FOREX.com Broker Review

Editor Editor:  Chris Cammack Updated: May 7, 2024
Author Author:  Jeffrey Cammack

Last Updated On May 7, 2024

Jeffrey Cammack
Broker Score
4.62 4.62 / 5
Rated #15 of 77 Recommended Brokers
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
AlertAccepts UK Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. Forex.com Web Trader, MT4 and TradingView platforms supported. Forex.com is regulated by the FCA, CySEC, and CIMA. 68% of traders lose money with this provider.

Last Updated On May 7, 2024

Jeffrey Cammack

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Our verdict on FOREX.com

Founded in 2001, FOREX.com is an FCA-regulated broker with a 100 GBP minimum deposit suitable for serious beginners and more experienced traders. The Standard and MT4 accounts have slightly higher costs than entry-level accounts at other popular UK brokers, with spreads usually averaging about 1 pip on the EUR/USD. Experienced traders will like the DMA account with a minimum deposit of 25,000 GBP but raw spreads (0.0 pips on the EUR/USD) and some of the lowest commissions in the industry. 

FOREX.com provides support for MT4, TradingView, and its own trading platform. Experienced traders will appreciate the range of trading tools, including Trading Central, SMART Signals, and subsidised VPS hosting. Education and market analysis are both excellent, and traders will appreciate the wide range of tradable assets, including over 91 currency pairs, 5500 share CFDs, commodities, indices, precious metals, and cryptocurrencies.

Overall, while lower spreads can be found at other brokers, FOREX.com ticks all the boxes for those looking for a wide range of assets to trade and a choice of trading platforms.

🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Overall Summary

Trust Rating
111115/ 5
Trading Conditions
111115/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
11110.54.5/ 5
Education & Research
111115/ 5
Assets Available
111104/ 5
Customer Service
111104/ 5
Beginner Friendly
Excellent
Welcome Bonus

Account Information

Base Currencies
USD, EUR, CAD, JPY, CHF, AUD, GBP
Number of FX Pairs
91
Crypto Pairs
0
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Acct

Trading Conditions

Account Name
Standard
Trading Desk
Commission
Fees Included in Spread
EUR/USD
0.70 pips
GBP/USD
1.10 pips
USD/JPY
1.40 pips
Negative Balance Protection

Company Details

Company Name
StoneX Financial Ltd
Founded
2001
Website Language
English
Support Language
English
Office Locations
UK, USA, Cyprus, Japan

Pros

  • Well regulated
  • Wide range of assets
  • Excellent education

Cons

  • High inactivity fees
  • Limited demo account

Is FOREX.com Regulated in the UK?

Yes, FOREX.com is regulated in the UK by the Financial Conduct Authority (FCA). All British residents will be trading with FOREX.com’s FCA-regulated entity.

Founded in 2001, FOREX.com is a popular broker with over 500,000 customers worldwide.

FCA Regulation: British residents will trade with FOREX.com’s United Kingdom-based entity. This allows traders to benefit from advantages like negative balance protection, a compensation scheme in case of broker failure, and legal support in a dispute. On the other hand, the FCA only allows for a maximum leverage of 30:1 and prohibits cryptocurrency CFDs for retail traders.

Security Features: All FOREX.com client funds are kept in segregated bank accounts, and all British residents are provided negative balance protection. Maximum leverage is kept low at 30:1 – providing a lower-risk trading environment for beginner traders.

Company Details:

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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Inactivity Fee
FCA
Market Maker
2001
UK, USA, Cyprus, Japan
12 GBP per month after 12 months of no trading

FOREX.com’s Trading Instruments

FOREX.com offers a wide range of tradable assets compared to its competitors, including 91 Forex pairs and over 5,500 stock CFDs.

FOREX.com offers trading on Forex, indices, shares, CFDs and commodities.

