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Forex.com Review

Minimum Deposit: $100 VISIT BROKER

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Investing Brokers

August 12, 2022

Forex.com has been providing traders from all over the world with access to a great selection of over 4,500+ markets, including currency pairs, thousands of stocks, many commodities and prominent cryptocurrencies. The company has its headquarters in the UK and offices in the USA, Japan, Canada, and the Cayman Islands. The broker was founded in 2001 and is part of a publicly traded company StoneX Group Inc at the NASDAQ stock exchange. The financial statements of the parent company are readily available which gives full transparency. The broker is authorised and regulated by some of the top-tier regulatory authorities across different countries such as the FCA, JFSA, CFTC, NFA, IIROC and ASIC. The broker has a long record of continuously delivering excellent trading conditions, including tight spreads, quick execution times, and low trading costs. Forex.com offers user-friendly trading platforms, sophisticated trading tools, research and educational resources, and round-the-clock customer support, in addition to an industry-leading trading infrastructure.

Forex.com has many advantages over its competitors in the industry. The broker offers an excellent variety of forex instruments that you can trade with very low fees. There are no deposit or withdrawal fees with some of the most popular payment methods available for transactions. You can choose from a good selection of trading platforms and get access to some of the best trading tools for market analysis including Autochartist and Trading Central. There are free demo accounts which can be a great way for you to practice trading online and to see if the broker can meet your needs.

On the other hand, Forex.com charges quite high stock CFDs trading fees. There is an inactivity fee charged from the accounts of inactive traders. The broker takes a while for the verification process during the account opening process. Customer support is only available on weekdays, and the email support response can be a bit slow. However, I think these are minor discrepancies that wouldn’t personally deter me from using them for my day trading activities.

Forex.com offers a diverse product portfolio to its customers, with a wide range of over 4,500 trading instruments, including CFDs on forex, commodities, stocks, indices and popular cryptocurrencies. The broker’s number of forex instruments are quite impressive when compared to its competitors. However, the broker lags in providing other popular asset classes such as real stocks, options and bonds. You may want to take a look at IG if you are looking for more instruments as they have a huge selection of over 18,000. The trading instruments are available on all platforms, either with standard or direct market access accounts.

Forex.com Instruments Summary

Commission and Spread Fees

Forex.com allows trading with very tight spreads that are variable through market hours. Depending on the market you choose to trade, Forex.com offers both fixed and variable spreads. Fixed spreads may be given for a specific period of time or throughout trading hours, depending on the market. Variable spreads can change during the day depending on a variety of factors like underlying liquidity and market volatility.

On standard accounts, average spreads start from 1.0 pip. These are not the lowest spreads by a long shot but when you consider there is no commission fee charged, this can actually work out cheaper depending on the market conditions and trading strategy that you are using.

On direct market access (DMA) accounts, you can get very tight spreads from just 0.0 pips but will need to pay a commission fee of $10 per round per standard lot traded, making it a bit more expensive than some of its competitors.

The broker also offers cash rebates under the “Active Trader” program that reduce trading costs by up to 15%. However, cash rebates are offered to those clients only who maintain their trading account balance above $10,000.

Deposit and Withdrawal Fees

Forex.com does not charge any deposit or withdrawal fee. However, you might have to pay transaction charges from your payment provider depending on the method that you are using.

Inactivity Fees

Forex.com charges an inactivity fee of $15 per month if you have not conducted any trading activity on the account for more than 12 months. It does not affect your open positions, but the inactivity fee is deducted from the account balance. If you would rather avoid any potential inactivity fees, Eightcap do not charge any.

Forex.com provide you with a good variety of professional trading platforms that are tailored to satisfy the demands of traders of all experience levels with different trading strategies. Whatever your trading needs are, you may find a trading platform that meets them. Each platform is built to deliver unrivalled speed and performance while giving you complete control over your trading experience. Desktop, web, and mobile platforms are all available. This gives an immense advantage if you want to trade using many devices in various places, as one account may be conveniently accessed from a variety of platforms.

