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Forex.com Review 2024: Should You Trust This Broker?
Swen Keller
- URL: https://www.forex.com/
- Minimum Initial Deposit: $100
- Maximum Leverage: 1:50
- KYC: Yes
- Platform App: Desktop, Mobile, Web
- No. of Tradable Symbols: 5,500+ financial markets and 80 currency pairs
- Available Based Currencies: USD, EUR, GBP
- Withdraw Method: Bank transfer, credit card, debit card, wire transfer
- Payment Method: Credit card, debit card, wire transfer
- Trading Fees: Spreads as low as 0.0 pips and $5 commission per USD 100,000 traded
- Headquarter: New Jersey, the United States
- Licenses: FCA, CIRO, CySEC, NFA, CIMA, FSA, MAS, ASIC
- Year Founded: 2001
- Promotion: 5% cashback on your initial deposit
Forex.com Review: Our Take
Forex.com is an advanced trading broker that’s best suited for experienced traders interested in trading CFDs.
The broker requires Forex traders to pass an assessment test before permitting them to open an account. This means that a beginner must gain some level of knowledge before using the broker.
Also, Forex.com has a limited selection of markets when compared to other Forex brokers.
Important Risk Warning: Investing in and/or trading CFDs, financial instruments, commodities, and other assets involves a significant level of risk. There is a possibility of losing all the funds you have deposited. Prior to engaging in any such activity, it is essential that you fully understand and acknowledge the associated risks. Please be advised that Skrumble.com does not offer investment or any other form of advice. The information provided in our review should not be construed as financial advice in any way.
An Overview of Forex.com
Founded in 2001, Forex.com is headquartered in the United States but is authorized and regulated by the Cayman Islands Monetary Authority (CIMA) under the Securities Investment Business Law of the Cayman Islands as Gain Capital Holdings / Global Markets Inc (Forex.com is the trading name of the broker).
The Forex and CFD provider is also regulated in 7 other jurisdictions through their affiliates.
The broker allows its clients access to more than 5,500 tradable instruments including Forex currency pairs, metals, stock CFDs, commodities, indices, etc.
Forex.com is a subsidiary of StoneX Group Incorporated, a NASDAQ traded company with assets of $7.7 billion+ that owns other popular Forex broker brands like City Index.
Currently, Forex.com is available in more than 21 countries across 5 continents, hosts more than 454,000 active Forex traders, and has over 4,000 staff members.
Pros
- Offers advanced tools
- Cashback on initial deposit
- Low spreads
Cons
- Requires users to pass an assessment test
- Limited selection of markets
- Negative Balance Protection is not available to US users
Key Features of Forex.com
Demo Account
Forex.com gives you a platform to test your strategies and perfect your trading skills before investing real money in the live market.
With the forex.com demo account, you get a well-equipped platform with $50,000 in virtual funds which you can use to trade in a risk-free environment.
You have access to all the global markets available on the live account as well as all the features including drawing tools, indicators, and customizable charts.
The demo mode simulates the live account which means you get to experience the live markets and have a realistic trading environment.
Demo accounts on Forex.com last for 90 days after sign-up, at the expiration of the 90 days, your access to the demo mode will be revoked.
Demo accounts with the MetaTrader 4 platform last for only 30 days except there are open trades in the demo mode.
Once the demo account expires, it cannot be renewed.
That said, Forex.com allows you to only open one demo trading account per email address.
While the demo mode simulates the live market, it is not the same as the live account. The major difference is that trading is done with virtual funds, which means that you cannot withdraw any profit made in demo trading.
Also, the demo/practice account cannot always reflect all of the market conditions that affect pricing execution and margin requirements in a live trading environment.
Rollover/financing charges are also not fully simulated in the demo environment.
Forex.com Active Trader
Active Trader is designed for high-volume traders on Forex.com looking for an edge.
You do not apply for the Active Trader program, instead, you automatically qualify for the program when you open an account with a minimum of $10,000 or trade the minimum required volume for tier 1 rebates in a calendar month.
Active Traders enjoy several benefits including monthly cash rebates on their trades, reduced trading costs by up to 15%, reimbursement of bank fees, one-on-one support from an experienced market strategist, etc.
Active Trader Cash rebates are available on multiple asset classes according to your monthly trade volume.
