FOREX.com is a global multi-asset online broker, offering Forex and CFDs Trading across a variety of asset classes including currencies, indices, metals, commodities, stocks, and cryptocurrencies.
With over 20+ years of experience, FOREX.com has built a client base of hundreds of thousands of traders, which results from their high level of transparency and reliability, as well as other great trading services offered such as low-cost trading, superior trade executions, sophisticated trading tools and platforms, professional guidance and support, financial strength and security and a very strong regulatory framework.
Table of Contents
At A Glance
| Broker | Forex.com |
|---|---|
| Established | 2001 |
| Regulations | NFA (US), CFTC(US), FCA (United Kingdom), ASIC (Australia), FSA (Japan), IIROC (Canada) |
| Publicly Traded | Yes |
| Trading Desk Type | STP, ECN, DMA |
| Ways To Trade | Forex Trading, CFD Trading |
| Asset Classes | Currencies, Indices, Metals, Commodities, Shares, Oil, and Crypto. |
| Spreads | Low |
| Spread Type(s) | Fixed and Variable |
| Trading Platforms | MT4, MT5, NinjaTrader, Web |
| PC Trading | Yes |
| Mobile Trading | Yes |
| Spreads | Low |
| Spread Type(s) | Fixed and Variable |
| Minimum Deposit | $100 |
| Base Currencies | USD, EUR, CAD, JPY, CHF, AUD, GBP |
| Leverage | 1:50 EU Clients – 1:30 |
| Minimum Trade Size | 0.01 |
| Demo Account | Available |
| Islamic Account | Yes |
| Account Funding (Deposit & Withdrawal) | Wire Transfer, Card Payment, Paypal. |
| Scalping | Yes |
| Hedging | Yes |
Pros & Cons
Pros
- A strong regulatory framework, with regulations from top-tier regulatory bodies across the world.
- Wide range of asset classes including currencies, Indices, Metals, Commodities, Shares, Oil, and Crypto.
- Transparent fee structure with no hidden charges.
- Low forex trading fee.
- Offers Active Trader Program which helps reduce trading costs by up to 15%.
- Sophisticated trading tools and platforms (proprietary and third-party trading platforms)
- Low latency and superior order execution.
- One-stop-shop for forex traders.
- Great customer service.
Pros
- High stock CFDs trading fee.
- Does not offer popular securities such as bonds.
License and Regulation.
Forex.com is licensed and regulated across the globe by top-tier regulatory bodies that ensure the broker’s compliance with financial regulatory rules and regulations in order to protect the interest of financial consumers. The Regulatory bodies under which FOREX.com is regulated include;
- NFA – National Futures Association (United States)
- CFTC – Commodity Futures Trading Commission (United States)
- FCA – The Financial Conduct Authority (United Kingdom)
- ASIC – Australian Services and Investments Commission (Australia)
- FSA – Financial Services Authority (Japan)
- IIROC – Investment Industry Regulatory Organization of Canada (Canada)
- CIMA – Cayman Islands Monetary Authority
Account Types
FOREX.com offers 3 different account types designed with different trading conditions, to suit different trading needs. The account types offered include;
- Standard Account
- Commission Account and
- DMA Account
Standard Account
The Standard account is an ideal account for traders who want a traditional FX trading experience with great trading conditions such as low spreads with no commissions, transparent pricing, superior trade executions, and reduced costs by up to 15% with cash rebates (if trader qualifies), advanced trading platforms and more.
| Account Type | Standard Account |
|---|---|
| Trading Platforms | FOREX.com Advanced Trading Platforms, MetaTrader 4, MetaTrader 5 and NinjaTrader |
| PC Trading | Yes |
| Web Trading | Yes |
| Mobile Apps | Yes |
| Forex Markets | 80+ FX pairs plus spot gold & silver. |
| Shares Markets | 4,500+ on FOREX.com platforms, 400+ on MT5. |
| Crypto Markets | Bitcoin, Ethereum, Litecoin & Ripple. |
| Commodity Markets | 12+ Commodities. |
| Index Markets | 15+ Indices. |
| Spreads | Yes |
| Commissions | No |
| Trading Desk Type | Market Maker Model |
| Cash Rebates | For accounts that qualify |
| Waived Wire Fees | For accounts that qualify |
| Dedicated Market Strategist | For accounts that qualify |
| API Trading | Yes |
| Recommended Balance | $1000 |
Commission Account
The Commission account is an ideal account for traders looking for the opportunity to trade a significant reduction on spreads with low commissions. With the Commission account, traders can enjoy spreads as low as 0.2 on major currency pairs like the EUR/USD, with a small amount paid in commission.