Desktop Trading Platform

The powerful desktop trading platform provided by Forex.com is designed for maximum performance, versatility, and quickness. It’s built to satisfy the demands of active traders, with completely customisable layouts, trade preferences, one-click trading, professional analytics tools, integrated trading methods, extensive charting features, a build-your-own-indicator function, and much more. Here are the key features provided on the desktop trading platform:

WebTrader

With an intuitive design and full trading capabilities, advanced charting, smart trade tickets with advanced risk management options, pre-defined and customisable layouts, powerful charts with integrated one-click dealing, and integrated trading tools, Forex.com’s powerful web-based platform delivers simplicity, speed, and reliability. It may be accessed from any browser on a PC or Mac, and there are no plugins or downloads necessary. Here are some key features that you can enjoy while trading with Forex.com’s WebTrader:

Mobile Trading Platform

You’ll never miss a market move with Forex.com’s mobile trading apps. The broker’s mobile trading platform provides a complete trading experience at your fingertips, allowing you to manage your account and trade on the go using their iOS and Android devices. Forex.com’s trading apps provide access to full trading features, risk management options, advanced TradingView charting and real-time analysis, integrated fund management, and more. Here are some key features of the mobile trading platform:

MetaTrader 4

Forex.com is also the largest MetaTrader 4 (MT4) broker globally, with specialised support and integrated trading tools available only to its customers. Many people consider MT4 one of the most popular and user-friendly online trading platforms, making it good for beginner traders. It also has enough complex features to please even the most professional traders. Traders can take advantage of the trustworthiness of tight spreads, outstanding trade executions, and unique trader features such as fully integrated news, Forex.com research, Autochartist Trade Ideas, Trading Central technical analysis, and account management tools. The MT4 platform at Forex.com has been tuned to work with all Expert Advisors (EA). With no third-party bridges or auto-sync, you can quickly and easily integrate your EA on their MT4 platform. Here are some notable features of the MT4 trading platform:

MetaTrader 5

MetaTrader 5 (MT5) is the following on platform from MetaTrader 4. The MT5 platform retains all of the primary features and functions that made the MT4 platform so effective but further improves upon them. More timeframes, order types, indicators, tools, simple market searches, and groups are available in this updated and improved version of MetaTrader. Over 500 markets are available for you to trade on MT5, including stocks, forex, cryptocurrencies, commodities, and indices.

TradingView

One of the main advantages of Forex.com is that you can enhance your technical trading with the excellent TradingView charting software. This is a comprehensive set of customisation options that allow you to create workspaces that are tailored to your own trading style for efficient market analysis. Trading from charts allows you to quickly and simply create and change orders directly from the charts. There are over 70 technical indicators that can be customised to fit your trading style and help you to spot possible trade opportunities. You can choose from over ten different time frames to find short and long-term trades. Everything from technical indications to drawing tools may be customised to personal preferences, and templates can be saved for future use. You can get TradingView through a few other brokers including Oanda.

VPS

Qualifying clients can get a free virtual private server (VPS) from Forex.com. The MT5 trading platforms are already installed on the VPS for your convenience. I think the VPS is a great solution for those of you who want to operate EAs 24/7 without managing them on your own computer. For optimal reliability, they feature a dedicated Unix server. With a quick and secure account manager, you can effortlessly upload and manage your EAs, whilst you can access your account from any OS with a web browser. To be eligible for free VPS hosting, a Forex.com customer must maintain a minimum balance of $5,000 in their account. Each calendar month, they must trade at least 10 round trip mini lots or the equivalent. You can also get a free VPS from some other brokers with a lower threshold including IC Markets.

