Investing > FOREX.com Review

FOREX.com Review

FOREX.com is a leading forex broker with advanced technology. The platform is best suited for active, high-volume traders.

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Reviewed by
Updated April 25, 2022

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Are you an active forex trader?

If so, you probably already know exactly what you want: fast, reliable trade execution which is capable of handling high trade volumes — and no extra fees.

If that’s the case, some would say FOREX.com was built with your investor profile in mind. The platform facilitates CFD and Forex trading, and offers more than 80 currency pairs. It has grown a solid reputation among active Forex traders.

Forex.com, which was founded in 2001 and is completely owned by Gain Capital Holdings since 2010, an NYSE-traded firm, has a slew of devoted followers worldwide.

Is FOREX.com what you’re looking for? Let’s find out.

FOREX.com offers transparent pricing that varies depending on your account. The broker caters mostly to active and high-volume traders, and offers a couple of advanced platforms to suit different activity levels. Traders will have the option to choose between several account types, and over 80 currency pairs, in addition to unleveraged gold and silver in the U.S., and hundreds of CFDs for non-U.S. traders.

Fast Facts

  • Account Minimum: $100
  • Demo Account: Yes
  • Best for: Active traders
  • Asset coverage: CFDs, Forex, More
  • Regulation: Fully regulated

Ratings

  • Commissions & Fees: 8.5/10
  • Investment Selection: 8.5/10
  • Account Options & Features: 9.5/10
  • Usability: 9.5/10
  • Educational Resources: 8/10
  • Customer Service: 8.5/10
  • Overall: 9/10
Visit FOREX.com on FOREX.com’s website

Investor Warning: Please note that foreign exchange and other leveraged trading involves significant risk of loss. 79% of retail investor accounts lose money when trading with this provider. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.

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.

What is FOREX.com? 👨‍🏫

FOREX.com was launched in 2001 and is part of parent company StoneX Group, Inc., along with sister company City Index.

Today, FOREX.com is one of the leading forex brokers in the U.S. and globally, with $10 billion in total assets as per the company’s GCAP key financial data in Q3 2021, and a total customer equity of $3 billion.

The company oversees over 200,000 retail traders across the globe, from the U.S., UK, and Canada to Japan and Australia, with the tools needed traders advance in the financial markets.

Pros

  • Excellent desktop and mobile functions
  • Considered safe and highly regulated
  • Account options benefit high traders

Cons

  • Spreads are higher than other international brokers
  • No negative balance protection offered to U.S. clients
  • U.S. traders cannot trade cryptocurrencies

Is FOREX.com Safe? 🛡

FOREX.com is considered a safe company and is regulated by four tier-1 regulators, zero tier-2 regulators, and one tier-3 regulator in the following countries: U.S., UK (FCA UK), Canada (IIROC), Cayman Island (CIMA), Japan (FSA) and Hong Kong (SFC). The broker is a member of National Futures Association (NFA) since 2004.

The company offers varying products from country to country, as laws vary. For example, CFDs are illegal in the U.S. therefore the company does not offer CFDs to U.S. traders, but it does offer CFDs to traders outside of the U.S.

FOREX.com maintains level capital well above what’s required by the regulator to help ensure it is capitalized in times of economic uncertainty.

In addition, the broker has a global liquidity plan in place that provides access to significant resources from StoneX Group, Inc., and an external revolving credit facility.

With this, FOREX.com keeps all customers funds segregated from its own operating funds, which further helps to protect traders money in the event of any financial issues with the company.

There is no negative balance protection offered by the company. The company does automatically monitor client’s accounts and if there is not enough margin in an account, the firm will automatically liquidate positions.

However, this isn’t a fail safe way of preventing negative balances, and you will be left more open to the risk.

