Forex.com Broker Review

Is Forex.com Safe?

Yes, Forex.com is a safe broker for Americans to trade with. US-based traders will be onboarded through Forex.com’s CFTC-regulated entity, which provides excellent regulatory oversight.

Founded in 2001, Forex.com is a popular broker in the US and has over 500,000 customers worldwide. Its parent company, StoneX Group Inc., is regulated by eight national authorities, including the Commodity Futures Trading Commission (CFTC), and is publicly listed on the NASDAQ, providing further regulatory oversight. 

CFTC Regulation: US traders will be trading under the regulation of the CFTC. This prevents Forex.com from engaging in proprietary trading and enforces robust bank review and monitoring guidelines. Also, under CFTC regulation, the maximum leverage allowed is 50:1. 

Safety Features: To ensure trader safety, all customer deposits are kept separate from Forex.com’s own operating funds and distributed across a network of banks. Forex.com enforces robust bank review and monitoring guidelines, which are set by the Risk Committee of StoneX Group Inc. (NASDAQ: SNEX). The maximum leverage allowed is 50:1, and traders are granted negative balance protection, which protects traders from incurring high losses.

Company Details:

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Forex.com’s Trading Instruments

As per CFTC regulatory rules, Forex.com only offers trading on Forex, gold and silver to U.S. citizens, but the range of forex pairs is extensive and includes majors, minors, exotics, and many emerging currencies. 

Forex.com only offers CFD trading on Forex, gold and silver, but traders will also find a huge range of stocks, futures and options for investment purposes.

Complete list of instruments:

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• Forex pairs: Forex.com offers over 80 Forex pairs to trade, including majors, minors, and exotics. This is an extremely broad range of Forex pairs compared to other brokers.  
• Precious Metals: Forex.com offers trading on gold and silver, but traders should note that they are unleveraged. 
• Stocks: Forex.com’s stock offering is diverse compared to most of its competitors, with over 2,500 stocks available to trade, including popular US tech companies, ASX stocks, those listed on the NASDAQ, the Hong Kong Stock Exchange, the NYSE, and more. 
• Futures and Options: Forex.com offers futures and options on currencies, financials, indices, energies, grains, meats, metals, and softs.

Overall, Forex.com provides a limited range of CFD assets for US traders, but its range of stocks and futures is vast.

Accounts and Trading Fees

Forex.com offers four trading accounts in the US, and trading fees are average compared to other brokers.

Required Minimum Deposit: All trading accounts at Forex.com in the US require a minimum deposit of 100 USD. 

Account Platforms: Trading is offered on the Forex.com mobile app and Web Trader, on TradingView and MT4 and MT5.

Trading Costs:

Spread-Only Account: The Spread-Only Account has a minimum deposit of 100 USD, variable spreads (as low as 1.2 pips on the EUR/USD), and no commission. The Spread-Only Account is available on Web Trading, the Forex.com Mobile App, and TradingView.

Raw Pricing Account: The Raw Pricing Account also has a minimum deposit of 100 USD and variable spreads but charges a commission of 7 USD per 100,000 USD traded. Spreads on the EUR/USD can be as low as 0.0 pips with this account. The Raw Pricing Account is available on web, mobile and desktop versions.

MetaTrader Account: The MetaTrader Account is a commission-free account with a minimum deposit of 100 USD, and spreads that start at 1 pip (EUR/USD). However, as the name suggests, traders can only trade on MT4 or MT5.

Demo Accounts: Spread-only and Raw Pricing accounts are available as demo accounts. Remember, demo accounts will expire after 30 days, after which you will be required to open a live account. The demo account gives new traders a real-time feel for market conditions.  

Overall, Forex.com’s trading fees are within the industry average.

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 Bank Transfer (ACH), Wire Transfer, and Debit Card.

• Bank Transfer (ACH) – Recommended: When making a deposit through Bank Transfer, the funds will be available immediately and there will incur no fees. The minimum deposit is 100 USD, which is the only currency accepted. The maximum amount you can deposit is 10,000 USD. 
• Wire Transfer: There is no minimum nor maximum value for Wire Transfers. However, it may take up to 1 to 2 business days for domestic wires to be available for trading. When it comes to international deposits, it might take between 2 to 5 days. Wire Transfers allow USD, EUR, CAD, JPY, CHF, AUD and GBP. Forex.com does not charge fees for Wire Transfers, however, your bank might do. Also, Wire Transfers from banks outside the United States might require an intermediary bank; this bank will usually charge a fee.
• Debit Card: Debit cards have a maximum value of 10,000 USD (or currency equivalent) for deposits. Usually, your funds will be available immediately for trading. The minimum amount for Debit Card deposits is 100 USD. Forex.com accepts Visa and MasterCard in USD, GBP and EUR, but all values are converted to USD automatically. Forex.com does not charge fees for card deposits. Your debit card issuer might charge a cross-border fee when depositing from outside the US. 

