- What is Forex.com?
- Forex.com Pros and Cons
- Is Forex.com Safe or a Scam?
- Trading Instruments
- Deposits and Withdrawals
- Trading Platform
- Customer Support
Our Review Method
- 55Brokers Financial Experts with over 10 years of experience in Forex Trading check all trading offerings, fees, and platforms, verified regulations, contacted customer service, and placed traders to see trading conditions and give expert opinions about FOREX.com.
What is Forex.com?
FOREX.com is a multi-regulated global Forex and CFD trading provider offering a wide range of trading instruments to its clients including Forex, Indices, Shares, Stocks, Cryptocurrencies, and more.
- Founded in 1999, the company today supports customers in over 180 countries with a global presence across North America, Europe, and the Asia Pacific regions, providing offices, while headquartered in New Jersey (US), in Canada, the UK, Hong Kong, and Australia. The company is a part of GAIN Capital Holdings, Inc. which is a publicly-traded company providing online trading solutions. In its turn, all divisions of GAIN Capital Holdings. Inc. are separate but affiliated subsidiaries of StoneX Group Inc.
Throughout highly developed platforms, Forex.com has developed its own platform for trading, which now is one of the best options, as clients obtain access to the world’s most popular currencies and other trading instruments.
Overall, through the years of successful operation and its global spread, Gain Capital and one of its brands Forex.com obtained great results and world recognition, also through the powerful trading solutions that it offers and constantly develops.
Forex.com Pros and Cons
Forex.com is a sharply regulated and trustable broker with well-established parent company GAIN Capital listed in Stock. Account opening is smooth and fully digital, there is a great range of markets and instruments, good Cryptocurrency trading, and professional trading platforms with education and research.
For the Cons, trading fees for Forex CFDs might be slightly higher but on average, there is no 24/7 support and multi-currency accounts.
|Heavily regulated broker with a strong establishment||No multi-currency accounts|
|Globally recognized and awarded ||No 24/7 customer support|
|Professional trading environment and investment in innovation|
|Great range of trading instruments, and competitive trading conditions|
|Suitable for both beginners and professionals|
|Based on MetaTrader and proprietary technology|
Forex.com Review Summary in 10 Points
| 🏢 Headquarters||US|
|🗺️ Regulation and License||FCA, IIROC, ASIC, CFTC, CySEC, JFSA, MAS, CIMA|
|🖥 Platforms||MT4, MT5, FOREX.com Platforms|
|📉 Instruments|| Forex, Indices, Shares, Stocks, Cryptocurrencies, Commodities, and more|
|💰 EUR/USD Spread||1.3 pips|
|🎮 Demo Account||Available|
|💳 Minimum deposit||$100 |
|💰 Base currencies||Various currencies available|
|📚 Education||Learning materials and technical analysis|
|☎ Customer Support||24/5|
Overall Forex.com Ranking
Forex.com is considered a good broker with safe and favorable trading conditions with transparency. The broker offers a range of trading services designed for all level traders with average initial deposit amounts. As one of the good advantages, Forex.com is a globally recognized broker and covers almost the globe, so traders can sign in also with the lowest spreads.
- Forex.com Overall Ranking is 9.2 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry Leading Brokers.
|Advantages||Trading Instruments||Deep Liquidity||Trading Conditions|
Forex.com Alternative Brokers
Forex.com offers good trading conditions, also competitive trading spreads and fees. However, there are a number of other brokers that offer similar services. Here are some of the best alternatives to Forex.com:
- AvaTrade – Good Instruments and CopyTrading
- Pepperstone – Low Spreads and Competitive Trading Conditions
- XM – Wide Range of Trading Opportunities
For financial firms and trading brokers, it is crucial to obtain and keep a good reputation, while Forex.com confirms its status not only through the thousands of accounts it operates but through industry recognitions as well.
For more than twenty years of presence and operation firm receive numerous reviews and global recognition, as a really impressive number of awards and nominations, like “Best Broker in the USA“, “Shares Awards”, “Investment Awards”, etc.
Is Forex.com Safe or Scam?
No, Forex.com is not a scam. It is definitely a trusted financial service provider incorporated in the US according to all the strictest laws and requirements.
As we have already mentioned, Forex.com is a part of StoneX Group Inc. (NASDAQ: SNEX), a publicly-traded company with strong corporate governance, financial reporting, and industry lead.
Is Forex.com Legit?
For its global presence and truly wide operation in world financial centers, Forex.com is a part of international holding withholds regulations by various reputable authorities worldwide including FCA(UK), IIROC (Canada), CFTC (USA), ASIC (Australia), and CySEC (Cyprus).
See our conclusion on Forex.com Reliability:
- Our Ranked Forex.com Trust Score is 9.5 out of 10 for good reputation and service over the years, also for reliable top-tier licenses. The only point is that regulatory standards and protection vary based on the entity.
|Forex.com Strong Points||Forex.com Weak Points|
|Multiply regulated broker with a strong establishment||Regulatory standards and protection vary based on the entity|
|Listed on Stock Exchange|
|Part of the world's publicly traded company|
|Segregated accounts and annual reports|
|Cross border offering including globally regulated entities |
|Negative Balance Protection|
How Are You Protected?
