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Forex.com
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Summary

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Forex.com is a global FX and CFD broker established in 2001. Forex.com is a brand of GAIN Capital, which is listed on the New York Stock Exchange. The company is regulated by several financial authorities, including the top-tier Financial Conduct Authority (FCA) in the UK and the US Commodity Futures Trading Commission (CFTC).

Forex.com is considered safe because it has a long track record, it is regulated by top-tier financial authorities, and its parent company is listed on a stock exchange.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Overall Rating
PROS:
  • • Low forex fees
  • • Great variety of currency pairs
  • • Diverse technical research tools
CONS:
  • • Limited product portfolio
  • • High stock CFD fees
  • • Non-user-friendly desktop platform

Fees

Forex.com fees snapshot
AssetsFee levelFee terms
EURUSDLowThe fees are built into the spread, 1.4 pips is the average spread cost during peak trading hours.
GBPUSDLowThe fees are built into the spread, 2.1 pips is the average spread cost during peak trading hours.
S&P 500 CFDAverageThe fees are built into the spread, 0.6 points is the average spread cost during peak trading hours.
Inactivity feeLow£/$/€ 15 or JPY 1500 per month after one year of inactivity

How we ranked fees

We ranked Forex.com’s fee levels as low, average or high based on how they compare to those of all reviewed brokers.

First, let’s go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of Forex.com for each asset class. For example, in the case of forex and stock index trading, the most important fees are spreads, commissions and financing rates.

We also compared Forex.com’s fees with those of two similar brokers we selected, Oanda and IG. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Forex.com alternatives.

To have a clear overview of Forex.com, let’s start with the trading fees.

Forex.com trading fees

Forex.com trading fees are low.

We know it’s hard to compare trading fees for forex brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.

We chose popular instruments in each asset class usually provided by forex brokers:

  • Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP
  • Stock index CFDs: SPX and EUSTX50

A typical trade means buying a leveraged product, holding it for one week and then selling. For the volume, we chose a $20,000 position for forex and a $2,000 position for stock index and stock CFD transactions. The leverage we used was:

  • 30:1 for forex
  • 20:1 for stock index CFDs

These catch-all benchmark fees includes spreads, commissions and financing costs for all brokers. Let’s see the verdict for Forex.com fees.

Forex fees

Forex.com forex fees are low, below those of its closest competitors.

Forex.com forex benchmark fees of a $20,000 30:1 long position held for one week
$6.5$9.2$17.6
$6.1$7.4$12.7
$7.9$8.9$14.4
EURCHF benchmark fee$6.2$6.2$8.2
$8.5$10.2$16.1

CFD fees

Forex.com has generally average CFD trading fees. The stock index CFD fees are low, while stock CFD fees are high.

Forex.com CFD fees for a $2,000 long position held for one week
$1.4$1.2$1.2
$1.8$1.3$1.6
$21.3$31.3
$27.6$27.6

Stock index CFD fees are built into the spreads, while stock CFD fees are charged via commission.

Forex.com stock CFD fee
MarketCommissionMinimum fee
US stocks$0.018 per share$10
UK stocks0.08% of the trade value£10

Non-trading fees

Forex.com’s non-trading fees are average overall. It doesn’t charge withdrawal or account fees, but you have to pay a $15 (or currency equivalent) monthly fee after one year of inactivity.

Forex.com non-trading fees
Deposit fee
$0

Account Opening

Forex.com accepts customers from most countries, including the US. Notable exceptions include Hong Kong and New Zealand.

If you are from Australia, you can only open an account at City Index, another brand operated by GAIN Capital.

What is the minimum deposit at Forex.com?

The required Forex.com minimum deposit is $100This is a low amount as there are other brokers that require a minimum of $2,000 or more.

Account types

Forex.com provides three account types, which differ in their pricing structure and in the trading platforms available.

Forex.com account types
TypePricingTrading platforms
Forex.com AccountHigher spread and no commissionForex.com’s own platforms
MetaTrader AccountHigher spread and no commissionMT4
DMA AccountLower spread and commission of $2 per lot per tradeForex.com’s own platforms

When it comes to account ownership, Forex.com has additional options:

  • Individual – owned by an individual
  • Joint – owned by two or more individuals
  • Corporate-owned by a legal entity

How to open your account

Forex.com has a straightforward and fully digital account opening process. Online registration takes only 10-15 minutes. Our account was verified in 2 business days, which is a bit slower than at some other brokers.

