Forex.com foreign exchange trading review
Access 80+ currency pairs from your desktop or phone with this all-in-one hub.
With an extensive list of more than 80 currency pairs, real-time market analysis from industry experts, a scorecard for trade execution and award-winning customer service, Forex.com provides ample evidence for why its clients have put more assets in its hands than with any other US broker.
- Consider Forex.com if you’re an experienced forex trader.
- Look elsewhere if you’re new to investing or want to swap stocks, funds or more traditional securities.
What I think about Forex.com
Forex.com is one of the largest forex providers in the US. You get to trade more than 80 currency pairs including exotic pairs like EUR/ZAR, TRY/JPY and USD/THB.
The spread is relatively low, with an average of 1.3 pips on EUR/USD and 1.7 on AUD/USD. However, this only applies to standard accounts. Forex.com offers three account types that differ in spread:
- Standard account. This one comes with the standard spreads on all pairs and there’s no commission. This account type should be enough for those who keep their trades for a few hours or days.
- Commission account. This account type combines lower spreads with commission on each trade. For example, EUR/USD has an average spread of 0.4 pips, but you’ll pay a $5 commission for every $100,000 traded (full lot). This can be a great option for active traders and scalpers.
- STP Pro account. A commission-only account with the lowest spreads. Get average spreads of 0.2 pips on EUR/USD and a commission of $80 per $1 million traded on up to $100 million monthly volume. You can reduce this to $30 per $1 million if you trade more than $1 billion monthly. This account type is designed for those with account sizes north of $25,000 and for institutional traders.
No matter which account type you choose, you get access to MetaTrader4 and Forex.com’s proprietary platforms that are desktop, mobile and web-based. On top of that, you can connect your account with the NinjaTrader platform or with Trade Station, which is one of the best charting platforms you can get.
With everything it has to offer, Forex.com is one of the best forex brokers for beginners and advanced traders alike.
Forex.com offers more than just currency pairs
With a name like Forex.com, it comes as little surprise that this platform specializes in the trade of foreign currency. Forex.com has over 80 forex pairs to trade and boasts 24-hour access to the forex market from Sunday through Friday. Plus, Forex.com offers access to the gold and silver market, as well as futures and futures options through the Small Exchange.
Who is Forex.com best for?
Forex.com’s specialized offerings make it a practical fit for:
- Forex investors. With over 80 currency pairs under its belt and 24-hour access to the market most days of the week, Forex.com is an obvious choice for forex traders.
- Derivatives traders. Through its affiliate, FuturesOnline, Forex.com helps investors connect with the Small Exchange to swap futures and futures options.
Of course, Forex.com isn’t for everyone. Its limited security lineup means there are many types of investors that won’t find what they seek on this platform. It doesn’t offer access to traditional securities like stocks, ETFs or funds. And if you were hoping to park your portfolio with a robo-advisor, you’ll need to look elsewhere.
Pros and cons
- Supports multiple platforms. You can trade from desktop, web or mobile devices.
- Multiple assets. Access more than 80 currency pairs, plus gold, silver, futures and futures options.
- Get expert guidance. Take advantage of professional charting packages and free analysis.
- Cash rebates. High-dollar traders can take advantage of monthly cash rebates after their trading totals $50 million or more. Eligible traders also get professional guidance and a waiver on bank wire fees.
- Minimum deposit. To open an account, you’ll need a minimum deposit of $100.
- Can lose more than you deposit. US Forex accounts don’t have negative balance protection, meaning if the price jumps your stop loss and your trade was overlevereged, you could end up with a negative balance. You have to pay back the broker any negative balance you incur.
- Limited leverage. Traders looking to utilize leverage can do so, but up to a ratio of 50:1 only
How do I sign up?
Signing up is simple. Here’s how to do it:
- Visit Forex.com.
- Select Open an Account.
- Select account type.
- Fill out the application form.
- Review the form and submit it.
Deposits and withdrawals
To start training with Forex.com, you must deposit at least $100. The brokerage accepts deposits via:
- Credit card and debit card
- Skrill and Neteller
- Wire transfer
When you request a withdrawal, Forex.com will return your funds back at your depositing account.
Forex.com’s advanced charting tools and analysts research help it cater to experienced forex traders ready to chart global markets.
- Professional charting. Access both basic and advanced charting packages on all trading platforms with over 50 indicators and ten chart types to choose from.
- MetaTrader 4. Trade forex and more through this popular Windows-based electronic trading platform.
- Free training. Learn the forex market through articles, videos and free live trading webinars that teach traders at all levels of experience.
- Expert research and analysis. Browse market insights and actionable trade ideas throughout the day, including the Faraday Trade Signals, a $700 value offered free to Forex.com users.
Forex.com’s platform features differ from those of traditional brokerages due to its focus on foreign currency trading.
|Education and resources||Yes|
|Fixed spreads available?||No|
|Leverage||Up to 50:1|
|Is MetaTrader supported?||Yes|
|Minimum deposit required||$100|
|Compatible devices||iOS, Android, Windows, Mac|
|Guaranteed stops||Stop loss and take profit instructions can be added to orders|
|Payment methods||Credit card, debit card, wire transfer|
|Demo account available?||Yes|
Is Forex.com legit?
Forex.com was founded in 2001 and is headquartered in Bedminster, New Jersey. It is a subsidiary of StoneX Group Inc: a global financial services organization headquartered in New York, New York.
Forex.com is not an accredited business with the Better Business Bureau (BBB) and has no complaints to its name with the Consumer Financial Protection Bureau. It’s a registered futures commission merchant (FCM) and retail foreign exchange dealer (RFED) with the Commodity Futures Trading Commission. It’s also a member of the National Futures Association.
Forex.com reviews and complaints
Forex.com investor feedback is largely negative. It’s not accredited by the Better Business Bureau (BBB) and receives an “F” rating for failing to respond to 23 complaints. Over 38% of Forex.com’s 140 Trustpilot reviews label the service as “Bad”. Many of these reviews criticize Forex.com for poor customer service.
|BBB customer rating||2/5 based on 4 customer reviews|
|Trustpilot score||3.4/5 out of 140 customer reviews|
|Google Play app||3.9/5 stars based on 1,546 reviews|
|Apple app store||3.5/5 stars based on 165 reviews|
|Customer reviews verified as of||October 2021|
Many of the publicly available complaints mention dismal customer service, documentation issues and inactivity fees. Reviews on Reddit are mixed — some reviewers note the inherent risk of Forex trading rather than the service itself. Meanwhile, other Reddit threads compare it to similar platforms like Oanda.
One review indicates that after a user had forgotten their password, Forex.com sent the password as plain text. This raises a major security concern, as anyone who can hack their database can easily see user passwords if they’re stored in plain text.
How do I contact Forex.com support?
Forex.com’s customer service earned it an Investment Trends 2017 US FX Report Award for client satisfaction. Contact its support team by:
- Phone. Call 877-367-3946 from 10 a.m. to 5 p.m. ET Sunday through Friday.
- Live chat. Speak to a Forex.com rep 24 hours a day Sunday through Friday.
- Email. Send an email to firstname.lastname@example.org for a response from the team within 1-2 business days.
Compare other forex trading platforms
Forex.com offers access to an extensive swath of currency pairs, plus gold and silver, with trading platforms that suit whichever device you’re most comfortable on. And the platform sets you up with pro charts, real-time trade alerts, narrow spreads and transparent order executions.