Overview and Summary

Here are the most notable features of FOREX.com:

  1. FOREX.com is considered a safe company and is regulated by four tier-1 regulators, zero tier-2 regulators and one tier-3 regulator in the following countries: U.S., UK, Canada, Cayman Island, and Japan (sister company City Index is regulated in Australia and Singapore).
  2. Its fees are competitive overall and the broker generates most of its revenue from spreads.
  3. The online broker offers a suite of fast trading platforms to help traders of all levels succeed, including advanced trading, web-based trading, a trading app for those who never want to miss a move, and MetaTrader4 (MT4)
  4. Research is one of FOREX.com’s strong-points and users can access very centralised, organised, and up-to-date material on everything from Brexit analysis to forex webinars for beginners.
  5. The customer support is easily accessible and overall pretty standard in comparison to other brokers
  6. Most clients will choose between a standard account and a commission account, but margins will vary by region (50:1 in the U.S.).

Fees & Spreads 💳

FOREX.com generates revenue mostly from its spreads. Customers signing up to FOREX.com will have two pricing options based on the account you choose. The standard account uses spread-based pricing, and doesn’t charge commissions.

But spreads can be larger, starting from around 1-2 pips for the most popular assets and increasing higher than 100 on less in demand currency pairs. That said, all spreads are variable, meaning they can go up or down at any time.

If you choose to create the standard account on FOREX.com, commission-free trading is available.

The STP Pro account is recommended for traders with a balance of $25,000 and a really high trade volume. This account doesn’t mark up spreads, but is commission based and is available to traders in the U.S. as well as other jurisdictions.

The commission account meets both of these in the middle and is suitable for higher volume traders with a focus on spreads. It offers low spreads, and charges $5 commission per 100k of trades.

Fees and commissions are not FOREX.com’s strong-points in comparison to other brokers, as its spreads and commissions are a bit high, especially for those with smaller accounts.

Traders can benefit from joining the Active Trader program, and is available to those with $25,000 or more in an account or those making $50 million trades per month.

This account will give you interest on available margins up to 1% APY and as much as $10 in cash rebates per $1 million trades.

Traders with a STP Pro account cannot avail of the Active Trader program however, because it already offers fee reductions based on volume.

Leverage 💼

The leverage offered depends on your account type and activity. FOREX.com offers a margin calculator on their site to help you figure out how much leverage you can get.

EU traders will be offered a stricter leverage due to new EU regulations introduced in 2019. Professional traders can operate with higher levels of leverage however.

📝 Quick tip: Leveraging your trades could possibly lead to bigger winnings. Leverage trading can be dangerous and it can amplify your potential investment losses. This guide should help you understand how leverage works in forex market.

Other Fees 💸

Traders who have not traded in 12 months or more can be charged a $15 in activity fee per month.

FOREX.com does not charge additional fees for deposits. There is also no charge for withdrawals and checks. Wire transfers over $10,000 are free, but anything under this incur a fee: U.S. wire transfer will incur a fee of $25, and all transfers outside of the U.S. will be charged $40.

Overall, FOREX.com’s pricing is transparent and easy to understand, and offers traders of different levels accounts.

FOREX.com Compared

Fees
Average spread EUR/USD standard

1

0.9

All-in cost EUR/USD - active

0.7

0.363

Minimum initial deposit

$100

$250

General
Total currency pairs

82 (in US)

93

Demo account?
Social / copy trading?
Rating
Fees
Average spread EUR/USD standard

0.9

0.69

All-in cost EUR/USD - active

0.363

0.86

Minimum initial deposit

$250

$200.00

General
Total currency pairs

93

62

Demo account?
Social / copy trading?
Rating
Fees

Average spread EUR/USD standard

1

0.9

0.69

All-in cost EUR/USD - active

0.7

0.363

0.86

Minimum initial deposit

$100

$250

$200.00

General

Total currency pairs

82 (in US)

93

62

Demo account?

Social / copy trading?

What FOREX.com Does Best 🏆

FOREX.com offers a suite of fast trading platforms to help traders of all levels succeed, including advanced trading, web-based trading, a trading app, for those who never want to miss a move, and MetaTrader4 (MT4)

The firm’s platforms are perfect for active traders and long term traders looking to get the most out of their experience. They are all created for ease of use and to help you get to where you need to go.

