Forex.com Review 2024 – Is it the ultimate forex broker?

Commissions are expensive compared to many international forex brokers, but the broker does offer great tools such as trade/performance analytics, trade signals, and strategy automation. The company offers weekly strategy webinars, market outlooks, and basics of trading articles and presentations.

Overall, Forex.com is a good broker, but the commissions and spreads can be high. Here’s what you need to know so you can decide for yourself before signing up.

Is Forex.com Safe to Trade With?

Forex.com is safe to trade in that it is regulated in the US by the National Futures Association (NFA).

Forex.com is owned by Gain Capital Group LLC, which is in turn is owned by StoneX Group Inc.

Forex.com isn’t only regulated in the US. It is regulated by the major governing bodies in the UK, Japan, Canada, and Australia. These are high-level regulators; most forex brokers aren’t regulated in any of these markets, let alone all of them.

Forex.com is also regulated in the Cayman Islands, which is a lower-level regulator and allows them to operate in many countries around the world.

Gain’s parent company StoneX is publicly traded on the Nasdaq exchange under the symbol SNEX. This means all its financial information (costs and profits, for example) is publicly available. Stock exchanges also require the companies listed to maintain adequate financial health and submit their financial documents in a timely fashion.

Forex.com is unlikely to take off with your money due to its high regulation. The company also has a TrustPilot rating of 3.9/5.

Forex.com Commission Fees and Spreads

The biggest cost of forex traders is the spread and/or commissions.  Spreads on a Standard account start at 1.2 pips, with no commission.

The typical spread in the EURUSD is 1.4 pips and in the USDJPY it is 1.7 pips.

On a Raw Pricing account, there is a $7 commission per $100,000 traded. This applies to both entries and exits. Spreads are much lower with this account type.

Spreads can be as low as 0 on the EURUSD and 0.4 pips on the USDJPY.

Many international brokers offer similar spreads for commissions as low as $1 to $3 per $100K traded, but these brokers are generally less regulated and not available to US residents. In terms so brokers available to US residents, Forex.com is highly competitive.

Commissions and spreads vary greatly by the country you are trading from. Therefore, it is best to check the spreads and commissions in your area.

In Canada, commissions on the Raw account are $7 and Mexico is $5. The UK doesn’t offer a Raw account but charges a lower spread on the Standard account.

With a truly global broker, it is important to visit the local website for your area. Search Forex.com and your country name to get the correct website. This is the division of the company you will be opening your account with, so it is important to know the conditions for your country before opening an account.

Commission Rebates for Active Traders

The Active Trader Program reduces the trading costs of active traders by rebating them part of the commission or spreads after certain volume thresholds are met.

To qualify for the program you must have a minimum $10,000 balance and trade at least $50 million in currency volume per month. If you do, you qualify for the following perks:

• Earning interest on your unused cash at 4.5% per year.
• up 15% of trading costs are rebated back to you.
• Bank fees related to wire payments are reimbursed.

The rebate is tiered, so only people trading over $1 billion per month receive a 15% rebate. Rebates start at 5% for trading $50 million.

Forex.com Trading Products

Forex.com offers more than 75 forex pairs to trade, as well as unleveraged gold and silver for US residents. For US residents, Forex.com is essentially a forex broker and not much else.

You can trade a wide of currencies, but you don’t have access to contracts for difference (CFDs) or other markets. Gold and silver are the exception, but they are unleveraged, which means if you want to buy an ounce of gold or silver you need to pay the full price for that ounce.

Here is a sampling of the more than 75 pairs available.

While the Forex.com website discusses Futures and Options trading, these are not available through Forex.com but rather through a sister company called FuturesOnline.com.

If you are using Forex.com from outside the US, you will likely have access to many more markets, including CFDs on stocks and indices.

In Canada: Trade forex, as well as CFDs on indices, stocks, ETFs, and commodities.

