Tpsfxmarkets.com Review Is TpsFXMarkets A Legit Forex Broker

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Contents

TpsFXMarkets Review – is it scam or safe?

TpsFXMarkets is a forex and CFD broker offering four account types with leverage as high as 1:500 and a choice between the MetaTrader4 and the MetaTrader5 platform.

Account type Min. deposit Max. leverage Spread s
Silver Account $100 1:500 1 pip
Gold Account 500 1:400 1 pip
Platinum Account 2000 1:200 0,8 pips
Diamond Account 5000 1:200 0,5 pips + $10/lot

And TpsFXMarkets claims to be based in Australia and to be regulated in St. Vincent and the Grenadines. There are a lot of issues about the regulatory status and the legitimacy of the broker however, so if you are about the open a trading account with them better read this review first.

TpsFXMarkets Advantages:

Supposedly a large selection of trading instruments

From their presentation we understand that TpsFXMarkets offers over 175 trading instruments, ranging from currencies, commodities, and metals, to options and indices. TpsFXMarkets does not mention crypto assets however, so here you may also check our list of brokers, trading with bitcoin CFDs:

Falsely claims to be regulated

TpsFXMarkets, which is owned and operated by TPS Markets Ltd, says to be a privately owned Australian broker with headquarters in Sydney. Instead of an Australian forex license however, they claim to be regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines.

So far so good, except for the fact that FSA of St. Vincent and the Grenadines regulates only the banking and the insurance sector, and not retail forex and CFD brokers. In fact FSA has even issued a warning, that can be seen on their homepage:

All that means TpsFXMarkets is deliberately trying to mislead investors that they are a regulated broker, while in reality they have no legit forex license.

Trading with a properly regulated broker is the only way to avoid getting scammed. Legit forex licenses are issued by official financial regulators like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

What is more, with a FCA broker you will even get an insurance, covering 85 000 GBP of your funds. Here you may check our list of forex brokers regulated by the FCA in the UK:

You should be especially wary if a broker offers you a trading bonus, because of the additional withdraw conditions such promotions are invariably linked to. For example a trading bonus is always liked to some minimum trade volume requirement, which quite too often is used as a pretext to cancel your withdraw requests. As you can see TpsFXMarkets offers you a trading bonus even before you get the chance to fully open their website.

No link to the client agreement

The client agreement is a key legal document, containing all the terms and conditions a trader agrees to, when signing for a live trading account. Unfortunately we were not able to find it on TpsFXMarkets homepage. Just bear in mind that you should always read through your client agreement carefully before depositing any money with a broker.

No demo account

Unfortunately we were not able to open a demo account and taste the TpsFXMarkets trading conditions first hand. Otherwise they say to be offering spreads starting form 1 pip with their opening account, which if true sounds attractive. In any case you can always check our list of brokers, offering tighter spreads:

TpsFXMarkets is not a broker we can recommend. They falsely claim to be regulated by the Financial Services Authority (FSA) in an apparent attempt to mislead their customers. As we already discussed trading with unregulated brokers is extremely risky as quite too often such brokers are simply involved in scam.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

TPSFX Review: Tpsfxmarkets.com Askew Forex Scam

TPSFX Review: Tpsfxmarkets.com Askew Forex Scam

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Last Updated: Oct 8, 2020 @ 12:04 pm

TPSFX (Tpsfxmarkets.com) is a dreadful CFDs and Forex scam to hit the lucrative trading world. TPS FX is purporting to offer fundamental and technical analysis to traders. TpsFXMarkets is offering claims and promises which are totally unfounded. Members who tried trading with this broker are crying foul. After depositing funds with this broker, they can’t seem to withdraw funds. Read this detailed and honest TPSFX review and get the truth.

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TPSFX Review

During the last couple of weeks, we have been receiving numerous email complaints from members of this platform. Why are members complaining about this platform? These are simply brokers who are stealing money by pretending to offer trading services. TPSFX is a cloned website which is enticing users to sign up. Why do newbie investors sign up with rogue brokers? Lack of proper research leads most investors to sign up with rogue platforms. Thanks to our years of trading experience, we help expose these scam artists.

What these professional scam artists have done is create what looks like a perfect trading platform. By cloning a real trading platform, these scam artists are enticing newbie traders to sign up. Thanks to their empty claims and promises, most newbies are enticed to sign up without thinking twice. One member who is ruing after signing up is Barkley. He deposited over $5,000 and won $2,000 with his first trade. Happy with this platform, he asked to withdraw his winnings. After asking to withdraw a few more times, his account was closed.

About TPSFX

There’s conflicting information regarding who actually owns this platform. TPS Markets claims to be the sole owner of this platform. Banner at the homepage claims this broker is based in the U.K. Are these claims true? Professional scam artists will do or say anything to make their platforms appear legit. And this is where most investors go wrong. They tend to believe everything written on websites. TPSFX is fooling investors into signing up with their shoddy platform.