| Account Type | Commission Account |
|---|---|
| Trading Platforms | FOREX.com Advanced Trading Platforms, MetaTrader 4, MetaTrader 5 and NinjaTrader |
| PC Trading | Yes |
| Web Trading | Yes |
| Mobile Apps | Top of book trading |
| Forex Markets | 80+ FX pairs plus spot gold & silver. |
| Shares Markets | 4,500+ on FOREX.com platforms, 400+ on MT5. |
| Crypto Markets | Bitcoin, Ethereum, Litecoin & Ripple. |
| Commodity Markets | 12+ Commodities. |
| Index Markets | 15+ Indices. |
| Spreads | Yes |
| Commissions | No |
| Trading Desk Type | Market Maker Model |
| Cash Rebates | For accounts that qualify |
| Waived Wire Fees | For accounts that qualify |
| Dedicated Market Strategist | For accounts that qualify |
| API Trading | Yes |
| Recommended Balance | $1000 |
DMA Account
Forex.com offers DMA trading through their DMA account which is ideal for high-volume traders who want maximum transparency and control. The DMA account gives traders access to the depth of the markets which exposes them to multiple layers of liquidity, thereby giving the trader more market insights and control over the best bids and offers sourced directly from FOREX.com’s liquidity providers.
Also, with a DMA Account, clients have the opportunity to enjoy reduced commissions based on the volume traded. Volume discounts on the DMA Account are calculated based on a 3-month rolling average, allowing clients to enjoy deep discounts month after month.
An example of the DMA Account volume discount works based on a 3-month rolling average would be:
- If you trade a $350M volume in Month 1, your commission for trades in Month 2 will be $35 per million.
- If you trade a $550M volume in Month 2, your commission for trades in Month 3 will still be $35 per million traded.
- If you trade $600M volume in Month 3, your commission for trades in Month 4 will be $30 per million traded (based on a 3-month rolling average of volume traded).
| Account Type | DMA Account |
|---|---|
| Trading Platforms | FOREX.com Advanced Trading Platforms, MetaTrader 4, MetaTrader 5 and NinjaTrader |
| PC Trading | Yes |
| Web Trading | Yes |
| Mobile Apps | Top of book trading |
| Forex Markets | 58 FX pairs plus spot gold & silver. |
| Shares Markets | 4,500+ on FOREX.com platforms, 400+ on MT5. |
| Crypto Markets | None |
| Commodity Markets | None |
| Index Markets | None |
| Spreads | No |
| Commissions | Yes (Commission Only) |
| Trading Desk Type | STP Model |
| Cash Rebates | No |
| Waived Wire Fees | Yes |
| Dedicated Market Strategist | Yes |
| API Trading | No |
| Recommended Balance | $25,000 |
Demo Account
Forex.com provides clients with a demo trading account that functions just like a live trading account. The demo account is very useful to traders who want to familiarise themselves with the broker or test trading strategies without risking actual money.
Signing up for a demo account with Forex.com is quick and hassle-free, although the demo accounts only last 30 days, after which the login credentials become ineffective.
Asset Classes
FOREX.com provides traders with 6 asset classes, along with over 300+ instruments to trade from. The asset classes offered by FOREX.com include Forex, Indices, Metals, commodities, stocks, and cryptocurrencies.
Forex.com Asset Class Details
| Asset Classes | Assets |
|---|---|
| Forex | 80+ currency pairs including majors, minors, and exotic pairs. |
| Indices | 18 indices including popular indices across American, European, Asian, and Australian markets. |
| Metals | 10 popular metal CFDs to trade including gold and silver. |
| Commodities | |
| Shares | 220+ Shares CFDs of the most popular UK and US shares. |
| Cryptocurrencies | 8 cryptocurrencies including Bitcoin, Bitcoin Cash, Litecoin, Ripple, Bitcoin, and Ethereum. |
Spreads and Commissions.
FOREX.com offers very competitive spreads and low commissions across all account types and instruments offered on the platform, with the exception of stock CFDs fees which are a bit higher than prices offered by other industry-standard brokers.
Although the spreads on the standard account are quite decent, traders can enjoy lower spreads and fees on the DMA and Commission account which comes with ultra-low spreads and commissions.