In Japan: Forex, index CFDs, and knockout options

In the UK: Forex, indices, shares, and commodities are available.

In other countries: Trade forex, as well as CFDs on indices, stocks, commodities, and cryptocurrencies.

Because Forex.com is regulated and seeks to adhere to local regulations, the markets available in your specific country may vary. Check your local Forex.com website for the markets available in your area.

Forex.com Account Types

There are two main account types with Forex.com and they are designed for different types of traders.

• Standard Account: This is a no-commission account. The broker makes money by inflating the spread which is the difference between the price you can buy and sell at. Because the spread is typically more than a pip, this account is designed for infrequent traders or traders who generally hold their position for more than a few hours. Over larger price moves, the spread cost becomes less significant.You still have access to the Active Trader Program if have a $10,000 account balance and trade $50 million+ per month.

• Raw Account: This account charges a commission, but the spreads are “raw” meaning they are very low and more representative of the spreads institutions have access to. This account is for active traders or day traders who are sensitive to the spread. Day traders may wish to capture small price moves, so the reduced spread is more favorable even though there is a commission cost.

You still have access to the Active Trader Program assuming a $10,000 account balance and you trade $50 million+ per month.

As already discussed, accounts may vary by country. For example, the UK doesn’t offer a Raw account, but the spreads on the Standard account are lower. In most countries, you can expect to choose between these two account types.

If you want to trade on the MetaTrader4 platform instead of Forex.com’s own platform, you can select this in the account opening process. Choose the MT4 account type.

In addition, you have the option of making your account a joint account (if you want someone else to have access to it) or a corporate account if you want to trade as a business.

Forex.com Trading Platforms Review

Forex.com offers its own trading platform via an online platform, mobile, and desktop version.

You also have the option of downloading MT4 and trading on it via the MT4 desktop platform or the mobile app. Since MT4 is a third-party trading platform, this review will focus on the Forex.com platforms.

One of the best features of the Forex.com platforms is that they use TradingView charts. This means you have access to hundreds of technical indicators and chart overlays. TradingView charts are trusted by 50 million traders and investors.

The charts are easy to use and highly customizable. You can open a demo account with Forex.com to try out the charts for yourself, or you can view TradingView charts for free at TradingView.com.

All platforms offer integrated news, market analysis, and an economic calendar to stay on top of the latest market events. Create alerts and watchlists so you can track the forex pairs you want to keep an eye on. If you are a TradingView user, you can connect your Forex.com account and trade right from your own TradingView charts.

Forex.com Platform Tools

As a Forex.com customer, regardless of what platform you use, you have access to several tools which may benefit your trading.

• Performance analytics: see your trading statistics, such as win-loss rate, and ideas on how to improve your performance.

• Capitalise.ai allows you to automate trading strategies with a few clicks, with no coding required.

• SMART signals are trading signals provided to you within the various trading platforms.

Forex.com Mobile App

The Mobile App is a streamlined trading experience. You can change the look of the layout and customize it how you like it.

Trades are easy to place on the go. Hit the Markets button along the bottom of the screen, select your asset, choose the amount you to trade, and adjust stop loss and take profit orders. Place your trade.

Track your current trades via the Portfolio button at the bottom of the screen. Watchlists are also available in this location, as is Markets which provides up-to-date prices on all the assets available for trading.

Forex.com Web Trader and Desktop Platforms

Web Trader allows you to trade from any computer without downloading any software. Login to your account via the Forex.com website and you have access to web trader.

It offers the same tools as the downloadable desktop version but in a more streamlined and less customizable package. Because of the large charts, you can do more in-depth analysis than with the mobile app.

Key features include being able to trade right from the chart, including dragging existing orders to the price you want them. Customize your workspace with the indicators, overlays, and pairs you want to follow.

Access all the time frames and indicators available on TradingView. This includes more than 80 indicators, multiple chart types, and 14 time intervals (minute, daily, weekly, etc.).