Rebates are posted to your trading account within 2 business days of the following month. You can withdraw or trade with the rebates.
The Active Trader Program is free, there are no fees associated with the program.
You may, however, incur Rollover charges if you hold positions overnight.
Managed accounts or accounts referred by an Introducing Broker are not eligible for the Active Trader program.
DMA Trading Account
The Forex.com DMA account grants access to multiple levels of liquidity displayed in real-time and is only available to institutional traders.
This is the perfect account for traders looking for maximum transparency and control.
With DMA accounts, traders can trade in prices sourced from top-tier liquidity providers and global banks with no additional markup.
Aside from the standard commission (which can be discounted based on your trading volume), there are no spreads to pay in the DMA account.
There are also other features beyond access to deep liquidity, as DMA account holders enjoy several benefits including waived bank fees, professional guidance / one-on-one support from a highly trained relationship manager, and priority handling of all service requests.
DMA accounts do not qualify for the Active Trader program.
Forex.com does not place any trade restrictions, no minimum account or trade requirements for DMA accounts.
However, the minimum trade size is 100k.
Forex.com allows you to transfer funds between your current account and your new DMA account. Transfers from the standard account to the DMA account can take up to 48 hours.
The DMA account features the full suite of Forex.com trading platforms including a web trading platform, mobile trading platform, and advanced trading platform.
Forex.com Mobile App
The Forex.com mobile app enables you to trade over 80 global currency pairs, unleveraged gold and silver, and other supported instruments on the go.
The mobile app features advanced charting, SMART signals, performance, analytics, demo trading, and other features necessary for a good trading experience.
With the mobile app, you can execute trades in seconds and monitor your open positions.
You can also customize your Watchlists and alerts to suit your preference and stay ahead with integrated analysis, real-time price alerts, and Reuters news.
It gives you access to intuitive charting tools that you can use to analyze price movements and advanced order types that can be tweaked to suit your trading strategy.
The app features over 60 technical indicators, 14 chart types, and 50+ advanced drawing tools.
It also offers integrated trading strategies.
Forex.com allows you to automatically sync your positions between the web trading platform and the mobile app.
Forex.com Review: Tradable Assets Available
Forex.com supports the trading of over 5m500 instruments across different markets including Forex, Indices, Stocks, Crypto, Commodities, etc.
Forex
Forex.com users can trade over 80 Forex pairs with tight spreads as low as 0.0. Tradable currency pairs on the trading platform include the following:
EUR/USD, USD/CHF, USD/JPY, GBP/USD, AUD/USD, CAD/JPY, AUD/CAD, AUD/CHF, AUD/CNH, AUD/JPY, CAD/NOK, CAD/PLN, CHF/HUF, CHF/JPY, CHF/NOK, CHF/PLN, CNH/JPY, EUR/AUD, EUR/CAD, EUR/CHF, EUR/CNH, EUR/CZK, EUR/DKK, EUR/GBP, EUR/HKD, EUR/HUF, EUR/JPY, EUR/MXN, EUR/NOK, EUR/NZD, EUR/PLN, EUR/RON, EUR/RUB, EUR/SEK, EUR/SGD, EUR/TRY, EUR/ZAR, GBP/AUD, GBP/CAD, GBP/CHF, etc.
Indices
Forex.com supports the trading of over 15 global indices in the global market. Available indices include Wall Street, US SP 500, US Tech 100, UK 100, Germany 40, Japan 225, Hong Kong 50, AI Index CFD, Australia 200, China 50, EU Stocks 50, France 40, Italy 40, Netherlands 25, Singapore Index, Spain 35, Switzerland 20 and US Small Cap 2000.
Stocks
There are over 5,500 global shares available for trading on Forex.com. Available stock CFDs include Tesla Motors, Nvidia Corp, Amazon.com, Microsoft Corp, Apple Inc, Adidas AG, Adobe Systems, Advanced Micro Devices, Airbus Group SE, Alibaba Group Holding, Alphabet Inc A, American Express, Baidu, Bank Of America, Bank Of China, Boeing Co, BYD Company, Cheetah Mobile Inc, China CITIC Bank, China Evergrande Group, China Life Insurance Co, China Merchants Bank, China Power, China Railway Group Ltd, China Unicom, Cisco Systems, Coca Cola Co, Costco, eBay, Ford Motor Co, Fosun International, Freeport-McMoRan Copper and Gold, Geely Automobile Holdings Ltd, General Electric, Goldman Sachs, Hermes International, HP Inc, IBM, ICBC (Indus & Comm Bank of China), Intel Corp, iShares MSCI China ETF, J.P. Morgan Chase, JD.com, Lenovo Group, Lululemon, etc.