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Who are the founding members of this platform? Scam artists will try their best to hide their real identity. They are afraid of the backlash they would face from authorities and victims. Who are the people running this website? By claiming to be based in the UK, they want to feign authenticity. These scam artists are targeting European investors. For all we know, these could be offshore brokers. Never sign up with any anonymous online trading platform. End results are chaotic to say the least.

Is TPSFX licensed or registered?

If this broker is based in the U.K, they would have to be licensed by the FCA. What we did to confirm this details is reach out to this regulatory body. As it turns out, there’s no information which confirms their licensing status. Whoever signs up with this broker should know they are signing up with an unlicensed entity. Recovering any lost funds from unlicensed brokers is a tall order. Stay safe by making sure to sign up with industry licensed and regulated platforms.

A licensed broker must be recognized by leading international regulatory bodies. These bodies include ASIC, COSNOB, CySEC, FCA, FSA, and NFA. If a broker is not recognized by any of these bodies, stay away from it. TPSFX is offering Forex trading illegally. Any unauthorized broker offering trading services is in violation of trading laws. Make sure to stay away from brokers who are based offshore too. We believe this is an offshore broker who is trying to get EU recognition status.

TPSFX disadvantages

Accounts Offered

TPSFX is furnishing users with four different account types to choose from. These account types are named Silver, Gold, Platinum, and diamond. What we noted odd with these account types is how similar they are to each other. Most accounts have different advantages from each other. With these four account types, it’s hard to spot any difference. Why would an investor deposit $5,000 and get same trading advantages as one who deposits $2,000? It doesn’t make any sense.

Another shocking feature we found with these accounts is robot trading. Members are crying foul after losing all their funds with robot trading. These accounts are mere traps set to entice users to sign up. Automated trading should not leave investors at a loss. Members are losing all their trades with robot trading. Another problem with these accounts is telephone trading which is never accurate. These brokers will place wrong trades and blame it on investors not following up.

Deposit and withdrawal

These scam artists have ensured depositing funds with this broker is easy and fast. Some of the depository channels include FasaPay, Neteller, Skrill, and Wire Transfer among others. These brokers want to get as many investors to deposit with them as possible. Depository channels are easily available in all parts of the world. Problem with this broker is withdrawing funds. The fact that they are blocking access to withdrawals makes them a certified scam. Stay away from TPS FX.

Unstable Platform

Having an unstable platform means users are vulnerable to third party attacks. Hackers find unstable platforms to be easy prey for credit card information and identity theft. Lack of proper security features is the leading cause for unstable platforms. Their MT4 platform lacks proper DDoS and SSL encryption which makes it a waste of time. Why put your bank account balance at risk with unstable platforms. Hackers will steal your credit card information and sweep your bank account clean.

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Are funds safe with TPSFX?

Safety of funds is not guaranteed by a broker who is based offshore. How can funds be safe from a broker who fails to have a valid trading license? Stay away from these brokers as they tend to be a hard nut to crack. Why have they failed to disclose where they bank funds? Is it possible users are depositing funds straight to owner’s bank account? TPSFX are mere thieves who will take your funds and run off in a heartbeat.

Another unsettling issue with this broker is in regards to segregation of accounts. TPSFX is pooling funds in one account which is extremely dangerous. Stay away from these brokers as they don’t insure funds as expected. TPSFX is breaking all rules set by the trading authorities.

Is TPSFX a Scam?

TPSFX is a scam which must be exposed by all parties. From lack of having a valid license to refusing withdrawals, this is a total scam.

Verdict

We will be adding this broker to our scam blacklist to protect our readers. Make sure to sign up with credible and leading brokers at all times.

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TPSFX review – 5 things you should know about Tpsfxmarkets.com

Beware! TPSFX is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

TPSFX is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides the MT4 trading platform and a generous leverage of up to 1:500. The required minimum deposit is also quite favorable at $250. The spread on EUR/USD is a bit above the industry average of a pip and a half.

TPSFX regulation & safety of funds

On the brokers website we read that the broker brand has a registered address in Saint Vincent and the Grenadines which is a well-known offshore zone and a preferred location for shady brokerage. The company is registered under the name TPS Market LTD and we read it is registered by the Financial Services Authority.

We remind readers that the government of SVG has multiple times publicly stated that it does not oversee Forex trading and thus we may safely conclude that not only is the brokerage not regulated. Furthermore, trading with an offshore, unregulated brokerage hides a lot of risk. There may be commingling which means that the brokerage may commingle together the finances of the firm and the finances of the clients. Furthermore, not even mentioning the name of the company is cause for concern since this means that the website is basically anonymous and the people behind it answer to no viable authority. Overall, the lack of regulation inclines us to suspect that potential clients of the brokerage may be open to substantial risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

TPSFX trading software

However, putting all this aside – the brokerage does provide the MetaTrader 4 trading platform which we always consider a huge advantage since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots. It is also the preferred choice for more than 80 percent of the traders in Forex. We were able to register for a demo account.

