Forex.com Broker Review

Author By Jeffrey Cammack
Updated: June 2, 2021
Overall Rating
4.49 4.49 / 5
Rated #4 of 50 Recommended Brokers
Min. Deposit
USD 100
Regulators
Trading Desk
Trading Cost
USD 8
Website Language
English, Arabic
Support Language
English, Arabic
AlertFollowing the purchase of the Forex.com and CityIndex brands by StoneX we are currently not comfortable recommending these brands to traders due to changing policies and likely changing trading conditions

Forex Malaysia follows a strict editorial standard in our review process. We may receive compensation when you click on links to products we review. Please read our advertising disclosure.

Summary

Forex.com is a well-regulated NYSE-listed broker, offering trading on multiple assets, including Forex, indices, shares, commodities, precious metals, cryptocurrencies, and oil.  With competitive trading conditions, including tight spreads, high leverage, and low minimum deposits, traders can choose between three different live accounts.  Furthermore, Forex.com allows all trading strategies, including hedging, scalping, and copy trading.

Offering full support for MT4, MT5, and its proprietary Forex.com platform, Forex.com provides an extensive suite of trading tools, including Advanced Charting, SMART Signals, and Performance Analytics. 

Forex.com’s world-class educational and market analysis materials are well-structured and in-depth, and cater for traders of all experience levels. Although none of the website materials are translated into Malay, Malaysian traders will be pleased to note that it offers Islamic swap-free accounts.  

Reviews

Regulation
111115/ 5
Trading Conditions
111115/ 5
Trading Platforms
111104/ 5
Deposit & Withdrawal
11110.54.5/ 5
Education & Research
11110.54.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
1110.503.5/ 5
Beginner Friendly
Excellent
Bonuses
None

Account Information

Base Currencies
USD, EUR, CAD, JPY, CHF, AUD, GBP
Number of FX Pairs
80+
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Min. Spread
0.80 pips
Commission
Fees Included in Spread
EUR/USD
0.8 pips
GBP/USD
1.0 pips
USD/JPY
1.6 pips
Max. Leverage
200:1

Company Details

Company Name
GAIN Capital UK Ltd
Founded
2001
Office Locations
United Kingdom, USA

Pros

  • Well regulated
  • Wide range of assets
  • Excellent education

Cons

  • Expensive withdrawals
  • Limited demo account

Is Forex.com safe?

In operation since 2001, Forex.com is a subsidiary of the GAIN Capital Holdings, an NYSE-listed provider of online trading services that was founded in 1999. GAIN Capital has 1.2 billion USD in total assets and has owned the rival brokerage firm City Index since 2014.  Forex.com is also part of StoneX Group Inc. (NASDAQ: SNEX), a publicly-traded company that meets the highest corporate governance standards.

GAIN Capital’s subsidiaries are regulated by eight national and regional authorities depending on their geographic location:

  • US: GAIN Capital is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).
  • Canada: GAIN Capital is regulated by the Investment Industry Regulatory Organisation.
  • UK: GAIN Capital UK is regulated by the Financial Conduct Authority (FCA).
  • Australia: GAIN Capital Australia is regulated by the Australian Securities and Investment Commission (ASIC).
  • Singapore: GAIN Capital Singapore is regulated by the Monetary Authority of Singapore (MAS).
  • Japan: GAIN Capital Japan is regulated by the Japanese Financial Services Agency (FSA).
  • Cayman Islands: GAIN Global Markets is regulated by the Cayman Islands Monetary Authority (CIMA), Licence number 25033.

Forex.com clients in Malaysia will be trading with GAIN Capital Global Markets, regulated by the Cayman Islands Monetary Authority (CIMA).

Forex.com ensures that client funds are held in top-tier banks and segregated from the assets of the brokerage. Additionally, robust bank review and monitoring guidelines are set by the GAIN Capital Risk Committee to ensure fund security.

With the additional financial reporting required from GAIN Capital’s listing on the NYSE and oversight from some of the world’s toughest regulatory authorities (NFA, FCA, MAS, and ASIC), we consider Forex.com is a safe broker.

