Forex.com Forex Broker Review

Overall Verdict

Forex.com is a well-established forex broker that has garnered a strong reputation for its comprehensive trading offerings and user-friendly platforms. Owned by GAIN Capital Holdings, this broker caters to both novice and experienced traders with its wide array of trading instruments, competitive pricing, and robust educational resources. Forex.com stands out for its commitment to regulatory compliance and strong client protection measures, making it a trustworthy choice for forex traders.

With its powerful trading platforms and commitment to providing an excellent trading experience, Forex.com is a top contender in the forex brokerage space. However, traders should consider the varying fee structures and account types available. Overall, Forex.com is an excellent choice for those seeking a reliable and feature-rich forex trading experience.

Rating: 8.5/10

Open An Account

Pros and Cons

Pros

Strong Regulatory Oversight: Forex.com is regulated by multiple authorities, ensuring a high level of security and compliance.
User-Friendly Platforms: The broker offers intuitive web-based and mobile platforms suitable for traders of all skill levels.
Diverse Range of Instruments: Access to forex, CFDs, commodities, indices, and cryptocurrencies provides traders with diverse trading opportunities.
Educational Resources: A variety of educational materials, including articles, webinars, and tutorials, helps traders enhance their knowledge and skills.
Robust Customer Support: Forex.com provides multiple customer support channels, including live chat, email, and phone support.

Cons

Higher Trading Fees for Some Assets: While forex trading fees are competitive, fees for certain assets, such as CFDs and options, can be higher compared to other brokers.
Limited Research Tools: Although Forex.com provides basic research tools, some traders may find the offerings less comprehensive compared to competitors.
Inactivity Fees: Forex.com charges inactivity fees for accounts that remain dormant for an extended period.

Trust and Safety

Regulation

Forex.com is well-regulated, offering traders peace of mind through oversight by respected financial authorities:

National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC) in the USA: Ensures compliance with stringent regulations for forex trading.
Financial Conduct Authority (FCA) in the UK: Offers additional regulatory oversight and investor protection for UK clients.
Investment Industry Regulatory Organization of Canada (IIROC): Regulates Forex.com’s operations in Canada, ensuring adherence to local financial laws.

Fraud Prevention Measures

Forex.com employs several fraud prevention measures to protect client accounts:

Two-Factor Authentication (2FA): Enhances security by requiring a second form of identification during the login process.
Account Monitoring: Continuous monitoring of account activities to detect suspicious behavior and prevent unauthorized transactions.

Client Fund Security

Forex.com prioritizes client fund security through various practices:

Segregated Accounts: Client funds are held in segregated accounts separate from the broker’s operational funds, ensuring additional protection.
Negative Balance Protection: Forex.com offers negative balance protection, preventing clients from losing more than their account balance.

Risk Management

The broker provides various risk management tools to help traders protect their investments:

Stop-Loss and Take-Profit Orders: Traders can set automatic stop-loss and take-profit levels to manage their risk effectively.
Margin Management Tools: Forex.com offers comprehensive margin management tools to help traders monitor and control their leverage.

Tradeable Instruments

Forex.com offers a diverse range of tradeable instruments, allowing traders to diversify their portfolios:

Forex Pairs: Access to over 80 currency pairs, including major, minor, and exotic pairs.
CFDs: A wide selection of CFDs on commodities, indices, and shares, providing additional trading opportunities.
Cryptocurrencies: Limited trading options for popular cryptocurrencies like Bitcoin and Ethereum.
Futures: Trading options on various futures contracts, including commodities and indices.

Account Types

Forex.com provides different account types to suit various trading preferences:

Standard Account: The most common account type with competitive spreads and no commissions on forex trades.
Commission Account: Designed for high-volume traders who prefer tighter spreads and are willing to pay a commission per trade.
DMA Account: Direct Market Access (DMA) accounts are available for professional traders requiring advanced trading capabilities and pricing.

Commissions and Fees

Account Minimum

Minimum Deposit: The minimum deposit requirement for opening a standard account is typically $100, making it accessible for most traders.

Trading Fees

Trading Fees: Forex.com employs a spread-based pricing model for forex trades, with competitive spreads starting at 1.0 pips for major currency pairs.

CFD Fees

CFD Fees: The CFD trading fees can vary based on the underlying asset, and while spreads are competitive, they may be higher compared to some competitors.

Forex Fees

Forex Fees: As previously mentioned, forex trading fees are competitive, making it suitable for traders focusing on currency pairs.

Futures Fees

Futures Fees: Futures trading fees are also competitive, but it’s advisable to review the specific fee structure for each contract.

Inactivity Fees

Forex.com charges a $15 inactivity fee for accounts that have not been used for 12 months.

Deposit and Withdrawal Fees

Deposits: Most deposit methods are free, although bank wire transfers may incur fees depending on the originating bank.
Withdrawals: Withdrawals are generally free, but fees may apply for certain withdrawal methods, especially international transfers.