There is a wide range of trading products which is something we always highly appreciate. According to the website there are more than 100 different options including CFDs on stocks, indices, currency pairs and other. Furthermore, the spread is about 1.6 pips which is a bit above the industry average and the required minimum deposit is also the standard $250. In fact, irrespective of the lack of regulation, the trading conditions of the brokerage aren’t that bad.

TPSFX deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via the standard Visa and MasterCard, as well as popular e-wallets such as Skrill, Neteller, FasaPay, WebMoney and PayPal.

Going through the terms and conditions of the brokerage we did not find provisions worth noting. Many scammers choose not to disclose such information to would-be clients. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as DaxRobot or CryptoContracts where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Traderia – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

Is Your Forex Broker a Scam?

If you do an internet search on forex broker scams, the number of results is staggering. While the forex market is slowly becoming more regulated, there are many unscrupulous brokers who should not be in business.

When you’re looking to trade forex, it’s important to identify brokers who are reliable and viable, and to avoid the ones that are not. In order to sort out the strong brokers from the weak and the reputable ones from those with shady dealings, we must go through a series of steps before depositing a large amount of capital with a broker.

Trading is hard enough in itself, but when a broker implements practices that work against the trader, making a profit can be nearly impossible.

Key Takeaways

  • If your broker does not respond to you, it may be a red flag that he or she is not looking out for your best interests.
  • To make sure you’re not being duped by a shady broker, do your research, make sure there are no complaints, and read through all the fine print on documents.
  • Try opening a mini account with a small balance first, and make trades for a month before attempting a withdrawal.
  • If you see buy and sell trades for securities that don’t fit your objectives, your broker may be churning.
  • If you are stuck with a bad broker, review all your documents and discuss your course of action before taking more drastic measures.

Separating Forex Fact From Fiction

When researching a potential forex broker, traders must learn to separate fact from fiction. For instance, faced with all sorts of forums posts, articles, and disgruntled comments about a broker, we could assume that all traders fail and never make a profit. The traders that fail to make profits then post content online that blames the broker (or some other outside influence) for their own failed strategies.

One common complaint from traders is that a broker was intentionally trying to cause a loss in the form of statements such as, “As soon as I placed the trade, the direction of the market reversed” or “The broker stop hunted my positions,” and “I always had slippage on my orders, and never in my favor.” These types of experiences are common among traders and it is quite possible that the broker is not at fault.

Rookie Traders

It is also entirely possible that new forex traders fail to trade with a tested strategy or trading plan. Instead, they make trades based on psychology (e.g., if a trader feels the market has to move in one direction or the other) and there is essentially a 50% chance they will be correct.

When the rookie trader enters a position, they are often entering when their emotions are waning. Experienced traders are aware of these junior tendencies and step in, taking the trade the other way. This befuddles new traders and leaves them feeling that the market—or their brokers—are out to get them and take their individual profits. Most of the time, this is not the case. It is simply a failure by the trader to understand market dynamics.

Broker Failures

On occasion, losses are the broker’s fault. This can occur when a broker attempts to rack up trading commissions at the client’s expense. There have been reports of brokers arbitrarily moving quoted rates to trigger stop orders when other brokers’ rates have not moved to that price.

Luckily for traders, this type of situation is an outlier and not likely to occur. One must remember that trading is usually not a zero-sum game, and brokers primarily make commissions with increased trading volumes. Overall, it is in the best interest of brokers to have long-term clients who trade regularly and thus, sustain capital or make a profit.

Behavioral Trading

The slippage issue can often be attributed to behavioral economics. It is common practice for inexperienced traders to panic. They fear missing a move, so they hit their buy key, or they fear losing more and they hit the sell key.

In volatile exchange rate environments, the broker cannot ensure an order will be executed at the desired price. This results in sharp movements and slippage. The same is true for stop or limit orders. Some brokers guarantee stop and limit order fills, while others do not.

Even in more transparent markets, slippage happens, markets move, and we don’t always get the price we want.

Communication Is Key

Real problems can begin to develop when communication between a trader and a broker begins to break down. If a trader does not receive responses from their broker or the broker provides vague answers to a trader’s questions, these are common red flags that a broker may not be looking out for the client’s best interest.

Issues of this nature should be resolved and explained to the trader, and the broker should also be helpful and display good customer relations. One of the most detrimental issues that may arise between a broker and a trader is the trader’s inability to withdraw money from an account.

