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Forex.com Review 2023

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Available in United States

Our Rating

4.5 / 5

Forex.com is #1 in our broker rankings.

Customer Reviews (2)

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Regulation & Trust

Accounts & Banking

Assets & Markets

Fees & Costs

Platforms & Tools

Customer Support

Forex.com is an excellent broker for active forex traders with over 80 currency pairs, tight spreads, low commissions and powerful charting platforms for day traders.

- Daytrading Review Team

Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of day trading markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.

Minimum Deposit $100

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

Instruments Forex, Spot Metals

Bonus Offer Active Trader Program With A 15% Reduction In Costs

Account Currencies USD, EUR, GBP, CAD, AUD, JPY, 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. The brand offers a wide range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.0 with a $7 commission per $100k.

Stock Trading

Forex.com offers access to thousands of US, EU and UK stocks, with spreads of just 1 point. Speculate on household names as well as new IPOs. US stocks are available from just 1.8 cents per share.

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

• Respected and trusted broker overseen by tier-one regulators including the US SEC
• Excellent trading tools including Trading Central, SMART Signals and MetaTrader 4
• Industry-leading pricing on popular forex assets starting from 0.0 pips
• Beginner-friendly web platform and mobile app
• Up to 15% cashback rebates for active traders
• Fast execution speed of less than 1 second
• Free demo account for prospective traders
• VPS hosting for automated trading strategies
• Top-rated forex and CFD broker
• Low minimum deposit of $100

✗ Cons

• Investment offering varies between countries
• $15 monthly inactivity fee
• No copy trading platform

This Forex.com review weighs the pros and cons of trading with one of the largest forex and CFD brokers. We evaluate trading accounts, spreads and fees, leverage and safety measures. Our experts also test the trading platform and mobile app and unpack the best features.

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.

Assets & Markets

Forex.com stands out for its excellent suite of currency pairs – more than most alternatives. You can trade over 80 forex assets, including the EUR/USD, GBP/USD, and USD/JPY.

You can also speculate on spot gold (XAU/USD) and spot silver (XAG/USD) – unleveraged trades only.

Note, CFDs are banned in the US.

Account Types

There are three live accounts to choose from; Standard, Raw Pricing, MetaTrader 4.

We recommend the Standard profile for users looking to trade forex with traditional spread pricing from 1.0 pip. There are zero commissions and a good selection of extra features not found at many alternatives, including trading signals, technical insights, Reuters news, and integrated calendars.

The MetaTrader 4 profile will serve traders familiar with the MT4 download. It offers the same variable spreads from 1.0 pip, along with technical insights, market research, analyst views, and more.

The Raw Pricing solution is a better fit for users seeking very low spreads from 0.0 pips with a $5 fixed commission. This essentially provides all the same perks as the Standard account but with tighter spreads.

Importantly, the minimum deposit is low at $100, making Forex.com a good option for beginners. We consider anything below $500 accessible.

How To Open A Forex.com Account

I found it straightforward to sign up for a Forex.com live account. The online registration form is easy to follow – only taking a few minutes.

1. Select either the proprietary platform or MetaTrader 4
2. Choose from the list of account options
3. Enter your personal details on the following page (email, username, password, title, name, date of birth, and telephone contact number)
4. Add your full address and submit your citizenship identification number
5. Share your financial history and investing experience including current employment status and expected investment value
6. Review your account details and submit the application

Trading Fees

Our team have reviewed hundreds of brokers and Forex.com offers low fees.

Spreads on the EUR/USD start from just 0.0 pips alongside a competitive commission of $7 per $100k on the Raw Pricing account. This is a good option for active traders.

The Standard and MetaTrader 4 accounts also offer tight variable spreads from 1.0 pips.

It is also worth noting that if you are 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 compare Forex.com vs FXCM, OANDA, TD Ameritrade and other competitors, live pip spreads are about the same or better, particularly for major pairs such as the EUR/USD.

Non-Trading Fees

On the negative side, Forex.com charges a $15 inactivity fee after one year of no trading activity, though you can temporarily disable your account to avoid this penalty.

As standard, rollover rates apply for positions held overnight, applicable from 5 PM (ET). Fortunately for day traders, this cost should be easily avoidable.

