Why choose Forex.com
Forex.com is a global forex and CFD broker, regulated by many financial authorities, including the top-tier FCA in the UK.
Forex.com provides everything you need for forex trading: low forex fees, many currency pairs and lots of technical research tools.
At the same time, it lacks some popular asset classes, such as real stocks or bonds. Stock CFD fees are high, and the desktop trading platform is not user-friendly.
| ✅ Pro | ❌ Cons |
| ❖ Low forex fees ❖ Great variety of currency pairs ❖ Diverse technical research tools | ❖ Product portfolio limited to forex and CFDs ❖ High stock CFD fees ❖ Desktop platform not user-friendly |
Forex.com at a glance
| 🗺 Country of regulation | USA, UK, Canada, Japan, Cayman Islands, Cyprus, Hong Kong, Singapore, Australia |
|---|---|
| 🛡️ Negative balance protection | Yes |
| 💰 FX commission per lot | No commission is charged |
| 💰 EURUSD spread | 1.2 |
| 💰 Inactivity fee charged | Yes |
| 💰 Withdrawal fee | $0 |
| 💰 Minimum deposit | $100 |
| 💵 Available base currencies | EUR , USD, GBP, PLN, CHF |
| 💵 Conversion fee of deposits in non-base currency | 0.5% charge |
| 💳 Deposit with bank card | Available |
| 👛 With electronic wallet | Available |
| 🕖 Time to open an account | 1-3 days |
| 🎮 Demo account provided | Yes |
| 💵 Number of currency pairs | 84 |
| 🛍️ Products offered | Forex, CFD (index, stock, commodity, crypto) |
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Fees
Score: 3.7/5
Forex.com has low fees for forex trades and there is no withdrawal fee. On the other hand, stock CFD fees are high and there is an inactivity fee.
| ✅ Pro | ❌ Cons |
| ❖ Low forex fees ❖ No withdrawal fee ❖ Low stock index CFD fees | ❖ Inactivity fee ❖ High stock CFD fees |
We compared Forex.com‘s fees with two similar brokers we selected, FXCM and Oanda. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of Forex.com alternatives.
Low FX fees
All fees are built into the spread, so there is no separate commission charged. For example, the EUR/USD spread is 1.2.
| Broker | EURUSD spread | FX commission per lot |
|---|---|---|
| Forex.com | 1.2 | No commission is charged |
| FXCM | 0.7 | No commission is charged |
| Oanda | 1.0 | No commission is charged |
US and Canadian customers can choose raw account pricing, which costs $3.5 per lot per trade.
Low index CFD fees
All index CFD fees are built into the spread. The spread for S&P 500 index CFDs is 0.6.
High stock CFD fees
The commission for stock CFD trading is the following: $0.018 per share; min $10.
Low inactivity fee, low withdrawal fee
It doesn't charge withdrawal or account fees, but you have to pay a $15 (or currency equivalent) monthly fee after one year of inactivity.
Here is what non-trading fees for non-US customers look like:
US and Canadian clients are charged a withdrawal fee if their withdrawal is under $10,000.
| United States | Canada | |
|---|---|---|
| International bank withdrawal | $40 | $40 |
| Domestic bank withdrawal | $25 | $25 |
| Bank card withdrawal | $0* | $0* |
*There's a limit of $25,000 per withdrawal
Safety
Forex.com is regulated by many financial authorities, including the top-tier FCA. Its parent company, StoneX Group Inc, is listed on the NASDAQ stock exchange.
| ✅ Pro | ❌ Cons |
| ❖ Majority of clients belong to a top-tier financial authority ❖ High level of investor protection ❖ Parent company listed on stock exchange | None |
Is Forex.com regulated?
Yes, it is regulated by several financial authorities globally, such as the UK's Financial Conduct Authority (FCA), and the Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) in the US.
Is Forex.com safe?
To be certain that a brokerage is safe, we highly advise that you check two facts:
- how you are protected if something goes wrong
- the background of the broker.
