Offering an excellent forex and CFD trading experience, FOREX.com is the best option for traders worldwide. It offers access to a wide variety of markets and has strong trading platforms of its own, along with some MetaTrader availability.
Forex traders of all skill levels will find FOREX.com’s multi-asset offering appealing, even if it’s not a discount broker until you trade greater volumes.
Table of Contents
Pros and Cons
- Pros
The parent company of FOREX.com, StoneX, is regulated in seven Tier-1, one Tier-2, and one Tier-4 country and is publicly traded (NASDAQ: SNEX).
High-quality video content is produced by FOREX.com, which includes videos covering technical and fundamental analysis, short educational pieces covering specialist themes (such doji candlesticks), and its Daily Market Update and Weekly Technical Outlook.
The multi-asset offering from FOREX.com is particularly impressive on its flagship Advanced Trading (desktop) and Web Trading (browser) platforms, with a large selection of markets available.
Advanced charting from TradingView is available in Web Trader and is easily accessed using the same username. It is fully integrated.Following FOREX.com’s acquisition of Chasing Returns, active account holders can now access performance information for free.
With its recent release, traders in the EU, Canada, and the United States can use MetaTrader 5.
- Cons
- Compared to approximately 5,500 instruments on its non-MetaTrader platforms, just roughly 600 instruments are offered on FOREX.com’s MT4 platform.
- For big volume traders, FOREX.com offers active trader pricing and RAW accounts, although its average spreads are slightly higher than those of the top low-cost forex brokers.
Overall Summary
Overall Rating
Trust Score
99 out of 100
Commissions & Fees
Platform & Tools
Mobile Trading
Research
Education
Is Forex.com Legal?
FOREX.com has an overall Trust Score of 99 out of 100, making it regarded as Highly Trusted. The ultimate parent firm of FOREX.com, StoneX, is listed on a stock exchange, does not run a bank, and is approved by seven Tier-1 (Highly Trusted), one Tier-2 (Trusted), zero Tier-3 (Average Risk), and one Tier-4 (High Risk) authorities. Australian Securities & Investment Commission (ASIC), Monetary Authority of Singapore (MAS), Financial Conduct Authority (FCA), Canadian Investment Regulatory Organization (CIRO), Japanese Financial Services Authority (JFSA), Commodity Futures Trading Commission (CFTC), and Financial Conduct Authority (FCA) are the Tier-1 regulators that have authorized FOREX.com. Additionally, FOREX.com is regulated in the European Union through the MiFID passporting system. Find out more about Trust Score or the regulatory jurisdictions of the various FOREX.com organizations.
Year Founded
1999
Publicly Traded
Yes
Bank info
No
Tier-1 Licenses info
7
Tier-2 Licenses info
1
Tier-3 Licenses info
0
Tier-4 Licenses info
1
Offering of investments
The services and goods that FOREX.com offers you will vary based on where you live and which of its regulated organizations is in charge of your account. For instance, FOREX.com provides traders residing outside of the United States with an amazing assortment of over 4,500 CFDs, despite the fact that CFDs are not available in the United States due to regulatory concerns. While spot metals (such as gold and silver) are not available to traders in the United States, FOREX.com does provide CFDs for commodities and metals. Also, FOREX.com in Australia, Singapore, and Japan now offers knock-out options.
Cryptocurrency: Trading in cryptocurrency is not possible through trading the underlying asset (e.g., purchasing Bitcoin), but it is possible at FOREX.com using CFDs. Note: Neither U.K. residents nor retail traders from any broker’s U.K. business may access cryptocurrency CFDs.
The various investment products that FOREX.com clients can choose from are compiled in the following table.
Tradeable Symbols
5500
Forex Trading (Spot or CFDs)
Yes
Forex Pairs
91
U.S. Stock Trading
No
Social Trading / Copy Trading
No
Int’l Stock Trading
No
Cryptocurrency (Physical)
No
Cryptocurrency (Derivative)
Yes
Commisions and Fees
One of my top choices for market maker brokers is FOREX.com, which also provides comprehensive execution statistics and a variety of account types and execution techniques. However, unless you are trading outside of the US, our research indicates that FOREX.com is slightly more expensive than the industry average. Using a time-weighted average, spreads for the EUR/USD averaged 0.74 in July 2023, whereas its Raw account spreads are lower but come with a per trade commission.
