FOREX.COMGAIN Capital Group

FS, currencysecrets.com, 10/29/2009 ,

I experienced many other glitches like a sudden price drop that wiped out a stop set to 40 pips away. I suspected foul play because streaming data from other services showed no sudden drop. Their reply to all of this is that their system is working properly and there is nothing they can do. They will refuse to refund any money under any circumstances.

AB, currencysecrets.com, 10/29/2009 ,

I made some trades in 2008 and I stopped using forex.com after a total loss of 270.
It is true the server freezes sometimes and there are chances that your orders may not be filled as desired.
But the platform seems simple and clear to understand than DealBook360 which is hard to figure out. DealBook360 needs sometime to understand it. I really don’t like forex.com’s pips. I think they are rip offs. When market is volatile you probably can make some profit if you are careful plus pip is reasonable, but at the time you don’t make much money pip is high and they just discourage you from trading.
Anyway I liked forex trading than stocks, because in stocks you have to wait more than three days for your money to settle, which was not profitable as compared to forex.
So the question is which platform is the best for forex trading? I don’t know.
I am researching which on which one to go for. However, I won’t be going back to forex any more rather I prefer going for DealBook360 which I have not yet tried. I rate forex.com 3.5//10

Andris, forexrealm.com, 10/29/2009 ,

So, here are the downers first, some are just my wishes, but nevertheless.

1. First-in first-out policy - i dont like that, but then again, it is now possible to close individual lots manually, but you cant put orders on those.
2. Support people are sometimes unaware of whats going on, and yes, for that alone it shoud deserve 1-2 stars at best. Then again, it depends, and you might get a helpful person on the other end of chat/phone.
3. Spikes and lag during news, yes, sometimes 30-40 pips, but that goes for all brokers out there, and forex.com isnt the worst from which i have tried.
4. Difference between charts and prices given, sometimes 10 pips or more. Not very helpful for sharp scalping.
5. No hedging of positions. (tho i might be wrong about that)
Probably there is more, but i cant remember on the spot.


Now, the good:

1. The money depositing/withdrawing - never ever had a problem with that: wworks like a charm for me. Yes, it takes some time, but thats true for everything. Keep in mind, that a standart wire transfer takes 10 bank days to go through (2 weeks), checks can take 2 months, so if you are small time player, use getting back to credit card, if possible.
2. Unlike some others out there, they dont have that awful thing that you can put orders only 5-10 pips away from your position, can take even 1 pip if you like.
3. Their inside commentary, analysis, strategies are quite good.
4. Access through mobile phone - i use that alot to see whats going on, while not at computer.

dailyforex.com, 10/29/2009 ,

Advantages:

-Low spreads, 1-2 pips for major pairs
-4 trading platforms, including wireless
-11 languages
-Around-the-clock support is available

Disadvantages:

-Not intuitive and takes some time to learn to use
-Monthly statements are only mailed upon request
-Minimum deposit relatively high - $250 for mini-account alone.
-FOREX made an unsolicited phone call to potential investor.

FXQuest, 10/29/2009 ,

Trading was good early 2009 but the past 5-months not good. Reprice of trade entry. Java platform broken. Customer Service issues. I am moving on to trade FX E-micro futures.

Adam Rocha, 08/06/2009 ,

Well, i see a lot of bad reviews in here, and i understand them is not easy to loose your money, but you can't blame other ppl for your mistakes i personally have lost about 600Dlls in Forex and i don't whine because i know i should have had more discipline while trading, first of all to all new traders, let me state that if you're afraid of loosing money or can't stand presure, this market is not for you, because one day can be all good and the next in one bad move loose all your money, this is a market to make educated decisions and not on greed or fear.

Pavel, FPA, 08/06/2009 ,

Well, actually I didn't have any trading experience with forex.com. I had no chance. They demostrated totally unethical behavior just when I decided to fund my account.

