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.
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.
Fees and costs
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.
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 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.
Fund your account with a debit card, wire transfer, ACH bank transfer or check. In addition to a regular individual account, you can also open an account tied to an IRA, a joint account or a corporate account.
- At least 18 years old
- Valid residential address
- Valid government-issued ID
- Existing bank or brokerage account for account transfers
- Valid Social Security number or tax identification number
- Foreign tax ID, passport or visa number if you are not a US citizen or permanent resident
- Valid address
- Employer’s name, address and phone number
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||$50|
|Compatible devices||iOS, Android, Windows, Mac|
|Guaranteed stops||Stop loss and take profit instructions can be added to orders|
|Payment methods||Debit card, wire transfer, ACH bank transfer, check|
|Demo account available?||Yes|
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 $50.
- Doesn’t support all pairs. Eighty currency pairs is substantial, but you might find more with competitors.
- Inactivity fee. If your account is dormant for 12 months, Forex.com will charge you a $15 monthly inactivity fee.
- Limited leverage. Traders looking to utilize leverage can do so, but up to a ratio of 50:1 only
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 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 15 complaints as of March 2021. Over 77% of Forex.com’s 47 Trustpilot reviews label the service as “Bad” and the platform receives a TrustScore of 1.6 out of 5. Many of these reviews criticize Forex.com for poor customer service. Only two reviewers label it “Excellent.”
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 Onenda.
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.
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 email@example.com for a response from the team within 1-2 business days.
Disclaimer: The value of any investment can go up or down depending on news, trends and market conditions. We are not investment advisers, so do your own due diligence to understand the risks before you invest.
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.
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.