Forex.com Review

Established in 2001, 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.

Forex.com Broker Details

BrokerForex.com
Established2001
RegulationsNFA (US), CFTC(US), FCA (United Kingdom), ASIC (Australia),
FSA (Japan), IIROC (Canada)
Publicly TradedYes
Trading Desk TypeSTP, ECN, DMA
Ways To TradeForex Trading, CFD Trading
Asset ClassesCurrencies, Indices, Metals, Commodities, Shares, Oil and Crypto.
SpreadsLow
Spread Type(s)Fixed and Variable
Trading PlatformsMT4, MT5, NinjaTrader, Web
PC TradingYes
Mobile TradingYes
SpreadsLow
Spread Type(s)Fixed and Variable
Minimum Deposit$100
Base CurrenciesUSD, EUR, CAD, JPY, CHF, AUD, GBP
Leverage1:50
EU Clients – 1:30
Minimum Trade Size0.01
Demo AccountAvailable
Islamic AccountYes
Account Funding (Deposit & Withdrawal)Wire Transfer, Card Payment, Paypal.
ScalpingYes
HedgingYes

Forex.com Pros & Cons

Pros

  • A strong regulatory framework, with regulations from top tier regulatory bodies across the world.
  • Wide range of assets 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 cost 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.

Cons

  • High stock CFDs trading fee.
  • Does not offer popular securities such as bonds.

Forex.com License and Regulation.

Forex.com is licensed and regulated across the globe by top tier regulatory bodies that ensure the broker’s compliance to 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

Forex.com Account Types

FOREX.com offers 3 different account types designed with different trading conditions, to suit different trading needs. The account types offered includes;

  • 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, reduced costs by up to 15% with cash rebates (if trader qualifies), advanced trading platforms and more.

Account TypeStandard Account
Trading PlatformsFOREX.com Advanced Trading Platforms,
MetaTrader 4, MetaTrader 5 and NinjaTrader
PC TradingYes
Web TradingYes
Mobile AppsYes
Forex Markets 80+ FX pairs plus spot gold & silver.
Shares Markets4,500+ on FOREX.com platforms, 400+ on MT5.
Crypto MarketsBitcoin, Ethereum, Litecoin & Ripple.
Commodity Markets12+ Commodities.
Index Markets15+ Indices.
SpreadsYes
CommissionsNo
Trading Desk TypeMarket Maker Model
Cash RebatesFor accounts that qualify
Waived Wire FeesFor accounts that qualify
Dedicated Market StrategistFor accounts that qualify
API TradingYes
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 TypeCommission Account
Trading PlatformsFOREX.com Advanced Trading Platforms,
MetaTrader 4, MetaTrader 5 and NinjaTrader
PC TradingYes
Web TradingYes
Mobile AppsTop of book trading
Forex Markets 80+ FX pairs plus spot gold & silver.
Shares Markets4,500+ on FOREX.com platforms, 400+ on MT5.
Crypto MarketsBitcoin, Ethereum, Litecoin & Ripple.
Commodity Markets12+ Commodities.
Index Markets15+ Indices.
SpreadsYes
CommissionsNo
Trading Desk TypeMarket Maker Model
Cash RebatesFor accounts that qualify
Waived Wire FeesFor accounts that qualify
Dedicated Market StrategistFor accounts that qualify
API TradingYes
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:

  1. If you trade $350M volume in Month 1, your commission for trades in Month 2 will be $35 per million.
  2. If you trade $550M volume in Month 2, your commission for trades in Month 3 will still be $35 per million traded.
  3. 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 TypeDMA Account
Trading PlatformsFOREX.com Advanced Trading Platforms,
MetaTrader 4, MetaTrader 5 and NinjaTrader
PC TradingYes
Web TradingYes
Mobile AppsTop of book trading
Forex Markets 58 FX pairs plus spot gold & silver.
Shares Markets4,500+ on FOREX.com platforms, 400+ on MT5.
Crypto MarketsNone
Commodity MarketsNone
Index MarketsNone
SpreadsNo
CommissionsYes (Commission Only)
Trading Desk TypeSTP Model
Cash RebatesNo
Waived Wire FeesYes
Dedicated Market StrategistYes
API TradingNo
Recommended Balance$25,000

Demo Account

Forex.com provides clients with a demo trading account which 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 Offered By Forex.com.

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 ClassesAssets
Forex80+ currency pairs including majors, minors and exotic pairs.
Indices18 indices including popular indices across American, European, Asian and Australian markets.
Metals10 popular metal CFDs to trade including gold and silver.
Commodities
Shares220+ Shares CFDs of the most popular UK and US shares.
Cryptocurrencies8 cryptocurrencies including Bitcoin, Bitcoin Cash, Litecoin, Ripple, Bitcoin and Ethereum.

FOREX.com Fees: 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 stocks 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 (By Account Types)

Account TypesPricing Model
Standard AccountSpread Only
Commission AccountSpread and Commission
DMA AccountCommission Only

FOREX.com Fees: Non-Trading Fee

FOREX.com is very transparent with their fee structure and do not incur or charge unnecessary trading fees to their clients.

Fee TypeDetails
Account FeeNo
Inactivity FeeYes. (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 FeeNo
Withdrawal FeeNo

Forex.com Funding: 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 accounts base currency) with unlimited withdrawals after the initial cards 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.

Forex.com 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 includes;

  • FOREX.com Advanced Trading Platform (Proprietary Trading Platform)
  • MetaTrader 4
  • MetaTrader 5

FOREX.com Advanced Trading Platform

FOREX.com Advanced Trading Platform
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

BrokerFOREX.com
Proprietary Trading PlatformYes
PC Platform Yes
Mobile TradingYes
Web PlatformYes
Social TradingNo
Copy TradingNo
MetaTrader 4Yes
MetaTrader 5 Yes
TradingViewNo
cTraderNo
ZuluTrade
(Social/ Copy Trading Platform)
Yes

Forex.com 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 where the support service is not available.

Summary

FOREX.com is a great broker no doubts, although it is more suited for forex trading as it focuses and thrives more in that aspect.

On the bright side, 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 includes 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.