Forex.com Review
📅 Year founded	2001
📈 Multiple top-tier regulation	Yes
📍 Headquarters	New Jersey, USA
🌍 Country of regulation	Cyprus / Canada / United States of America / Cayman Islands / United Kingdom / Japan / Singapore / Australia
✅ Regulators	CySec / CIRO / CFTC / CIMA / FCA / FSA / MAS / ASIC
📈 Execution Type	Market Execution
💰 Minimum Deposit	$100 USD or equivalent base currency
🛡️ Negative Balance Protection	Yes
📉 Trading Platforms	MetaTrader5 / Web Trader / Forex.com Mobile App
☪  Islamic account	Yes
📉 Trading Instruments	Forex / Indices / Stocks / Cryptocurrencies / Commodities / Gold and Silver / ETFs
📱 Mobile trading	iOS / Android / Windows
💳 Payment Types Accepted	Credit and Debit Cards / Bank Wire Transfer / Skrill / Neteller
🎮 Demo Account	Yes
ⓒ Copy Trading	Yes
🎁 Bonus Offer	Lunar Year Special Offer / Active Trader Program / $5 000 Welcome Bonus
💰 Account Currencies	USD / EUR / GBP / CHF / PLN / HUF
📈 Minimum Trade	0.01 Lots
📈 Account Types	STP / DMA
📈 Margin Trading	Yes
📈 Trading fees	Low
📈 Inactivity fee	After 12 consecutive months
💰 Withdrawal fee	On withdrawals lower than $10 000
☎ Customer Support	24/6
💰 Max. Leverage	500:1
✔️ Hedging Allowed	Yes
✔️ Scalping Allowed	Yes
💰 Commission	$5 USD on Raw Spread Account / $0.0 USD on Standard Account
💰 Spreads	From 0.0 pips
💰 Leverage	Flexible
💰 Currency Pairs (Total Forex pairs)	80 +
🔢 Number of clients	454 000 +
🥇 Instruments Offered	5 500 +
📙 Education	Trading Academy with: Video Courses / Lessons / Quizzes / Webinars / Glossary
Click here ✅ Open a Trading Account

 

WHAT IS FOREX.COM?

 

Found in 2001, Forex.com is a respectable forex and CFD brokerage firm with its headquarters located in New Jersey, USA. This online broker is regulated by the CySec, CIRO, CFTC, CIMA, FCA, FSA, MAS and ASIC.

At Forex.com, clients can trade a range of trading instruments, such as forex, indices, stocks, cryptocurrencies, commodities, gold and silver, as well as ETFs.

The broker also offers a variety of trading platforms to its traders, including Web Trader and MetaTrader5 (MT5).

 

INTRODUCTION

 

Forex.com is a member of the Gain Capital Holdings which can be found on the New York Stock Exchange. This company was founded in 2001. The company has been around for many years and has been well liked by traders of all experience levels.

Forex.com operates worldwide in 21 countries, including Japan, Canada, the United Kingdom and Australia. Forex.com was one of the first companies that allowed online forex trading in the United States. It is one of the largest FX brokers in the world with over 454 000 active traders worldwide.

Forex.com is one of the most respected brokers in the industry and was able to withstand the financial crisis in 2008. It was able to continue to thrive and allow investors to make the trades that they want to in the markets they want to use.

With the parent company on the stock exchange, there is proof that this company is here to stay. Forex.com is also governed by top regulatory authorities, meaning clients can rest easy knowing their capital is secured.

 

PROS & CONS

 

PROS

• Well regulated.
• Low forex fees.
• Many plans to choose from.
• Top of the line technology and resources.
• Over 454 000 active traders.
• Long operation history.
• The minimum deposit is only $100 USD.
• Great mobile and desktop trading platforms.

 

CONS

• Higher spreads.
• High CFD fees.
• Does not offer VPS.
• Customer support is only 24/5.

 

TRADING INSTRUMENTS

 

Traders have access to over 5 500 instruments, including over 80 forex pairs, several thousand shares and various cryptocurrencies. There is something on offer for all traders.

 

Forex

This is the largest market in the world where you can buy one currency and sell it in another.

