Forex.com Review 2023

Visit

Available in United States

Our Rating

4.5
/ 5

Forex.com is #1 in our CFD broker rankings.

Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.

✓
Regulated

✓
Demo Account

✓
Beginner Friendly

✓
Award Winning

Minimum Deposit $100

Trading Platforms MT4, MT5, eSignal, TradingView, AutoChartist, TradingCentral

Instruments Forex, CFDs, Stocks, Indices, Commodities, Cryptos, Futures, Options

Bonus Offer No

Account Currencies USD, EUR, GBP, CAD, CHF

Payment Options Wire Transfer, Credit Card, Debit Card, Neteller, Visa
and 3 more

All Forex.com Details

Compare Forex.com

Forex Trading

Forex.com is a leading FX broker. Offering a large range of currency pairs and some of the tightest spreads in the industry.

Stocks Trading

Forex.com offer access to thousands of US, EU and UK stocks, with spreads of just 1 point. See why Forex.com are about more than just forex...

CFD Trading

Go long and short on a range of popular financial markets with low fees.

Crypto Trading

Trade the major cryptos against USD, EUR, GBP and AUD. All traded with tight spreads. No virtual wallet required, just a trading account. Note, cryptos are not available in the US, UK or Canada.

Awards

• Best CFD Broker 2022 - Rankia
• Best HNW Service 2022 - Dubai Forex Expo
• Best US Broker 2020 - DayTrading.com
• Best US Broker 2019 - DayTrading.com
• Runner-Up - Best Forex Broker 2019 - DayTrading.com

✓ Pros

• Highly rated
• Demo account
• MT4 integration
• Low minimum deposit
• Fast execution speed
• Full range of investments
• Strong regulatory oversight
• Multiple account currencies

✗ Cons

• No copy trading

Forex.com is one of the largest online forex and CFD brokers. The brand facilitates trading on thousands of global markets, including currencies, stocks, indices, cryptocurrencies and commodities. This Forex.com review will examine all aspects of their services, from trading platforms, mobile apps, fees and demo accounts to spreads, leverage and MT4 integration. Get all your Forex.com questions answered and login to trade today.

Note, the products and services available to you at Forex.com will depend on your location, and on which of its regulated entities holds your account.

Key Takeaways

• Safe and trustworthy broker overseen by tier-one regulators
• Fast order executions (99.7% of trades in <1 second)
• Suitable for high-volume traders with cash rebates
• Access to thousands of financial instruments
• Excellent suite of platforms and tools
• 24/5 customer support

Assets & Markets

Forex.com connects traders to some of the largest markets around the world, including:

• Forex – 80+ currency pairs
• Stocks & indices – trade 9,500+ global stocks and 15 indices (location dependent)
• Precious metals & energies – gold, silver, and oil can be a good way to diversify portfolios
• Futures and options – trade standardized futures products that make up some of the most liquid assets in the market
• Cryptocurrencies – speculate on popular tokens including Bitcoin (BTC) and Ethereum (ETH). Regional restrictions may apply

Spreads & Commissions

Forex.com do not charge a fee on forex trades. Instead, they are compensated via the spread. When it comes to some of the largest FX assets and shares, Forex.com has average spreads. But the broker offers below-average costs for index and commodity CFDs.

The company has four pricing models, dependent on the type of account held. Typical spreads range from 0.8 pips to 1.9 pips. Clients pay 10 USD/EUR/GBP units per trade for stocks.

It is also worth noting that if you’re part of the Active Trader program and deposit at least $10,000 while trading 30 standard lots per month, you can receive up to 15% off standard pricing.

Overall, if you were to compare Forex.com vs FXCM, Oanda, TD Ameritrade and other competitors, live pip spreads would be about the same, particularly for major pairs such as the EUR/USD.

Other Trading Fees

Fees may vary between countries so be sure to check your local rates.

Forex.com does charge an inactivity fee of $15 per month. This is payable if there are no new positions opened for over 12 months. However, you can contact Forex.com to temporarily disable your account and this fee can be avoided.

Traders can also face steep rollover rates if positions are held overnight. Fortunately for day traders, this cost should be easily avoidable.

Forex.com does not currently offer any bonuses nor deposit or promotional codes.

Leverage

Margin trading is available.

The maximum leverage available will vary on your account type and volume of activity. Head to their website and use the margin calculator and find out what leverage ratio you can access.

Professional traders are eligible for higher rates.

Note: margin trading is risky and should only be attempted by those with the relevant expertise.

Forex.com Accounts

For most clients, there are two live accounts to choose from. Account requirements are mostly the same, but one offers Forex.com’s proprietary trading platform and the other utilizes the industry standard MT4 software.

Both accounts offer 1:200 margin (varies by the entity the trader is registered with) and almost all the same features.