Forex.com Platforms Summary

Forex.com does an excellent job of centralising and organising its research within the Advanced Trading interface so that traders can readily access it. Multiple news channels, Trading Central’s automated pattern-recognition modules, and Forex.com’s worldwide research team’s blog updates are all available within the trading platform. Reuters news feeds are available, and an economic calendar is available throughout the site and platforms. The broker publishes a variety of high-quality written material every day, covering a wide range of markets and sectors, as well as weekly postings like the “Currency Pair of the Week” and “Week Ahead” series. Every day, there are several pieces from the firm’s in-house analysts and information from third-party sources. Aside from well-presented trading guidelines, Forex.com offers a variety of informative video tutorials on a variety of trading themes. They’re simple to understand and can be found on the education section of the broker’s website. Forex.com offers knowledge enriched beginner, intermediate and advanced trading courses for all sorts of traders. Each course covers a wide range of topics, including trading fundamentals, technical analysis, fundamental analysis, trading methods, risk management, and more. The broker also provides basic to advanced information regarding trading, forex and cryptocurrencies.

Forex.com Research and Education Summary

Forex.com offers a decent variety of deposit and withdrawal options. Credit/debit cards, wire transfers, and electronic wallets all come in handy while trading with this broker. The broker has six account base currencies for its customers from all over the world: USD, GBP, EUR, CHF, JPY, and NZD. The broker does not charge any conversion fee if you are using an account in your own currency. The transaction can take anywhere from instantly to 3-5 business days to complete, depending on the payment method used. On the other hand, the broker does not offer cryptocurrency wallets, and it does not accept cryptocurrencies as a payment method. It would be fantastic if the broker had room for cryptocurrencies as a mode of payment in the near future. If you want more flexibility and choice when it comes to funding, FXPRIMUS have a fantastic selection, including cryptos.

Forex.com Funding Summary

The Financial Conduct Authority (FCA) in the United Kingdom authorises and regulates Forex.com. Clients can be confident that they are dealing with a respectable trading broker who will safeguard their investments. Other regulators such as the Investment Industry Regulatory Organisation of Canada (IIROC), Financial Services Authority (FSA) in Japan, Australian Services and Investments Commission (ASIC), Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) in the US and Cayman Islands Monetary Authority (CIMA) also regulate the broker in their jurisdictions. This makes the broker one of the most well-regulated that you will find, along with AvaTrade.

Forex.com Regulation Summary

Forex.com Safety

Forex.com places a high focus on the security of its customers’ information. Client investments are kept in separate bank accounts than the operating costs of the broker. To guarantee that client assets are kept separate, trust letters are provided. Forex.com does not engage in proprietary trading and only uses its own funds for hedging. The broker’s parent company StoneX Group Inc is listed on the NASDAQ stock exchange and is well-reputed. Therefore, the financial information of the company is publicly available. However, the broker does not have a banking license which is the only thing it lags in. Otherwise, the broker is top-tier in customer’s safety. City Index are another top broker under the same group. I would say City Index is more suitable for anyone outside the USA who wants to trade or invest in instruments other than forex. On the other hand, Forex.com is one of the few options for forex traders in the USA.

Forex.com is dedicated to assisting traders along their journey and provides outstanding customer care to new and existing customers by email, online chat, and phone. Customer support is available for 24/5. I think they could improve by providing support on weekends as competitors such as TD Ameritrade do.

Forex.com is a fantastic forex and CFD broker authorised by various financial regulators, including the FCA and the CFTC. Traders can trade forex CFDs with very low fees and stock CFDs with comparatively high but still acceptable trading fees. The broker offers an excellent trading environment with its powerful trading platforms free to use across all of your devices. No to mention, they have very impressive selection of high-quality trading tools and comprehensive educational resources. On the negative side, the broker does not offer real shares, bonds or options to trade. Overall, I think Forex.com are one of the best forex brokers for anyone looking to trade in a regulated environment with all of the tools and resources that you need to succeed at your disposal.

Forex.com Review

Minimum Deposit: $100

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