Crypto
Forex.com allows you to trade leading crypto CFDs. With crypto CFD trading, you do not own the cryptocurrency being traded, which means you do not need a third-party wallet or exchange.
There are 7 crypto CFDs available for trading on Forex.com, which include Bitcoin ($), Ethereum ($), XRP ($), Litecoin ($), Bitcoin Cash ($), Bitcoin (£), Bitcoin (€), and Bitcoin AUD
Commodities
Forex.com supports the trading of commodities via CFDs commodities. This allows traders to speculate in markets and hedge against inflation.
Tradable commodities on the trading platform include US Crude Oil, UK Crude Oil, Sugar No. 11, Coffee C, and Cotton No. 2
Bullion
With Forex.com, you can invest in physical precious metals like gold, silver, platinum, and palladium bars and coins through Forex.com’s parent company StoneX Bullion that works directly with popular mints around the world to guarantee the authenticity of the bars and coins.
Partner mints include The US Mint, The Royal Mint, The Perth Mint, Rand Refinery, and The Royal Canadian Mint.
Forex.com Review: Fees and Spread
Forex.com charges different fees based on the type of account you choose.
On its Standard Account, Forex.com charges spreads starting from as low as 0.0 pips while on the Raw Spreads account Forex.com charges spreads starting from 0.8 pips alongside a commission of $5 per 100,000 USD traded.
Financing Fees
Forex.com financing rates are set at the benchmark regional interest rate of +/- 2.5%.
Inactivity Fees
Forex.com charges an inactivity fee of $15 per month if there is no trading activity on your account for more than 12 months.
Forex.com Review: Payment Methods
The following payment methods are supported by this broker: bank transfer, credit card, debit card, and wire transfer.
Forex.com Review: Security
Forex.com is a wholly-owned subsidiary of StoneX — a NASDAQ-listed company with assets of over $8.6 billion and a track record of 100+ years.
Forex.com is authorized and regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands.
It is also regulated in 7 other jurisdictions around the world through its affiliates.
Forex.com separates customer deposits from its operating funds
Customer funds are held with Top-Tier banks across the globe.
Through our team’s firsthand analysis of this broker, we observed that client margin for individual accounts is continuously calculated in real-time, and in the event of a margin call, depending on the account type, the position is automatically liquidated with the minimum possible delay and at the best possible rate available in the market.
All Forex.com margin settings are compliant with CIRO and other regional regulators and constantly reviewed.
The Forex.com platform is also regularly audited.
Other available security measures include supervision of electronic trading systems, information security, Anti-Money Laundering measures, negative balance protection for retail investor accounts, and Business continuity and disaster recovery. Negative balance protection is not available to users in the United States.
Supported Countries
Forex.com is available in over 180 countries.
Supported countries include the United States, the United Kingdom, the United Arab Emirates, Australia, Vanuatu, Vatican City, British Virgin Islands, American Virgin Islands, Switzerland, Thailand, Taiwan, Trinidad and Tobago, Poland, Rwanda, Qatar, Swaziland, Turkey, Spain, Belize, Barbados, Austria, Argentina, Palatine, Saudi Arabia, etc.
Forex.com is not available in over 40 countries including Afghanistan, Libya, Ghana, Nigeria, Haiti, Cuba etc.
Licenses Held by Forex.com
Forex.com is a trading name of Gain Capital Global Markets Inc which is regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands.
GAIN Global Markets Inc. is a part of the GAIN Capital Holdings Inc. group of companies. GAIN Capital UK Ltd. is authorized and regulated by the Financial Conduct Authority ( FCA )
Forex.com is a subsidiary of StoneX, a Fortune 100 company.
Forex.com is regulated and licensed by several regulatory bodies around the world.
