Forex.com

[tommog]

hi guys,

could you please give me your opinion on Forex.com. I am about to open an account with them and would like to check i am not making a mistake before i do.
They seem good because they have a huge amount of leverage, very low minimum account size (which suits me because i want to play with smaller amounts to begin with before putting big money in obviously), they have a no slippage, guaranteed fill and stop losses, and automated dealing system i.e no human intervention.

Seems great, just wanted to know if you guys have heard any bad stories or have any main reasons why i shouldn't go with these guys,

many thanks

p.s, what is the minimum "$ per pip" amount you can trade with, and what size position would this require, thanks again

 

[zeeuk]

hi tom,

I tried their platform out and really liked it. However, being a UK resident they wouldn't open a live account for me, due to some compliance with a 'patriot act' or something. They referred me to a couple of UK brokers, Berkeley Futures being one that provide the forex.com platform labelled by themselves. However, leverage is only 40:1. They have a demo to try out too.

Hope it helps.

 

[rasterrex]

You can only buy lots of 10000 and at 200:1 on a small account you wont last more than a few weeks.I
would use a place like Oanda which lets you start with anything from $1 to $1000000 and at a maxium of 50:1 you will last much longer and not go broke over night unless your real stupid.Demo trading is NOTHING like live trading as i found out to my cost! but you live and learn.

 

[tommog]

hmmm this oanda looks interesting, when they say trade with as little as a dollar does that mean you will be averaging one dollar per pip move, or are they literally letting you put $1 into the market? So with a 50:1 leverage a $1 trade will purchase $50 of that currency? On this basis what would yo suggest would be a good strating amount to trade with?

Many thanks

 

[darrenf]

Tommog

Have just had a look at forex.com and it does seem interesting, mainly because they say they are still guaranteeing stops/limits.

Did you open an account with them and if so, what has your experience been of them.

As for minimum trade size, They have mini accounts for lots of 10,000 base currency. for eur/usd, this equates to 56p per pip per mini lot.

Anyone else dealt with these at all?

 

[darrenf]

Tommog

Just realised your original post was only yesterday, so your experience with them will be at best.....er..limited

 

[tommog]

hi Darren,

I haven't actually opened an account with them, yet, i thought i would look around just a bit longer at other brokers. Forex.com does seem good but i i am also considering GCI (gcitrading.com), they seem a similar sort of set up.

However the only problem (although probably insignificant) with both is in order to withdraw funds it involves sending a fax to their office in America. Which isn't very convinient or reliable if you need access to your account quickly. Would be good if they had some sort of internet banking method of transfering funds.

But apart from that both seem well worth considering

 

[rasterrex]

Ive had nothing but problems with Forex.com.I opened an account with $500 lost half of it in 2 weeks.Then i find the rest of the money in my account had been taken out! because of an error at their end and im trying to get it back as we speak.I opened an account with Oanda with $100 and im now learning from my mistakes and im in profit ,true its small profit but im using this account to learn trading and ill add more cash when i feel ready.You wont get a $1 per pip unless you buy or sell a 10000 lot.If your a newbie i would start off with $50 -$100 and make small trades so you learn without risking the farm!

 

[henry766]

oanda has MUCH TIGHTER spreads aswell ?, anyone using them( i think eurodoller is 1.8 pips!!!

 

[total]

i really don't see why newbies don't use oanda.

demo trading is nothing like live trading and one is given a false sence of accomplishment by these demo platforms.

you can start with $100 and trade 10 units until you get a hang of the market instead of demo trading. as a newbie you have two goals save capital and learn how to get pips not cash.you won't get that from a demo platform but i can assure you that losing 10 cents is just as emotionally stressful as losing $100 .with live trading on oanda mini units you get to learn more about yourself as you get to learn the system you wish to trade.

my two cents is close those demo platforms and open an oanda account and get to learn yourself first and then go for mini accounts.

 

[a_gnome]

I thought that I would jump in on the tail of this thread...

Just to say that I would recommend OandA as well. The fact that you can trade any size at all means that you can start at whatever level suits you. Their entire system is automated so there is no human intervention and their spreads are amongst the tightest I've seen. The maximum size is 10million units and if you want to do more then you can simply do multiple trades in a row. They also have demo accounts (game accounts they call them) where you can mess around to your hearts content learning how the platform works. They have reasonable charting which comes with it as well.

Good trading!

 

[henry766]

u can keep ya charts etc , give me the tight spread everytime !! but does anyone here actually use oanda?

 

[total]

i do and have been for the last 2 yrs.

charts?
i have my own charting package.

no one can beat a 2 pip spread and believe me it adds up in the long run.

5-2 = 3 pips

3 * 100 trades a month = $3000

i think $3000 is enough for any charting package i might want

 

[henry766]

i totally agree

 

[henry766]

your right in that one should be mercenary about which broker to use , and use which ever suits , but turning a profit is a lot lot harder with a wide spread , i feel some don't notice as they make few trades and element of chance is the biggest deciding factor in their results , but when your consistently eking out a few pennies spread is a very big concern !!

 

[phaeton]

well, i heard about forex two months ago and the first site i visited was forex.com
was trading their demo for almost a month

about guaranteeng stops , if you look down on their page you'll find :

*Does not apply during fundamental announcements.

In fact , most of the brokers have don't guarantee for the same fundamental announcements.

i must say the platform it's pretty simple, easy to work, but guys it laggs like ****. especially during the news release. once, after a release, wanting to open a position, i some message like : not tradeble pair , and at the end the position have been opened.

another point is introducing the stops or any other order. till you do that your profit it's gone ....

at the beginer I that it was ok, but now, trying esspecially software based platforms, I see it different. But i'm still searching for a good web based platform, if anyone could recommend me somthing,i'll apreciate it.

thanks

 

[Straybow]

I tried demo accounts with a few brokers including forex.com. I didn't like the web-based platform.

Oanda offers only 50:1 leveraging, which limits profits far more than the few pips you save each trade. If you're trading wisely you won't be making anywhere near 100 trades a month, more like 20.