• Turnover is excess of $7.5 trillion USD daily.
• You can trade 24 hours, 5 days a week.
• High volatility.
• At Forex.com, spreads start as low as 0.0 pips.

 

Indices

These are popular stocks of publicly traded companies, which are lumped together in an index. Think of buying a basket of goods rather than individual goods.

• You can explore some of the top financial markets.
• Trade volatility.
• Look at rising and falling markets to find a potential profit.
• Over 15 global indices available at Forex.com.

 

Stocks

• You can buy and sell some top stocks from companies such as Amazon and Tesla and enjoy a low commission rate.
• Get into stocks without specific risks.
• No commission is charged as this is built into the spread.
• Go long or short on over 2 500 individual stocks.

 

Commodities

• You can trade metals, energies and CFDs without owning any of underlying assets.
• Forex.com offers the option of trading futures or spot contracts.
• This broker also offers variable spreads, improving the liquidity.

 

Gold and Metals

• You can trade metals to diversify your portfolio.
• Utilise TradingView to view advanced charts.
• Forex.com also offers Gold mini and Silver mini to its traders.

 

Cryptocurrencies

• Highly competitive spreads on Ripple, Ether and Bitcoin CFDs.
• Access to Forex.com’s cryptocurrency news and analysis.
• Low commissions charged on cryptocurrency trades.

 

TRADING PLATFORMS

 

There are three trading platforms at Forex.com, namely MT5, Web Trader and their own Mobile Application.

The web trading is only available in English which can be a setback for those in some of the European countries that use this site, that may not speak English. If you are new or have some experience in trading, the platform has everything needed for your trades. Forex.com works with speed and performance. This will allow you to have total control over your trade. You will have access to all of the information that you need so you can trade as you please.

 

MT5

• This is for serious traders and there are advanced features and analytic tools.
• The dashboard can be customised with trade preferences.
• There are charting tools and over 80 technical indicators.
• There are advanced analytical tools such as integrated trading tips and hundreds of templates to use.
• This platform is world renowned and combines well with Forex.com’s offering.

 

Web Trader

• The web platform will allow you to trade with speed and performance. It is also a reliable method to trade.
• The web-based program may be hard to figure out but if you are able to there is a lot of great information for trading.
• There are integrated tools and market analysis.
• There are advanced features for charting, over 70 technical indicators and over 50 drawing tools.
• Easy account management including funding and withdrawals.

 

Mobile Platform

• Do not miss a move. Trading can be done over the iPhone or Android operating systems.
• There are full trading capabilities and different order types.
• Integrated news and market analysis.
• Real time notification and alerts.

 

ACCOUNT TYPES

There are different account types to fit any trading style:

 

Standard Accounts

• Available on Web Trader, TradingView and their Mobile App.
• Variable spreads from as low as 0.8 pips.
• No commissions are charged on this account.
• Access to a fully integrated calendar as well as account management.

 

MetaTrader Account

 Available on the web, MT5 platform and has its own Mobile App.

• Variable spreads starting from 1.0 pips.
• No commissions are charged as the costs are built into the spread.
• Access to a fully integrated calendar as well as account management.

 

Raw Spread Account

• This is for more advanced traders who are looking for tighter spreads at a fixed commission.
• Available on the web, MT5 platform and Mobile App.
• Spreads start from 0.0 pips on forex major pairs.
• Commission is charged at $5 USD per $100 000 USD traded.

• Access to a fully integrated calendar as well as account management.

 

HOW TO OPEN AN ACCOUNT

 

Forex.com is easy to use and is fully digital. There is a low minimum deposit of only $100 USD. Online registrations take no more than 15 minutes, and it will take two business days for an account to be verified. Once your account is verified, you can trade as often as you would like.

 

To open an account:

1. Select the platform you want to use.
2. Fill out your personal and financial information.
3. Answer some questions about your experience and financial knowledge.
4. Verify your identity with an ID card or passport. Bank statements and utility bills can be used to show proof of residency.