Also, active traders can reduce trading costs through FOREX.com’s active trader program, which helps to lower trading costs by up to 15% and comes with many other trading perks such as cash rebates, up to 1% interest on daily available margin, one on one guidance from market strategists and lots more.
FOREX.com Pricing Model
| Account Types | Pricing Model |
|---|---|
| Standard Account | Spread Only |
| Commission Account | Spread and Commission |
| DMA Account | Commission Only |
Fees: Non-Trading Fee
FOREX.com is very transparent with its fee structure and does not charge unnecessary trading fees to its clients.
| Fee Type | Details |
|---|---|
| Account Fee | No |
| Inactivity Fee | Yes. (An inactivity fee of $15 (or currency equivalent) is charged per month if there is no trading activity for a period of 12 months or more. |
| Deposit Fee | No |
| Withdrawal Fee | No |
Deposits and Withdrawals.
FOREX.com offers a variety of convenient deposit and withdrawal options which gives traders the ability to easily choose their preferred funding options. The funding options available to FOREX.com clients include ;
- Bank Transfer,
- Card Payment (Credit and Debit Cards)
- and Paypal.
Forex.com Minimum Deposit
FOREX.com offers a fair minimum deposit of $100 (or equivalent for other currencies) and clients have the option of choosing from multiple base currencies including the US Dollars (USD), Euro (EUR), Canadian Dollars(CAD), Japanese Yen (JPY), Swiss Franc (CHF), Australian Dollars (AUD) and British Pound (GBP).
On the other hand, the maximum amount per transaction for card payment is $10,000 with an instant processing time, while bank payments have no cap on how much can be deposited and the processing time is anywhere between 1-2 business days.
Forex.com Minimum Withdrawal
The minimum withdrawal amount with FOREX.com is $100 USD (or equivalent in your account’s base currency) with unlimited withdrawals after the initial card deposits have been refunded.
Clients also have the option of withdrawing the remaining amount left in an account if the amount left is less than $100 (or equivalent in base currency).
In addition, the withdrawal processing time with FOREX.com takes about 24 hours on credit/ debit cards with a maximum withdrawal limit of $50,000 (or transaction up to the amount funded) while bank transfers take about 48 hours to be processed and Paypal transactions are instant.
It is important to note that the processing time only reflects the time it takes FOREX.com to complete the withdrawal process during business hours, your bank may take more time to credit the funds to your account.
Trading Platforms
Forex.com provides traders with an advanced proprietary trading platform (FOREX.com Advanced Trading Platform), along with access to a variety of other advanced industry-standard trading platforms. Trading platforms offered by the broker include;
- FOREX.com Advanced Trading Platform (Proprietary Trading Platform)
- MetaTrader 4
- MetaTrader 5
FOREX.com Advanced Trading Platform
The FOREX.com advanced trading platform is a sophisticated trading platform, designed for traders looking for maximum performance, flexibility, and speed. The platform comes fully packed with multiple advanced and essential trading tools including; professional analytics tools, integrated trading strategies, advanced charting features, streaming and interactive charting, a range of order types, and much more.
Forex.com Trading Platforms Details
| Broker | FOREX.com |
|---|---|
| Proprietary Trading Platform | Yes |
| PC Platform | Yes |
| Mobile Trading | Yes |
| Web Platform | Yes |
| Social Trading | No |
| Copy Trading | No |
| MetaTrader 4 | Yes |
| MetaTrader 5 | Yes |
| TradingView | No |
| cTrader | No |
| ZuluTrade (Social/ Copy Trading Platform) | Yes |
Customer Support
FOREX.com provides its clients with a great customer support service, available 24 hours a day from 10 am Sunday to 5 pm Friday. The support team responds quite fast and can be reached via telephone, live chat, or email.
Forex.com also provides clients with a very comprehensive and insightful FAQ section, covering topics such as account opening, passwords and account settings, funding and withdrawals, pricing and fees, markets, trading platforms, and much more.
This helps traders get quick answers to basic questions which are frequently asked, without having to reach the support team or in hours when the support service is not available.
Summary
FOREX.com is great for both novice and experienced traders as it provides traders with a bunch of great trading conditions and tools and features, some of which include low-cost trading, superior trade executions, sophisticated trading tools and platforms, professional guidance and support, financial strength and security and a very strong regulatory framework.