FOREX.com is a global foreign exchange (FX) platform with its own proprietary web trading system as well as compatibility with popular Forex trading software Founded in 2001, FOREX.com is a subsidiary of GAIN Capital Holdings, Inc. (NYSE:GCAP), a global market leader in over the counter and exchange traded markets.
FOREX.com boasts low trading costs and has spent over a decade investing in technology and building a deep liquidity network of bank trading partners, so that they can consistently quote tight spreads in most market conditions. They have also automated every aspect of the trade process, with the goal of ensuring that trades are executed as fast as possible – in 2016 FOREX.com’s FOREXTrader platform consistently executed 99.9% of trades in less than 1 second, with an average execution speed of just 50 milliseconds.
In this review, we will cover the ins and outs of the FOREXTrader web-based trading platform along with its advanced charting tools and other features.
FOREX.com Homepage - FOREX.com is a global foreign exchange (FX) platform with its own proprietary web trading system as well as compatibility with popular forex trading software such as MetaTrader 4 (MT4).
FOREX.com Login - Log into your account with your username and password. If you just want to test the waters, you can also sign up for a free demo account.
FOREXTrader – Trader Workstation - FOREXTrader is FOREX.com’s flagship trading platform. The system is easy to navigate, and one account gives you access from desktop, mobile, or tablet devices. In this tutorial, we will go over the web-based version.
When you log into FOREXTrader, you will see your trader workstation. It features a chart area on top, an account manager pane on the bottom, and a watch list and news feed on the right.
FOREXTrader – Symbols - FOREXTrader is all about currency trading, and you’ll be able to trade a number of currency pairs, both major and minor. In the search bar above the chart, start entering a symbol to see all the available pairs that match your search and choose the one you want by clicking on it.
FOREXTrader – Currency Pairs & News Headlines - When you’ve loaded a symbol, the platform will populate the chart as well as update the Details frame and load relevant news Headlines. These both appear on the lower right of the trading workstation.
FOREXTrader – News Story - Click on any item in the Headlines window to bring up the full text of the story on your trader workstation.
FOREXTrader – Entering Orders - Ready to place an order? There are two main ways to load an order entry ticket. The simplest is to click on the Buy/Sell panel, which is outlined here in red. You can move this panel around the screen by clicking and dragging the window to where you want it. You can also load an order ticket by right-clicking on a chart and choosing trading from the menu it produces.
FOREXTrader – Order Entry Ticket - To place an order, use the order entry ticket. Choose buy or sell, what type of order you want, and then the price and quantity. Click on the Buy or Sell button at the bottom to enter your trade.
PORTFOLIO & ACCOUNT MANAGEMENT
Account Manager – Positions - After you’ve executed a trade, it will appear in the Account Manager pane on the bottom half of the workstation under the Positions tab, which includes your unrealized gain or loss so far. Right-click on a position to bring up a menu where you can close out or reverse your position. Click the small "X" icon at the far-right of any row to automatically close out a position with a market order. Along the top of the Account Manager you’ll also get an up-to-date summary of your account balance, P&L, and margin balance.
Account Manager – Orders - Your unfilled or working orders will appear in the Orders tab in the Account Manager window, along with a record of completed orders. Right-click an open order to modify or cancel it.
Investing Watchlist – Symbols - You can add the tickers you are most interested in monitoring to the Watchlist frame, which appears on the upper-right corner of the trader workstation. Click on a symbol to load it into the charts and order ticket.
Charts – Charts Overview - If you’re into technical analysis and charting, FOREXTrader is the place for you. There are tons of charting features and analysis tools that you can overlay or draw onto your charts to help determine when to buy and when to sell. You can change the time frame of the chart by clicking on the options on the bottom left of the chart window – from five-year to one-day charts. You can also select which type of chart you want to see by clicking on the icon above the chart, as well as update your charting preferences by clicking on the gear icon. Use the Overlay button to add one or more other symbols on top of the current chart.
Charts – Pattern Analyzer & Toolbar - The charts toolbar appears to the left of the chart window and has numerous powerful technical tools. You can draw on and annotate your charts as well as overlay indicators and pattern analyzers to help with your trading decisions.
Charts – Indicators - The charting tools come loaded with commonly used indicators (and some less common ones) that you can add to your charts. Click on the Indicators button above the charts window to see what’s available. Then click on any indicator to add it to your chart. You can click multiple indicators to stack as many as you like.
Charts – Layouts - If a single solitary chart just isn’t doing it for you, you’re in luck – you can add up to eight chart windows. Click on the layouts icon above the chart window and select how many charts you’d like and how they should be arranged from the pre-loaded configurations. You can name and save your charts layouts and load them for future use.
Chart – Right-Click Menu - Right-click anywhere on a chart to bring up a useful menu. From this menu you can place an order to trade, add the symbol to your watch list, or update and add layers to the chart itself.
Workstation – Tools Menu - If you’re looking for economic data or research on a specific currency pair or the market more generally, check the Tools menu along the right side of the workstation, here highlighted in red.
Tools – Economic Calendar - Economic data releases and geopolitical events drive FX markets. Click on the Calendar icon to launch an economic calendar of current and upcoming events. You can browse by time frame or filter by keyword, date range, country, or event category.
Tools – Latest Research - For in-depth currency market research, click on the Research icon, which looks like a light bulb. This will open a new browser window with the latest FX analysis.
Tools – Platform Tutorials - If you need some help with FOREXTrader or with your account, you can click on the Live Chat button under Tools to talk to customer support in real time. You can also select Video Tutorials to view in-depth videos on how to use FOREXTrader and all of its functionality.
EDUCATION & RESOURCES
Education – Education Resources - If you’re just a beginner in the FX markets or want to learn the latest advanced strategies, the Education Resources section is the place to go. You can find it by clicking on the Education link along the top menu of the website. If you don’t know exactly what kind of trader you are, you can take the Trader Type Quiz to find out.
Education – Your Trader Type - Take the Trader Type Quiz to discover your trading personality in minutes, with just six simple questions. Then find out how you compare to other traders before you start your forex training journey. Click Start Quiz to begin.
Support – Contact Us - If you need assistance, the Support center on the FOREX.com web page has answers to frequently asked questions, contact numbers for technical and customer support, and more.