A currency conversion fee may also apply for trades settled in a currency other than your account base. This fee is +/-0.5% from the current market price.

Payment Methods

Forex.com trails some brokers when it comes to the choice of deposit options. With that said, we appreciate that there are no deposit and withdrawal fees, although third-party charges may apply.

You can fund your account with:

• Debit Card – Immediate processing, maximum $10,000 funding
• ACH Bank Transfer – Immediate processing, maximum $10,000 funding
• Wire Transfer – Up to two day processing time from a domestic bank, no maximum funding limits

How To Make A Deposit

You can fund your account quickly via the Forex.com client portal.

Simply select ‘Funding’ and then ‘Deposit’. Now just follow the on-screen instructions to complete the payment.

How To Make A Withdrawal

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 from Forex.com is $100. Withdrawals made by bank transfer or debit card are capped at $25,000 while wire transfers are not limited.

Importantly, transfers may take up to 48 hours to be processed, which is similar to most competitors.

On the negative side, 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, so I would recommend these if you want to keep costs down.

Trading Platforms

Forex.com offers an excellent suite of software, catering to different trading styles and needs.

Web Trader

The Forex.com Web Trader is one of the best proprietary platforms that I have tested. It is a good option if you are looking for a quick and easy to use platform.

It is compatible with most browsers and has a modern design with a clean interface. It is well-equipped for analysis with 10 chart types and over 80 technical indicators.

I also rate the integrated economic calendar and account management features, which helps me manage all my trading activity from a single terminal.

TradingView

Forex.com also provides access to TradingView.

This is a great solution for intuitive charting tools and visualization features. It also offers a good degree of customizability.

Some of my favorite features include:

• Financial market screening to identify trading opportunities
• Dynamic alerts/notifications which can be set for factors aside from price movements
• Access to 80+ technical indicators and the option to create bespoke solutions using PineScript
• Access to a community forum designed to help find new ideas, get strategy feedback, and trading insights

MetaTrader 4

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, 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, in-built technical indicators, historical data, and more. Our favorite feature is the Expert Advisors (EAs), ideal for experienced traders looking to put a robot to work.

Forex.com also boasts 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 MetaTrader broker for software integration.

The other bonus of opting for the MT4 is that you can find a huge number of tutorials online to help you make the most of the platform.

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
4. Here you can choose between instant and pending orders, input stop loss and take profit levels, position size, and more
5. Finally, confirm the trade by selecting sell or buy

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.

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 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.

US traders can take advantage of a mobile app that Forex.com have created alongside software developers FX Blue. The app is a single-click download, and offers extensive EA add-ons for the MT4 integration. Some of the best features include:

• Correlation Trader – Use correlation information to monitor markets and trigger trades
• Market Manager – Displays current portfolio, with PnL for each. Place new trades and order
• Trade Terminal – Pop-up dealing form enabling full access trading including the use of templates
• Correlation Matrix – Highlight your own correlations between markets, or assess hypothetical scenarios
• Sentiment Trader – Sentiment data from FXBlue.com. Judge current trader sentiment across markets
• Tick Chart Trader – Advanced tick charts including multiple configurable elements and volume/activity trackers
• Alarm Manager – Set up user-configurable alarms for your trading balance, margin, profit or loss, consecutive wins or losses, and many more. Ensure you are always up to date
• Mini Terminal – Set up orders ‘per pip’, set open positions, organize templates, risk calculators, and other trading tools
• Session Map – Shows the current active session with the user’s local time as a reference point. It also includes an integrated economic calendar and key market changes

Available across most mobile platforms, the EA can be downloaded here.

Regulation & License

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

The brokerage is regulated by:

• US National Futures Association (NFA)
• US Commodity Futures Trading Commission (CFTC)
• Canadian Investment Regulatory Organization (CIRO)
• Cyprus Securities and Exchange Commission (CySEC)
• Hong Kong’s Securities and Futures Commission (SFC)
• UK Financial Conduct Authority (FCA)
• Cayman Islands Monetary Authority (CIMA)

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

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

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

Forex.com Leverage

is available for forex, while you cannot take leveraged positions on spot gold and silver.

