Forex.com - good, bad, or evil?

Forex.com has some very attractive features. Their demo accounts are easy to open and their trading platform is available online as well as as a download onto your computer. Live accounts are easily funded with a credit card or debit card, though they limit those deposits to $5000 per month. When I would wire money into my forex.com account it was usually funded and ready to trade within 2 business days. All good things.

So what’s bad about forex.com?

Pretty much everything else. While it looks like they have tightened their spreads since I last traded with them, they are still higher than many other brokers out there. Their customer service (especially the “live help”) is atrocious. You will get stopped out when you shouldn’t and not stopped out when you should.

Their mini-accounts (which you can fund with any amount you want. I once had a “mini” account with $60,000 in it) are leveraged at 400:1. You can double your money on a EUR/USD 100 pip move at that leverage. Which also means (such as in my case) you can lose a crap load of money very, very quickly.

Overall, I would never recommend forex.com aka Gain capital group to anyone looking to start trading forex and certainly not for an experienced trader in any markets.

My recommended Broker

These guys.