Fidelity Forex Trading: A Comprehensive Review
Are you looking for a reliable forex trading platform that you can trust? Look no further than Fidelity Forex Trading - Fidelity Investments' forex trading service. In this comprehensive review, we'll take a closer look at the features, benefits, fees, account requirements, and customer support offered by Fidelity Forex Trading. We'll also look at customer reviews, ratings, and comparisons with other forex brokers and platforms to help you make an informed decision.
About Fidelity Investments
Fidelity Investments is one of the largest and most trusted financial services companies in the world, with more than 70 years of experience in helping investors achieve their financial goals. The company provides a range of investment products and services, including trading in forex and other currencies.
Features and Benefits of Fidelity Forex Trading
Fidelity Forex Trading offers trading in more than 20 currencies, including major forex pairs such as EUR/USD, GBP/USD, and USD/JPY. This makes it easy for you to diversify your forex portfolio and take advantage of various market opportunities.
Fidelity Forex Trading offers transparent pricing, with no hidden fees or markups. You can see the bid/ask prices for each currency pair, so you know exactly what you're paying.
Fidelity Forex Trading offers competitive fees, with an average spread of 1.4 pips for major forex pairs. This is lower than the industry average, making it affordable for you to trade in the forex markets.
Fidelity Forex Trading offers leveraged trading, with margin requirements starting at 3.33%. This means that you can trade with more capital than you actually have, allowing you to potentially earn higher profits. However, it's important to note that higher leverage also means higher risk, so you should always use caution and manage your risk appropriately.
Fidelity Forex Trading offers excellent customer support, with a team of forex trading specialists available to answer any questions you may have. You can contact them by phone or email, or use the live chat feature on the website.
Education and Resources
Fidelity Forex Trading also offers educational resources and tools to help you enhance your knowledge and skills in forex trading. This includes webinars, articles, videos, and tutorials that cover a range of topics, from the basics of forex trading to advanced technical analysis.
Fees and Account Requirements
At Fidelity Forex Trading, the minimum deposit required to open an account is $2,500. This is higher than the minimum deposit required by some other forex brokers, but it's important to note that Fidelity offers a range of other investment products and services that you may find useful.
Fidelity Forex Trading charges a commission on each trade, which varies depending on the currency pair you're trading. The average commission is around $10 per lot traded, which is fairly low compared to other forex brokers.
Fidelity Forex Trading charges a fee of $25 for each withdrawal from your forex account. This is higher than the industry average, but you are allowed one free withdrawal per month.
Fidelity Forex Trading charges an inactivity fee of $12 per month if you don't make any trades for 12 months. This is standard industry practice, but it's important to be aware of it so you can avoid unnecessary fees.
Fidelity Forex Trading offers three account types: Standard, Prime, and VIP. The Standard account requires a minimum deposit of $2,500 and has a commission of $10 per lot traded. The Prime account requires a minimum deposit of $10,000 and has a reduced commission of $6 per lot traded. The VIP account requires a minimum deposit of $50,000 and has a commission of $4 per lot traded.
Customer Reviews and Ratings
To get a better understanding of the user experience of Fidelity Forex Trading, let's take a look at some customer reviews and ratings.
On Trustpilot, a popular review site, Fidelity has a rating of 3.2 out of 5 based on 26 reviews. Some users praise the platform for its transparent pricing and excellent customer support, while others criticize it for its high fees and lack of trading tools.
Forex Peace Army
On Forex Peace Army, another popular review site, Fidelity has a rating of 3.5 out of 5 based on 17 reviews. Some users note that they've had positive experiences with the platform, while others warn potential users about the high fees and lack of trading tools.
Comparison with Other Forex Brokers
To get a better sense of how Fidelity Forex Trading compares to other forex brokers, let's take a look at some key aspects of forex trading.
Currency Pairs Offered
Fidelity offers trading in more than 20 currency pairs, which is a decent selection but not as extensive as some other brokers. For example, XM offers trading in more than 50 currency pairs, while Forex.com offers trading in more than 80 currency pairs.
Fidelity Forex Trading offers a web-based trading platform that's user-friendly and easy to navigate. However, it doesn't offer as many advanced trading tools as some other platforms, such as MetaTrader 4 or cTrader.
Fees and Commissions
Fidelity Forex Trading has competitive fees, with an average spread of 1.4 pips for major forex pairs. However, the minimum deposit required to open an account is $2,500, which may be a barrier to entry for some traders. Additionally, the fee of $25 for each withdrawal from your account is higher than the industry average.
Fidelity Forex Trading offers excellent customer support, with a team of forex trading specialists available by phone, email, or live chat. This is similar to other brokers, which also offer multiple channels for customer support.
Fidelity Forex Trading is a reliable and trustworthy forex trading platform that offers trading in a range of currencies with transparent pricing, competitive fees, and excellent customer support. However, the minimum deposit of $2,500, and the fee of $25 for each withdrawal from your account may be a barrier to entry for some traders. Additionally, Fidelity doesn't offer as many advanced trading tools as some other platforms, so if you're looking for more advanced trading strategies or tools, you may want to consider other brokers. Overall, if you're looking for a reliable and straightforward forex trading platform, Fidelity Forex Trading is definitely worth considering.