Complete list of instruments:

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Financial Instrument
Number of Assets
Leverage
Commodities
26
20:1
Stock CFDs
5,500
10:1
Forex
91
30:1
Indices
18
20:1
Metals
5
20:1
 

  • Forex pairs: FOREX.com  offers 91 Forex pairs to trade, including majors, minors, and exotics. This is a wide range of Forex pairs compared to other brokers.  
  • Indices: FOREX.com offers cash and futures contracts on 18 international indices, including the Wall Street, S&P500, FTSE100, and the UK100. This is an average range of indices compared to other brokers.
  • Stock CFDs: FOREX.com’s stock CFD offering is extremely diverse compared to most of its competitors, with over 5,500 stock CFDs available to trade, including popular US tech companies, ASX stocks, those listed on the NASDAQ, the Hong Kong Stock Exchange, the NYSE, and more. Traders should note that stock CFD trading is only available on the FOREX.com trading platform.
  • Commodities: FOREX.com offers trading on 26 commodities, including precious metals, energies, and agriculture, a broader range than most other brokers.

Overall, FOREX.com provides a wide range of tradable assets, which should satisfy most traders.  

Accounts and Trading Fees

FOREX.com offers three trading accounts, and trading fees are average compared to other brokers.

Required Minimum Deposit: The Standard and MT4 accounts at FOREX.com require a minimum deposit of 100 USD, GBP, or EUR – depending on your choice of account currency. 

Account Platforms: Trading is offered on the FOREX.com mobile app, the FOREX.com web platform, MT4, and TradingView.

Account Trading Costs:

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Trading account
Min. Deposit
Min. Spread EUR/USD
Commission
Trading Cost (USD)
DMA Account
GBP 25000
0.0
Variable
Variable
MT4
GBP 100
0.70
Spread Only
7
Standard
GBP 100
0.70
Spread Only
7

Standard Account: The Standard Account has a minimum deposit of 100 GBP, variable spreads (as low as 0.7 pips on the EUR/USD but usually closer to 1 pip), and no commission. The Standard Account is available on the FOREX.com platform.

MetaTrader Account: The MetaTrader Account is a commission-free account with a minimum deposit of 100 GBP. As the name suggests, this account allows traders to use the MT4 platform. Trading conditions are similar to the Standard Account, but traders should know that share CFDs are unavailable on MT4.

To use the TradingView Platform, traders must open an MT4 account and connect it to TradingView once it is set up.

Deposits and Withdrawals

FOREX.com offers a limited number of deposit and withdrawal options compared to other similar brokers, but it does not charge any additional fees.

Accepted Deposit Currencies: At FOREX.com, you can choose from three base currencies: USD, GBP, and EUR.

Funding Methods: FOREX.com accepts deposits and withdrawals via VISA, Mastercard, PayPal, and Bank Transfer.

  • Visa/Mastercard: No fees are charged for deposits or withdrawals. Deposits are processed instantly, and withdrawals are processed within 24 hours. The minimum amount per transaction is 100 GBP. 
  • PayPal: FOREX.com accepts EUR, GBP, and USD on PayPal. All PayPal transactions are converted to your account’s base currency. There are no fees for either deposits or withdrawals. Funds from PayPal are usually processed immediately. 
  • Bank Transfer: FOREX.com does not charge fees for deposits or withdrawals via bank wire transfer, but clients should be aware that banking service fees may apply. Deposits and withdrawals are processed within 48 hours. 

Overall, FOREX.com has a limited range of funding methods compared to other large international brokers, but no fees are charged, and its processing times are fast. See below for a complete list of payment options and withdrawal times:

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Funding Method
Base Currency
Deposit Fees
Withdrawal Fees
Processing Time
Bank Transfer
EUR, USD, GBP
FREE
FREE
Local Bank Transfer within 24 hours, International Bank Transfers up to 5 days.
Maestro
EUR, USD, GBP
FREE
FREE
Deposits are instant, withdrawals are processed within 24 hours.
Mastercard
EUR, USD, GBP
FREE
FREE
Deposits are instant, withdrawals are processed within 24 hours.
Paypal
EUR, USD, GBP
FREE
FREE
Deposits are instant, withdrawals are processed within 24 hours.
Visa
EUR, USD, GBP
FREE
FREE
Deposits are instant, withdrawals are processed within 24 hours.

FOREX.com’s Mobile Trading App

FOREX.com’s mobile trading platforms are better than other similar brokers.

All four of FOREX.com’s trading platforms are available on Android and iOS mobile devices and tablets. Beginner traders should be aware that there is some loss in functionality when compared to desktop trading platforms, including reduced timeframes and fewer charting options.  