It takes four steps to open a Forex.com account:

  1. Choose whether you want to use Forex.com’s own trading platform or MetaTrader 4, a third-party trading platform.
  2. Fill in your personal and financial information.
  3. Answer a couple of questions relating to your financial knowledge and trading history.
  4. Verify your identity and residency. You can upload a national ID card, passport or driver’s license to verify your identity. Utility bills and bank statements are accepted as proof of residency.

We ran into some problems during account verification. Forex.com rejected the uploaded proof of residency but did not tell us the reason. We believe they should give more information when something goes wrong.

Can you open an account?

Select your country of residence to see if you can open an account at Forex.com!

Deposit and Withdrawal

At Forex.com, you can choose from 6 base currencies: EUR, GBP, USD, AUD, CHF, JPY.

Base currencies at Forex.com vs similar brokers
696

Why does this matter? For two reasons. If you fund your account in the same currency as your bank account or you trade assets in the same currency as your account base currency, you don’t have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

COMPARE DIGITAL BANKS

Deposit fees and options

Forex.com charges no deposit fees. Besides bank transfer, you can use credit/debit cards and PayPal for depositing funds.

Forex.com deposit options
YesYesYes
YesYesYes
YesYesYes

A bank transfer can take several business days, while payment with a credit/debit card is instant. You can only deposit money from accounts that are in your name.

Forex.com review – Deposit and withdrawal – Deposit

Forex.com withdrawal fees and options

Withdrawal at Forex.com is free of charge. Methods for withdrawal are the same as for deposits.

Forex.com withdrawal fees and options
YesYesYes
YesYesYes
YesYesYes

How long does it take to withdraw money from Forex.com? Bank transfers can take 2-3 business days, while credit/debit card withdrawal can take longer, up to 5 business days.

When we tested withdrawal, it took several weeks because we had a problem with credit card withdrawal. The reason for the problem was that Forex.com can’t send money to some MasterCard and Visa credit cards. Instead of credit cards, we had to withdraw via bank transfer, but before doing so, customer service had to add and approve our bank account. It would be great to know in advance which cards are accepted for withdrawal and which are not.

How do you withdraw money from Forex.com?

  • Log in to ‘MyAccount’
  • Click on ‘Funding’ and then select ‘Withdraw’
  • Enter the amount you wish to withdraw
  • Confirm your withdrawal

Trading Platform

Forex.com has two web trading platforms, Web Trader and MetaTrader 4We tested Web Trader because it is Forex.com’s own platform, while MetaTrader 4 is provided by a third party.

Web Trader is available only in English.

Look and feel

Forex.com’s web trading platform is user-friendly and looks great. 

It is extremely customizableYou 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.

Forex.com review – Web trading platform

Login and security

Forex.com provides only a one-step login. Two-step authentication would be safer here.

Search functions

The web trading platform has good search functions. You can search by typing the name of the product you’re looking for or browsing a categorized product list.

Forex.com review – Web trading platform – Search

Placing orders

You can use many order types, including some more sophisticated ones:

  • Market
  • Limit
  • Stop
  • Trailing stop
  • One-cancels-the-other (OCO)

If you are not familiar with basic order types, read this overview.

There are also several order terms available:

  • Good ’til cancelled (GTC)
  • Good ’til the end of the day (GTD)
  • Good ’til time (GTT)
Forex.com review - Web trading platform - Order panel

Forex.com review – Web trading platform – Order panel

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. It is easy to 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.

Markets and Products

Forex.com is a forex broker that also offers some CFDs. To learn more about CFDs read our CFD trading tips.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Forex.com provides a great number of currency pairs and cryptocurrencies. The stock index, ETF, and commodity CFD selections are also great. The stock CFD lineup is relatively thin, though.

Forex.com product selection
Currency pairs (#)9171205
Stock index CFDs (#)201678
Stock CFDs (#)38010,500
ETF CFDs (#)201,900
Commodity CFDs (#)293147
Bond CFDs (#)613
Cryptos (#)938

FCA bans the sale of crypto-derivatives to UK retail consumers from 6 January 2021.