 

Forex.com is regulated by several agencies and authorities. Clients need to pass a compliance check and make sure they are aware of and understand all the risks that are associated with trading. These may include:

• Providing a scanned copy of a government ID or passport.
• Providing a bank statement that shows your address.
• You will need to take 10 minutes to answer some questions about how much trading experience you have and that you will comply with the regulations.
• You can then explore the Forex.com platforms but will not be able to trade until your compliance check is complete. This is done for your safety and to make sure your identity is not compromised.

 

DEMO ACCOUNT

 

There is a demo account that can be used until a person gets used to Forex.com trading. This account is free to use but you are not going to be trading with real money. You will have all the information and the trade rates are in real time. They will be the same rates as you would be using if you were trading with real money.

If you are new to this or have the experience you can try the demo account. You will be given $10 000 USD demo money to get familiar with the program. All you need to do is register for free and can try out the demo program for 30 days. After this time if you feel that Forex.com trading is right for you, it is easy to sign up for an account using real money.

There is a difference between the demo account and living trading. The demo account uses fake funds and there is no risk. You have nothing to lose and there is a lot of information that you can gain.

The demo account will allow you to learn about forex and use the educational tools. This will help you get used to the trading platform before you invest real money. This will help you make an informed decision when you begin to make real investments.

The demo account will not represent any real funds you will have in the account. The account conditions may not always be positive. You can still lose. The leverage may change from the time you open a practice account until the time you open a real account. Finance charges are not part of the demo account. The pricing is the same pricing used on Forex.com for active account holders. Managed and merger accounts may differ in price.

 

COMMISSIONS & FEES

 

Forex.com is one of the leading brokers when it comes to its commissions and fees.

On the Standard and MT5 accounts, the broker does not charge any commission and spreads start from 0.8 and 1.0 pips respectively. This represents a highly competitive offering when compared to the rest of the industry.

Forex.com also offers the Raw Spread Account which provides traders with a super low spread starting at 0.0 pips on major pairs, with commissions starting from $5 USD per $100 000 USD traded, which is fairly low.

Additionally, clients can look at the Active Trader Program, which could lead to even lower fees. This program is open if you can deposit at least $25 000 USD into an account and may trade $25 million a month. This is not open to DMA holders since they already enjoy reduced fees.

An account with less than $10 000 USD and no trading activity in a year may need to pay a $15 USD inactivity fee and $40 for a wire transfer back to their preferred withdrawal account.

 

LEVERAGE

 

Forex.com offers flexible spreads to its clients. The maximum leverage available to its clients is up to 500:1.

The maximum leverage will depend on your account and activity. You should check out the margin calculator on the site to find out the ratio. With European regulations, there are restrictions for retail traders and professional traders with higher leverage.

 

WITHDRAWALS AND DEPOSITS

 

Forex.com has many options for deposits and withdrawals, while all options are free of charge, besides the fees that banks may charge thereon. There are various different currencies that may be used, listed in the table above. To save with currency conversion rates it is recommended to use a digital bank. You can also use a credit and debit card, bank wire transfer, Skrill or Neteller.

A transfer from a bank may take a few days. No third party payments are accepted meaning you can only put money into accounts that have your name on them. Deposits and withdrawals are free. Bank transfers can take up to 3 days while credit and debit card transactions can take up to 5 days.

 

CUSTOMER SERVICE

 

There are several ways to get in contact with a customer service agent. There are live chat and phone support. There is also a FAQ section on the website. Support is available 24/6.

Most clients use phone help and online chat. There is no social media support but there is information found on their social media account. Chatboxes can help a customer but they may not be useful for more complicated situations.

Phone support is an easy way to get questions answered. Based on call volume you may have to wait several minutes before being connected with a representative.

 

SAFETY AND SECURITY

 

Forex.com is registered in the United States, UK, Canada, Australia, Singapore, Japan and the Cayman Islands amongst others. The products that are offered will vary by country based on these specific laws.

Client funds are kept segregated at Forex.com. This will help keep the money safe if the company is having financial issues. There is no additional insurance. In Canada, the funds are protected by the Canadian Investor Protection Fund.

Client accounts can be negative but protection for this is offered by Forex.com as they will adjust such amounts. Accounts are monitored but if the client does not have enough margin in the account, positions can automatically be liquidated. The market moves fast so you need to make sure you have a balance in your account.

