Forex.com Review 2024

Quick Links

• Our Review Method

• What is Forex.com?

• Forex.com Pros and Cons

• Awards

• Is Forex.com Safe or a Scam?

• Is Forex.com Legit?

• How Are You Protected?

• Leverage

• Accounts

• Fees

• Spread

• How to Trade in Forex.com?

• How to Open Forex.com Live Account?

• Spread

• Trading Instruments

• Deposits and Withdrawals

• Trading Platform

• Customer Support

• Education

• Conclusion

Our Review Method ▲

In conducting our review, we meticulously analyze and compare a myriad of key factors that contribute to a forex broker's overall standing. Our comprehensive examination encompasses a wide range of aspects including but not limited to, trading platforms, account types, available markets, fees, spreads, customer service, regulatory compliance, and security measures. To ensure an unbiased and thorough evaluation, our findings are derived from both first-hand experiences and extensive market research comparing over 1000 brokers. This holistic approach enables us to provide a detailed and informative review, catering to both novice and experienced traders alike.

What is Forex.com? ▲

Forex.com stands as a leading multi-regulated global Forex and CFD trading provider, offering a diverse selection of trading instruments including Forex, Indices, Shares, Stocks, Cryptocurrencies, and more. Established in 1999, it now supports clients in more than 180 countries, boasting a global presence across North America, Europe, and the Asia Pacific regions. With its headquarters in New Jersey (US), Forex.com has additional offices in Canada, the UK, Hong Kong, and Australia. It operates as a part of GAIN Capital Holdings, Inc., a publicly-traded entity on the New York Stock Exchange, under the umbrella of StoneX Group Inc. Highlighting its commitment to innovation, Forex.com has developed its proprietary trading platform, recognized as one of the top choices in the market, granting clients access to the world's most popular currencies and trading instruments.

Forex.com Pros and Cons ▲

Pros

• Highly regulated and trustworthy broker with GAIN Capital as its well-established parent company listed on the Stock Exchange

• Smooth and fully digital account opening process

• Broad range of markets and instruments

• Competitive Cryptocurrency trading offerings

• Professional and user-friendly trading platforms

• Comprehensive educational and research tools

Cons

• Slightly higher trading fees for Forex CFDs compared to industry averages

• Lack of 24/7 support

• Absence of multicurrency account options

Awards ▲

Forex.com has consistently affirmed its stature within the trading industry through not only the management of thousands of accounts globally but also through receiving numerous accolades and recognitions. Over its more than twenty years of operation, the firm has garnered an impressive collection of awards and nominations, such as “Best Broker in the USA”, “Shares Awards”, and “Investment Awards”, among others. These accolades serve as a testament to Forex.com's dedication to excellence and its solid reputation in the financial market.

Is Forex.com Safe or a Scam? ▲

Forex.com is unequivocally not a scam. It stands as a trusted financial service provider incorporated in the US, adhering to the most stringent laws and requirements. As part of StoneX Group Inc. (NASDAQ: SNEX), a publicly-traded entity known for its strong corporate governance, financial reporting, and leadership in the industry, Forex.com ensures a high level of trust and security for its customers.

Is Forex.com Legit? ▲

Forex.com's extensive global presence and operation in major financial centers worldwide signify its legitimacy. As a constituent of an international holding, Forex.com is regulated by various reputable authorities across the globe including the FCA (UK), IIROC (Canada), CFTC (USA), ASIC (Australia), and CySEC (Cyprus). Our Ranked Forex.com Trust Score is 4.75 out of 5, acknowledging its longstanding good reputation, impeccable service through the years, and reliable top-tier licenses. It's important to note, however, that regulatory standards and protections can vary depending on the entity.

How Are You Protected? ▲

Forex.com rigorously adheres to necessary, strict regulatory requirements and standards, thereby ensuring the highest level of operations including data protection and funds safety. The company is obliged to keep client funds in segregated accounts, secure online transactions, and provide transparent executions. Furthermore, Forex.com guarantees central counterparty clearing through OSCA for all clients as a standard practice, reflecting its commitment to client protection and safety.

Leverage ▲

Leverage is a powerful tool in forex trading, allowing traders to control a large position with a relatively small amount of capital. However, it's important to understand that while leverage can amplify profits, it can also increase losses. Therefore, traders should use leverage cautiously and consider their risk tolerance and trading strategy when choosing their leverage level.

Accounts ▲

Forex.com offers a diverse range of account types to cater to the various needs and preferences of traders. From beginners to seasoned professionals, there is an account type suitable for everyone. Each account type comes with its own set of features, benefits, and conditions, providing traders with the flexibility to select the one that best fits their trading goals and experience level.