How you are protected
Forex.com operates under several legal entities worldwide; which of these will serve you depends on your residency. The investor protection amount you're eligible for depends on the country where the entity serving you is located.
For example, if you are from the UK, you will sign up with StoneX Financial Ltd and will be eligible for investor protection of £85,000. StoneX Financial Ltd is regulated by the FCA, the UK's financial authority.
| Country of clients | Protection amount | Regulator | Legal entity |
|---|---|---|---|
| UK | £85,000 | Financial Conduct Authority (FCA) | StoneX Financial Ltd. |
| EEA | €20,000 | Cyprus Securities and Exchange Commission (CySEC) | StoneX Europe Ltd. |
| USA | No protection | Commodity Futures Trading Commission (CFTC) National Futures Association (NFA) Futures Commission Merchant (FCM) Retail Foreign Exchange Dealer (RFED) | GAIN Capital Group LLC |
| Canada | CAD 1,000,000 | Canadian Investment Regulatory Organization (CIRO) | GAIN Capital – FOREX.com Canada Limited |
| Japan | No protection | Japanese Financial Services Authority (FSA) | StoneX Financial Co. Ltd. |
| All other clients | No protection | Cayman Islands Monetary Authority (CIMA) | GAIN Global Markets Inc. |
Forex.com provides negative balance protection for clients belonging to StoneX Financial Ltd and StoneX Europe Ltd for forex spot and CFD trading, but only for retail clients from the United Kingdom and the European Union. Professional and non-UK/non-EU clients are not covered with any negative balance protection.
Background
Forex.com is a brand of StoneX Group, a US-based investment company. StoneX Group acquired GAIN Capital, Forex.com's parent company in 2020. This is important as a strong parent company lowers the chance that the company will go bust.
StoneX Group is also listed on the NASDAQ Stock Exchange. This is a big plus for safety as Forex.com releases financial statements regularly and in a transparent manner.
Forex.com was established in 2001. The longer the track record of a broker, the more proof we have that it has successfully weathered previous financial crises.
Having a parent company listed on a stock exchange, providing financial statements and being regulated by top-tier authorities are all great markers of Forex.com’s safety.
Deposit and withdrawal
Score: 4.4/5
Forex.com provides multiple deposit and withdrawal options, all free of charge. However, withdrawal is not possible with some credit cards.
| ✅ Pro | ❌ Cons |
| ❖ Bank card available ❖ Free withdrawal ❖ No deposit fee | ❖ Problem with credit card withdrawal |
Account base currencies
At Forex.com, you can choose from the following 5 base currencies: EUR , USD, GBP, PLN, CHF.
The above account currencies are available at every entity, except for Forex.com (EU). See the table below for the options at Forex.com (EU).
| EUR | USD |
| GBP | PLN |
This selection is average compared to competing brokers.
Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you won't have to pay a conversion fee.
A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.
Deposit fees and options
Forex.com charges no deposit fees.
Besides bank transfer, you can use bank cards and PayPal for depositing funds.
A bank transfer can take several business days, while payment with a credit/debit card is instant. You can only deposit money from accounts that are in your name.
There are a lot of deposit options at Forex.com, including electronic wallets such as Skrill, Neteller.
Forex.com review – Deposit and withdrawal – Deposit
Forex.com withdrawal fees and options
Withdrawal at Forex.com is free of charge. Methods for withdrawal are the same as for deposits.
You can only withdraw money to accounts in your name.
US and Canadian customers are charged a withdrawal fee if their withdrawal is under $10,000.
| United States | Canada | |
|---|---|---|
| International bank withdrawal | $40 | $40 |
| Domestic bank withdrawal | $25 | $25 |
| Bank card withdrawal | $0* | $0* |
*There's a limit of $25,000 per withdrawal
How long does it take to withdraw money from Forex.com? Bank transfers can take 2-3 business days, while bank card withdrawal can take longer, up to 5 business days.
When we tested withdrawal, it took several weeks because we had a problem with credit card withdrawal. The reason for the problem was that Forex.com can't send money to some MasterCard and Visa credit cards. Instead of credit cards, we had to withdraw via bank transfer, but before doing so, customer service had to add and approve our bank account. It would be great to know in advance which cards are accepted for withdrawal and which are not.
