 150 analytical tools. Traders can take advantage of NinjaTrader’s Automated Trading Interface for full automated trading strategies.
The leverage is limited to 1:50, and the EUR/USD cost of trading is on average 1.1-1.4 pips. NinjaTrader currently operates only with the Standard Account type.
At the time of writing this review NinjaTrader comes only as a desktop version, meaning no phone, tablet or browser forms are supported.
ADVANCED TRADING PLATFORM
This proprietary terminal gives away a very sophisticated vibe, and rightfully so! There are over 100 indicators, 15 time frames, customizable drawing tools, a live news feed, etc. Users can develop their own trading strategies using a set of C# instruments, or chose from a set of 100+ templates. Furthermore, traders can work together with expert strategist employed by FOREX.com and develop strategies for optimal trading. We are just scratching the surface here.
The leverage cannot go any higher than 1:50.
The platform supports all account types. Therefore, the EUR/USD spread averages between 1.1-1.4 pips for the Standard Account. There are no commission attached to this account type.
The spread is 0.4-0.5 pips for the Commission Account. Here the $5 (round turn) per 100k shifts the spread to 0.9-1 pip.
Advanced Trading Platform is the only terminal supporting a DMA account. DMA trading enables clients to trade Forex pairs directly with liquidity providers without any dealing desk intervention. DMA trading is complex and aimed towards more learned traders, so we would recommend for newer users to do their extensive research first before diving into this.
The cost of trading for the DMA Account (at the time of writing this review) is on average 0.1-0.2 pips.
For DMA trading there is a peculiar commission structure. To simplify, the more you trade with the less the commission will be:
If you trade with less than $100 million, you would be charged $60 per million. So, for example if you trade $1 million, you will be charged $60, which increases the direct spread with 0.6 pips, meaning that the actual cost of trading shifts from 0.1-0.2 pips to 1.7-1.8 pips.
The Advanced Trading Platform can be experienced on a desktop downloadable software, as a web trader, or on any mobile/tablet device via the Apple/Android app.
Gain Capital US MINIMUM DEPOSIT
The minimum deposit to open an account is $50. After that there is no limit on your deposits.
The payment methods are few: Debit Card, Wire Transfer, eCheck (ACH) and through Check. Credit card funding is banned by NFA. The limited nature of depositing methods is typical for all tightly regulated US broker (ex: IG US).
The account base currencies are USD, EUR, GBP, CAD, JPY, CHF, AUD. This is quite atypical, seeing that the broker is based and regulated in the United States. It is nevertheless a very positive aspect, one that broadens the horizon for many traders.
Debit Card and eCheck processing times are immediate. Wire Transfer processes domestic transfers in 1-2 business days, and international transfers of up to 5 days. Typical processing time for Check is 5-10 working once the Check has arrived at its destination.
There are zero funding fees, however Wire Transfer transactions are eligible for payment system fees.
Gain Capital US WITHDRAWAL TIME AND FEES
The NFA/CFTC regulation reassure all traders that their withdrawals are 100% safe and secure.
Withdraw funds via Bank Transfer, Debit Card, eCheck or Check. Again, the methods are extremely limited, especially when compared to RoboMarkets or FXOpen, yet seeing as this is a US based broker one can safely conclude as to why that is (very tight regulations).
The withdrawal processing time for eCheck (ACH) and Debit Card is 24 hours. For Wire Transfer and Check it’s up to 48 hours. It may take additional time for your money to arrive, as per payment system.
A 25$ fee is charged if the withdrawal is local (within the US), and $40 if it’s international for Wire Transfers. All other methods of withdrawing funds are charge free, but are eligible for charges from the payment systems.
FOREX.com US charges dormant account holder $15 per month if no trading is detected for a period of 12 months or more. Account with $10 000 (or other currency) or more, are exempt from this fee.
The minimum withdrawal non existent. This information was confirmed by a support agent.
It’s a fact that FOREX.com is the top broker in the US, which makes, if not the best, in the top 3 of the world. With a stern regulation, any problems or misdoings with this brokerage are virtually nullified. Trading conditions are top notch, and the choice is balanced perfectly: not giving too much, but also contributing enough to keep traders busy. Easily put, FOREX.com should not be missed.