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Forex.com?

  • #1
  • First Post: Nov 6, 2006 11:06am Nov 6, 2006 11:06am
Hi

I'm considering to use forex.com as my forex broker.

Did anybody hear anything about forex.com or has anybody used forex.com?

Opinions? Comments? Complaints? Anything?

Thanks.
  • #2
  • Nov 6, 2006 11:44am Nov 6, 2006 11:44am
you'll be sorry!
  • #3
  • Nov 6, 2006 12:31pm Nov 6, 2006 12:31pm
The platform is just okay, but allows you to make trades very quickly (point & click). The interest payments are terrible and thats my main complaint.

I mainly use this platform for trading the news. If you carry trade I would recommend you go somewhere else.

The customer service is okay if you have a large account. The chat feature is a good idea, but the service on there is quite poor.

Bottom line. If you trade the news and don't hold carry trades then its a good broker. You have fixed spreads and they never widen during the news. Your account is safe and secure but spreads could be lower and the service could be better.
  • #4
  • Nov 6, 2006 12:49pm Nov 6, 2006 12:49pm
I love Oanda in so many ways. People had a falling out with them when they raised their spread during news, but honestly... they are the best retail broker out there. GFT is good too.

ECNs are still the best though.
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #5
  • Nov 6, 2006 1:39pm Nov 6, 2006 1:39pm
I would say don't even think about them. Their platform belongs to a zillion years ago and they do not intend to update it in the near future (based on a recent chat I had with them). They do not offer a charting tool (although there is a chart availalble on their platform) so you need another application like MT4 for analyzing charts. Their price is not exactly the same as the chart on their platform.

They're probably well-known because of the name they've picked for their website. I had a live account with them and closed it eventually.
  • #6
  • Nov 6, 2006 3:22pm Nov 6, 2006 3:22pm
Forex.com is probably just fine, they did send me my money when I switched to Oanda. I switched because Oanda pays interest on my margin (they also charge interest on borrowed money though) and because they allow the trader to choose the exact position size. Forex.com allows mini-lots which can pinch smaller trading account. (I trade smaller than mini-lots currently).

Oh yea, and you cannot set limit orders for breakout trades with Forex.com
I think their spreads are ok and the service rep.'s were really nice too.

Good luck.
  • #7
  • Nov 6, 2006 4:39pm Nov 6, 2006 4:39pm
Quoting aparsai
I would say don't even think about them. Their platform belongs to a zillion years ago and they do not intend to update it in the near future (based on a recent chat I had with them). They do not offer a charting tool (although there is a chart availalble on their platform)
That's odd. I'm beta testing their new platform right now.
  • #8
  • Nov 6, 2006 5:17pm Nov 6, 2006 5:17pm
Quoting Rolandlc33
If you trade the news and don't hold carry trades then its a good broker. You have fixed spreads and they never widen during the news. Your account is safe and secure but spreads could be lower and the service could be better.
And what about execution? Do they fill orders just before news releases? What is their spread on cable or EUR/USD when news?
  • #9
  • Nov 6, 2006 5:48pm Nov 6, 2006 5:48pm
Quoting philmcgrew
That's odd. I'm beta testing their new platform right now.
I stopped using Forex.com sometime in February. I contacted them a few months ago (probably in July) they told me that they are not willing to add a charting tool to their platform. However, your information is more up-to-date. Sorry if I posted false info.
  • #10
  • Nov 6, 2006 5:55pm Nov 6, 2006 5:55pm
Yes they fill orders before news releases. Just point and click the price you want. Even during the news you always know what price your getting if you use the clickable prices. The spread is fixed ... 3 EUR/USD 4-5 on GBP.

Phil where did you get the new beta version?
  • #11
  • Nov 6, 2006 6:05pm Nov 6, 2006 6:05pm
I just downloaded their new platform. Nothing major has changed since the last I used the platform. It's the same annoying environment. The only good thing about it is that you can easily click a botton to place an order at market price.
  • #12
  • Nov 6, 2006 8:56pm Nov 6, 2006 8:56pm
I use forex.com as well. I don't know about other platforms (I have demo with Metatrader using ibfx), but I wonder about with other platforms and needing to place orders, etc while away from computer, etc. With forex you can trade using internet, and I "guess" you can't do that so easily with ibfx.

Spread is 3 pips for eur/usd and 5 for gbp/usd. News time I have seen a 7 pip spread on gbp/usd, but also a 4 pip spread. I hate their charts, but I use metatrader for that anyway now. Even when I move brokers, I'll keep this one open for certain trading strategy.

You can place trailing stops, if then, oco, and if then oco orders with them.
  • #13
  • Nov 6, 2006 8:56pm Nov 6, 2006 8:56pm
I have 2 accounts 1 with forex.com and one with oanda and I like Oanda because of the interest payments. What i dislike with forex.com is at 5pm each day they adjust your open trades with pips either up or down depending on the interest is my guess.

I keep the forex.com for news trades because of the fixed spread but their spreads are higher than Oanda. The one thing I enjoy about forex.com and the main reason i keep my account there open is the commentary, the daily indicators and strategy and their forecasting tools. It took me a while to get use to the Oanda platform though, to be honest I prefer the forex.com layout.

The CS of forex.com is terrible though but luckily i don't have much need for them.
  • #14
  • Nov 7, 2006 9:07am Nov 7, 2006 9:07am
Quoting jon167
And what about execution? Do they fill orders just before news releases? What is their spread on cable or EUR/USD when news?
deal not accepted rates have changed get used to seeing this. this has been my experience with them. tried to exit a trade with a small profit they would not let me out! when I called was put on hold
  • #15
  • Nov 7, 2006 10:29am Nov 7, 2006 10:29am
Choosing a broker is so hard.



I know nobody is perfect. I just don't want a broker doing something shady to me and take away the little profit i make.

I want to trade the news and also technicals. Nothing long term. If forex.com is pretty good with that then i'll try them out for a few months and see what happens.
  • #16
  • Last Post: Nov 7, 2006 4:11pm Nov 7, 2006 4:11pm
Hi,

I havent got any live experience on Forex.com though i started my initial demo trading on forex.com platform but as i came thru MetaTrader platform and GFT which are not java based i prefer more those anytime compared to Java based.

Quoting MPR_NY
Hi

I'm considering to use forex.com as my forex broker.

Did anybody hear anything about forex.com or has anybody used forex.com?

Opinions? Comments? Complaints? Anything?

Thanks.
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