Selecting the best forex broker, and the best forex trading platform will be the most critical and important decision you'll need to make when you decide to trade currency. Your selection will make a huge difference in regards to your success as a trader, so be sure to take your time to determine which broker, and trading platform will best suit your needs.
Simply due to name recognition from years ago, the first broker and free demo account I decided to test was Forex.com, which is aka Gain. After utilizing their free demo account, this is my personal review of Forex.com and their trading platform, "ForexTrader". Please keep in mind my review is a result of my own personal testing of their free forex trading demo account, and not a live account using real money.
Since initially trying Forex.com I've tested 3 other forex broker demo accounts, and have eliminated Forex.com and their trading platform ForexTrader from my list of potential forex brokers and forex software trading platforms. Here's why I chose to NOT go with Forex.com:
1. Annoying Phone Calls Received from Forex.com
Although I appreciate the business perspective of a company wanting to secure the business of a new prospect, multiple phone calls to that prospect are annoying. I received more than 3 phone calls from one of their representatives attempting to convince me to choose them as my forex broker. In one of the conversations I mentioned the name of one of the other forex brokers I was also researching and the Forex.com rep then attempted to inform me as to why I shouldn't go with their service. Her tactics turned me off, but that was only one reason I eliminated Forex.com from my choices.
2. Forex.com Has a Dealing Desk
In that a dealing desk can affect my financial outcome, I decided to move on to other potential non-dealing desk brokers. No sense in having the odds of winning trades stacked against me!
3. The Price You See is Not Always What You Get When Closing a Trade!
I realize the market changes quickly, and often when a trade is closed it can be lower or higher than what you saw on the screen seconds before. However, numerous times while attempting to close a trade a prompt box comes up and indicates there is a price change. You then have to close out the prompt box before you can make another attempt to close the trade. I found this quite an inconvenience and a concern. Perhaps it is a result of what they do at the dealing desk? I don't know, but what I do know is that on one trade when I attempted to close out at $1,100.00 their annoying price change box came up and by the time I clicked it closed to again choose to close the trade, the value dropped down by more than $200.00. If it were real money and not a demo account, I would have been quite angry!
4. Antiquated Trading Platform, "ForexTrader" is Lousy
What I Did Like about Forex.com
Their reports I had access to for viewing my trades and account values, were well done. Other than their reports, I've ruled Forex.com out as a potential forex broker. If they want to compete with the mainstream they need to eliminate their dealing desk, and update to a better trading platform!
Come back and visit again to read about my additional forex broker and forex trading platform reviews I'll post in the next several weeks. Happy trading!