Broker Research Protects You

Protecting yourself from unscrupulous brokers in the first place is ideal. The following steps should help:

  • Do an online search for reviews of the broker. A generic internet search can provide insights into whether negative comments could just be a disgruntled trader or something more serious. A good supplement to this type of search is BrokerCheck from the Financial Industry Regulatory Authority (FINRA), which indicates whether there are outstanding legal actions against the broker. And if appropriate, gain a clearer understanding of the U.S. regulations for forex brokers.
  • Make sure there are no complaints about not being able to withdraw funds. If there are, contact the user if possible and ask them about their experience.
  • Read through all the fine print of the documents when opening an account. Incentives to open an account can often be used against the trader when attempting to withdraw funds. For instance, if a trader deposits $10,000 and gets a $2,000 bonus, and then the trader loses money and attempts to withdraw some remaining funds, the broker may say they cannot withdraw the bonus funds. Reading the fine print will help make sure you understand all contingencies in these types of instances.
  • If you are satisfied with your research on a particular broker, open a mini account or an account with a small amount of capital. Trade it for a month or more, and then attempt to make a withdrawal. If everything has gone well, it should be relatively safe to deposit more funds. If you have problems, attempt to discuss them with the broker. If that fails, move on and post a detailed account of your experience online so others can learn from your experience.

It should be pointed out that a broker’s size cannot be used to determine the level of risk involved. While larger brokers grow by providing a certain standard of service, the 2008-2009 financial crisis taught us that a big or popular firm isn’t always safe.

The Temptation to Churn

Brokers or planners who are paid commissions for buying and selling securities can sometimes succumb to the temptation to effect transactions simply for the purpose of generating a commission. Those who do this excessively can be found guilty of churning—a term coined by the Securities and Exchange Commission (SEC) that denotes when a broker places trades for a purpose other than to benefit the client. Those who are found guilty of this can face fines, reprimands, suspension, dismissal, disbarment, or even criminal sanctions in some cases.

SEC Defines Churning

The SEC defines churning in the following manner:

Churning occurs when a broker engages in excessive buying and selling of securities in a customer’s account chiefly to generate commissions that benefit the broker. For churning to occur, the broker must exercise control over the investment decisions in the customer’s account, such as through a formal written discretionary agreement. Frequent in-and-out purchases and sales of securities that don’t appear necessary to fulfill the customer’s investment goals may be evidence of churning. Churning is illegal and unethical. It can violate SEC Rule 15c1-7 and other securities laws.

The key to remember here is that the trades that are placed are not increasing your account value. If you have given your broker trading authority over your account, then the possibility of churning can only exist if they are trading your account heavily, and your balance either remains the same or decreases in value over time.

Of course, it is possible that your broker may be genuinely attempting to grow your assets, but you need to find out exactly what they are doing and why. If you are calling the shots and the broker is following your instructions, then that cannot be classified as churning.

Evaluate Your Trades

One of the clearest signs of churning can be when you see buy and sell trades for securities that don’t fit your investment objectives. For example, if your objective is to generate a current stable income, then you should not be seeing buy and sell trades on your statements for small-cap equity or technology stocks or funds.

Churning with derivatives such as put and call options can be even harder to spot, as these instruments can be used to accomplish a variety of objectives. But buying and selling puts and calls should, in most cases, only be happening if you have a high-risk tolerance. Selling calls and puts can generate current income as long as it is done prudently.

How Regulators Evaluate Churning

An arbitration panel will consider several factors when they conduct hearings to determine whether a broker has been churning an account. They will examine the trades that were placed in light of the client’s level of education, experience, and sophistication as well as the nature of the client’s relationship with the broker. They will also weigh the number of solicited versus unsolicited trades and the dollar amount of commissions that have been generated as compared to the client’s gains or losses as a result of these trades.

There are times when it may seem like your broker may be churning your account, but this may not necessarily be the case. If you have questions about this and feel uneasy about what your advisor is doing with your money, then don’t hesitate to consult a securities attorney or file a complaint on the SEC’s website.

Already Stuck With a Bad Broker?

Unfortunately, options are very limited at this stage. However, there are a few things you can do. First, read through all documents to make sure your broker is actually in the wrong. If you have missed something or failed to read the documents you signed, you may have to assume the blame.

Next, discuss the course of action you will take if the broker does not adequately answer your questions or provide a withdrawal. Steps may include posting comments online or reporting the broker to FINRA or the appropriate regulatory body in your country.

The Bottom Line

While traders may blame brokers for their losses, there are times when brokers really are at fault. A trader needs to be thorough and conduct research on a broker before opening an account and if the research turns up positive for the broker, then a small deposit should be made, followed by a few trades and then a withdrawal. If this goes well, then a larger deposit can be made.

However, if you are already in a problematic situation, you should verify that the broker is conducting illegal activity (such as churning), attempt to have your questions answered, and if all else fails, and/or report the person to the SEC, FINRA, or another regulatory body that could enforce action against them.