How do you withdraw money from Forex.com?
- Log in to ‘MyAccount'
- Click on ‘Funding' and then select ‘Withdraw'
- Enter the amount you wish to withdraw
- Confirm your withdrawal
Account opening
Score: 4.4/5
Forex.com‘s account opening is seamless and fully digital, with a low minimum deposit. On the other hand, account verification takes around 2 business days, which is not the fastest on the market.
| ✅ Pro | ❌ Cons |
| ❖ Fully digital ❖ Low minimum deposit ❖ User-friendly | ❖ Relatively slow account verification |
Can you open an account?
VISIT BROKER
68% of retail CFD accounts lose money
Forex.com accepts customers from most countries, including the US. Notable exceptions include Hong Kong and New Zealand.
Note however that CFD trading is banned in the US. If you are a US resident, you will not be able to trade CFDs.
If you are from Australia, you can only open an account at City Index, another brand operated by StoneX Group.
What is the minimum deposit at Forex.com?
The required Forex.com minimum deposit is $100.
This is a low amount as there are other brokers that require a minimum of $2,000 or more.
Account types
Forex.com provides three account types, which differ in their pricing structure and in the trading platforms available.
| Type | Pricing | Trading platforms |
|---|---|---|
| Forex.com Account | Higher spread and no commission | Forex.com's own platforms |
| MetaTrader Account | Higher spread and no commission | MT4 |
| DMA | Lower spread and commission of $2 per lot per trade | Forex.com's own platforms |
| (US only) STP pro | Commissions per million $30-$80 depending on your monthly trading volume | Forex.com's own platforms |
When it comes to account ownership, Forex.com has additional options:
- Individual – owned by an individual
- Joint – owned by two or more individuals
- Corporate – owned by a legal entity
How to open your account
Forex.com has a straightforward and fully digital account opening process. Online registration takes only 10-15 minutes. Our account was verified in 2 business days, which is a bit slower than at some other brokers.
It takes four steps to open a Forex.com account:
- Choose whether you want to use Forex.com's own trading platform or MetaTrader 4, a third-party trading platform.
- Fill in your personal and financial information.
- Answer a couple of questions relating to your financial knowledge and trading history.
- Verify your identity and residency. You can upload a national ID card, passport or driver's license to verify your identity. Utility bills and bank statements are accepted as proof of residency.
We ran into some problems during account verification. Forex.com rejected the uploaded proof of residency but did not tell us the reason. We believe they should give more information when something goes wrong.
Forex.com review – Account opening
Does Forex.com offer a demo account?
Yes, Forex.com offers a free $10,000 demo forex trading account with no risk and no obligation. Note that a demo account will expire after 30 days.
Is Forex.com an ECN broker?
No, Forex.com provides STP and DMA accounts.
Mobile app
Score: 4.5/5
Forex.com‘s mobile trading platform looks nice and is easy to use. The search function is also great. However, there is no two-step login.
| ✅ Pro | ❌ Cons |
| ❖ User-friendly ❖ Good search function ❖ Good variety of order types | ❖ No two-step (safer) login |
Similarly to the web trading platform, Forex.com provides two mobile trading platforms: Forex.com‘s own and the MetaTrader 4 and 5 mobile trading platforms (availability depending on your location). Both trading platforms are available on iOS and Android. In this review, we tested Forex.com's own trading platform on iOS.
Look and feel
The Forex.com mobile app is user-friendly and well designed.However, features were sometimes quite slow to load.
The mobile app includes the following:
- TradingView charts
- Integrated news and analysis
- Full account management
Forex.com review – Mobile trading platform
Login and security
Forex.com provides only a one-step login for its mobile platform. A two-step authentication would be more secure and adding this feature should be high on any company's list of security changes.
You can log in using biometric authentication, which is a convenient feature.
Search functions
The search functions are good.