However, the MT4 account does not offer shares and has fewer commodities. You also have fewer order types and less ability to set user-defined price tolerance.

Forex.com also offers Islamic, Commission and Corporate accounts. Head to their website and follow the on-screen instructions to fill out the application form.

Active Trader Account

Clients from some locations will also have access to the Forex.com Active Trader account. This is best for those generating significant trading volumes.

The advantage of this trader account comes in reduced pricing on standard spreads. As a result, you could trade on the EUR/USD for as low as 0.2. Account holders also have access to:

• Priority service
• Account reports
• Zero account fees
• Personalized support
• Discounts on popular markets if monthly volume levels are met

However, the rules for this account dictate that you must maintain a minimum average monthly balance of $25,000.

If you can maintain an average account balance of $100,000 you will be upgraded to discount level 2, where there are even greater benefits.

Minimum Deposit

Before you sign up with Forex.com, log in, and download any software, you need to make sure you are aware of all account requirements and trading fees.

A Standard trading account has a minimum deposit of 100 units of the base currency of your account (for example £100, €100 or $100).

The premium Active Trader account has a minimum deposit requirement of $10,000. Alternatively, a monthly trading volume of $25M automatically qualifies you for Active Trader. Continued eligibility is contingent on a total quarterly trade volume of at least $50M or an average account balance of at least $25,000.

US traders will be subject to different deposit rules than UK or European traders.

Whilst you can find brokers offering lower minimum deposit requirements, there are many demanding far higher. Forex.com’s rates are fairly standard.

Once new clients have made a qualifying deposit, traders can sign in to their account and open the trading terminal from the secure login page.

Payment Methods

Deposits

Once you sign up with Forex.com you will have to fund your account. There are multiple deposit and withdrawal options:

• EU – Debit / credit card, wire transfer
• US – Debit card, wire transfer, ACH
• Canada – Debit / credit card, wire transfer
• RoW – Debit / credit card, wire transfer, e-wallet (Neteller & Skrill)

Note, that deposit options will vary depending on your location. Head over to their website or their live chat support for detailed instructions on what is available in your area.

Withdrawals

To make a withdrawal, log on to the trading platform and select ‘Add Funds’. Then, navigate to the ‘Withdraw Funds’ option. Funds must be returned via the same means that they were deposited.

The minimum sum that can be withdrawn is $100. Withdrawals made by bank transfer or debit card are capped at $25,000. Wire transfers are not limited. Transfers may take up to 48 hours to be processed.

Wire withdrawals carry a fee of $25 up to $10,000. There are no fees associated with withdrawals made by debit card or bank transfer.

Trading Platforms

Forex.com reviews are quick to praise the number of trading platforms available, which ensures flexibility for traders of all experience levels. Traders can access the following:

Web Trader

For those looking for a quick and easy to use platform, the Forex.com WebTrader could be a good option. It is compatible with most browsers and does not require significant memory capacity to download and install.

Users will have access to advanced charting, a long list of trading tools and over 80 technical indicators. There is also an economic calendar, full account management and the option to create as many trailing stops and stop-losses as you need.

Making deposits, withdrawals and tracking profits is also straightforward.

Overall, if you are interested in web trading and still want access to a long list of products, including cryptocurrency, such as bitcoin, then the Web Trader is worth considering.

MT4

The MetaTrader 4 platform dominates the scene when it comes to FX and CFD trading. Its popularity is largely due to the range of in-depth trading tools it offers options for customization and the fact that it is easy to navigate.

Once you login you will find all the usual features, including heat maps, security screeners, historical data and more.

Expert advisors are also supported, for those interested in putting a trading robot to work on their behalf. The added bonus of opting for the MT4 download is that you can find a huge number of tutorials online to help you make the most of the platform.

Finally, MetaTrader 4 login is made easy as you simply head over to the Forex.com website and follow the on-screen instructions to get set up.

Forex.com actually boast the largest number of servers to host MetaTrader – more than any other broker globally. They offer MetaTrader Web and MetaTrader mobile plus add-ons. They are a leading MT4 & MT5 broker for software integration.

How To Place A Trade

1. Use the dashboard icon under ‘File’ to choose from the list of supported assets
2. Select the page icon with the plus in the top left menu
3. An order window will then appear (as above)
4. Here you can choose between instant and pending orders, input stop loss and take profit levels, position size and more
5. Finally, select sell or buy using the red and blue boxes to confirm the trade

Advanced Trading Platform

This powerful and sophisticated platform will meet the vast majority of traders’ needs.

The platform offers drawing tools, 15-time frames, advanced live charts, and over 100 technical indicators.

Users can also create their own custom indicators. There are over 100 templates that you can customize through their Development Studio. Drag and drop windows to find a layout that suits you. You can also create multiple watch lists.

On top of that, you get all the signals and historical data you could possibly need. There is also an integrated newsfeed, helping you stay up to date with the latest market movements.