Forex.com Review 2020

Summary

Recommended for forex traders looking for low fees and great research tools

Forex.com is a global FX and CFD broker established in 2001. Forex.com is the brand name of GAIN Capital, which is listed on the New York Stock Exchange. The company is regulated by several financial authorities, including the top-tier Financial Conduct Authority (FCA) in the UK or the US Commodity Futures Trading Commission (CFTC).

Forex.com is considered safe because it has a long track record, is regulated by top-tier financial authorities, and its parent company is listed on a stock exchange.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Forex.com pros and cons

Forex.com provides everything you need for forex trading: low forex fees, many currency pairs, and lots of technical research tools.

At the same time, it lacks some popular asset classes, such as real stocks or bonds. Stock CFD fees are high, and the desktop trading platform is not user-friendly.

Pros Cons
• Low forex fees • Limited product portfolio
• Great variety of currency pairs • High stock CFD fees
• Diverse technical research tools • Non-user-friendly desktop platform
Forex.com main features and highlights
��️ Country of regulation UK, USA, Canada, Japan, Cayman Islands
�� Trading fees class Low
�� Inactivity fee charged Yes
�� Withdrawal fee amount $0
�� Minimum deposit $50
�� Time to open an account 1-3 days
�� Deposit with credit card Available
�� Depositing with electronic wallet Available
�� Number of base currencies supported 7
�� Demo account provided Yes
��️ Products offered Forex, CFD, Crypto

Gergely Korpos

Author of this review

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Forex.com review
Fees

Forex.com has low fees for forex trades and stock index CFDs. On the other hand, stock CFD fees are high and there is an inactivity fee.

Pros Cons
• Low forex fees • Inactivity fee
• No withdrawal fee • High stock CFD fees
• Low stock index CFD fees
Forex.com fees snapshot
Assets Fee level Fee terms
EURUSD Low The fees are built into spread, 1.3 pips is the average spread cost.
GBPUSD Low The fees are built into spread, 2.4 pips is the average spread cost.
S&P 500 CFD Low The fees are built into spread, 0.4 is the average spread cost.
Inactivity fee Low £/$/€ 15 per month after one year of inactivity

How we ranked fees

We ranked Forex.com’s fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let’s go over some lingo related to broker fees. What you need to keep an eye on are trading fees, and non-trading fees.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates, and conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of Forex.com for each asset class. For example, in the case of forex and stock index trading spreads, commissions and financing rates are the most important fees.

We compared Forex.com’s fees with those of two similar brokers we selected, Oanda and Interactive Brokers. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Forex.com alternatives.

To have a clear overview of Forex.com, let’s start with the trading fees.

Forex.com trading fees

Forex.com trading fees are low.

We know it’s hard to compare trading fees for forex brokers. So what we did was we compared brokers by calculating all the fees of a typical trade for selected products.

We picked popular instruments within each asset class usually offered by forex brokers:

  • Forex: EURUSD, GBPUSD, AUDUSD, EURCHF, and EURGBP
  • Stock index CFDs: SPX and EUSTX50

A typical trade involves buying a leveraged product, holding it for one week and then selling it. For volume, we chose a $20,000 position for forex and a $2,000 position for stock index and stock CFD transactions. The leverage we used was:

  • 30:1 for forex
  • 20:1 for stock index CFDs

These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. Let’s see the verdict for Forex.com fees.

Forex fees

Forex.com forex fees are low, below those of its closest competitors.

Forex.com forex benchmark fees of a $20,000 30:1 long position held for one week

Forex.com Oanda Interactive Brokers
EURUSD benchmark fee $12.6 $15.9 $17.9
GBPUSD benchmark fee $10.5 $11.9 $13.6
AUDUSD benchmark fee $12.0 $8.3 $12.0
EURCHF benchmark fee $4.9 $7.1 $7.1
EURGBP benchmark fee $9.9 $10.7 $13.0

Forex fees are built into spreads.

CFD fees

Forex.com has low stock index CFD fees but high stock CFD fees.

Forex.com CFD fees for a $2,000 long position held for one week

Forex.com Oanda Interactive Brokers
S&P 500 CFD benchmark fee $1.9 $1.0 $3.6
Europe 50 CFD benchmark fee $1.6 $0.9 $2.9
Apple CFD benchmark fee $21.8 $3.5
Vodafone CFD benchmark fee $26.0 $8.2

Stock index CFD fees are built into spreads, while stock CFD fees are charged via commission.

Forex.com stock CFD fee

Market Commission Minimum fee
US stocks $0.018 per share $10
UK stocks 0.08% of the trade value £10

Non-trading fees

Forex.com’s non-trading fees are average overall. It doesn’t charge withdrawal or account fees, but a $15 monthly fee is levied after one year of inactivity.

Forex.com non-trading fees

Forex.com Oanda Interactive Brokers
Account fee No No No
Inactivity fee Yes Yes Yes
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $0

Forex.com review
Account opening

Forex.com’s account opening is seamless and fully digital, with a low minimum deposit. On the other hand, account verification takes

2 business days, which is not the fastest on the market.

