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Forex.com opinions

  • #1
  • First Post: May 26, 2009 1:55pm May 26, 2009 1:55pm
I recently opened an account with forex.com. I have not read favorable reviews of them, however, and would like to get some opinions from this board on why they are viewed so negatively. They seem like a reputable and established shop, spreads could be better but what else am I missing?

Thanks for your help.
  • #2
  • May 26, 2009 2:11pm May 26, 2009 2:11pm
Quoting ilans1
I recently opened an account with forex.com. I have not read favorable reviews of them, however, and would like to get some opinions from this board on why they are viewed so negatively. They seem like a reputable and established shop, spreads could be better but what else am I missing?

Thanks for your help.
Firms like FXCM and Forex.com have been around for a while now and have very large client bases. Almost anyone who has been trading for more than 4 years has tried either or both firms at one point or another..

Both firms have gone through times where everything was bad; spread, execution, withdrawal time, slippage, requotes. Nonetheless, they have both made significant advancements..

I personally think GAIN Capital is one of the only honest deal desk brokers out there. Spreads are not the best, but not the worst either.

Still yet to have a problem that wasn't rectified in due time..
  • #3
  • May 26, 2009 2:15pm May 26, 2009 2:15pm
Thanks for the reply. Im glad to hear they're not as bad as what Ive been reading. This is my first foray into forex so I'm sure as I get wiser I'll look for a better option, but for now seems like I'll stick with them. Are spreads negotiable at all or are they pretty much fixed?
  • #4
  • May 26, 2009 2:43pm May 26, 2009 2:43pm
Quoting ilans1
Thanks for the reply. Im glad to hear they're not as bad as what Ive been reading. This is my first foray into forex so I'm sure as I get wiser I'll look for a better option, but for now seems like I'll stick with them. Are spreads negotiable at all or are they pretty much fixed?
They offer 3 spread categories -- Regular, ForexPro and ForexPro2

You need at least 10K to get ForexPro spreads, but the difference is almost unnoticeable.
  • #5
  • May 26, 2009 3:49pm May 26, 2009 3:49pm
I am using forex.com fixed, the spread for the GDP/USD is high.

I personaly prefer to pay a higher consistent spread up front then have a widely expanding spread, I least I can have some idea of my costs of making the trade that way.


Best regards

Dale
  • #6
  • May 26, 2009 4:01pm May 26, 2009 4:01pm
Quoting Dale
I am using forex.com fixed, the spread for the GDP/USD is high.

I personaly prefer to pay a higher consistent spread up front then have a widely expanding spread, I least I can have some idea of my costs of making the trade that way.


Best regards

Dale

Yea, the GBPUSD seems to fluctuate quite a bit from 4-6 pips at GAIN (forex.com) while the EURUSD really only moves from 2-3 pips.

Their MT4 platform has got much better since one year ago and GAIN remains one of the easiest places to get set up with an MT4 PAMM account if you want to manage funds on metatrader..
  • #7
  • May 26, 2009 4:42pm May 26, 2009 4:42pm
Gain Capital (forex.com) has a very honest dealing desk.
The only problem Gain has is their high spreads. Before they upgraded to the MetaTrader4 platform, the trading application they used before was complete junk. I'm not a a fan of MT4 by any means ... but MT4 is a huge improvement over the previous trading platform Gain offered before MT4.

But other than their High Spread, Gain is a good company to trade with. Gain could be lumped with brokers like FXCM and GFT.
  • #8
  • May 26, 2009 4:45pm May 26, 2009 4:45pm
Quoting Jhig
Gain Capital (forex.com) has a very honest dealing desk.
The only problem Gain has is their high spreads. Before they upgraded to the MetaTrader4 platform, the trading application they used before was complete junk. I'm not a a fan of MT4 by any means ... but MT4 is a huge improvement over the previous trading platform Gain offered before MT4.

But other than their High Spread, Gain is a good company to trade with. Gain could be lumped with brokers like FXCM and GFT.
Exactly by thoughts on GAIN -- I was just worried that I'd get flamed if I said GAIN's deal desk was honest, but compared to nearly all market makers, they are.

