Crypto Trading Forex.com Review South Africa 2021
Forex.com is an online broker that has been in operation since 2001. After taking a closer look, our Forex.com review South Africa found that the broker offers an exceptional range of commodities, indices, metals, stocks and most importantly, cryptocurrencies.
Not only does Forex.com offer an excellent trading platform that makes use of MetaTrader 4 & 5 but the broker also doesn’t charge any transaction fees on any of your deposits as well. Newer users can also find in-depth educational tools on the site to help ease their crypto trading growing pains on the site.
Pros & Cons of Forex.com
- 0% transaction fees for deposits
- Fantastic educational tools on the site
- Decent selection of cryptocurrencies to trade
Top online brokerage firms need to curate a website that is intuitive and easy to use. Our Forex.com review South Africa has taken a closer look at the broker’s site to find out if it checks these boxes. Our Forex.com review found that the broker has a streamlined mobile app for users to take advantage that is available for both IOS and Android. The security for their mobile app is exceptional as it employs a two-factor authentication (2FA) and biometric authentication. It also encrypts data using SHA256, TripleDes, and MD5.
Trading with Forex.com crypto is a safe bet as we found that the same level of security is applied to the main website trading platform as well. The level of security on the site is excellent but positives don’t stop there. The Forex.com crypto South Africa trading platform itself is easy to use and is incredibly intuitive. We found the loading times between pages to be almost non-existent on this slick platform.
Users will have no trouble locating the different elements of the site as the main tab at the top of the homepage has all the information you need. Everything is laid out in a clear and concise fashion and the colour scheme only serves to make life easier as everything is very easy to read.
How to Trade – A step-by-step guide for Forex.com
If you have made it this far into our Forex.com crypto review, chances are you are now interested in using the trading platform. But how do you trade crypto on Forex.com? In order to do so, you will need to complete a couple of steps before you get going with your trades. Firstly, you need to create your account. You will have the option to choose between a standard, commission, direct market access and an active trader account. After that, you will need to provide some information, namely your name and surname and contact details.
Forex.com will then either ask you for further identification or they will begin to process your account opening request immediately. Once they have completed the process you will receive an email to inform you that your account is now open. To complete the final step, you will need to deposit a minimum of $100 or your currency equivalent) in order to have an active account. We would be remiss if we didn’t mention that you can also open a demo account to test out the site and its trading platform for free.
Our Forex.com crypto South Africa review found that executing a trade is fairly straightforward, as the site has numerous educational tools to help you on your way. Once you are more familiar with the landscape you can utilise the exceptional MetaTrader 4 or 5 trading platforms to begin your venture into cryptocurrencies trading. If you need more diversity in your trading tools we recommend checking out our FP Markets review.
|Year of Founding||1999|
|Customer Support||Live Chat, Email Support|
Online brokerage firms need to offer a decent selection of payment methods for their users to easily make deposits and withdrawals on the site. Our Forex.com review South Africa found that users can make their deposits using a bank transfer or a credit/debit card. This is not a particularly extensive range of methods but it includes the major South African banks.
Your minimum deposit when using a credit/debit card is about $100 (currency equivalent in rands) while your maximum deposit is capped at $10,000 per transaction. You won’t be charged any transaction fee from the side of Forex.com but you may incur some charges from your bank so be sure to keep that in mind. Processing times for using a credit/debit card should be instant but may take a few hours at most.
Using a wire transfer for you deposits is best for those looking to execute larger transactions on the site. This is because there is no minimum or maximum deposit cap when using a wire transfer. Processing times for a wire transfer can vary but on average you can expect your deposit or withdrawal to clear within 1-2 business days. Take a look at our XTB review for a comparison of different payment methods.
Our Forex.com review 2021 found that the broker offers exceptional customer support for their traders. Users are bound to run into a few issues or at the very least have a few queries and when they do they can access the extensive FAQs section on the site. The FAQs section covers just about everything you could think of and will most likely answer your question before needing any actual support from the technical team at Forex.com.
However, if you do need to contact a member of the support team at Forex com you can do so with the site’s fantastic live chat feature. If you prefer to speak to someone directly you can also call the broker, follow a few simple prompts to narrow your problem down and then be connected to a support member.
When conducting our reviews we always make security and licensing a top priority. The safety of users on these sites is paramount which is why our Forex.com crypto review has taken the time to analyse the overall safety of using the site.
Forex.com is kept in check by a number of different regulatory bodies CFTC and the NFA. They are also members of a host of other global regulatory bodies to match their ever expanding international presence. Some of these include FSA, IIROC and ASIC.
Licensing is important but it needs to be well supported by the level of security on the site before we can deem the Forex.com crypto South Africa trading platform safe to use. We found that the site employs SHA256, TripleDes, and MD5 software technology to protect all your personal, financial and trading information.
Look, when it comes to online reviews we have all found there to be at least a couple of negative folks who come rain or shine will comment something negative. However, we took the time to sieve through the overtly negative comments to find out the real user feelings towards Forex.com. Our findings were fairly uniform as most users come away with a feeling of satisfaction for the trading platform and its dedicated customer support.
And so concludes our Forex.com review 2021. We found this online broker to be one of the best in the industry and South African residents looking to venture into online trading will find the site to be a real treat to use. Hopefully after reading our review you are well equipped to trade crypto on Forex.com.
With no transaction fees, nominal overall costs and an excellent trading platform, it’s difficult to find anything genuinely negative to say about this well rounded online brokerage firm. If Forex.com didn’t hit all the right notes for you personally we recommend checking out our BDSwiss review.