FOREX.COM VERSUS FUELEDBYFOREX
Authenticity and loyalty are so important to my personal brand, loyalty is literally (yes literally not figuratively) tattooed on my arm!
At Black Atlantic Agency, we sail with the ship we’re on and make improvements along the way. It troubles me to have to question trust, especially not with industry leaders like Forex.com. Our relationship has been beautiful for years. However, things have been a little shaky ever since Forex.com and its brokerage Gain Capital was acquired by INTL FCStone Inc.
Now I’m all for change that preserves the integrity of a brand, and so I celebrated the expanded offerings that INTL FCStone Inc brought to the table. Loyalty aside, Forex.com‘s native charting packages and their Meta Trader 4 white label are pretty archaic and cumbersome in terms of AI. I personally preferred to use the Tradingview charting packages which were included as part of the service offering.
Everything was fine I was winning and losing thousands of dollars as usual. Then something changed. All the technical systems I designed and integrated into my account were randomly deleted without prior notification! To make matters worst when I contacted Forex.com they told me they could not resolve issues on either their native platform or on Tradingview, this made the customer service experience, and the long ticketing and resolution process a frustratingly useless waste of time.
In one last-ditch desperation effort,
I pleaded with the customer service rep to simply look more closely into the matter.
In response, all I received was,
“Sorry, Sir. there’s nothing I can do!”
Until that moment I never considered another platform. In fact, I plan to roll out a review of Forex.com‘s performance analytics as soon as I can reset my trading system to adapt to having my trading preferences constantly erased and changed without notice or recourse.
However, since we’re now crossed that bridge, I needed more options. I couldn’t afford to continue losing money staying out of trades I knew I should enter because my technical charting package is malfunctioning. Against my principles of loyalty, I decided to give FueledByForex an opportunity to earn my business, and let me tell you, the results were amazing!
Head to Head Challenge.
Let me just say the battle between Forex.com and FueledByForex is much too difficult to judge by the first appearance. We had to review the footage, go chart by chart, and do some research on robot algorithms.
At the end of the day, as a technical analyst, I don’t want to be replaced by a robot or thrown off my handicapping by small technology glitches.
With all considered, I’m doing the numbers on switching to options. I’d rather speculate on assets with intrinsic and extrinsic value than let technology handicap the sweet art of probability.
But back to foreign exchange platforms:
Pros:
- 3 different charting packages including native browser, meta trader 4 and Tradeview
- Browser chart packages include performance review which allows for backtesting
- Forex.com integrates as a broker with other platforms
- Three-day withdrawal policies
Cons:
- Ugly Pip spread makes trade execution cost high
- Shaky and inconsistent indicators with no customer support outside browser platform
- Poor customer service
- Connecting Meta trader 4 is glitchy and doesn’t sync seamlessly with the native browser platform
Pros:
- A team of millennials changing the industry with new AI
- Complete Remote Installation
- 100% Automated Trading From Start To Finish
- Real-Time Trade Alerts On Over 20+ Forex Pairs
- Constant Updates To Ensure Software Accuracy
- 24/7 Support
- Cancel Anytime
Cons:
- 100% Automated Trading makes technical analysis with uneasy questions about timing and execution
- The market breadth is narrow, no real exotics
- Takes up to 24 hours to go live before your ready to go.
- Sketchy withdrawal policies
In the end, the trend is my friend and the future is bleak!
If you want to stay up all night staring at the charts speculating on the pips, Forex.com has the basics. However, you may need to look elsewhere for a more reliable comprehensive chart reading experience. Despite a few shortcomings, Forex.com‘s performance analysis tools are making a compelling case to reconsider the native browser platform.
As far as FueledByForex, it seems we may have a glimpse at a future where everything is remote and trade execution and automation is managed on telegram. What appears to be an ambitious marketing attempt to push a content strategy over trading results, FueledByForex, and the personality of Nick are attracting a lot of attention.
At the end of the throwdown, I feel like the retail forex industry takes the biggest loss. In an era where AI threatens to anachronistically replace good reason only to stumble and make our lives more difficult in the process, the prospect of a future 100% automated trading industry is terrifying.
Is it better (which for me means easier and more profitable) to take technical analysis into the options markets where speculation on the difference between intrinsic and extrinsic value, literally provides more options than handicapping currency at low volumes?
I never give up, and I refuse to be disloyal. So for the moment, the question of winners and losers is clear. The house wins, the small retail trader loses over 90% of the time.
With numbers like those, we can only hope the industry will support the underdogs, or risk losing their audience to future innovation.
If you want to learn more about options trading, I personally recommend the Youtube channel Talking Options, the information is direct and presented in the most delightful and appealing format possible.
Josiah Morgan is the Senior Vice President of Sales and Marketing, Collective Advisory Board, Director of Strategic Marketing Black Atlantic Agency.