Firstly, I had a chat with their representative, and I have asked for help with wiring money (submitting proper info into proper fields of wire forms) and they helped to submit all appropriate information to my bank. I have sent money, and... 1 week no messages from them if they received the money or some problems happened etc. I had a chat with them again: it all started! They told me that money were not sent correctly. I asked them why incorrectly: their support team helped me to do this. the answer was polite: we don't care. then I called to my bank and bank confirmed exact line-by-line information that seamed to be correct. Bank asked them to call to the bank to resolve issue immediately, but forex.com refused to do so in very rude manner. Meanwhile, they found my money somewhere. They told me that they need confirmation of payment. I have submitted it. But by that time they already cancelled my payment. So this mess took me 2.5 weeks of nerves with no distinct result.

Rene, Goforex.net, 08/06/2009 ,

Overall good experience. Theres a lot of paranoia in the forex market. It's sort of like a video game mentality where as soon as that person fails he blames the game. oh hax! well... learn2trade mabye.
the market is fractal. it almost always come down after going up. just because it reversed as soon as you got long does not mean your brokers to blame. infact i use 2 charts and have never seen a difference between my 3rd party charting software and forex.com's charting software larger than the spread.

If your stops are getting hit and reversing immediatly then your not putting your stops in an advantagious place.

I'll throw you complainers a bone. why don't you profit from other peoples stops getting ran.

Anticipate where others have placed their stops. wait for evidence of a spill. when the blood stops running and starts to pool get long with a reasonable stop and a conservative limit.

Ryan, FPA, 08/06/2009 ,

Often requotes

£50 to withdraw my money to a UK bank

Difficult process to withdraw money, asking for codes of intermediate banks that I nor Halifax have access to.

Quick enough to take your money via debit card, but can they put it back into that account, no.

Can they do it over the phone, no.

Really poor service.

Mark, Goforex.net, 08/06/2009 ,

I've been trading live using Forex.com metatrader for 4 months. I use Fapturbo and MegaDroid. Both trade well. I sent 1 withdrawal request and waited for 15 days to get money. Had to send them several emails. Hope this is an exception. So far I like the broker and customer service.

MaXey, Forexpeacearmy.com, 08/06/2009 ,

Very Bad Spread !!
Good order execution
Very fast withdrwal
Good C.S

Alvin, Goforex.net, 08/06/2009 ,

They always trade against your position and make you lose. Right after, or shortly after you place your trade, you will see the chart changing ist trend to rip you off. The patform is doing more thna just posting the price. It is not neutral and it is you against the owner of the software. IS THIS WHOLE THING A SCAM? IS FOREX A SCAM? Remeber there is no outside regulation. It is you and a broker who spent years mastering this software, so that it will always make them win against you.

Herbert, FPA, 08/06/2009 ,

I used this broker since October 2008 with the Metatrader platform. I made more than 1000 tardes since that time and won a lot of money. I cannot complaint so far. The spreads belong to the best in the market and execution is really superb. But I got several messages from the company of my virtual server, that there was some activities into the Forex.com accounts. And the IP adress seems to be the one of the broker. Up to now I could not detect any problem. Forex.com did not give any answer, what they were doing. Nevertheless I am very satisfied but will observe very carfully the log files of the MT4.

Raz, Earnforex, 08/06/2009 ,

Didn't have much problems with them until recently they changed their platform to the disadvantage of the trader ( cant see how much margin left till margin call), spreads are not fixed any more and are generaly bigger now (6-8 pips for eurjpy! most of the time)

Andy, FPA, 08/06/2009 ,

Honest and realiable broker. Almost no difference between demo an real account, which is very rare. Good fills and fast execution. Very satisfied. I have to write this because of bad reviews which I think are not really reflecting the reality.

Great spreads not only on majors!

Mark, Earnforex.com, 08/06/2009 ,

From my own personal experience with Forex.com, I only have three things to say about them: SCAM, SCAM, SCAM. Do yourself a favor and do your due diligance. Check out carefully the broker with whom you are going to trust to do the right thing. You can scratch Forex.com off your short list right now. Unless, that is, you want to give your money to these thieves!

Leo, Goforex, 08/06/2009 ,

Definitely dishonest. Trading desk will nail you when they can. For sure stop hunting. Analysts purposely mislead you in some of their strategies, then act like they were surprised by turn of events.

