Fidelity Forex Trading's platform offers a range of features designed to make trading more accessible and user-friendly. Here are a few of the most important ones:
User Friendly Interface
One of the platform's most notable features is its user-friendly interface. Users can easily navigate the platform to find the right tools and resources they need to succeed in trading. With a customizable workspace, candlestick and bar charts, and a range of technical indicators, users can personalize their trading experience to meet their unique needs.
Advanced Charting Capabilities
Fidelity Forex Trading's platform also boasts advanced charting capabilities. Users can access detailed chart analysis tools, including the ability to add trend lines, patterns, and Fibonacci retracements. Moreover, the platform's tools help traders uncover patterns and trends.
Access to Multiple Trading Platforms
Traders can also access multiple trading platforms, including desktop, web-based, and mobile versions, for convenient trading.
Research and Analysis
Fidelity Forex Trading provides its users with access to multiple research and analysis materials. Traders can use the platform's Market Strategist tools to get daily news and analysis, and customize their own screeners and alerts.
Fees and Commissions
Fidelity Forex Trading offers low fees and commissions compared to other forex trading platforms. The pricing is based on a couple of factors, including the size of the trade and the type of market. The fee of the standard-rate trades is $4.95. Here are the fees and commissions for trades on Fidelity Forex Trading:
- Forex pairs: spreads that range from 1.2 to 1.6 pips.
- Currency pair options: the price of these options range from $0.35 to $0.75 per contract.
Account Opening Process
The account opening process at Fidelity Forex Trading is a secure, straightforward, and fast process that can take as little as 10 minutes. To start, traders interested in opening an account must visit the Fidelity Forex Trading website and click on the "Open an Account" button. This process requires potential traders to share:
- Personal information, such as name, address, and phone number.
- Employment status.
- Social Security number.
- Date of birth.
After submitting the necessary information, potential traders need to verify their identity by providing a copy of their ID and proof of address. Once these steps have been completed, traders can fund their accounts using multiple secure payment methods, including bank transfers and credit/debit cards.
Security and Regulation
Fidelity Forex Trading is regulated by different agencies in several different countries, which demonstrates its commitment to safety. Specifically, its US division is regulated by the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC). Its UK division is regulated by the Financial Conduct Authority (FCA), and in Australia, it is regulated by the Australian Securities and Investments Commission (ASIC).
Fidelity Forex Trading has implemented a range of security measures to protect user data, including data encryption, multi-factor authentication, and HTTPS secure communication protocols. The platform's website is also secure and safeguarded with multiple firewalls and intrusion detection systems.
Fidelity Forex Trading's customer service is exceptional and earned the platform high marks. Customer service representatives are available 24/7 via email, phone, or live chat to answer any questions or resolve any issues users may encounter. The website also includes a "Help" section that explains the platform's features, how-to guides, FAQs, and educational resources on forex trading.
Pros and Cons
While Fidelity Forex Trading has many positive features, it also has some drawbacks that you should keep in mind. Here are the pros and cons of using Fidelity Forex Trading:
- Offers multiple trading platforms for convenient trading.
- Has a user-friendly interface that traders can easily customize.
- Offers advanced charting capabilities and research tools to help traders make informed decisions.
- Low fees and commissions compared to other trading platforms.
- The account opening process is straightforward, fast, and secure.
- Multiple regulatory bodies oversee the platform to protect traders and their data.
- Customer service is responsive and available 24/7 via multiple channels.
- Fidelity Forex Trading lacks certain features such as social trading or cryptocurrency trading.
- The desktop and mobile trading platforms may not be as comprehensive as other competitors.
- There is a minimum account balance of $2,500 for individual accounts and $10,000 for institutional accounts.
In conclusion, Fidelity Forex Trading is a great platform for traders who are looking for a comprehensive and user-friendly trading experience with low fees and commissions. With its advanced charting capabilities, multiple trading platforms, and research tools, Fidelity Forex Trading's platform gives traders access to trading resources that can help them make informed decisions.
Though the platform has some drawbacks, including the lack of social trading or cryptocurrency trading, the well-regulated, secure, and customer-service focused platform has set it apart in the market. Overall, it's an excellent choice for traders looking to enter the world of forex trading.