- Regulated by FCA (U.K.) & CFTC, NFA (U.S.)
- Low forex fees
- Trade 4,500+ global markets including 80+ forex pairs, thousands of shares, popular cryptocurrencies and more.
- No withdrawal fee
- TradingView charts built into web platform
- Wide range of education and research tools
- Platforms: FOREX.com platform, MetaTrader 4, MetaTrader 5
FOREX.com is Regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands. Its parent company, GAIN Capital is listed on the New York Stock Exchange. It is a big plus for safety as FOREX.com releases financial statements regularly and in a transparent manner.
Is FOREX.com safe or a scam
They are also regulated in six other jurisdictions worldwide through their affiliates such as the Financial Conduct Authority FCA regulates the UK entity, while ASIC regulate the Australian operation, the US entity is overseen by the NFA and CFTC, and by the Japanese Financial Services Authority (JFSA). Finally, Canadian operations are regulated by IIROC.
This comprehensive regulation around the world, exceeds what is offered by many brokers, and demonstrates the seriousness with which FOREX.com takes your trading experience. Further to this, you will have the benefit of negative balance protection which stops you from ever losing more than you deposit. but only for retail clients from the European Union. Professional and non-EU clients are not covered with any negative balance protection All customer deposits are kept separate from thier own operating funds and distributed across a global network of custodian banks
Your money is held with top-tier banks and They have trust letters in place to ensure your money remains segregated from the assets of the bank which means they are fully protected in the event of any serious financial problems on the broker end. But FOREX.com operates several subsidiaries worldwide; which of these will serve you depends on your residency. The investor protection amount youre eligible for depends on the country where the subsidiary serving you is located.
They never engage in proprietary
|Country of clients||Protection amount||Regulator||Legal entity|
|EEA||£85,000||Financial Conduct Authority (FCA)||GAIN Capital UK Ltd.|
Futures Commission Merchant (FCM)
Retail Foreign Exchange Dealer (RFED)
Commodity Futures Trading Commission (CFTC)
National Futures Association (NFA)
|GAIN Capital Group LLC|
|Canada||$1,000,000||Investment Industry Regulatory Organization of Canada (IIROC)||GAIN Capital - FOREX.com Canada Limited|
|Japan||No protection||Japanese Financial Services Authority (FSA)||Gain Capital Japan Co.|
|All other clients||No protection||Cayman Islands Monetary Authority (CIMA)||GAIN Global Markets Inc.|
FOREX.com provides three account types, which differ in their pricing structure and in the trading platforms available. It also has a free demo account to test out FOREX.com without committing real funds.
Below is the comparision of each live accounts:
|FOREX.com Advanced Desktop Platform|
|Spreads plus commissions|
The standard account is best for the average user and new foreign currency traders. It has higher spread costs and no commissions.
The commission account is for traders who are seeking ultra-tight spreads with fixed commissions.
Direct market access (DMA) account
For serious high-volume FX traders, this account has a recommended minimum balance of $25,000, trade size 100K. It has higher volume requirements for the lowest commissions, after rebates.
How to open new account at FOREX.com
Before registering, choose the account with the pricing model you’re interested in. Also, note that only the standard account works with MetaTrader. The commission and direct market access accounts work on the FOREX.com platform.
For a standard account: Click the button whether you want to use Forex.coms own trading platform or MetaTrader 4(a third-party trading platform).
The last page requires acceptance of the FOREX.com customer agreement and offers to opt-in to the email list. Once you click submit, you’re nearly up and running.
Before the broker starts to process the application which takes up to 30 seconds, as shown below:
Users are then redirected to a verification page to upload proof of identity and proof of address details, as shown below:
FOREX.com is a forex broker, also offering some CFDs.
Access 4,500+ trading products with competitive pricing and quality execution.
- Trade 80+ currency pairs, thousands of stocks, popular commodities, indices and cryptocurrencies
- Access top companies like Facebook, Amazon and Microsoft with commissions from 1.8 cents on US stocks
- Earn cash rebates when you qualify for the Active Trader program
- Speculate on Bitcoin volatility with fixed spreads and low margin
|Currency pairs (#)||91||71||105|
|Stock index CFDs (#)||20||16||13|
|Stock CFDs (#)||270||-||7,100|
|ETF CFDs (#)||26||-||-|
|Commodity CFDs (#)||21||31||-|
|Bond CFDs (#)||-||6||-|
|Futures CFDs (#)||-||-||-|
You can change the default leverage level of the products, which is great.
Changing the leverage manually is a very useful feature when you want to lower the risk of your trade. For example, instead of trading with 5:1 leverage, you can set it to 2:1 in the case of stock CFDs.Below is a list of just some of the markets available for trading:
Web Trading Platforms
FOREX.com has three web trading platforms, Web Trading and MetaTrader 4, MetaTrader 5. We tested Web Trader because it is Forex.coms own platform, while MetaTrader 4,5 is provided by a third party.
Web tradings intuitive design and rich features give you superior control of your trading strategies.
- Smart trade ticket with advanced risk management options
- Pre-defined and customizable layouts
- Powerful charts with integrated one-click dealing
- Integrated trading tools, market commentary and analysis
- Advanced charting features, 70+ technical indicators, 50+ drawing tools and more
- Seamless account management, funding and withdrawals
No matter what type of computer you use, the web platforms are another easy way to trade. With these, you don’t have to download anything and you still get a lightning-fast connection and user experience.
