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.
0%
Annual fee
$50
Minimum deposit to open
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.
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:
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.
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.
Yes. Forex.com operates all foreign exchange trading within the regulations of both the National Futures Association and the Commodities Futures Trading Commission.
| Feature | Description |
|---|---|
| Spread | Variable |
| 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 |
| Promotional bonus | No |
| Payout % | – |
| 24-hour trading | Yes |
| Demo account available? | Yes |
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.
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.
Most Forex.com reviews we encountered as of November 2020 were negative. It’s not accredited by the Better Business Bureau (BBB), and the organization gave it an “F” rating for failing to respond to eight complaints.
Many of the publicly available complaints mentioned dismal customer service, documentation issues and inactivity fees. Reviews on Reddit were mixed with some reviewers noting the inherent risk of Forex trading rather than the service itself. Meanwhile, other Reddit threads compared it to similar platforms like Onenda.
However, one eye-catching review indicated that after a user had forgotten their password, Forex.com eventually sent the password as plain text. This may raise a major security concern, as anyone who can hack their database can easily see user passwords if they’re stored in plain text.
Moreover, 70% of reviews published on TrustPilot as of November 2020 labeled the service as “Bad.” Many of these reviews criticized Forex.com for poor customer service including on live chats. Only two reviewers labeled it “Excellent.”
One highlighted low costs. The other highlighted simple withdrawals but noted high fees. Of course, different investors have different interpretations of what reasonable fees are.
Make sure you compare the costs of all your investment platform options.
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.
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.
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.
