Reviewed broker: Forex.com
Operated by: the broker is a subsidiary of GAIN Capital Holdings.
Regulation: US Commodity Futures Trading Commission CFTC, National Futures Association NFA, FCA (UK), ASIC (Australia), ILLROC (Canada), SFC (Hong Kong), FFAJ (Japan)
2017, FXCM reached a settlement related to charges by the National Futures Association (“NFA”) and the Commodity Futures Trading Commission (“CFTC”) to withdraw from the US market. A non-binding letter of intent has been signed with GAIN Capital Holdings (owner of the retail brand Forex.com) to transfer all accounts at no expense to the customer. No date has been set for the transition yet.
Representative offices: US, UK, Canada, Japan, and Australia
USA Traders: allowed
Established in 1999
Trading instruments: Forex, commodities, indices
Why traders choose FOREX.com
Clear & competitive pricing
Maximize your potential with straightforward pricing and exceptional trade executions.
Real time market analysis
Stay ahead of price action with access to actionable market insights, real time trade signals and more.
Professional trading platforms
Trade with maximum control on our advanced forex trading platforms optimized for currency traders.
Quality execution on every trade
Many brokers claim to have superior execution, but do they have the numbers to back it up? We do.
Transparent, competitive pricing
Get the most out of every trade with our clear, competitive pricing. No complicated schemes, no small print.
Key reasons to trade forex
You can trade 24 hours a day, five days a week.
World of opportunity
Trade forex in rising and falling markets.
The cost of trading is reflected in the spread.
Take advantage of leverage
Gain full exposure with just a small initial deposit (with increased leverage comes increased risk)
Trading Platform Features of Forex.com
Trading platforms: ForexTrader, Metatrader 4 MT4
The flagship platform for currency traders puts you in the driver’s seat of your trading experience. Trade your plan with maximum control over your strategy, performance and speed. One account give you access to your account from desktop, mobile or tablet device.
Here you have the world’s largest MT4 broker. Experience MT4 at its best with reliability, integrated insights and account management features.
- Integrated Reuters news and FOREX.com global market research
- Free EA hosting capabilities
- Web and mobile trading support
Web-based interface: yes
Download interface: yes
Currency pairs: 50
Account types: standard, activetrader premium
Minimum deposit requirement: $250 which is a bit high compared to other alternative forex brokers such as XM, IG, FxPro, CMC Markets, and Plus500 and others
Maximum leverage: 1:50 (for USA traders) , 1:200
Real-time charting: yes
Pattern recognition Autochartist: yes
Spreads start from 1.4 pips on major currency pairs
Minimum trade size: 0.01
1 click trading: yes
Advanced order types: OCO, if/then, trailing stops
Demo account: available, but limited, however can be renewed upon request
Segregated accounts for client funds: no
Islamic swap-free accounts: no
Managed accounts: available
Spread types: variable
Educational material: yes
Trading signals: yes
Hedging: not allowed
Automated trading: available
VPS services: no
API trading: yes
Cons of the broker explained
- FOREX.com does not offer “negative balance protection” for U.S. clients. This means that U.S. traders with negative account balances are on the hook for more money than they initially deposited into their accounts.
- FOREX.com does not offer guaranteed stop loss orders (GSLO) for U.S. clients.
- An effective web presence is crucial for an online broker. While FOREX.com’s website has an intuitive feel, there are a few pages with either incorrect, outdated, and/or incomplete information, which speaks to a general lack of attention to detail.
Payment methods within Forex.com
Minimum deposit requirement: $1,000 very high requirement compared to other online forex brokers such as XM, eToro, Avatrade, Instaforex and others.
Payment methods include credit cards, wire transfer, Skrill and Neteller
Online chat: available
Email support: yes
Phone representatives: yes
Educational Material and Promotions
Education: steaming market commentary, market research and review, trading central, reuters news, economic calendar, Tutorials for Beginner, Intermediate and Advanced traders, Platform Tutorials, fundamental and technical analysis
Promotion: during our Forex.com review we were unable to find any promotional bonus offers from the broker.
How was the rating of Forex.com performed compared to other brokers?
This 2023 Forex Broker Review has been conducted though thorough research and assessment of rating and ranking among almost 300 international forex brokers. The final grade is given based on Forex.com FX broker performance and features.
Overall our online Forex.com review was conducted with the details obtained from the demo trading and the forex brokers website. If you would like to add details to this online Forex.com or you find inaccurate details Forex.com broker review please get in touch with us and the changes will be applied.