Overnight Funding Fees

Overnight funding fees, or swap rates, apply to positions held overnight, with rates varying based on the asset and prevailing interest rates.

Currency Conversion Fees

Forex.com may charge currency conversion fees when trading in currencies other than the account’s base currency, which are typically competitive.

Trading Platforms

Mobile Trading

Forex.com offers a robust mobile trading app compatible with both iOS and Android:

User-Friendly Interface: The mobile app is designed for ease of use, allowing traders to manage their accounts and execute trades on the go.
Real-Time Market Data: Traders can access live quotes, charts, and market news directly from their mobile devices.

Web Trading

The Forex.com web trading platform provides a seamless trading experience:

Customizable Workspace: Traders can personalize their trading environment with customizable charts, layouts, and toolbars.
Advanced Charting Tools: A variety of chart types and technical indicators are available for in-depth market analysis.

Desktop Trading

Forex.com’s desktop platform is feature-rich and caters to serious traders:

Comprehensive Trading Tools: Advanced trading tools, including custom alerts, trading strategies, and risk management features, are available.
Multi-Asset Trading Capabilities: Users can trade multiple asset classes, including forex, CFDs, and commodities, from a single interface.

Unique Features

TradingView Integration: Forex.com offers integration with TradingView, allowing traders to access powerful charting tools and social trading features.
Market Research: The broker provides a range of market research tools, including technical analysis, market news, and economic calendars.
Dedicated Education Center: Forex.com offers an extensive educational center with resources for both beginners and advanced traders, including webinars and trading courses.

Research and Education

Forex.com emphasizes education and research, providing traders with valuable resources:

Market Insights: Daily market analysis and expert commentary to help traders stay informed about market trends.
Webinars and Tutorials: Regularly scheduled webinars and educational content covering various trading topics and strategies.
Research Reports: Access to in-depth research reports and analysis on economic trends, market events, and investment strategies.

Customer Support

Forex.com offers multiple customer support options:

Help Center: A comprehensive online resource with FAQs, articles, and guides to assist users.
Email Support: Users can submit inquiries via email for assistance with their accounts.
Live Chat: Forex.com provides live chat support for immediate assistance during business hours.
Phone Support: Available in multiple languages, providing traders with quick access to help when needed.

How to Open an Account

Opening an account with Forex.com is a straightforward process:

Visit the Official Website: Navigate to the Forex.com homepage to begin the registration process.
Select “Open Account”: Click on the “Open Account” button to start filling out the application.
Complete the Application Form: Provide personal information, including name, address, email, and financial background.
Verify Your Identity: Upload identification documents, such as a government-issued ID and proof of address, to comply with regulatory requirements.
Fund Your Account: Choose your preferred deposit method to fund your trading account.

Deposit and Withdrawal Methods

Forex.com supports various deposit and withdrawal methods for user convenience:

Bank Transfers: A standard method for deposits, generally free of charge.
Credit/Debit Cards: Users can deposit funds using credit or debit cards, though fees may apply for certain transactions.
Electronic Wallets: Forex.com supports popular e-wallets for quick deposits and withdrawals.
Wire Transfers: Available for deposits and withdrawals, but international wire transfers may incur fees.

Final Thoughts

Forex.com is an excellent choice for both novice and experienced traders seeking a reliable and feature-rich trading experience. With its strong regulatory framework, diverse range of tradeable instruments, and user-friendly platforms, Forex.com offers a comprehensive trading solution. While the higher trading fees for certain assets and inactivity fees may be a concern for some traders, the broker’s commitment to education and customer support adds significant value.

For those looking for a reputable forex broker with a solid track record, Forex.com is highly recommended.

Broker Contact Info

Website: www.forex.com
Email Support: support@forex.com
Phone Support: +1-877-367-3948
Address: Forex.com, 30 W. Main St. Suite 300, Wilmington, DE 19801, USA

Frequently Asked Questions

1. Is Forex.com a regulated broker?

Yes, Forex.com is regulated by multiple authorities, including the CFTC and NFA in the USA and the FCA in the UK.

2. What is the minimum deposit requirement for Forex.com?

The minimum deposit requirement to open a Forex.com account is typically $100.

3. Does Forex.com charge inactivity fees?

Yes, Forex.com charges a $15 inactivity fee for accounts that remain inactive for 12 months.

4. What trading platforms does Forex.com offer?

Forex.com provides web-based, mobile, and desktop trading platforms, offering a user-friendly trading experience.

5. Can I trade cryptocurrencies with Forex.com?

Yes, Forex.com offers limited cryptocurrency trading options, including popular coins like Bitcoin and Ethereum.

6. How can I contact Forex.com customer support?

You can contact Forex.com customer support via email, live chat, or phone. The help center on their website also provides valuable resources.

7. What are the spreads like on forex trades at Forex.com?

Spreads for forex trades start from 1.0 pips for major currency pairs, but this may vary based on market conditions and account type.

8. How do I open an account with Forex.com?

To open an account, visit the Forex.com website, complete the online application, verify your identity, and fund your account.