The advanced platform offers traders sophisticated features and analytical tools including;

  • ☑️ Fully customizable dashboards and trading preferences
  • ☑️ Great charting tools, over 80 technical indicators, and lots of drawing tools
  • ☑️ Advanced analytical tools to help you create complex strategies using one of their templates

The Web Platform 🌐

The web platform will give traders access to calendars, charts, and a news feed, as well as allowing you to see clearly your trade history, and positions. You’ll also get access to expert analysis reports, research reports, and trade signals to help you strategize with the best and up to date market information.

The FOREX.com web platform comes with a well-designed user interface and advanced trading tools.

The web platform is well equipped with functions, tools, analytics, and seamless account management for funding and withdrawing from your account, and everything you need to make a quick trade when you need to.

With that, traders can integrate their FOREX.com account with NinjaTrader, a third-party trading platform loved by many.

FOREX.com Mobile 📱

FOREX.com’s app is fast, advanced and clear. It enables traders to make trades on the move, because as the firm says, “when you’re on the move so are the markets.”

The FOREX.com mobile app allows you to track what’s going on the market wherever you are.

The mobile app is a good alternative to the web platform and while using it you’ll enjoy a number of impressive features. These include its full-featured trading and advanced risk management options, TradingView charting & analysis tools, real-time trade and order alerts, and integrated fund management options.

The newly redesigned app has all the features that would be expected from a major brokerage like FOREX.com. This includes one-swipe trading, custom watchlists, your own easy to use alerts, and a light and dark theme.

You’ll also find advanced charting features through an integration with TradingView. There are 10 different chart types, a total of 14 different time frames to choose from, and more than 60 technical indicators and tools.

The app does have full order functions, like the ability to place conditional orders, and easily make stop losses and profit targets during a trade.

Quick note: Forex.com is considered to be one of the best in the industry, so it’s no surprise that the broker made to our list of the best forex trading platforms.

Research 🔎

Unlike Oanda, whose research is a bit scattered and difficult to locate, FOREX.com is all very centralized and organized for ease of use.

Users can access the latest research and news from several channels. You can also benefit from its automated pattern-recognition modules from Trading Central, and a frequently updated and informative blog.

Perhaps most interestingly, traders will be able to quickly and easily stay on top of popular market events with great insights and analysis on how certain affairs may be affecting the market; such as Brexit, and U.S.-China Trade War.

The team also streams live weekly webinars on topics including, The Foundations of Forex Trading. This webinar brings traders through a wide range of useful topics from week to week to help identify opportunities and manage risk, learn the difference between trading and intraday trading, and money management techniques 101, to name a few.

If you’re a beginner then FOREX.com might help you build the bank of information you need to get to the next level.

Furthermore, traders can look into upgrading to a premium package with trading signals from Faraday research. This will cost you a fee of £720 for a yearly subscription that might be worth it depending on your needs.

💡Are you thinking about starting a forex trading career? Begin your journey by reading this easy to follow forex trading guide.

Where FOREX.com Could Do Better 👨‍🔧

Customer Support ☎

You can contact FOREX.com’s customer service pretty quickly and easily through their online chat, or phone support. Support is available from 10 a.m. ET Sunday to 5 p.m. ET Friday.

And if you have a slightly more generic question, that you think others may have already asked, you can visit FOREX.com’s detailed FAQs section, or perhaps one of their video tutorials will answer your question.

There is no social media support though, which is a bit behind the times considering they do have social media accounts that they update with things like the latest market analysis.

The chat is just a chat bot, so it offers a limited range of answers. If the chat bot is unable to answer your inquiry, it will transfer you to a customer service representative. Beyond this, email support is also available, but could take a bit longer to receive a response.

Your quickest and best option is phone support for more detailed questions, but this can also be a little slow during peak market hours.

Overall, the support FOREX.com provides is pretty standard in comparison with other brokers support offerings.

Investment Products 📃

Forex pairs are limited to 83 for U.S. traders, as well as underleveraged gold and silver. Anyone outside of the U.S. will have access to all forex pairs, in addition to CFDs on stocks, commodities, and indexes.

Traders in the UK can go ahead and trade the ever unsettled cryptocurrency; South Korea announced that it would work towards institutional acceptance of cryptocurrencies.