Standard account: The only option available to MetaTrader clients is the Standard account offered by FOREX.com; this would not be my first pick. For the EUR/USD, average spreads are high in the U.S. at 1.4, according to typical spread data that FOREX.com sent us (July 2023). Traders who are prepared to pay more for the advantages of market-maker execution—a higher spread—will find favor with the Standard account.
Active trading accounts: Based on data gathered in February 2024, the RAW account offering has taken the place of the DMA account, which was withdrawn globally. It offers typical spreads on the EUR/USD of 0.13 pip. RAW accounts have low competitive spreads that are almost nil before commission, are commission-based, and are eligible for active trader discounts on FOREX.com’s in-house Advanced Trading platform package.
Effective spreads similar to those provided by IC Markets or Tickmill would be realized by very high volume active traders (Tier Six) that generate over $2 billion in monthly revenue.
RAW Spread account: Recently introduced by FOREX.com, the RAW Spread account offers volume-based rebates for active traders together with commission-based pricing akin to its STP account. Clients of FOREX.com in Canada, the United States, and the European Union can now access the RAW account along with MetaTrader 5. Check out our Canada forex guide to find out more about trading forex there.
- There are six volume tiers, with the base tier offering rebates of $2 million and the top tier (level five) offering rebates of $9 million.
- Based on spread data from February 2024, the basic commission for the lowest tier of the Raw account is $7 per Standard lot ($3.5 per side). This is an increase of approximately 0.7 from the normal spreads of 0.13 pips for the EUR/USD.
- In summary, the all-in expenses for the Commission account on FOREX.com are nearly identical to those of the Standard account for US citizens, with the exception of the execution method and available platforms, unless you trade more than $50 million per month.
Note: The only account types available to customers in the United States are spread-only and RAW accounts offered by FOREX.com. In contrast to other locations where MetaTrader 5 accounts can only
Options for deposits
Although it may seem challenging, opening a brokerage account and making your first deposit is actually quite simple. You can quickly begin trading if you simply follow our easy deposit instructions:
- Log into Forex.com’s client area
- Look for the ‘Deposit’or ‘Funding’ menu
- Choose your funding method
- Enter the amount to be depositedand other necessary details for the transaction
- Double-checkif payment details are correct
- If all looks OK, click to submityour deposit request
Is there a minimum deposit required on Forex.com?
To start trading on Forex.com, a minimum investment of $100 is required. Even if a lot of brokers don’t have minimum requirements, this sum is nonetheless regarded as appropriate.
Options for withdrawal
The minimum withdrawal amount is $100, or all your available account balance (whichever is lower).
- Log in to ‘MyAccount’
- Click on ‘Funding’ and then select ‘Withdraw’
- Enter the amount you wish to withdraw
- Confirm your withdrawal
Minimum Deposit
$100
Average Spread EUR/USD – Standard
1.4
All-in Cost EUR/USD – Active
0.83
ACH or SEPA Transfers
Yes
PayPal (Deposit/Withdraw)
Yes
Skrill (Deposit/Withdraw
No
Visa/Mastercard (Credit/Debit)
Yes
Bank Wire (Deposit/Withdraw)
Yes
Trading apps for mobile devices
Apps overview: FOREX.com offers its proprietary mobile app alongside the full suite of MetaTrader mobile apps, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
Ease of use: Trading and managing positions within FOREX.com’s mobile app is easy and straightforward, thanks to its fluid user interface and minimalist design. Highlights include an economic calendar, an integrated suite of modules from Trading Central, alerts, market updates, and news headlines from Reuters. The app also supports complex order types such as OCOs, trailing-stops, and a “close all” button which allows traders to exit multiple positions quickly for a given instrument.
Charting: The FOREX.com app has intuitive TradingView-powered charts with over 80 indicators and a wide range of sketching tools. It also automatically syncs watchlists. Although the web version and your chart settings won’t automatically sync, you can manually load your stored templates by using the “load chart layout” option, as I discovered.
Android App
Yes
Apple iOS App
Yes
Mobile Alerts
Yes
Watchlists
20
Watchlist Syncing
Yes
Charting – Indicators / Studies
88
Charting – Drawing Tools
239
Mobile Charting – Draw Trend lines
Yes
Mobile Charting – Multiple Time Frames
Yes
Trading Platforms
In order to give forex traders everything they need to trade successfully, FOREX.com goes above and beyond. The platform suite offered by FOREX.com has always been strong and is still strong now.