You can’t change leverage levels. This is a drawback.

Changing the leverage manually is a very useful feature when you want to lower the risk of your trade. Be careful with forex and CFD trading, as the preset leverage levels may be high.

Research

You can find Forex.com’s research tools on its trading platforms or on the website under ‘Market Analysis’.

Trading ideas

Forex.com provides trading ideas based on technical analysis. You can find them on the platform if you click ‘Trading Central’. Trading ideas are also available through Autochartist, but when testing, it did not load, could not be used.

Forex.com review – Research – Recommendations

Fundamental data

Forex.com does not provide any fundamental data.

Charting

Forex.com has great charting tools. You can easily edit and save your charts. There are around 90 technical indicators and many editing tools, such as Fibonacci retracement and trendlines.

Forex.com review – Research – Charting

Newsfeed

Forex.com has a news feed in the trading applications.

It also provides an economic calendar, which lists upcoming macro events. When you select an event, you can view a short summary and check historical data.

You can also read market analysis written by Forex.com’s research team. You can find these articles under the ‘Market Analysis’ tab. We liked how news articles can be filtered based on various criteria.

Customer Service

5

You can contact Forex.com via:

  • phone
  • live chat
  • email

We were really satisfied with Forex.com’s phone support. They answered the phone instantly, and we got relevant answers.

If you prefer using live chat, click ‘Chat’. It opens a chatbot, which can answer only some basic questions, like “How can I deposit?”. It’s a bit more tricky if you want to talk to a real person. You have to type ‘agent’, after which the chatbot offers to connect you with a sales or support agent.

When contacting Forex.com via email, we received an automatic reply that answering may take up to 4 days, but eventually, we got relevant answers within a day.

Forex.com’s customer service is not fully 24/7, though it is available 24 hours a day from Sunday to Friday.

Education

At Forex.com you can learn in the following ways:

  • Demo account
  • Platform tutorial videos
  • General educational videos
  • Quality educational articles
  • Trading glossary
  • Trading knowledge quiz

We liked the quality and structuring of the videos. You can choose from different topics, like fundamental analysis or risk management.

The quiz and trading glossary are unique educational tools. We found them really fun and useful.

The only thing we missed was webinars, as they are the best platform for asking trading professionals directly.

Safety

Is Forex.com regulated?

Yes, it is regulated by several financial authorities globally, such as the UK’s Financial Conduct Authority (FCA), and the Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) in the US.

Is Forex.com safe?

To be certain if a brokerage is safe, we highly advise that you check two facts:

  • how you are protected if something goes wrong
  • what the background of the broker is

How you are protected

Forex.com operates under several legal entities worldwide; which of these will serve you depends on your residency. The investor protection amount you’re eligible for depends on the country where the entity serving you is located.

For example, if you are from the UK, you will sign up with GAIN Capital UK Ltd and will be eligible for investor protection of £85,000. GAIN Capital UK Ltd is regulated by the FCA, the UK’s financial authority.

Forex.com provides negative balance protection for clients belonging to GAIN Capital UK Ltd for forex spot and CFD trading, but only for retail clients from the European Union. Professional and non-EU clients are not covered with any negative balance protection.

Background

Forex.com is a brand of GAIN Capital, a US-based investment company. This is important as a strong parent company lowers the chance that the company will go bust.

GAIN Capital is also listed on the New York Stock Exchange. This is a big plus for safety as Forex.com releases financial statements regularly and in a transparent manner.

Forex.com was established in 2001. The longer the track record of a broker, the more proof we have that it has successfully weathered previous financial crises.

Having a parent company listed on a stock exchange, providing financial statements and being regulated by top-tier authorities are all great markers of Forex.com’s safety.

Bottom Line

Forex.com is a great forex and CFD broker regulated by several financial authorities, such as the UK’s FCA and the US CFTC.

On the positive side, it has low forex fees, many tradable currency pairs, and high-quality research tools.

It has some drawbacks though. Popular assets like real stocks or bonds are not provided. Stock CFD fees are quite high, and the desktop platform is not easy to use.

Since there is no inactivity fee unless you don’t trade for one year, feel free to try Forex.com today.

Photos: Forex.com

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Trading foreign exchange on margin carries a HIGH LEVEL OF RISK, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose.

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