It is extremely customizable. You can easily add, remove, or change the size and position of tabs to create your own unique trading platform. It also lets you pick between a light or dark theme and between "one-click" or "two-click" trading.
The web trading platform has good search functions. You can search by typing the name of the product youre looking for or browsing a categorized product list.
Alerts and notifications
The alert function lets you know when an asset reaches a price target. You also get a notification when your orders get fulfilled. This is a push notification, available on both web and mobile platforms. You can easily set alerts and notifications.
Portfolio and fee reports
FOREX.com has clear portfolio and fee reports. You can find these under the Reports tab and download them in PDF, XLS, XML and CSV.
Web Trading is available only in English.
Desktop Trading Platforms
FOREX.com offers three desktop platforms, the Advanced Trading Platform and MetaTrader 4, MetaTrader 5. We tested the Advanced Trading Platform as this is Forex.coms own platform, while MetaTrader 4, 5 is a third-party platform.
Forex.coms desktop trading platform has the same functionality as the web trading platform. For example, you can use the same order types or price alerts. But It has some advanced feature Cause It Built for serious traders that demand sophisticated trading features and analytic tools in one powerful package.
- Highly customisable dashboards and trade preferences
- Powerful charting tools, 80+ technical indicators, extensive drawing tools and more
- Advanced analytical tools including integrated trading strategies with 100s of predefined templates to choose from
I think this platform is suitable for beginner to expert level traders, though the most advanced traders may prefer the familiar, cutting edge MetaTrader platforms.
The FOREX.com desktop platform is made for Windows computers. Mac users can run Windows apps with additional software, such as Parallels.
Similarly to the web, desktop trading platform, FOREX.com provides three mobile trading platforms: Forex.coms own, and MetaTrader 4, MetaTrader 5 mobile trading platform. They are available on iOS and Android. In this review, we tested Forex.coms own trading platform on Android.
You are on the move and so are the markets. Manage your account and trade on the go with power and ease on FOREX.coms mobile apps.
- Full-featured trading and advanced risk management options
- Advanced TradingView charting analysis tools
- Real-time trade order alerts
- Integrated fund management
The FOREX.com app dashboard shows your portfolio summary and open positions
Charts are flexible and adaptable.
Search functions are good. You can search by typing the name of the asset youre looking for or browse product categories.
Alerts and notifications
You can easily set price alerts on the FOREX.com mobile platform.
In my experience testing the app on my one-year-old Android phone, the app was straightforward and simple to follow and everything was fast and zippy.
Which trading platform is better for you?
Most seasoned traders will tell you that all they really want from a trading platform is something that is reliable and easy to use, intuitive, and doesn’t crash. Each platform is unique and has its own pros and cons, so it is best to understand what you want in a forex account, and platform before you get started.
How to place a trade at FOREX.com
Go to Default Workspace, Click the assets you want to trade
It will show the popup as below
You can use many order types, including some more sophisticated ones:
- Trailing stop
- One-cancels-the-other (OCO)
There are also several order terms available:
- Good till canceled (GTC)
- Good till end of the day (GTD)
- Good till time (GTT)
FOREX.com provides multiple options for deposit and withdrawal through Credit/Debit Card, Wire Transfer , all free of charge. They do not accept payments through Western Union or Paypal.
Deposits and Withdrawals
At FOREX.com, you can choose from 3 base currencies: EUR, GBP, USD
Each of these options has different processing times and most of them is instant, as the example screenshot below shows:
How do I deposit money into my trading account at FOREX.com?
You can easily fund your account via credit card, debit card, or wire transfer by logging in to MyAccount and visiting the Funding page.
|MIN PER TRANSACTION||MAX PER TRANSACTION||ACCEPTED CURRENCIES||TYPE||TYPICAL PROCESSING TIME||FEES|
What is the minimum deposit amount at FOREX.com?
The minimum initial deposit is $100 or currency equivalent.
How long does a Deposit take?
It takes Immediately with Credit/Debit Card, but up to 1-2 business days for Wire transfer
FOREX.com does not charge incoming deposit fees. However, your bank may charge a service fee.
What is the minimum withdrawal amount?
The minimum withdrawal amount is 100 of your accounts base currency, or the remaining amount if less than 100.
Does FOREX.com charge withdrawal fees?
Withdrawal at FOREX.com is free of charge
How can I withdraw my profits?
- Log in to MyAccount
- Click on Funding and then select Withdraw
- Fill in the required amount
- Confirm your withdrawal
How long does it take to receive a withdrawal?
Deposited funds must be returned to the originating funding source in the following order:
- Credit/Debit Cards
- Wire Transfer
Excess funds may be withdrawn via Bank Transfer.
|PROCESSING TIME||MAX WITHDRAWAL AMOUNT||FEES|
Commissions and Fees
Overall, if you were to compare FOREX.com vs FXCM, Oanda, TD Ameritrade and other competitors, live pip spreads would be about the same, particularly for major pairs such as the EUR/USD
Bonuses and Promotions
Native research tools: Many forex traders use fundamental analysis tools to inform their trades. FOREX.com’s brokerage platform includes an organized and comprehensive native news feed, customizable to your favorite currency pairs. Begin by selecting your currency pair of choice and opening a new workspace. On the right-hand side of your screen, you’ll instantly see the latest news headlines concerning either of the currencies listed in your pair. Click on each news headline to read directly from your app and flip back to your workstation in a fraction of a second to execute fast, informed trades.