Once you have completed the software download, you will also get access to a number of integrated trading strategies, from scalping to reversal techniques.

Verdict On Trading Platforms

Overall, there are enough platforms to satisfy all types of traders’ needs, from complex market and technical analysis to quick and easy web trading.

In fact, if you compare Forex.com vs thinkorswim, Nadex, or other similar systems, you will find the diverse Forex.com offering stands out.

The European brand also holds its own amongst the likes of CMC Markets and Saxo Bank.

In addition, it’s worth noting there is a Direct platform. As an ECN broker, this is aimed at high worth individuals, requiring a minimum deposit of $100,000. On top of a highly sophisticated platform, clients benefit from tighter spreads. However, generally, this attracts more attention from institutional traders than your average retail investors.

App Review

Once you open a Forex.com account you will also be able to download their apps for Android and iOS devices.

When we used Forex.com’s app, we were pleasantly surprised by the full trading capabilities, advanced charts and integrated trading tools offered.

You can set up alerts, access an economic calendar and utilize integrated Reuters news.

All apps have 26 indicators and 13 drawing tools. On top of that, scrolling between live quotes, charts and current positions is quick and easy.

The newest version of the app includes ‘dynamic trade ticket’ with risk management updated in real-time, orders set by price, pips and PnL and powerful new charting (including templates) provided by TradingView.

Upon testing, we found that on the side of the app, you can access support via phone or live chat. You will also find training videos within the application to help you make the most of the platform.

We particularly like the iPhone and iPad apps, where the sleek user interface really comes into its own.

You can also easily view rates, market analysis and change your leverage from within the app. Depositing and withdrawals can also be made from within the application.

Furthermore, you get the same access to their extensive markets from their apps, so you can start oil trading or speculating on BTC/USD.

Demo Account

Our traders’ reviews and ratings of the practice account are mostly positive. Forex.com offers two free demo accounts. There is a practice account available on the Forex.com trading platform and an MT4 demo account available.

Both are a great place to learn to trade without risking any of your own capital. Demo accounts are funded with $10,000 in virtual cash.

Once armed with your demo account login details, you can practice trading your favorite markets, such as Germany’s Dax 40 index. You also get:

• Simple and complex order types
• Actionable insights and analysis
• Account management from mobile and tablet apps
• Professional charting – Clients can connect their accounts and trade from TradingView if it suits them

Tracking your progress is also straightforward, whilst finding user guides and research to help you improve is easy. However, it is worth noting your practice account won’t reflect the slippage you may experience with a live account.

Once you are familiar with the markets and your confidence has grown, you can then easily close your demo account and upgrade to a live account.

Forex.com Regulation & License

Our experts were pleased to see Forex.com is regulated in numerous jurisdictions and adheres to a high standard of corporate governance.

The brokerage is regulated by:

• National Futures Association (NFA)
• UK’s Financial Conduct Authority (FCA)
• Canada’s Financial Services Agency (FSA)
• Securities and Exchange Commission (SEC)
• Cayman Islands Monetary Authority (CIMA)
• Commodity Futures Trading Commission (CFTC)
• Cyprus Securities and Exchange Commission (CySEC)
• Hong Kong’s Securities and Futures Commission (SFC)
• Investment Industry Regulatory Organisation of Canada (IIROC)

High levels of regulation bring clear benefits to day traders. Firstly, you can relax knowing Forex.com can be trusted.

Secondly, through regulation by the FCA, customers can receive up to £85,000 via their compensation scheme in a number of scenarios, such as Forex.com becoming insolvent.

It is also worth noting that the company holds licenses and is regulated in a number of other countries, so traders from Singapore, Vietnam, Russia, China, Indonesia, India and a whole host of other nations are able to trade online with Forex.com.

CIMA regulation has led to huge growth for the brand in the Middle East, across Africa, South and Central America and South Asia.

Additional Features

Forex.com is an enticing proposition because of the number of useful additional features on offer. For example, the learning center provides in-depth educational material. There is even the self-study course ‘Learn to Trade Forex.’ This seven-part course includes:

• Pip calculators
• Trading on margin
• Advanced charting
• Establishing lot sizes
• Recognia (desktop only)
• Technical analysis & tools
• SMART signals that analyze thousands of data point daily

There are also further interactive courses, complete with training videos to help you understand chart patterns and manage risk. Both beginners and seasoned traders can chart their education journey.

The ‘Foundations of Forex Trading’ webinar series is also available for traders – run in association with Trade with Precision – traders can sign up to these directly.

Printable workbooks and quizzes are also offered, ensuring that all learning styles are catered to.

On top of the learning resources, traders benefit from:

• Quarterly outlooks
• Live daily market updates
• Comprehensive technical reports
• Weekly insights on major financial events
• Expert analysis and insights into assets within the new markets pages

Head to the Pivot Points section and Forex.com lists daily, weekly and monthly support and resistance levels. Within the technical section, you can find an alphabetized glossary of financial terms.