Forex.com indeed complies with necessary, strict regulatory requirements and standards, while obliged to provide the safe and highest level of operations. Doubtless, the company keeps all procedures in a supreme way, including data protection, and funds safety entitling the company to hold funds in segregated accounts, secure online transactions, executions, etc.
In addition, Forex.com provides central counterparty clearing through OSCA as a standard for all clients.
Leverage as a popular tool is widely used by brokers and traders and allows the trading of larger capital compared to the initial capital. Previously brokers generously awarded traders with high leverage ratios, yet the US regulation and recent update from the European ESMA, and Australian ASIC set a limited maximum in order to protect clients.
Therefore, Forex.com leverage ratios will vary according to the trader’s residence, as well as under which authorization account is open:
- The US clients may use a max of 1:50 leverage to Forex instruments,
- European entities are set to only 1:30,
- Australian clients may use 1:30 for Forex instruments.
That limitation is done with the purpose to limit potential losses, as high leverage may impose trades quickly in reverse as well. Thus, traders should use leverage levels smartly and learn how to do it correctly for a particular instrument.
Forex.com offers three account types. Standard Account with tight Forex spreads and opportunity with automatic price improvement (when the market moves in the client’s favor, savings passed automatically). Commission Account which enables additional benefits and offers ultra-tight spreads and fixed commissions.
Lastly, the third account option is designed specifically for high-volume traders and is named Direct Market Access Account where the maximum control is applied. This account is available only through a proprietary platform and recommended for a minimum of $25k deposit, so professional traders can benefit from the superior conditions Forex.com provides.
|Fast digital account opening||Account types and proposals may vary according to jurisdiction|
|Low minimum deposit|
|Access to a wide range of financial instruments|
|Account base currencies GBP, EUR, USD|
|Demo and Islamic accounts are available
How to Trade in Forex.com?
Starting to trade with Forex.com, you will first need to open an account and deposit funds. The process is simple and can be done entirely online. Once your account has been approved, you can then make a deposit using one of the many methods available. Based on our findings Forex.com offers user-friendly platforms with all the tools and resources you need to trade successfully.
How to Open Forex.com Live Account?
Opening an account with Forex.com is quite easy. You should follow the opening account or sign-in page and proceed with the guided steps:
- Select and Click on the “Open Account” page
- Enter the required personal data (Name, email, phone number, etc.)
- Verify your personal data by upload of documentation (residential proof, ID, etc.)
- Complete the electronic quiz confirming your trading experience
- Once your account is activated and proven, follow with the money deposit.
One of the greatest things about Forex.com is its trading market range, as being a huge financial institution offers clients some of the best available proposals. Which includes over 80 currency pairs and an average turnover of $5.1 trillion a day, including Forex, thousands of Stocks, Metals, Indices, Shares, Commodities (with zero commission and 1% margins), Cryptocurrencies, and more.
- Forex.com Markets Range Score is 9.2 out of 10 for wide trading instrument selection among Forex, Stocks, Indicies, and more.
Concerning the fee structure, be sure you check the correct conditions according to the account type you choose. Alike, a Standard account is based on spreads, while a commission one will charge a fee of $5 per 100k traded.
- Forex.com overnight fee is an additional cost, which should be considered in case you hold an overnight or long position. The swap fee of Forex.com is calculated by the percentage along with interbank exchange rates, which are defined by each instrument separately. Alike calculated by the formula as e.g. Forex.com EUR/USD overnight fee for buying position is -2.5% and 2.5% for selling.
In addition, Forex.com charges an inactivity fee of $15 per month if there is no trading activity or no open positions for a period of 12 months or more.
- Forex.com Fees are ranked average with an overall rating of 8.5 out of 10 based on our testing and compared to over 500 other brokers.
|Fees||Forex.com Fees||FxPro Fees||Pepperstone Fees|
|Fee ranking||Average||Low, Average||Low|
Forex.com offers both fixed and variable spreads which depend on the market you wish to trade, along with an opportunity to reduce costs by up to 15% with cash rebates. In addition, the broker provides some of the tightest spreads in the industry. Based on our findings, the average spread for EUR USD is 1.3 pip for the Standard account.
- Forex.com Spreads are ranked low or average with an overall rating of 8.9 out of 10 based on our testing comparison to other brokers. We found Forex spread much lower, and spreads for other instruments are very attractive too.
|Asset/ Pair||Forex.com Spread||FxPro Spread||Pepperstone Spread|
|EUR USD Spread||1.3||0.9 pips||0.77 pips|
|Crude Oil WTI Spread||5||88||2.3 pips|
|BTC USD Spread||35||20155||31.39|
Deposits and Withdrawals
Forex.com offers a range of funding methods including Credit/Debit card payments, wire transfers, and more. The broker offers particular conditions according to the entity and regulatory rules.