Minimum Balance 💵

Traders can open an account with 100 of their finest units of the account currency. Minimum requirements also apply to lot size.

FOREX.com has a minimum lot size of 1,000 units. To eliminate any confusion, there is no currency value associated with this figure—it’s simply lot size. So, in the U.S., where leverage is 50:1, this effectively means that in order to trade 1,000 EUR/USD, a trader would need approximately $23.70 (which is roughly 2% of the 1,000 euros).

Account Types 🗃

We went through this a bit in the fees section, but let’s get into a little more detail on your account options.

Most clients will choose between two accounts, a standard account and a commission account.

The requirements are the same for both of these but one uses FOREX.com’s proprietary trading platform and the other offers MT4 software. These accounts will offer margin rates that differ by region. In the U.S. for example, the margin rate will be 50:1.

However, the MT4 account does not offer shares, and has fewer commodities. It also offers fewer order types and less ability to set user-defined price tolerance.

Standard Account 👤

This is best for the average use and new foreign currency traders. It is a spread-based with spreads that are higher than some competitors, but charges no commissions.

Commission Account 💱

This account is more suitable for really active and experienced traders. It is, as the name suggests, commission-based, and you will be offered lower spreads.

STP Pro Account 🎯

An STP Pro account is for high-volume traders who have a minimum of $25,000. It offers lower spreads and requires higher volume trades to take advantage of really low commissions, after rebates.

Active Trader Account 🤝

This is a great account if you’re generating a significant amount of trading volume. It offers reductions on standard spreads. For example, the EUR/USD pair can be traded for as low as 0.4.

Demo Account ⏳

Traders can practice their trading on FOREX.com’s practice account that’s available on the trading platform, or on a demo account that’s available on MT4; both of which are good options. Users will receive a cool $50,000 in virtual cash with your demo account that should be enough to get some good practice in for 30 days.

How to Open an Account with FOREX.com 👷‍♂️

To open a FOREX.com online account, just go to the broker’s account section and click on your preferred account option to get started with the application process.

The Bottom Line 🚩

FOREX.com is a top forex broker with a lot to offer. Active traders with high-volume trades will benefit the most from FOREX.com but others, including beginners will reap the benefits from the firm’s organised and up-to-date market analysis and live webinars.

FOREX.com’s platforms are excellent across the board and will enable traders to excel with their advanced tools and functions.

The mobile experience is almost as good as the web-platform, bar some limitations, like offering less technical indicators.

Fees vary depending on your account option but standard accounts charge spread-based fees that are higher than competitors.

U.S. traders are offered 83 investment products, and their assets are limited to mainly foreign currencies. U.S. traders also do not have the option of trading crypto-currencies.

As a whole, experienced traders with a high trading-volume should consider FOREX.com as a valuable option.

FOREX.com: FAQs

  • Is FOREX.com Safe?

    FOREX.com is regulated by top-tier financial authorities, which indicates that it is considered to be a safe brokerage. The company has a budget that is well over the required amount to ensure the safety of their client's money in times of economical crisis, so you don't have to worry about losing your hard-earned cash if it comes to that.

  • How Much Do I Need to Start Trading With Forex.com?

    The minimum deposit for FOREX.com is $100. The company requires you to deposit 100 of your account currency but they advise you to have at least 1000 of your account currency.

  • Does Forex.com Charge a Withdrawal Fee?

    Unlike many other brokers, FOREX.com does not charge withdrawal fees. On the other hand, they will charge you for wire transfers under $10,000. The charge fee for U.S. citizens is $25 and for transfers outside of the United States, you will be charged $40.

  • Is Forex.com Considered to Be Good for Beginners?

    Forex.com is considered to be a good platform for beginners. It is easy to use and has an extensive range of features, and inexperienced investors can enjoy the vast amount of educational resources that the broker provides.

FOREX.com and the Competition

See how FOREX.com compares to the leading Forex brokers by reading one of the reviews below.

All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team. Neither our writers nor our editors receive direct compensation of any kind to publish information on tokenist.com. Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid.

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