Overview of platforms: FOREX.com offers TradingView, the entire MetaTrader suite (MT4 and MT5), NinjaTrader, and its own flagship Advanced Trading (desktop) and Web Trading platforms.
Charting: The flagship desktop platform of FOREX.com, Advanced Trading, is best suited for experienced traders and includes a comprehensive charting package with more than 200 technical indicators (including indicator-based automated strategies), drawing tools, and more than a hundred predefined automated strategies.
Having said that, the online Trading online interface, which uses TradingView for its charts, has more fluid charts than the FOREX.com desktop platform. Technical analysis fans love TradingView for its robust charting features; read our TradingView guide to find out more.
Web trading: FOREX.com’s Web Trading platform is ideal for novice traders as it simplifies market browsing, research, and trade placement. With 14 periods, 10 chart types, and around 100 indicators, TradingView powers the charts.
The Advanced Trading platform offers a plethora of subtle-yet-useful features, like the option to define price tolerance directly from the trade ticket, along with deep customisation and advanced order types. I thought the layout was well-thought-out, feature-rich, and simple to use. I compared the Advanced Trading platform to FXCM’s amazing proprietary platform just for comparison’s sake.
Trading Analytics: The PlayMaker module, which was formerly known as Chasing Returns, is a standout feature of FOREX.com’s Trading Analytics tool suite.
Virtual Trading (Demo)
Yes
Proprietary Platform
Yes
Desktop Platform (Windows)
Yes
Web Platform
Yes
Social Trading / Copy Trading
No
MetaTrader 4 (MT4)
Yes
MetaTrader 5 (MT5)
Yes
DupliTrade
No
ZuluTrade
No
Charting – Indicators / Studies
88
Charting – Drawing Tools
239
Charting – Trade From Chart
Yes
Watchlists
20
Concluding remarks
Thanks to its wide range of products, first-rate trading tools and platform options, and assortment of internal and external market research, FOREX.com is a reliable forex broker.
That being said, there is need for more video content in the research and education categories, and cost is not its best feature.
DoesForex.com free?
When you trade, FOREX.com levies fees, just like any other forex broker. These fees can take the shape of spread fees or commission fees. Commission-based accounts and a spread-only Standard account are available on FOREX.com. Depending on the mode of payment you choose, there can be fees associated with deposits or withdrawals. For incoming deposits, FOREX.com does not charge any fees; nevertheless, the method you employ (i.e., sending a wire) may result in charges from your bank.
Is FOREX.com a good broker for beginners?
FOREX.com is a well-rounded broker that scores highly in nearly all categories, and is a good broker for beginners thanks to its wide range of educational content, quality market research, and the ease-of-use factor across all of its platforms. For example, its straightforward web platform delivers a good variety of both basic and advanced features, including risk-management tools and robust charts, making it a good choice if you are a less-experienced trader looking to develop your trading skills.
About FOREX.com
Founded in 1999, FOREX.com is a GAIN Capital brand under the parent company of StoneX Group (NASDAQ: SNEX), a Fortune 100 company and a member of the National Futures Association (NFA) in the U.S. StoneX holds $7.8 billion in assets as of its latest annual report for 2023, employing over 4,000 staff and servicing more than 400,000 retail clients across 180 countries. Through its trading names and subsidiaries, including the City Index brand, Gain Capital operates in multiple countries and with licenses in several major regulatory hubs, including the U.S., U.K., Canada, Japan, and Australia.
According to their most recent annual report for 2023, StoneX group businesses traded over $4.4 trillion in volume, with over 4,000 employees and over $7.8 billion in client assets. FOREX.com, one of the biggest retail FX brokers in the world, was a pioneer in the U.S. market for online forex trading. Visit Wikipedia to learn more.
Disclaimer of Forex Risk
Trading securities carries a significant amount of risk. Leverage, creditworthiness, limited regulatory protection, and market volatility are just a few of the risks associated with margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies. These risks have the potential to significantly impact the price or liquidity of a currency or related instrument. It should not be expected that the strategies, tactics, or indications that are described in these goods will be lucrative or loss-free. Study up on the dangers of FX trading.