Finally, there is the Introducing Brokers referral scheme. If you bring in new customers, you can choose from multiple compensation models. No upfront investment is required and you can track your progress with their straightforward partner portal.

Contact & Customer Support

Accessing Forex.com’s customer service is quick and easy. Simply head over to their website where you can connect with a member of the team via live chat. Live chat is also available on your trading platform and within your mobile app.

Support can assist with a range of issues from minimum and maximum lot sizes to withdrawal problems and leverage calculators. As well as general complaints, interest rates, opening hours or web login issues.

You can also contact Forex.com via telephone or email. The phone number in your location can be found on their website.

Support is offered in the following languages:

• Polish
• English
• Spanish
• German
• Russian
• Lithuanian

There is also an extensive FAQ page on the website. Here you will get instructions on how to get to ‘My Account’ and manage your funds and trades, as well as answers to other common queries.

Company Background

Forex.com was founded in 1999. It is now part of StoneX, a financial services organization, serving over 500,000 global customers across:

• US
• UK
• EU
• Japan
• Canada
• Hong Kong (SFC)
• Cayman Islands (CIMA)

StoneX is a publicly listed company on the Nasdaq under the ticker symbol SNEX.

The company also operates under the international City Index brand for spread betting.

Understanding where a company has come from is important because it should ease concerns over scams. Forex.com is owned by a legitimate and trusted company with decades of experience meeting traders’ needs.

Safety & Security

Forex.com keep all deposits separate from its own operating funds, distributing them across a global network of custodian banks.

Sophisticated encryption technology is utilized to keep users’ capital and information safe.

In addition, they abide by guidelines laid out by the Risk Committee of Stone X.

Note, Forex.com offers negative balance protection to retail customers only.

Trading Hours

At Forex.com, FX trading is available 24 hours a day from 22:00 GMT Sunday until 22:00 GMT on Friday. However, it’s worth noting market hours at the beginning of the trading week often see illiquid market conditions. As a result, spreads can widen.

Spot gold and silver market hours are slightly different. Trading is available 23 hours a day from 23:00 GMT Sunday through to 22:00 GMT on Friday. Trading is closed each day between 22:00 and 23:00 GMT.

During national holidays, trading hours may vary, for example Christmas hours are different from standard hours. See the Forex.com website for details. Ensure you are checking hours local to your geographical time zone.

Forex.com Verdict

Forex.com offers competitive pricing, a number of trading platforms, automated trading tools, plus a library of useful educational resources.

Throw in reliable customer service and access to a range of assets, and you have yourself a trusted broker who can meet the needs of both beginners and advanced traders.

So, if you’re deciding between Forex.com or Oanda, FXCM and other competitors, there is little you will find elsewhere that you can’t get with Forex.com. In fact, this broker consistently ranks among the top in our forex reviews by expert traders.

Accepted Countries

Forex.com accepts traders from Thailand, Canada, United States, United Kingdom, South Africa, Singapore, India, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use Forex.com from Belgium, France, Ghana, Hong Kong, Iceland, Israel, New Zealand, Nigeria, Pakistan, Congo, Cote D’Ivoire, Iran, Iraq, Lebanon, Mauritania, Norway, Netherlands, Sweden, Spain, Italy, Switzerland, Portugal, Ireland, Germany, Australia.

Payment Methods

• Wire Transfer
• Credit Card
• Debit Card
• Visa
• Mastercard
• Skrill
• Neteller
• ACH Transfer

Forex.com Details

CFD Trading Details

Forex Trading Details

Cryptocurrency Trading Details

Compare Forex.com

Compare Forex.com with similar brokers that accept traders from your location. Among available brokers these are the most similar to Forex.com:

1. IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
   Go to IG Group
2. Just2Trade – Just2Trade offer high-tech trading on stocks and options with some of the lowest prices in the industry.
   Go to Just2Trade
3. Kwakol Markets – Kwakol offers trading on the MT4 & MT5 platforms with high leverage & copy trading.
   Go to Kwakol Markets

Forex.com Comparison Table

Compare Trading Instruments

Compare the markets and instruments offered by Forex.com and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Forex.com vs Other Brokers

Compare Forex.com with any other broker by selecting the other broker below.

The most popular Forex.com comparisons:

1. FXTM vs Forex.com
2. Forex.com vs FXCM
3. Eightcap vs Forex.com
4. Forex.com vs Avatrade
5. Forex.com vs Axi

FAQ

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com

• Forex.com Website
• Forex.com FCA License
• Forex.com SEC License
• Forex.com NFA License
• Forex.com CySEC License
• Forex.com HSFC License
• Forex.com IIROC License

	Visit	Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.