Overall, Forex.com has a limited range of funding methods compared to other large international brokers, but no fees are charged, and processing times are fast.

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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 tracks both the performance analytics and provides 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.  

MT5

The MT5 platform is an upgraded version of MT4. It is quite popular among traders, allowing to perform technical analysis and trading operations in the Forex and exchange markets.

TradingView

TradingView is available on mobile and desktop for both Android and iOS. One of the most advanced charting platforms available, the mobile app allows traders to open and close positions, modify their 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 four desktop trading platforms, which are excellent compared to other brokers.

Forex.com offers three platforms to choose from: its own Forex.com platform, MT4, MT5, and TradingView. All platforms offer fast trading and advanced charting tools, including Expert Advisors, 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 choose to migrate to another broker.  See below for more details on Forex.com’s trading platforms:

Forex.com Platform: The most powerful version of the Forex.com platform is the downloadable desktop client, which offers professional analytics tools, over 100 predefined indicators, 15 time frames, and trading directly on charts. It also allows 6 order types, including Market Order, Entry Order, Stop Order, Limit Order, One Cancels Other, and Guaranteed Stop Loss Orders. The desktop version of the platform is better suited to more experienced traders. The Forex.com platform is also available in your browser, with slightly decreased functionality, sacrificing customizability for simplicity.

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 you will find at other brokers, Forex.com’s MT4 comes with fully integrated Reuters news, Forex.com’s research and analysis, and Trading Central.

MetaTrader 5: 

The most comprehensive MetaTrader 5 experience is here. It allows you to use trading algorithms and developing and testing environments, with all the tools and indicators you need. MT5 is the only way to access Expert Advisors. You can choose between 950 trading robots and 2000 technical indicators, all under the same platform.

Trading View: Forex.com recently added TradingView to its arsenal of trading platforms.  TradingView is free of charge for traders who open a live 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

4.5/ 5

Yes

MT4

MT5

FOREX.com Web Trader

TradingView

TD Ameritrade

4/ 5

Yes

WebTrader

thinkorswim

IG

4.5/ 5

Yes

MT4

L2 Dealer

ProRealTime

Overall, Forex.com’s trading platform support is one of the best in the industry.  It offers a proprietary platform, which is beginner-friendly, easier to use and has enough choices to keep most traders satisfied.  

Opening an Account

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

All residents in the United States of America are eligible to open a trading account at Forex.com. However, they will have to meet the minimum deposit requirement of 100 USD.

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 (Spread-Only Account, Raw Pricing Account, Trading View, or 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, tax information, and identity number.
5. Traders will then have to detail their trading experience, including their financial status, and their trading history. 
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

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

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. With so many trading opportunities and insightful analysis, it is no surprise that the Forex.com Twitter (now X) handle has over 170k followers.

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.

Trading Tools

Forex.com offers several useful trading tools, including SMART Signals, Performance Analytics, Market 360, NinjaTrader 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 an excellent tool to help seasoned traders 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.

NinjaTrader

NinjaTrader allows you to automate your forex trading in multiple ways, with no programming necessary.

By monitoring markets in real time, NinjaTrader helps uncover opportunities for forex trading. You can customize lists through a variety of data points and indicator values.

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, making Forex.com proud to offer this service to its clients.

Forex.com Educational

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 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. You can also interact with the Forex.com team via Facebook, Instagram, and X. 

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

Safety and Industry Recognition

In operation since 2001, Forex.com was a subsidiary of 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 also a NASDAQ-listed provider of online trading services. 

StoneX’s subsidiaries are regulated by 8 national and regional authorities depending on their geographic location. See below for more details: 

• StoneX Europe is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC).
• GAIN Capital Group LLC (dba FOREX.com) is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA)
• GAIN Capital is regulated by the Investment Industry Regulatory Organisation
• GAIN Capital UK is regulated by the Financial Conduct Authority (FCA)
• GAIN Capital Australia is regulated by the Australian Securities and Investment Commission (ASIC)
• GAIN Capital Singapore is regulated by the Monetary Authority of Singapore (MAS)
• GAIN Capital Japan is regulated by the Japanese Financial Services Agency (FSA)
• 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:

Risk Statement

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. Forex.com would like you to know that:  Foreign exchange and other leveraged trading involve a significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.

Overview

Forex.com benefits from being part of the publicly-listed StoneX Group, is CFTC-regulated and is able to offer excellent education and market research alongside competitive trading conditions. The wide range of platforms and tradeable assets makes Forex.com a tempting option for traders looking for a serious broker. Beginners will love the education and analysis available, and more experienced traders will appreciate the excellent range of advanced trading tools.

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 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, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

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.