Forex.com is obviously the best Forex domain on the Internet and guarantees a lot of traffic. But that doesn’t mean that Forex.com is automatically a reliable broker. In fact, there are a lot of complaints that something’s wrong there just like FXCM. One major complaint is that trades are automatically closed without the traders knowledge.
This is the easiest and most common way how a Forex scam broker works and how a Retail broker can maximize its profits. A reliable broker does not simply close positions or changes the take profit which causes the position to close earlier and make the trade less profitable. And there are way more experiences with Forex.com that make us worry.
Forex.com seems to close trades without any action of the trader and claim that the trader closed the position by himself. This is something that works great for the broker because you as a trader can’t prove that you did not close a trade. It’s very bad that traders made such experiences with a broker.
Another major complaint is that the trader verification seems to work randomly. Some traders need to send documents that don’t even exist and if they can’t send them they are not verified to withdraw earnings. This is a great way to scam traders because the broker can enjoy his free lunch: If the trader loses he wins and if the trader wants to withdraw profit they deny to do so. Obviously this is not the case with every single trader. But the fact that these cases do exist makes Forex.com look less reliable.
The next complaint has nothing to do with scam but also makes Forex.com look less reliable. They try to make you deposit as hard as they can. They call you several times a week and send daily emails trying to lure you to make a deposit. Obviously this is standard in this industry but not in the way Forex.com does it. It’s just too much and a reliable broker like AvaFX or eToro may send you such emails occassionally but not every day combined with phone calls.
Forex.com is not a proven scam company but it looks not very reliable to say the least.
Experiences with Forex.com
To judge a Forex broker it’s best to take a look at other traders experiences:
I’m trading with them for 3 years and never had issues. Great platform and good spreads. The support is great. They also pay interest in your account. Way better than FXCM.
When news happen and profitable trades would be possible I can’t login and have connection issues all the time.
The broker opened two positions automatically without my notice. They told me that I did not place a stop loss although I did so.
Forex.com has an excellent platform and is very fast with lots of great features. I’m trading with them for years and made a lot of money there. The support is great and the spreads are tight. Forex.com is not a scam.
They don’t let me withdraw because the address does not fit with my account address. The money I deposited a few hours earlier was accepted in no time and now they don’t want me to withdraw.