Pros Cons
• Fully digital • Relatively slow account verification
• Low minimum deposit
• User-friendly

Can you open an account?

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Forex.com accepts customers from most countries, including the US. Notable exceptions include Hong Kong and New Zealand.

What is the minimum deposit at Forex.com?

The required Forex.com minimum deposit is $50 . This is a low amount as there are other brokers that require a minimum of $2,000 or more.

Account types

Forex.com provides three account types, which differ in their pricing structure and in the trading platforms available.

Forex.com account types

Account types Pricing Trading platforms
Forex.com account Higher spread and no commission Forex.com’s own platforms
MetaTrader account Higher spread and no commission MT4
DMA account Lower spread and commission of $2 per lot per trade Forex.com’s own platforms

When it comes to account ownership, Forex.com has additional options:

  • Individual – owned by an individual
  • Joint – owned by two or more individuals
  • Corporate – owned by a legal entity

How to open your account

Forex.com has a straightforward and fully digital account opening process. Online registration takes only 10-15 minutes. Our account was verified in 2 business days, which is a bit slower than at some other brokers.

It takes four steps to open a Forex.com account:

  1. Choose whether you want to use Forex.com’s own trading platform or MetaTrader 4, a third-party trading platform.
  2. Fill in your personal and financial information.
  3. Answer a couple of questions relating to your financial knowledge and trading history.
  4. Verify your identity and residency. You can upload a national ID card, passport or driver’s license to verify your identity. Utility bills and bank statements are accepted as proof of residency.

We ran into some problems during account verification. Forex.com rejected the uploaded proof of residency but did not tell us the reason. We think they should give more information when something goes wrong.

Forex.com review
Deposit and withdrawal

Forex.com provides multiple options for deposit and withdrawal, all free of charge. However, withdrawal is not possible with some credit cards.

Pros Cons
• Credit/Debit card available • Problem with credit card withdrawal
• Free withdrawal
• No deposit fee

Account base currencies

At Forex.com, you can choose from 7 base currencies: EUR, GBP, USD, AUD, CAD, CHF, JPY .

Base currencies at Forex.com vs similar brokers

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Forex.com Oanda Interactive Brokers
Number of base currencies 7 9 19

Why does this matter? For two reasons. If you fund your account in the same currency as your bank account or you trade assets in the same currency as your account base currency, you don’t have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Deposit fees and options

Forex.com charges no deposit fees. Besides bank transfer, you can use credit/debit cards and PayPal for deposit.

Forex.com deposit options

Forex.com Oanda Interactive Brokers
Bank transfer Yes Yes Yes
Credit/Debit card Yes Yes No
Electronic wallets Yes Yes No

A bank transfer can take several business days, while payment with a credit/debit card is instant.You can only deposit money from accounts that are in your name.

Forex.com withdrawal fees and options

Withdrawal at Forex.com is free of charge. Methods for withdrawal are the same as for deposits.

Forex.com withdrawal fees and options

Forex.com Oanda Interactive Brokers
Bank Transfer Yes Yes Yes
Credit/Debit card Yes No No
Electronic wallets Yes No No
Withdrawal fee $0 $0 $0

How long does it take to withdraw money from Forex.com? Bank transfers can take 2-3 business days, while credit/debit card withdrawal can take longer, up to 5 business days.

When we tested withdrawal, it took several weeks because we had a problem with credit card withdrawal. The reason for the problem was that Forex.com can’t send money to some MasterCard and Visa credit cards. Instead of credit cards, we had to withdraw via bank transfer, but before doing so, customer service had to add and approve our bank account. It would be great to know in advance which cards are accepted for withdrawal and which are not.

How do you withdraw money from Forex.com?

  • Log in to ‘MyAccount’
  • Click on ‘Funding’ and then select ‘Withdraw’
  • Fill in the required amount
  • Confirm your withdrawal

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Forex.com review
Web trading platform

Forex.com’s web trading platform is user-friendly and extremely customizable, with lots of order types. On the negative side, there is no two-step login and we found some bugs.

Pros Cons
• User-friendly • No two-step (safer) login
• Good customizability (for charts, workspace)
• Good variety of order types
Forex.com platforms to choose from
Trading platform Score Available
Web 4.3 / 5 stars Yes
Mobile 4.3 / 5 stars Yes
Desktop 3.0 / 5 stars Yes

Forex.com has two web trading platforms, Web Trader and MetaTrader 4. We tested Web Trader because it is Forex.com’s own platform, while MetaTrader 4 is provided by a third party.

Web Trader is available only in English.

Look and feel

Forex.com’s web trading platform is user-friendly and looks great.

It is extremely customizable. You can easily add, remove, or change the size and position of tabs to create your own unique trading platform. It also lets you pick between a light or dark theme and between “one-click” or “two-click” trading.