FOREX.com Mobile App

The FOREX.com app offers the best features available on the desktop version, including the complete range of order types, trade analysis, and watchlists. Other features include advanced Trading Tools, which track performance analytics and provide market insight. 

MT4 

The MT4 mobile app allows traders to close and modify existing orders, calculate profit and loss in real time and allow tick chart trading.  

TradingView

TradingView is available on mobile and desktop for both Android and iOS. One of the most advanced charting platforms, the mobile app allows traders to open and close positions, modify stop-losses and take profits, deposit and withdraw funds, and analyse their trades. 

Overall, FOREX.com’s mobile apps are user-friendly and well-designed and offer most of the features available on the desktop versions.  

Other Trading Platforms

FOREX.com offers three desktop trading platforms, which are excellent compared to other brokers.

FOREX.com offers three platforms: the FOREX.com Web Trader, MetaTrader 4, and TradingView. All platforms offer fast trading and advanced charting tools, automated trading support, strategy backtesting, customisable charting, and a number of indicators.

The platforms are free to use and can be downloaded to your PC, and all have web versions of the platform. They are also available on mobile Android and iOS devices.

The benefit of FOREX.com offering third-party platforms such as MT4 is that traders can take their customised versions of these platforms with them should they migrate to another broker.  See below for more details on FOREX.com’s trading platforms:

FOREX.com Web Trader: The FOREX.com Web Trader offers professional analytics tools, over 100 predefined indicators, 15 time frames, and trading directly on charts. It also allows six order types: Market Order, Entry Order, Stop Order, Limit Order, One Cancels Other, and Guaranteed Stop Loss Orders. 

MetaTrader 4: MT4 is the most widely used Forex trading platform and can also be used to trade other instruments like commodities, cryptocurrency, stock index, and stock CFDs. Though it now shows its age, MT4 is still very popular for its auto trading features that enable algorithmic trading and strategy backtesting with expert advisors (trading robots).

Unlike most standard MetaTrader 4 platforms at other brokers, FOREX.com’s MT4 comes with fully integrated Reuters news, FOREX.com’s research and analysis, and Trading Central analytics.

TradingView: TradingView is free of charge for traders who open an MT4 account.  It is an excellent platform for researching, charting, and screening instruments.  Additional features of FOREX.com’s TradingView include:

  • 50+ intelligent charting tools
  • Over 100,000 custom user-built indicators and scripts
  • Synchronised layout for multiple charts
  • Advanced drawing tools
  • Ten chart types.

Platform Overview:

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Broker
Platform Choice
Copy Trading
Platforms
FOREX.com
11110.54.5/ 5
TradingView
FOREX.com Web Trader
FxPro
111115/ 5
FxProEdge
IG
11110.54.5/ 5
L2 Dealer
ProRealTime

Overall, FOREX.com’s trading platform support is one of the best in the industry.  It offers a proprietary, beginner-friendly, easy-to-use platform and enough other platform choices to satisfy most traders.  

Opening an Account at FOREX.com

FOREX.com’s account-opening process is seamless and hassle-free compared to other market makers.

All residents in the United Kingdom are eligible to open a trading account at FOREX.com. However, they must meet the minimum deposit requirement of 100 GBP.

The account opening process is fully digital and fast – most traders will have an account open within one day. 

How to open an account at FOREX.com:

  1. On the front page of the website, traders can click on a button marked “Open an Account”
  2. Traders will be directed to a page that requires them to choose their preferred trading account (Standard, Trading View, MetaTrader).
  3. Once traders have selected their account, they will be required to enter all their personal data.
  4. The next step requires filling in your physical address details, country of residence, tax information, and identity number.
  5. Traders will then have to detail their trading experience, including their financial status, and their trading history. Traders can also choose their preferred base currency (EUR, USD, or GBP).
  6. Before submitting this information, traders are required to agree with all FOREX.com’s Terms and Conditions, and privacy policy.

The verification process can sometimes take a few days, and you will be notified once your account is verified. You can also follow your verification status on the FOREX.com platform. 

Compared to other brokers, FOREX.com’s account opening process is fast, fully digital, and hassle-free.

FOREX.com’s Research and Trading Tools

FOREX.com’s trading tools and market research are excellent compared to other similar brokers.

Scroll for more detailsPreviousNext
Broker
Autochartist
Trading Central
Trading View
FOREX.com
FxPro
IG

FOREX.com has one of the best market research and analysis sections we have reviewed. Posts by the in-house research team are detailed and cover all aspects of the financial markets.