This includes the Canadian Investment Regulatory Organization (CIRO), The Cyprus Securities & Exchange Commission (CySEC), The National Futures Association (NFA)
Commodity Futures Trading Commission (CFTC) The Cayman Islands Monetary Authority (CIMA), The Financial Conduct Authority (FCA), The Financial Services Agency (FSA), The Monetary Authority of Singapore (MAS), and The Australian Securities and Investments Commission (ASIC).
Forex.com Review: Opening a Forex.com Account
To open a Forex.com account go to https://www.forex.com/en/trading-accounts/new-trading-account/.
Once the page opens you will see the list of all offered trading accounts which include the Standard Account, Raw Spread account, DMA account for traders who need deep liquidity, and MetaTrader 4 and 5 accounts.
Choose your preferred account type by tapping the open account button under the account name.
On the page that opens you need to fill in personal details such as your email address, first and last name, and create a password, as well as select your country of residency.
Forex.com will also request that you enter your phone number and date of birth.
On the next page, you need to enter your residential address including your flat number, postal code, city, Tax Identification Numbers, etc.
Click on the Continue button.
On the next page, you need to enter your employment status as well as your current financial state.
Click Continue when you are done.
Next, you will need to submit your answers for a quick assessment test evaluating your knowledge of trading CFDs and the forex market at large.
Tap on the Submit button once you’re done.
That’s it!
Depending on the details of your application and how you will do on the assessment test Forex.com may approve your trading account.
However, after approval, you would still need to undergo their KYC process which is a requirement of their CySEC regulation.
Forex.com Review: Different Types of Forex Trading Account
Forex.com offers 3 forex trading account types which include Standard account, Raw Spread account, and MetaTrader 4 trading account.
Standard Account
The Standard account is a traditional Forex trading account with no commissions, only spreads.
This account type comes with Forex.com’s proprietary web trading platform and provides advanced charting tools with more than 80 technical indicators.
The Standard account also offers the opportunity to access up to 15% in cash rebates for trading cost reduction.
Spreads on this trading account get as low as 0.8 pips on EUR/USD and you get the option to trade on the TradingView trading platform.
Raw Spread Account
The Raw Spread account offers spread reductions with spreads in major FX currency pairs getting as low as 0.0 pips on both MetaTrader and Forex.com platforms.
That said, there is a USD 5 commission per USD 100,000 traded in addition to the low spreads.
The Raw Spread account also offers multi-asset rebates on Forex, Indices, Commodities, Cryptocurrencies, Metals, and Equities of up to $50 per million traded as well as reimbursing bank transfer fees and wire fees.
MetaTrader Account
The MetaTrader account is similar to the Standard account. Forex.com does not charge commissions here, only spreads similar to those charged on the Standard account (as low as 0.8 pips).
It also features fully integrated Reuters news and Trading Central technical analysis.
Alternative Account Options
Forex.com offers special trading account types for traders who want experiences tailored to their specific needs.
These account types include Joint Accounts that allow traders to share their trading experience with a co-account owner as well as Corporate, Partnership, and Trust accounts.
The Corporate, Partnership, and Trust trading accounts allow businesses to access the global financial markets and support multiple traders to be authorized to use a singular account.
Forex.com Review: Trading Experience
Based on our team’s first-hand trials with this forex trading platform we can confirm that Forex.com is an advanced trading platform targeted at experienced traders.
The Forex broker offers a lot of trading platforms including mobile apps, desktop, and web trading platforms.
This wide selection of platforms may confuse newbies who would be intimidated by the large selection.
That said, Forex.com also has an award-winning execution speed as well as spreads that start from 0 pips on its Raw Spread account which is perfect for Forex traders looking for low-cost options.
Where Forex.com falls through is its available tradable instruments on certain trading platforms. On its MetaTrader account, for example, Forex.com only offers 500 markets against the total of 5,500+ available on the broker.
Forex.com Review: Different Trading Platforms Used to Trade
Forex.com offers a proprietary trading platform and supports other third-party trading platforms including MetaTrader 5, WebTrader, and TradingView trading platforms.
Forex.com Mobile App
This is a customizable mobile app that allows clients to manage their creating accounts on the go.
The Forex.com mobile app features a personalizable full-screen chart, provides real-time price alerts on any forex market you choose, as well as integrates market analysis and a full Economic calendar alongside Reuters news.