Login and security

Forex.com provides one-step login. Two-step authentication would be safer here.

Search functions

The web trading platform has good search functions. You can search by typing the name of the product you’re looking for or browsing a categorized product list.

Placing orders

You can use many order types, including some more sophisticated ones:

  • Market
  • Limit
  • Stop-loss
  • Trailing stop
  • One-cancels-the-other (OCO)

If you are not familiar with basic order types, read this overview.

There are also several order terms available:

  • Good till canceled (GTC)
  • Good till end of the day (GTD)
  • Good till time (GTT)

Alerts and notifications

The alert function lets you know when an asset reaches a price target. You also get a notification when your orders get fulfilled. This is a push notification, available on both web and mobile platforms. You can easily set alerts and notifications.

Portfolio and fee reports

Forex.com has clear portfolio and fee reports. You can find these under the ‘Reports’ tab and download them in PDF, XLS, XML and CSV.

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Forex.com review
Mobile trading platform

Forex.com’s mobile trading platform looks nice and is easy to use. The search function is also great. However, there is no two-step login.

Pros Cons
• User-friendly • No two-step (safer) login
• Good search function
• Good variety of order types

Similarly to the web trading platform, Forex.com provides two mobile trading platforms: Forex.com’s own, and MetaTrader 4’s mobile trading platform. Both trading platforms are available on iOS and Android. In this review, we tested Forex.com’s own trading platform on Android.

Look and feel

The Forex.com mobile trading platform is user-friendly and well designed. However, features were sometimes quite slow to load.

Login and security

Forex.com provides only one-step login.

You can’t log in using biometric authentication. Offering this feature would make the login process more convenient.

Search functions

Search functions are good. You can search by typing the name of the asset you’re looking for or browse product categories.

Placing orders

You can use the following order types:

However, we didn’t find an option to set order time limits.

Alerts and notifications

You can easily set price alerts on the Forex.com mobile platform.

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Forex.com review
Desktop trading platform

Forex.com’s desktop platform has the same functions as the web trading platform but lags behind in user-friendliness.

Pros Cons
• Clear fee report • Not user-friendly
• Good customizability (for charts, workspace) • No two-step (safer) login
• Good variety of order types • Poor design

Forex.com offers two desktop platforms, the Advanced Trading Platform and MetaTrader 4. Once again, we tested the Advanced Trading Platform as this is Forex.com’s own platform, while MetaTrader 4 is a third-party platform.

Forex.com’s desktop trading platform has the same functionality as the web trading platform. For example, you can use the same order types or price alerts.

On the downside, the desktop trading platform is less user-friendly and the design feels outdated. It was hard to navigate the platform and it felt too crammed with functions.

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Forex.com review
Markets and products

At Forex.com, you can only trade with forex, CFDs and cryptos. Other asset classes, like real stocks or funds, are not available.

Forex.com is a forex broker, also offering some CFDs. To learn more about CFDs read our CFD trading tips.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Forex.com provides a great number of currency pairs and cryptocurrencies. The stock index, ETF and commodity CFD selections are also great. The stock CFD lineup is relatively thin, though.

Forex.com product selection

Forex.com Oanda Interactive Brokers
Currency pairs (#) 84 71 105
Stock index CFDs (#) 17 16 13
Stock CFDs (#) 270 7,100
ETF CFDs (#) 26
Commodity CFDs (#) 26 31
Cryptos (#) 8 2

You can change the default leverage level of the products, which is great.

Changing the leverage manually is a very useful feature when you want to lower the risk of your trade. For example, instead of trading with 5:1 leverage, you can set it to 2:1 in the case of stock CFDs. Be careful with forex and CFD trading, since the preset leverage levels are high, putting you at a high risk of losing your money.

Forex.com review
Research

Forex.com has great and diverse research functions. It provides good charting tools, trading tips based on technical analysis, and high-quality market reports. On the other hand, it lacks fundamental data.

Pros Cons
• Good interactive chart • No fundamental data available
• Trading ideas
• High-quality market reports

You can find Forex.com’s research tools on its trading platforms or on the website under ‘Market Analysis’.

We ran into some bugs on the trading platform during our test. For example, when we opened Autochartist, it didn’t work.

Trading ideas

Forex.com also provides trading ideas based on technical analysis. You can find them on the platform if you click ‘Trading Central’.

Fundamental data

Forex.com doesn’t provide fundamental data.

Charting

Forex.com has great charting tools. You can easily edit and save your charts. There are

80 technical indicators and many editing tools, such as Fibonacci retracement or trendlines.

News feed

Forex.com doesn’t have news feeds.

On the other hand, there is an economic calendar, which lists upcoming macro events. When you select an event, you can view a short summary and check historical data.

You can also read market analysis written by Forex.com’s research team. You can find these articles under the ‘Market Analysis’ tab. We liked how news articles can be filtered based on various criteria.