Posts can be filtered by author, market, theme, or trending topics, and the site is updated multiple times a day. Also, in the analytical section, you can find a good economic calendar and a helpful pivot point calculator for on-the-fly technical analysis. FOREX.com offers several useful trading tools, including SMART Signals, Performance Analytics, Market 360, and Trading Central.

SMART Signals

FOREX.com offers SMART Signals, a technical analysis tool that provides live trade ideas by harnessing the power of trading algorithms. It also allows traders to see how SMART Signals have performed in the past so that they can decide how they may perform in the future.

Performance Analytics

This tool, powered by Chasing Returns, analyses trader behaviour according to science. This assists new traders in figuring out the psychology of trading, and is also a great tool for seasoned traders to make some difficult decisions. 

Market 360

If you are looking for a comprehensive tool with all the information about a specific market you want to trade in, Market 360 should be your go-to tool. Pick a market from the menu at the left and discover everything from charts, news, margins, trading hours and more.

Trading Central

Trading Central is a third-party tool available to clients who register a live account. Its professional analysts use the most advanced technical analysis tools in the industry to curate relevant information. This tool essentially supports traders without the technical know-how to make trading decisions.  Trading Central is one of the most popular trading tools available and provides excellent market analysis, and FOREX.com is proud to offer this service to its clients.

Economic Calendar

FOREX.com provides a standard economic calendar with a good selection of fundamental data.

FOREX.com Educational Material

Beginner traders will find FOREX.com a welcoming environment with comprehensive and well-structured education. The major downside for beginners is the limited demo account, which will expire after 30 days on all platforms.

The education section at FOREX.com has obviously been designed by an experienced team of Forex educators. It is intended to slowly build confidence and help beginners learn how to trade forex with a wealth of educational tools and online resources.

The first thing new traders will find is a Self-assessment Quiz, which will help beginners identify where they are at in their trading journey. From here you can link off to three different sections of educational material: Beginner, Intermediate and Advanced. You can also check out individual themes, such as technical analysis and risk management.

Each section is clear, concise, and carefully tailored to the experience level of the trader. All the educational resources are free to all visitors of FOREX.com’s site.

Customer Support

FOREX.com’s customer support is average compared to other brokers.

Like most brokers, customer support is available 24/5 (from 10 am Sunday to 5 pm Friday) via phone, email, and live chat. While English is FOREX.com’s main support language, support is also available in Arabic, Ukrainian, Polish, Russian, and Chinese, depending on the availability.

For this review, we found the customer support responsive and well-informed.

Safety and Industry Recognition

In operation since 2001, FOREX.com was previously owned by GAIN Capital, an NYSE-listed company. In 2021, FOREX.com was purchased by StoneX, a Fortune-100 company with a 100-year history. StoneX is a NASDAQ-listed provider of online trading services. 

FOREX.com’s various entities are regulated by three national and regional authorities depending on their geographic location. See below for more details: 

  • StoneX Financial Ltd is regulated by the Financial Conduct Authority (FCA)
  • StoneX Europe Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC).
  • GAIN Global Markets is regulated by the Cayman Islands Monetary Authority (CIMA)

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process. Central to that process is the evaluation of the broker’s reliability, the broker’s platform offering, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded on 200+ metrics across seven areas of interest, and an overall score is calculated and assigned to the broker according to the diagram below:

Forex Broker Scoring

Risk Warning

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone.

Overview

FOREX.com offers excellent education and market research alongside competitive trading conditions. Though there is nothing too exciting on offer, the relatively low costs and wide range of tradeable assets make FOREX.com a tempting option for traders looking for a serious market maker broker. While beginners will love the education and analysis available, they will be disappointed by the limited demo account.

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts.  She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

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AlertAccepts UK Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. Forex.com Web Trader, MT4 and TradingView platforms supported. Forex.com is regulated by the FCA, CySEC, and CIMA. 68% of traders lose money with this provider.
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Broker Score
4.62 4.62  / 5
Rated #15 of 77 Recommended Brokers
Site Icon Data provided by FxScouts

FOREX.com Financial Regulation

Regulator License
Regulator License

FOREX.com Trading Cost Comparison

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