The desktop platform is for traders seeking ultimate customization because you can save your settings right on your computer and the platform will open up the exact same way every time. It offers all the same perks as the web trader platform.

Forex.com Deposit and Withdrawal Methods

In terms of depositing, there is a $100 minimum deposit required per transaction for US residents. The maximum deposit is $10,000 per transaction if depositing via bank transfer or debit card. There is no restriction on the size of wire transfers.

This covers the three basic ways you can fund your account:

• bank transfer – funds are typically available for trading immediately after the payment is received.
  
• wire transfer – funds typically take 1-2 business days to be available for trading.
  
• debit/credit card – Mastercard and Visa and funds are available for trading once received.

Withdrawals can be made via bank transfer or wire transfer only.  The minimum withdrawal amount is $100, or the entire account balance if it is below $100.

The most you can withdraw via a bank transfer is $25,000 per transaction. There is no maximum withdrawal amount on wire transfers. The above conditions apply in the United States. That said, expect similar conditions internationally.

Mexico, Canada, and Japan, for example, have similar rules, and only allow wire transfers or credit/debit cards (no bank transfers). In the UK you can use wires, credit/debit cards, and PayPal.

Check your local Forex.com website to see if what withdrawals and funding options are available, as well as any minimum or maximum amounts.

Forex.com Support and Education

Forex.com provides support around the clock via online chat, phone, or email. Support is generally prompt, especially with the online chat. I was able to get my questions answered immediately, although wait times may vary based on the number of incoming requests.

Forex.com’s primary support contacts include [email protected] and 1-877-367-3946. Both of these are support contacts for existing customers.

Forex.com offers a wide range of developmental and education articles and webinars for traders.  In the Education section of Forex.com, you can take courses on trading, as well as quizzes to test your knowledge.  The company also regularly hosts webinars focused on strategy, market analysis, trading skills, or market events.

Forex Club as another broker that offers deep training courses to help traders to understand the financial market better.

Forex.com FAQs

What is the minimum deposit amount for opening an account with Forex.com?

The minimum deposit amount is $100, although Forex.com recommends traders deposit $2500 or more in order to be able to manage risk while trading a wide range of currency pairs.

What is the maximum leverage available at Forex.com?

The maximum leverage offered by Forex.com to US residents is 50:1. International traders may be able to access leverage up to 200:1 on major forex pairs, as many countries have more lax (or no) rules related to leverage.

Does Forex.com offer deposit bonuses?

Forex.com does not generally offer deposit bonuses. Deposit bonuses are not usually offered by highly regulated brokers because they may violate sales/marketing laws. It is rare to see a US-regulated broker offering deposit bonuses. That said, it could happen. You’ll have to monitor the Forex.com website to see if any bonuses appear.

Is Forex.com for beginner traders or advanced traders?

Forex.com is suitable for beginners and experienced traders. It offers a simple standard account type with no commissions and a raw account for active traders. The platform is easy to navigate and shows you the potential gain and loss of each trade before you take it.

Does Forex.com offer a demo account to practice on?

Yes, Forex.com offers a demo account. Before depositing funds, traders are encouraged to try out the demo and make sure the platform is to their liking. The demo account also allows you to see how the commissions and spreads affect your trading.

Final Thoughts on Forex.com

Forex.com is a good forex broker choice if you are looking for a highly regulated broker you can trust. It offers a quality trading platform and some great tools such as performance analytics.

If you are in the US, Forex.com offers competitive pricing compared to other forex brokers, as there aren’t many that operate in the US. For international traders, there are cheaper choices available to you as Forex.com has relatively high spreads and commissions compared to many international brokers.

That said, there is a trade-off because most other brokers are not as highly regulated as Forex.com.

For US traders, Forex.com is pretty much just a forex broker (as well as unleveraged gold and silver). For international traders, you can likely trade CFDs on stocks and indices as well.

See our other broker reviews to see how Forex.com compares.

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