Particular customization features include the option to set up alerts, create custom watchlists, and select between light and dark team themes.
As with most Forex brokers that offer a proprietary mobile app, the Forex.com mobile app supports one swipe trade execution.
WebTrader
This is Forex.com’s most popular desktop trading platform. The trading platform provides access to more than 80 technical indicators, multiple chart types with trading view charts, and 14 time intervals.
The trading platform also offers performance analytics that provides insights into your trading behavior using its proprietary exclusive performance analytics tool.
The trading interface showcases your pip value margin requirements.
Forex.com WebTrader platform supports trading signals as well.
The WebTrader trading platform is also customizable like the mobile app however there are more personalization restrictions.
Clients can access the WebTrader platform using any contemporary browser including Mozilla Firefox, Google Chrome, or Microsoft Edge.
MetaTrader 5
With the MetaTrader 5 trading platform, clients get access to more than 500 Forex markets including stocks, cryptos, commodities, indices, and Forex.
The major perk of this option when compared to other trading platforms on forex.com is its simplest search function that allows you to find a forex market name by searching and not scrolling.
Forex.com MetaTrader 5 trading platform also provides access to 9 expert advisors including the Sentiment Trader.
That said, it offers a reduced amount of features as it supports just 15 custom technical indicators such as integrated Pivot Points.
Forex.com recommends using the MetaTrader 5 platform for desktop devices as it provides access to the MetaTrader market which offers more than 950 trading robots and 2,000 technical indicators as well as a host of Expert Advisors.
However, you can opt for MetaTrader 5 for the web or mobile devices as well but these options have fewer features than the desktop one.
TradingView
Forex.com is partnered with TradingView and it allows you to trade on the latter using your Forex.com login credentials.
This provides you with access to TradingView.com‘s Trader community where you can get ideas and feedback on your trading strategies and follow your favorite traders.
You’ll be able to access all of TradingView’s trading platforms both on desktop and mobile devices.
Forex.com Review: Customer Service
Forex.com offers 24-hour customer support to users from 10 pm Sundays to 10 pm Fridays via phone, live chat, and email at ukinfo@forex.com.
Information on the Forex.com website shows that the fastest way to get in touch with the customer support team is via Live Chat.
Customer Service is available via Freephone on 08000321948 and international calls on +44 2074297900.
Customer Satisfaction
Through our team’s direct experience and analysis, we have determined that Forex.com is a great broker suitable for advanced traders.
Customer reviews on third-party review platforms, like TrustPilot, also indicate that Forex.com offers excellent customer service. The customer support team is very helpful and offers prompt support to users.
The platform also has a well-equipped Help Center where users can check to gain more understanding of platform features and how the platform works.
Does Forex.com Offer Education?
Yes, Forex.com offers educational resources via its education center called The Trading Academy which features beginner-friendly, intermediate, and advanced courses on subjects such as Understand Technical Analysis, Introduction to the Market, etc.
The Trading Academy also features a quiz where traders can test their newly acquired knowledge.
Is Forex.com Right for You?
Forex.com is right for advanced traders looking for a wide selection of trading platforms as well as a robust education center.
Final Thoughts
Forex.com is an advanced trading platform that is best suited for advanced and professional traders interested in trading CFDs and popular Forex currency pairs.
Beginners will find the broker quite intimidating and may not be able to sign up without adequate knowledge of how the global markets work.
Forex.com also has a limited selection of available markets when compared to similar brokers.
Looking for a different Forex trading experience? Check out our Interactive Brokers Review for another option.
FAQ
Most frequent questions and answers
Yes, Forex.com can be trusted as the trading platform is regulated in Cyprus under CySEC. It is also authorized or regulated via its affiliates and 7 other jurisdictions.
The forex broker has been in the industry since 2001 and has had little to no controversies.
Yes, Forex.com is Legal in the US and it is regulated in the United States by the National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC).
Trading Forex markets can pay however you need to know what you are doing as a high percentage of traders lose money.
To improve your skills you can use educational centers like the Forex.com Trading Academy which offers trading courses for beginners, intermediate, and advanced traders.
The minimum deposit on Forex.com is $100 but there is a recommendation to deposit $2,500 to allow flexibility and better risk management.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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