Importantly, we always recommend caution when trading on margin – losses can be amplified. With this in mind, make sure you employ suitable risk management strategies.

Demo Account

Forex.com offers two free demo accounts. There is a practice account available on the Forex.com platform and an MT4 demo account available.

Demo accounts are funded with $50,000 in virtual cash.

Importantly, our traders’ reviews and ratings of the practice account are mostly positive.  Both are a great place to learn to trade without risking any of your own capital.

Once armed with your demo account login details, you can practice trading your favorite markets. 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 close your demo account and upgrade to a live account.

How To Open A Demo Account

Opening a Forex.com demo account is very simple:

1. Select ‘Try A Demo Account’ from the broker’s homepage
2. Add your name, email, country of residency, and contact number to the registration form, then press ‘Submit’
3. Login credentials will be sent to your registered email address and displayed on the following screen
4. Click ‘Log Into Web Platform’
5. Choose either ‘Web Trading’ or ‘MetaTrader 4’ to put to the test

Bonuses & Promotions

Forex.com introduced its Active Trader program to reward high-volume traders.

Benefits include a reduction in trading costs by up to 15% through cash rebates, high interest paid on uninvested account balances, and access to a dedicated account manager.

To qualify, you will need to deposit at least $10,000 or trade $50 million in a calendar month.

This is a great loyalty program for serious traders who want a personalized trading experience with highly competitive account conditions.

Additional Features

Forex.com is an enticing proposition because of the number of useful additional features on offer. Our only major criticism is that there is no copy trading.

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
• Economic calendars
• NinjaTrader access
• Access to Trading Central
• 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.

Customer Support

Forex.com customer support is available 24/5. You can contact the team via telephone, email, and live chat.

We rated the online chat function as best in class and received a response from an agent in less than one minute.

The broker’s customer service team can assist with a range of issues from minimum and maximum lot sizes to withdrawal problems and leverage calculators. As well as this, you can use support for general complaints, interest rates, opening hours, or web login issues.

Our experts were pleased with the extensive FAQ page on the website. The section is organized into major categories including how to manage your funds, open an account, and trade with margin.

Company Background

Forex.com was founded in 1999. It is now part of StoneX, a financial services organization, serving over one million customers worldwide, including in the US, UK, EU, Japan, Canada, Hong Kong, and the Cayman Islands.

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 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 are 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.

FAQs

Is Forex.com A Good Or Bad Broker?

Forex.com is an established broker that offers multiple account types, advanced tools and analysis, and great educational resources. It is suitable for traders with a range of experience levels. Reviews in forums are generally very positive. Our experts’ findings were also similar.

Is Forex.com Legit Or A Scam?

Traders should feel reassured that Forex.com is a regulated broker with decades of experience catering to retail investors around the world. The company adheres to industry licensing requirements in each jurisdiction in which it operates and implements advanced safety measures to protect client funds.

What Is The Minimum Deposit For Forex.com?

100 units of your local base currency is the minimum deposit requirement to open a Forex.com account. Whilst not the cheapest in the market, given the free resources and advanced tools on offer, it feels reasonable.

What Type Of Broker Is Forex.com?

Forex.com is an online broker offering CFD and forex trading to retail investors around the world. Whilst it caters to a range of trading styles, when we used the company, we found it is best for high volume traders looking for fast, reliable execution.

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, Russian Federation.

Payment Methods

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

Top 3 Alternatives to Forex.com

Compare Forex.com with the top 3 similar brokers that accept traders from your location.

1. IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
   Go to IG Group
2. Interactive Brokers – Interactive Brokers is a leading global brokerage that provides access to a comprehensive offering of stocks as well as forex, futures, metals, bonds and cryptos. The firm has over 40 years experience in the online trading industry and is heavily regulated by SEC, FCA, IIROC, and SFC. Day traders can use the proprietary Trader Workstation and can access powerful tools and data feeds as well as comprehensive educational resources.
   Go to Interactive Brokers
3. Kwakol Markets – Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of day trading assets are available, including synthetic products that simulate realistic market activity. Clients can trade on the MT4, MT5 and cTrader platforms, as well as a copy trading solution whereby a fee is only paid on profitable trades.
   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

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	Visit	Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of day trading markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of day trading markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.