Additional safety features include:

• Pricing on Forex.com is transparent as fees are built into the spread.
• There are demo accounts that will allow you to practice before using real money.
• All data is encrypted.
• There are also two factor authentications offered and fingerprint technology.

 

PROMOTIONS

 

Active Trader Programs

• High volume traders can up 15 percent cash rebates on their trades and other benefits with this account.
• Cash rebates of up to $10 million USD of volume that is traded.
• The assistance of a market strategist.
• Reimbursement for bank fee transfers.

 

The more you trade the more rewards you will get. When your trade volume exceeds $25 million USD in a month you will be rewarded. The credits will be in your account at the beginning of the next month.

 

Cash rebate example

• Your volume is above $200 million USD.
• You qualify for level 3 rebates.
• Your monthly volume rebate reaches $1 200 USD.

 

Rebates will be posted on an account within 5 business days. Sometimes it may take longer. Rebate credits will not limit your liability and cannot be used to fulfil any payment obligations. Please read the policy on the website here.

There is a welcome bonus of up to $5 000 USD.

The welcome bonus will be 20% of the amount in the account in the first 14 days of opening it. The bonus will be credited once these requirements are met. The maximum bonus is $5 000 USD.

To get the promotion, you need to open an account. The account number and email address must be valid and associated with a live account.

 

RESEARCH

 

Forex.com has many sources for research and to learn how the market works. There is information on risk management and active trading. Traders should research all the information before they make a trade. Some research features are as follows:

• There are many channels and real time information on trades.
• There are also analysis tools and blogs that have useful information.
• There is also mobile research and alerts about market news and updates. This is an easy way to find out all the information.

The app contains many charts, indicators and other information that are useful when trading.

There are advanced charting features and analytical tools. They are run by some of the top companies in the industry.

 

EDUCATION

 

There are many ways that you can learn about trading and the market. They include:

• Signing up for the demo account.
• Watching the tutorials, tips and reading all of the financial information.
• Watch the general education videos.
• Read the general education articles.
• Peruse the trading glossary.
• Take the knowledge quizzes.

 

Forex.com runs the Foundations of Forex Trading webinar services along with Trade with Precision.

 

GLOBAL AWARDS

 

Forex.com has won many awards in the 22 years they have been providing financial services. These awards include:

• “Best in Class” Overall (2023) – ForexBrokers.com.
• “Best New Tool” Performance Analytics (2023) – ForexBrokers.com.
• Best CFD Broker (2022) – Rankia Awards.
• Best HNW Service (2022) – Dubai Forex Expo.
• Best Education (2021) – Online Personal Wealth Awards.
• Best Forex Platform (2021) – ADVFN International Financial Awards.
• Best Broker (2013) – Investors Chronicle.
• Best in the USA (2012) – Forex Expo Awards.

 

SAFE OR SCAM?

 

Forex.com operates all around the world and will provide trading services based on the regulations within a specific company.

Forex.com is said to be low risk by many sites. Any investment you are going to make is going to have a risk associated with it. Forex.com is trustworthy and all trades are made to fit into the regulations with governing bodies.

Forex.com is supervised and checked upon by the Financial Conduct Authority, the Cayman Islands Monetary Authority, the Investment Industry Regulatory Organization of Canada and the National Futures Association as well as more entities listed in the table above.

All investments at Forex.com are put into a segregated bank account.

 

CONCLUSION

 

Forex.com is a good site if you want an active role in trading with lower fees. If you do not trade often this is a good site for you too. Their fees and commissions are competitive with other brokers in the industry.

Forex.com has some great trading instruments and competitive pricing. There are some great features on the trading platform including plenty of market research. There is also a mobile app with some features for researching and easy trading which is good for traders of all different levels of experience.

Forex.com is known all over the world and it is highly regulated, making it safe to use for potential clients.

Forex.com is registered and monitored by different financial authorities in several countries. A trusted broker will help make sure that all traders with all experience levels have great experience and have all the knowledge that they need to trade.

Forex.com has won multiple international awards and have received good reviews from its traders. After a careful review of this broker, Brokersuggest.com can highly recommend this broker to any and all traders.