Forex.com Trading Conditions

In 2011, Forex.com was the first broker to introduce an Execution Scorecard and remains the only US-based broker to disclose execution quality.  Recent data shows that Forex.com’s average execution speed is 0.04 seconds, and 99.79% of trades are executed in under 1 second. This is exceptionally fast for the Forex industry and is a real benefit for scalpers and algorithmic traders.

Forex.com offers three account types: A Standard Account with no commission and wider spreads, a Commission Account that charges a commission per lot traded but with much tighter spreads, and the commission-only Direct Market Access Account with no spread mark-up. Both the Standard Account and the Commission Account are available as demo accounts, but demo accounts will expire after 30 days, and you will be required to open a live account.

Alongside Forex, Forex.com also offers trading on indices, shares, commodities, precious metals, cryptocurrencies, and oil. Cryptocurrencies include Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereum.

Maximum leverage differs according to the trading platform, asset class, and position size. Smaller trades on major pairs will have access to leverage of up to 200:1; however, you can request it to be changed to a maximum of 400:1 by contacting Forex.com customer support.

Account Types

Scroll for more detailsPreviousNext
Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
Commission
USD 100
1:200
0.20
5USD/lot
Account Details
DMA Account
USD 100
1:200
0.0
Variable
Account Details
Standard
USD 100
1:200
0.80
None
Account Details

Standard Account

The Standard Account has a minimum deposit of 100 USD, variable spreads (as low as 0.8 pips on the EUR/USD but more typically around 1.3 pips), and no commission. This account is available on the Forex.com platform, MT4, and MT5 and gives you trading access to over 80 currency pairs, four crypto pairs, and hundreds of equity, index, and commodity CFDs.

Commission Account

The Commission Account also has a minimum deposit of 100 USD and variable spreads, but traders are charged a commission of 5 USD per lot traded. Spreads on the EUR/USD are as tight as 0.2 pips with this account. Like the Standard Account, the Commission Account is available on the Forex.com platform, MT4, and MT5.

Direct Market Access Account

The DMA Account is specifically for high-volume traders and requires an account balance of 25,000 USD. This account is commission-based only, with no mark-up on the spread. As the name suggests, this is a market execution account and uses STP execution methods with no broker intervention. This account is only available on the Forex.com trading platform and only allows trading on 58 currency pairs.

Spreads and Commission

Forex.com spreads are competitive across the board. Average spreads are close to 1 pip on the EUR/USD are standard for the industry, and with a commission of only 5 USD per lot on the Commission Account, trading costs are cheaper than many of Forex.com’s competitors.

Deposit and Withdrawal

Unusually for a large broker, Forex.com only accepts deposits and withdrawals via credit/debit card or bank transfers. Like most brokers, Forex.com operates a “return to source policy,” meaning that withdrawals can only be returned to the original funding source. Furthermore, Forex.com will convert all funds into USD upon receipt.

  • Credit/Debit Cards: Deposits are free and are processed immediately.  Withdrawals are free and are processed within 24 hours. 
  • Bank transfers:  Deposits are free but may take up to 1-2 business days to reach one’s trading account. Withdrawals are free and are processed within 48 hours. 

The minimum withdrawal amount is 100 USD.  Be aware that while Forex.com will not charge a fee for bank transfer deposits or withdrawals, your bank may do so.

Forex.com charges an inactivity fee of 15 USD per month if you do not open any positions for over 12 months. However, to avoid this fee, contact Forex.com to temporarily disable your account.

Forex.com for Beginners

Beginner traders will find Forex.com a welcoming environment, with a comprehensive and well-structured education section, and frequent and detailed market analysis from Forex.com’s experienced in-house research team. The major downside for beginners is the limited demo account, which will expire after 30 days on all platforms.

Education Material

An experienced team of Forex educators has obviously designed the education section at Forex.com. It is intended to slowly build confidence and helps beginners learn how to trade Forex with a wealth of educational tools and online resources.

The first thing new traders will find is a Trade Type Quiz, which will help beginners identify what trading strategies will best suit their personality. From here, you can link off to three different sections of educational material: Beginner, Intermediate and Advanced. You can also check out individual themes, such as technical analysis and risk management.

Each section is clear, concise, and carefully tailored to the experience level of the trader. All the educational resources are accessible to visitors of Forex.com’s site.