- Forex.com Funding Methods we ranked good with an overall rating of 9 out of 10. The minimum deposit is among average in the industry, yet fees are either none or very small also allowing to benefit from various account-based currencies, yet deposit options vary on each entity.
Here are some good and negative points for Forex.com funding methods found:
|Forex.com Advantage||Forex.com Disadvantage|
|$100 is a first deposit amount||Deposit fee may be applicable |
|Fast digital deposits including Skrill and Credit/Debit Cards
||Methods and fees vary in each entity|
|Multiple account base currencies|
|No fees for withdrawals|
|Withdrawal requests confirmed within 48 business hours|
In terms of funding methods, Forex.com offers a few payment methods which are a very good plus, yet check according to its regulation whether the method is available or not.
- Credit/Debit cards
- Bank wire
Forex.com Minimum Deposit
The minimum initial deposit for Forex.com is $100, but there is a recommendation to deposit $2,500 to allow flexibility, a full range of instruments, and better risk management.
Forex.com minimum deposit vs other brokers
||Most Other Brokers
Withdrawal options at Forex.com are wide and offer easy bank transfers, card payments, and e-wallets. There are no charges or any fees on debit and credit card deposits or bank transfers, there are also no charges to withdraw funds, which is indeed a pleasant addition to overall money management.
In addition, as a part of GAIN Capital Payments Ltd, additional services powered by a mother company are offered to the clients. Forex.com offers priority and regular Money Transfers from the UK, and also features fast, easy, and secure online money transfers to 200+ countries.
How Withdraw Money from Forex.com Step by Step:
- Login to your account
- Select Withdraw Funds’ in the menu tab
- Enter the withdrawn amount
- Choose the withdrawal method
- Complete the electronic request with necessary requirements
- Confirm withdrawal information and Submit
- Check the current status of withdrawal through your Dashboard
Forex.com offers three main choices to the client, which goes to the option of a proprietary platform designed by Forex.com or a mainstay in the popular industry MetaTrader 4, also the latest version of MetaTrader5.
Based on our Expert research, those platforms present powerful developed trading tools (70+ technical indicators) and signals while using instant or market execution, as well ability to set user-defined price tolerance.
- Forex.com Platform is ranked good with an overall rating of 9.2 out of 10 compared to over 500 other brokers. We mark it as good since it offers popular MT4 and MT5 professional trading platforms.
Trading Platform Comparison to Other Brokers:
|Platforms||Forex.com Platforms||FxPro Platforms||XM Platforms|
Web Trading Platform
Web trading platform is optimized for high performance and speed on any computer, as well as combining numerous integrated market analyses and tools. Yet, it could be better to use a desktop platform for day trading and comprehensive strategies, since the Web platform is rather limited in its available tools. The latest version of MT5 also supports Web and Mobile trading.
An advanced trading platform designed especially for active traders offers desktop viewing with a full asset of customizable preferences, indicator features, powerful charting tools, and many more.
In case you would choose to use the known MT4, the platform has also been enhanced with integrated pattern software and other highly developed trading tools, using the market execution method. And of course, the platform poses a choice to use MT4 via Desktop, Web or iPhone, or Android apps.
Forex.com offers dedicated 24/5 customer support through Phone lines, Live chat, and Email. The support covers almost the globe due to the broker’s presence and coverage of major destinations.
- Customer Support in Forex.com is ranked good with an overall rating of 8.9 out of 10 based on our testing. We got fast and knowledgeable responses, also quite easy to reach during the working days.
See our find and ranking on Customer Service Quality:
||No 24/7 customer support|
|Availability of Live chat, phone lines, and email|
Forex.com focuses on both beginning traders and professionals as well. The provided education is designed to build trading confidence and knowledge, and market analysis with the latest updates to keep traders on track with the improvements or changes.
Education Center provides trading concepts, technical analysis, fundamental analyses, trading strategies, and trading courses available for beginner, intermediate and advanced traders. Along with that, Forex.com runs regularly Webinars, and updates with Trading News and research materials covering popular and unique points.
- Forex.com Education ranked with an overall rating of 9.2 out of 10 based on our research. The broker provides very good quality educational materials, and excellent research also cooperates with market-leading providers of data.
Forex.com Review Conclusion
The final thought upon Forex.com is that the broker is a global leader in online trading and is highly regarded by numerous traders. Apart from the well-reputed and respected international standing of GAIN Capital Holding, which Forex.com is part of, solid financial backup is proven by the vast number of companies behind along numerous regulations worldwide.
There are also numerous benefits in both technical and operational parts, including innovative broker functional tools, together with excellent customer support and comprehensive educational materials.
Based on Our findings and Financial Expert Opinions Forex.com is Good for:
- Advanced traders
- Professional Trading
- Traders who prefer MT4 and MT5 trading platforms
- Currency and CFD trading
- Low spread trading
- Zero commission trading
- Competitive trading fees
- Tight spreads
- Variety of trading strategies
- Supportive customer support
- Excellent Forex education and research