Fees ▲

When it comes to trading costs, fees are an important consideration. Forex.com's fee structure is transparent and competitive, ensuring traders can manage their trading expenses effectively. By understanding the different fees associated with each account type, traders can make informed decisions and optimize their trading strategy to minimize costs and maximize profits.

Spread ▲

Spread is a critical factor in forex trading, as it affects the cost of entering and exiting trades. Forex.com offers both fixed and variable spreads, giving traders the flexibility to choose the option that best suits their trading style and market conditions. With competitive spreads across a wide range of currency pairs, Forex.com provides traders with the opportunity to reduce their trading costs and improve their overall trading performance.

How to Trade in Forex.com? ▲

To begin trading with Forex.com, the initial step involves opening an account and depositing funds. The process is streamlined and entirely online for convenience. Upon account approval, traders can fund their accounts using various available methods. Forex.com is known for its user-friendly platforms, equipped with all the necessary tools and resources for successful trading.

How to Open Forex.com Live Account? ▲

Opening a live account with Forex.com is straightforward. Prospective traders should navigate to the "Open Account" page, input the required personal information, and submit the necessary documentation for verification. An electronic quiz to confirm trading experience is also part of the account activation process. Following these steps and depositing funds will finalize the account setup.

Spread ▲

Forex.com is renowned for offering both fixed and variable spreads, depending on the market. Traders have the opportunity to reduce costs by up to 15% with cash rebates, and the broker boasts some of the industry's tightest spreads. The average spread for EUR/USD is noted at 1.3 pips for the Standard account, making Forex.com's spreads competitive, with an overall rating of 4.5 out of 5 when compared to other brokers.

Trading Instruments ▲

One of the standout features of Forex.com is the extensive range of markets it offers. As a significant player in the financial industry, it provides clients with some of the most attractive trading options. This includes over 80 currency pairs and a staggering average daily turnover of $5.1 trillion. Its offerings span Forex, thousands of stocks, metals, indices, shares, commodities (offered with zero commission and 1% margins), cryptocurrencies, and more, making it a comprehensive platform for diverse trading needs. The Forex.com Market Range score stands impressively at 4.6 out of 5, showcasing a broad selection of trading instruments across Forex, stocks, indices, and more.

Deposits and Withdrawals ▲

Forex.com caters to a wide array of funding methods, encompassing credit/debit card payments, wire transfers, among others, tailored according to the entity and regulatory guidelines. The broker's funding methods have been rated highly, achieving an overall score of 4.0 out of 5. The minimum deposit requirement is competitive within the industry, with fees either minimal or non-existent, further benefiting from various account-based currencies. However, it's important to note that available deposit options may vary by entity.

Pros

• Offers a variety of payment methods including credit/debit cards, bank wire, Skrill, and Neteller

• No charges or fees on debit and credit card deposits or bank transfers

Cons

• Deposit options may vary depending on the regulatory entity

The initial minimum deposit is set at $100, though a $2,500 deposit is recommended to enable full access to instruments and better risk management, which is notably lower than the $500 minimum deposit required by most other brokers. Withdrawal options are plentiful, offering swift bank transfers, card payments, and e-wallets without imposing any fees, which is a significant advantage for effective money management.

Trading Platform ▲

Forex.com provides three primary trading platform options: its proprietary platform, the widely used MetaTrader 4 (MT4), and the latest version, MetaTrader 5 (MT5). These platforms are equipped with advanced trading tools (over 70 technical indicators) and signals, supporting both instant and market execution, as well as user-defined price tolerance settings. The Forex.com Platform is rated highly, with a score of 4.6 out of 5, especially for offering the professional and popular MT4 and MT5 platforms.

Customer Support ▲

Forex.com’s customer support is available 24/5 via phone lines, live chat, and email, catering to a global clientele. The support service has been rated 4.45 out of 5, reflecting fast and knowledgeable responses that are easily accessible during working days.

Education ▲

Forex.com invests in education for both novice traders and experts. Its educational resources are designed to enhance trading confidence and knowledge, complemented by market analysis and the latest updates. The Education Center offers trading concepts, technical analysis, fundamental analyses, trading strategies, and courses for all levels. Additionally, Forex.com regularly hosts webinars and provides updates with trading news and research materials, achieving an education rating of 4.6 out of 5.

Conclusion ▲

In conclusion, Forex.com stands as a global leader in online trading, backed by the reputable and respected GAIN Capital Holding. It offers a solid financial foundation, innovative trading tools, outstanding customer support, and comprehensive educational resources. Forex.com is highly recommended for a broad spectrum of traders, including beginners, advanced traders, and professionals who prefer using MT4 and MT5 trading platforms, engaging in currency and CFD trading, seeking low spread and zero commission trading, competitive fees, tight spreads, and a variety of trading strategies.