Analysis Material

Forex.com has one of the best market research and analysis sections we have seen. Posts by the in-house research team and detailed and cover all aspects of the financial markets. Full of trading opportunities and insightful analysis, it is no surprise that the Forex.com Twitter feed has 170k followers.

Posts can be filtered by author, market, theme, or trending topics, and the site is updated multiple times a day.

Also, in the analytical section, you will find an excellent economic calendar and a very helpful pivot point calculator, handy for on-the-fly technical analysis.

Customer Support

Like most brokers, customer support is available 24/5 via phone, email, and bot chat. You can also interact with the Forex.com teams via Facebook and Twitter.  Note that customer support is not offered in Malay.

Forex.com Trading Platforms

Forex.com offers three trading platforms, including its proprietary platform, Forex.com, MetaTrader 4, and MetaTrader 5.

Forex.com Platform

The most powerful version of the Forex.com platforms is available as a downloadable desktop application and offers professional analytics tools, over 100 predefined indicators, 15 time frames, and trading directly from the charts. This version of the platform is better suited to more experienced traders. The Forex.com platform is also available in your browser, with slightly decreased functionality, sacrificing customisability for simplicity.

MetaTrader 4

The MT4 trading platform is the most widely used Forex trading platform and can also be used to trade other instruments like commodities, cryptocurrency, stock index, and stock CFDs. Though it is now showing its age, MT4 is still very popular for its auto trading features, enabling algorithmic trading and strategy backtesting with expert advisors (trading robots).

Unlike most standard MetaTrader 4 platforms you will find at other brokers, Forex.com’s MT4 comes with fully integrated Reuters news, Forex.com’s research, and analysis, AutoChartist, and Trading Central.

MetaTrader 5

The MT5 trading platform is being adopted by more Forex brokers all the time; it has a more modern interface, allows for an unlimited number of charts to be used, shows Depth of Market, and has a built-in Economic Calendar. It also has more pending order types than MT4 and features an embedded chat system. Furthermore, the MQL5 scripting language is more efficient than its precursor, and MT5 has more advanced charting tools than MT4.

For traders with a minimum 5000 USD balance, Forex.com also supplies free MT5 VPS hosting, allowing for a complete automated trading strategy.

All three platforms are also available on mobile for iOS and Android devices, though there will be a corresponding loss of functionality.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the Forex.com offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Risk Statement

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. Forex.com would like you to know that:  Foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.

Overview

Forex.com benefits from being part of the publicly-listed GAIN Capital Group and offers excellent education and market research alongside competitive trading conditions. Though there is nothing too exciting on offer here, the wide range of platforms and tradeable assets makes Forex.com a tempting option for traders looking for a serious market maker broker.  Beginners will enjoy the education and analysis available, but they may be disappointed by the limited demo account.

AlertFollowing the purchase of the Forex.com and CityIndex brands by StoneX we are currently not comfortable recommending these brands to traders due to changing policies and likely changing trading conditions
Scroll for more detailsPreviousNext
Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.49/ 5
USD 100
Market Maker
Forex
Metals
Indicies
Equities
Commodities
Cryptocurrencies
80+
8
  • Well regulated
  • Wide range of assets
  • Excellent education
  • Expensive withdrawals
  • Limited demo account
111115/ 5
111115/ 5
111104/ 5
11110.54.5/ 5
11110.54.5/ 5
11110.54.5/ 5
1110.503.5/ 5
77% of retail investor accounts lose money when trading CFDs with this provider
200:1
0.80 pips
Commission
DMA Account
Standard
Paypal
Bank Transfer
Visa
Fees Included in Spread
1110.503.69/ 5
USD 200
Market Maker
Commodities
Cryptocurrencies
Forex
Indicies
Equities
52
16
  • Well regulated
  • Good for beginners
  • Innovative trading tools
  • Limited education
  • Wide spreads
11110.54.5/ 5
111104/ 5
111104/ 5
110002/ 5
10.50001.5/ 5
11110.54.5/ 5
111104/ 5
67% of retail investor accounts lose money when trading CFDs with this provider
400:1
1 pips
Professional
Standard
etoro
Visa
Mastercard
Neteller
Unionpay
Skrill
Paypal
Fees Included in Spread
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AlertMost retail CFD accounts lose money. Your capital is at risk.

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