Agent 86, FPA, 08/06/2009 ,

After further trading live I must admit that I don't like the Metatrader with forex.com in which they force a 5 pip min. stop loss on any trade. It's not really transparent to claim a 3 pips fixed spread on EUR/USD but cannot really provide that on the metatrader platform.I feel the order fills are still pretty good.Their java and online platform I guess OK for placing orders, but the charting stinks, and limited indicators. And meta forces a 5pip stop, so I've got mixed rating on this really. But I'll probably keep trading on the meta for a while.

Trader Martin, 08/06/2009 ,

Don't get Forex.com wrong...They put up a nice front as far as service, but their account exec's don't know jack about your account and leverage. Or MAYBE they're just ripping you off...

Bohi, Earnforex.com, 08/06/2009 ,

I started with 500 and 8 days later my account is at 3800. The proof is in the pudding. You others can go ahead and leave, but keep trading, I need your money.

Peter, Forexpeacearmy, 08/06/2009 ,

I have been with a number of forex brokers and can honestly say this firm is the best so far. As many people have been saying, the newbies have to be the ones posting these reviews about stop loss and gaps. I was even called and creditted back a trade because of a bad tick. No other broker has ever called and made a credit for a bad tick. Furthermore, this company has nothing to do with the market prices. Just because they have a trading desk has nothing to do with the rates. They clearly get their rates from banks. The earlier trading software did suck, but it does look like they got their act together with the platform. In terms of the customer service, it is good, but there are some who have no idea what they are talking about, but seem to be new. Whenever I have a pressing issue I ask for a rep. by the name of Jonathan who really knows what he is talking about and resolves any issues I may have. All in all, these bad reviews are simply being posted by horrible traders who are disgruntled about losing their money because of bad decision making. Who comes to a site and complains when they are trading during the news?! You have no idea where the market will go during news announcements and get what you deserve if you cannot get out. If that were the case, forex brokers would be out of business because everyone would trade during the news. I hope people start taking more responsibility for their actions and you will do well.

Bruno, Earnforex.com, 08/06/2009 ,

Their dealing desk is a.... cheating desk ! ! !
They "gun" your stops , the rate change against you when you want to place or close a trade , etc...
Their cheating desk has made me loosing a lot of money.
PLUS , their trailing stop orders are NOT tight to an open position. So, if you close the position, the trailing stop is still there... ! ! !
They are CHEATERS.

duktrader, Goforex.net, 08/06/2009 ,

The 3 platforms provided are ok. Have to reset chart preference every time you login which is annoying. One of the platforms has failed and I have not been able to use it in two weeks.

When I went to request a withdrawal they decide to remove the option of crediting back the credit card used but not post his information anywhere. My transaction was just cancelled and no one told me. I then submitted a request to wire the money. Needless to say the fax numbers we down, and I'm now still waiting for my money after over a week.

Steve, Forexpeacearmy.com, 08/06/2009 ,

I have been trading futures for a long time and decided to try Forex.com. I made $3800 the first week and $700 this past week, even though it was a holiday week. When the market closed at 5 P.M. Friday night, I stepped away to take out the trash. When I got back I was shocked to find out that I was filled on my stop-loss and stop loss plus reversal orders over 85 pips below the closing bid-ask spread on two currencies. This put me at a loss of $1400 from were I was four minutes ago! I contacted three different departments via e-mail about this, and they did not respond. I then tried the chat option. I asked what hours may I trade forex. I was told 24/7, Sunday evening through Friday evening. I then asked what time does the market close on Friday night. I was told 5 P.M. I asked, then why was I filled on multiple orders at 5:03 and 5:04 P.M., after the MARKET CLOSED to stop me out of my positions and reverse me some 85 pips below the ending spread? I was then told to wait for Jonathan. Ten minutes later another operator entered the chat session and 'Session ended by operator' appeared, and I was not allowed further communications!
They are the most unethical trading firm I have had the displeasure to work with in 15 years.