How Legit is The Forex Trading App? | Motilal Oswal
How Legit is The Forex Trading App? | Motilal Oswal

Is the Forex App legit

Forex.com, a brand of StoneX Financial Ltd is a safe and trustworthy global FX and CFD broker considering its long track record backed up by the stock exchange listed parent company StoneX Group Inc. Regulated by the Financial Conduct Authority (FCA) in the UK and the US Commodity Futures Trading Commission (CFTC), it provides everything you need for forex online trading. Forex.com is ideal for forex trading online as it charges low forex fees while offering a diverse variety of currency pairs and technical research tools. 

Main features

Forex.com is regulated in countries like the UK, US, Canada, Japan, and Cayman islands and supports a total of six base currencies.  An account can be opened in 1-3 days with a minimum balance of $100. Though an inactivity fee is charged, there is no withdrawal fee for Forex.com, and it offers products like Forex, CFD, and Crypto. Compared to their competitors, Forex.com has low forex trading charges, average CFD trading fees, and average non-trading charges overall.  

How to open an account?

User-friendly Forex.com guarantees a hassle-free account opening which requires a very minimum deposit. It takes two business days to verify the account. You can open an account even if you are living in India.

 

You can open an account on Forex.com with four steps.

  1. Choose the type of account, Forex. Com offers three kinds of accounts, they differ in their pricing and the trading platforms available. 
  2. Your personal and financial information needs to be filled in.
  3. You should answer a couple of questions regarding your financial knowledge and trading history.
  4. Verify your identity by uploading a national ID card, passport or driver's license. Utility bills and bank statements can be used to verify your residency.

 

Forex.com's extremely customizable and user-friendly mobile trading platform enhances the accessibility of forex trading on mobile. Well designed mobile trading app of Forex.com has two trading platforms; Forex.com's own and MetaTrader 4. They are available on both iOS and Android. This forex trading app provides only one-step login, but the search functions are remarkably good. Forex.com has a wide range of research functions with good charting tools, trading tips based on technical analysis, and high-quality market reports but lacks fundamental data.

Is the Forex app legit?

Forex.com’s safety is assured since it is regulated by top-tier authorities and has its parent company listed on a stock exchange. You are eligible for an investor protection amount and that depends on the country where the legal entity serving you is located. Certain clients are provided with negative balance protection.

Conclusion

Forex.com is a great user-friendly platform for online forex trading. Regulated by several financial authorities, it has low forex fees,  six base currencies and a wide variety of research tools. Forex.com is ideal for forex traders.

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