Forex.com foreign exchange trading review July 2018 | finder.com

Forex.com foreign exchange trading review

We know that everyone's situation is unique and we aim to help you find the right product for you. We may receive compensation when you visit our partners' sites or are approved for their products. You can read more about how we maintain editorial independence and how we make money here.

Access more than 80 currency pairs from your desktop or phone with this all-in-one hub.

The constant movement of money around the world presents a significant opportunity to profit. If you’re looking to trade in the foreign exchange market, Forex.com is a one-stop destination that can put your money to work for you.

With an extensive list of more than 80 currency pairs, trading platforms for major devices, real-time market analysis from industry experts, a scorecard for trade execution and award-winning customer service, Forex.com provides a lot of evidence for why its clients have put more assets in its hands than with any other US broker.

  • Access more than 80 currency pairs, plus gold and silver
  • Trade on desktop, web and mobile devices
  • Free training, pro charts and expert analysis
  • $50 minimum opening deposit

Pros

  • Supports multiple platforms
  • Multiple currency pairs
  • Get expert guidance

Cons

  • Limited Apple support
  • Doesn't support all pairs

It’s easy to get started

Learn and practice your forex trading strategy with a free 30-day demo account, or jump right in with a deposit of at least $50. You can open your account with a debit card, wire transfer, ACH bank transfer or check. Withdrawals take 24 to 48 hours to process.

After your account is up and running, you can choose to trade how you’d like:

  • Advanced desktop software
  • Web browsers through TradingView
  • iOS and Android mobile apps
  • MetaTrader4 for desktop, web and mobile
  • NinjaTrader software

How much will I pay to use Forex.com?

Each time you create an order, you’ll see the cost per trade you’ll pay.

Your main cost is the spread between the bid and ask prices, which vary with market conditions. Forex.com posts live and typical spreads for all markets it supports.

You’ll pay no data exchange fees, and you’re on the hook for a rollover charge only if you hold a position from one day to the next.

What is a spread?

A spread is the difference between the buy price and the sell price of a currency. In forex, the bid price is how much a buyer will pay for the currency pair you’re looking to trade, while the ask price is how much a seller wants to get for that same currency pair.

The spread on a currency typically goes to the broker — that’s how it makes money.

Is it regulated?

Yes. Forex.com operates all foreign exchange trading within the regulations of both the National Futures Association and the Commodities Futures Trading Commission.

What features make Forex.com unique?

  • Professional charting. Access both basic and advanced charting packages on all trading platforms.
  • 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. Forex.com publishes market insights and actionable trade ideas throughout the day, including the Faraday Trade Signals, a $700 value offered free to its users.
  • Go beyond forex. Along with offering more than 80 currency pairs, Forex.com lets users trade against gold and silver prices.
  • 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.
FeatureDescription
SpreadVariable
Education and resourcesYes
Fixed spreads available?No
LeverageUp to 50:1
Is MetaTrader supported?Yes
Minimum deposit required$50
Compatible devicesiOS, Android, Windows, Mac
Guaranteed stopsStop loss and take profit instructions can be added to orders
Payment methodsDebit card, wire transfer, ACH bank transfer, check
Promotional bonusNo
Payout %
24-hour tradingYes
Demo account available?Yes

What sets this broker apart from the competition?

Forex.com takes pride in its highly competitive services and transparency on fees and orders. It publishes execution statistics on timing, speed and fulfillment so that you can determine whether it’s providing the best services for your needs.

What to look out for

With Forex.com, your order must include at least 1,000 units. And traders looking to utilize leverage can do so, but up to a ratio of 50:1 only. That means on a trade of $50,000, you must have at least $1,000 available as cash in your trading account.

Be aware that using leverage increases your risk, including losses that could exceed your margin and create a negative account balance in some market conditions.

While you aren’t charged a monthly fee, if your account is dormant for 12 months, Forex.com will charge you $15 per inactive month.

Benefits and drawbacks

Pros

  • Supports multiple platforms. You can trade from most any device.
  • Multiple currency pairs. Access more than 80 pairs, plus gold and silver.
  • Get expert guidance. Take advantage of professional charting packages and free analysis.

Cons

  • Limited Apple support. You’ll need third-party software to trade on a Mac desktop.
  • Doesn’t support all pairs. Eighty pairs is substantial, but you might find more with competitors.

What kind of support can I expect?

Forex.com’s leading position in the industry means it’s in front of more than 200,000 global customers, with customer service that’s earned an Investment Trends 2017 US FX Report Award for client satisfaction.

You can access Forex.com support by phone at 877-367-3946, through live chat or by email. Support hours are 10 a.m. to 5 p.m. ET Sunday through Friday.

You’ll also find an extensive FAQ on Forex.com’s site that includes answers to many customer-submitted questions.

How do I sign up?

Opening a Forex.com online in minutes with your name, address and tax ID number. You’ll need to upload copies of government-issued ID, like your passport or driver’s license, but ID verification is typically approved instantly.

In addition to a regular individual account, you can also open an account tied to an IRA, a joint account or a corporate account.

Bottom line

There’s a reason traders trust Forex.com with more of their money over any other US broker. You get 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.

Learn more about the basics of the foreign exchange market in our beginner’s guide to forex trading, or compare Forex.com to other brokers through our Forex Trading Finder.

Frequently asked questions

Ryan Brinks

Ryan Brinks is an associate editor for finder.com, where he melds years of experience in business news and online content into helpful articles. He's passionate about leveraging resources and innovation to streamline success. Of course, he's also passionate about his family and serving his community.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Go to site