You can search by typing the name of the asset you're looking for or browse product categories.
Forex.com review – Mobile trading platform – Search
Placing orders
You can use the following order types on the mobile trading platform:
- Market
- Limit
- Stop
- Trailing Stop
- OCO
There are also order time limits you can use:
- Good till Canceled (GTC)
- Good 'till Time (GTT)
Forex.com review – Mobile trading platform – Order panel
Alerts and notifications
You can set alerts and notifications on the Forex.com mobile platform.
VISIT BROKER
68% of retail CFD accounts lose money
Desktop platform
Score: 4.5/5
Forex.com‘s web trading platform is user-friendly and extremely customizable, with lots of order types. On the negative side, there is no two-step login.
| ✅ Pro | ❌ Cons |
| ❖ User-friendly ❖ Good customizability (for charts, workspace) ❖ Good variety of order types | ❖ No two-step (safer) login |
Forex.com offers two desktop platforms, the Advanced Trading Platform and MetaTrader 4 and 5 (availability depending on your location).
Once again, we tested the Advanced Trading Platform as this is Forex.com‘s own platform, while MetaTrader 4 and 5 are third-party platforms.
Forex.com's desktop trading platform has the same functionality as the web trading platform. For example, you can use the same order types or price alerts.
On the downside, the desktop trading platform is less user-friendly and the design feels outdated. It was hard to navigate the platform and it felt too crammed with functions.
Does Forex.com offer MetaTrader platforms?
Yes, Forex.com offers MT4 platforms. If you want to learn how MetaTrader platforms work, read our dedicated MetaTrader article.
Forex.com review – Desktop trading platform
VISIT BROKER
68% of retail CFD accounts lose money
Product selection
Score: 2.3/5
At Forex.com, you can only trade forex and CFDs. Other asset classes, like real stocks or funds, are not available.
OG of Online Brokerage Business
“What you can trade on Forex.com’s platform is defined by where you are located. Clients outside the US can trade currencies (80+ pairs), some stocks and ETFs, commodities, cryptocurrencies, and precious metals in the form of CFDs. US customers can trade currencies and metals on the Forex.com website, and open separate accounts with the site’s owners, StoneX, to trade stocks and futures. Forex.com’s services are best suited for high-volume currency traders. A major drawback for US customers is that it is possible for an account to go negative since there is no balance protection. While touring the website, I found quite a few typos and some error messages without a resolution, so it appears that maintenance is not currently a priority. Side note for Forex.com: they have very recently added stock trading capability for US customers via parent company StoneX, but it requires an entirely different account that is not integrated with the Forex.com account.”https://www.youtube-nocookie.com/embed/0Zx2UQg99GQ
FAQ
We recommend Forex.com for forex traders looking for low fees and great research tools.
Below you can find links to all aspects of Forex.com in this comprehensive collection.
Lower fees, lower costs?
We detailed this in our Forex.com fees article.
What about the minimum deposit?
Our ultimate guide to the Forex.com minimum deposit is updated regularly.
How to start your Forex.com account?
Look no further than our evaluation of the Forex.com account opening.
How's their trading app?
Here's our expert view after checking the Forex.com trading app.
Is the quality of customer service satisfactory?
All you need to know about the Forex.com customer service.
Legit or scam?
Is Forex.com legit features all the key aspects you need to look at to see if a broker is safe and legit.
Free or premium? Or both?
A glance at actual costs and whether Forex.com is really free.
Is this broker good for beginners?
We checked it in Is Forex.com good for beginners.
Should you buy your silver bullets on Forex.com?
Research for silver bugs in the Silver buy on Forex.com guide
I want to trade options, are they available at Forex.com?
We explored the topic in Can you trade options on Forex.com?
What is the minimum account balance at Forex.com?
Check out the current account balance requirements at Forex.com in our What is the minimum account balance at Forex.com article.
Looking for commission and fees data for Forex.com?
We collected them in Forex.com commission and fees.
How do you withdraw money from Forex.com?
We tested it and collected the options and costs in How to withdraw money on Forex.com.