Forex.com review
Customer service

Forex.com has great customer service on the phone. Finding live chat is a bit tricky, but responses are relevant and fast. On the negative side, email support is slow and answers aren’t always satisfactory.

Pros Cons
• Live chat • No 24/7 support
• Great telephone support • Poor email support
• 24-hour support Sunday to Friday

You can contact Forex.com via:

We were really satisfied with Forex.com’s phone support. They answered the phone instantly, and we got relevant answers.

If you prefer using live chat, click ‘Chat’. It opens a chatbot, which can answer some basic questions, like “How can I deposit?”. It’s a bit more tricky if you want to talk to a real person. You have to type ‘agent’, after which the chatbot offers to connect you with a sales or support agent.

Email response time is slow; during our test, it took 4 business days to receive a reply. The answers were not fully helpful as we merely got links to FAQ pages.

Forex.com’s customer service is not fully 24/7, though it is available 24 hours a day from Sunday to Friday.

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Forex.com review
Education

Forex.com does a great job in education, offering many ways to learn.

Pros Cons
• Demo account • No webinars
• Trading platform tutorial
• Educational videos

At Forex.com you can learn in the following ways:

  • Demo account
  • Platform tutorial videos
  • General educational videos
  • Quality educational articles
  • Trading glossary
  • Trading knowledge quiz

We liked the quality and structuring of the videos. You can choose from different topics, like fundamental analysis or risk management.

The quiz and trading glossary are unique educational tools. We found them really fun and useful.

The only thing we missed was webinars, as they are the best platform for asking trading professionals directly.

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Forex.com review
Safety

Forex.com is regulated by many financial authorities, including the top-tier FCA. Its parent company, GAIN Capital is listed on the New York Stock Exchange.

Pros Cons
• Majority of clients belong to a top-tier financial authority None
• High level of investor protection
• Parent company listed on stock exchange

Is Forex.com regulated?

Yes, it is regulated by several financial authorities globally, such as the UK Financial Conduct Authority (FCA), or the US Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA).

Is Forex.com safe?

To be certain, we highly advise that you check two facts:

  • how you are protected if something goes wrong
  • what the background of the broker is

How you are protected

Forex.com operates several subsidiaries worldwide; which of these will serve you depends on your residency. The investor protection amount you’re eligible for depends on the country where the subsidiary serving you is located.

For example, if you are from the UK, you will sign up with GAIN Capital UK Ltd and will be eligible for investor protection of £85,000. GAIN Capital UK Ltd is regulated by the FCA, the UK regulator.

Not all investments are protected by SIPC. In general, SIPC covers notes, stocks, bonds, mutual funds and other investment company shares, and other registered securities. It does not cover instruments such as unregistered investment contracts, unregistered limited partnerships, fixed annuity contracts, currency, and interests in gold, silver, or other commodity futures contracts or commodity options.

Forex.com investor protection

Futures Commission Merchant (FCM)

Retail Foreign Exchange Dealer (RFED)

Commodity Futures Trading Commission (CFTC)

National Futures Association (NFA)

Country of clients Protection amount Regulator Legal entity
EEA £85,000 Financial Conduct Authority (FCA) GAIN Capital UK Ltd.
USA No protection GAIN Capital Group LLC
Canada $1,000,000 Investment Industry Regulatory Organization of Canada (IIROC) GAIN Capital – FOREX.com Canada Limited
Japan No protection Japanese Financial Services Authority (FSA) Gain Capital Japan Co.
All other clients No protection Cayman Islands Monetary Authority (CIMA) GAIN Global Markets Inc.

Forex.com provides negative balance protection for clients belonging to GAIN Capital UK Ltd. for forex spot and CFD trading, but only for retail clients from the European Union. Professional and non-EU clients are not covered with any negative balance protection.

Background

Forex.com is a brand of GAIN Capital, a US-based investment company. This is important as a strong parent company lowers the chance that the company will go bust.

GAIN Capital is also listed on the New York Stock Exchange. It is a big plus for safety as Forex.com releases financial statements regularly and in a transparent manner.

Forex.com was established in 2001. The longer the track record of a broker, the more proof we have that it has successfully weathered previous financial crises.

Having a parent company listed on a stock exchange, providing financial statements, and being regulated by top-tier authorities are all great markers of Forex.com’s safety.

Forex.com review
Bottom line

Forex.com is a great forex broker regulated by several financial authorities, such as the UK FCA or the US CFTC.

On the positive side, it has low forex fees, many tradable currency pairs, and high-quality research tools.

It has some drawbacks though. Popular assets, like real stocks or bonds, are not provided. Stock CFD fees are quite high, and the desktop platform is not easy to use.

Since no withdrawal fee or inactivity fee kicks in until after one year, feel free to try Forex.com today.

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69% of retail CFD accounts lose money

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