GFT is another good one, spreads are comparable to GAIN's as well.
  • #9
  • May 26, 2009 4:45pm May 26, 2009 4:45pm
I run a demo on Forex.com. Which mt4 brookers have better spread than forex.com?
Elovv
  • #10
  • May 26, 2009 5:53pm May 26, 2009 5:53pm
Ive seen many mentions of MT4 but being new to this game I'm not quite sure what it is, and how it can be used with forex.com trading platform. What is the advantage of using MT4 over their standard platform?


Quoting Jhig
Gain Capital (forex.com) has a very honest dealing desk.
The only problem Gain has is their high spreads. Before they upgraded to the MetaTrader4 platform, the trading application they used before was complete junk. I'm not a a fan of MT4 by any means ... but MT4 is a huge improvement over the previous trading platform Gain offered before MT4.

But other than their High Spread, Gain is a good company to trade with. Gain could be lumped with brokers like FXCM and GFT.
  • #11
  • May 26, 2009 7:54pm May 26, 2009 7:54pm
Quote
What is the advantage of using MT4 over their standard platform?



The option to code in Metaquotes makes it cusomizable to you own needs Even if you do not code, often others have coded indicators, scripts, and expert advisors.

My understanding the the other options Forex.com offers requires a monthly fee.


Best regards


Dale
  • #12
  • Edited 10:24pm May 26, 2009 9:16pm | Edited 10:24pm
Quoting BostonForex
I personally think GAIN Capital is one of the only honest deal desk brokers out there.
Arent you an Ib to them?
  • #13
  • May 26, 2009 11:02pm May 26, 2009 11:02pm
The problem with Forex.Com is that they have started to have wide spreads.
  • #14
  • May 27, 2009 8:36am May 27, 2009 8:36am
Quote
My understanding the the other options Forex.com offers requires a monthly fee.

GAIN's proprietary platform is called FOREXTrader and is available in java, application, and wireless form.

You can set up one click execution and their API is pretty good as well.

All platforms are free, and GAIN gives away a limited-version of eSignal with $1,000 deposits.
  • #15
  • May 27, 2009 8:38am May 27, 2009 8:38am
Quoting Voldemort
Arent you an Ib to them?
Im an IB for almost every firm out there; that doesn't mean they are good FCMs.

I do not spam these boards and only offer input from a point of view of someone who works directly with (but is not in bed with) all of these FCMs.
  • #16
  • May 27, 2009 5:29pm May 27, 2009 5:29pm
Bad spread
2 seconds execution
V good support
Fast withdrawal


Overall not bad broker.
Charting Markets into the Future...MǎҖ€¥.
  • #17
  • May 29, 2009 5:52am May 29, 2009 5:52am
I was with Forex.com for about 8 months when I just started trading. I don't have a bone to pick with them, and liked their platform (this was before they offered MT4). I guess the reason I left them was that they like to call and make all kinds of offers. Like, we'll give you this tool and that service if you keep x amount in your account. Kind of like telemarketing.

I had the feeling, and mind you that it was ONLY a feeling- I am NOT stating this as fact, that they know that about 90% of forex traders fail, and that they just wanted to string a newbie along as long as possible.

I did like the news service updates with their platform, though, and they were always prompt and polite. Order fills are fast, and the 2 trading discrepancies I had with them were resolved to my satisfaction. I think they are fairly honest.

The telemarketing feel kind of put me off, though, I HATE telephone calls around supper time.

I left them because I was experimenting with a metatrader demo, and liked that better-- more tools-- more free stuff


Just my opinion.
  • #18
  • May 29, 2009 5:08pm May 29, 2009 5:08pm
spreads are not low enough because they are a market maker on mt4. that was reason enough for me to leave them
  • #19
  • May 30, 2009 7:08am May 30, 2009 7:08am
Forex broker often suffer from slippage. Clients who used them are not satisfied with the platform. However, have low spreads on EUR/USD but had to go due to the platform? Some other issues with them are holding your deposit (by credit card) for more than 30 days. You can trade, but cannot make a withdrawal until the 30 days are up. In addition, it seems like whenever client place a trade with a stop loss attached to the original order, the stop loss is hunted down and hit quickly. This happens a lot…
  • #20
  • Mar 9, 2011 4:38pm Mar 9, 2011 4:38pm
I assume the stop loss hunting would only be for large orders though...surely to expensive to do for little tiddlers (like me !)
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