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Forex.com Review 2019

4.3 4 stars · Feb 2019
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70% of retail CFD accounts lose money
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Forex.com was founded in 2001 and it is a global forex broker. It is regulated by top tier regulators, like the UK FCA or the US CFTC.

Forex.com is considered safe because it has a long track record, its parent company is listed on stock exchange, and is regulated by top-tier regulators.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders looking for great research tools and customer service.

Pros
  • Low forex fees
  • Great variety of currency pairs
  • Superb technical research tools
Cons
  • Limited product portfolio
  • High stock CFD fees
  • Not user-friendly desktop trading platform

Forex.com pros and cons

Forex.com has low forex fees and a wide currency pair offer. It has also great and diverse technical research tools.

The product portfolio is limited, providing only forex and CFDs. The stock CFD fees are high. Its desktop trading platform is not user-friendly.

Compare to other brokers

Forex.com review
Fees 3 stars

Forex.com has average trading and average non-trading fees. It has low forex but high stock CFD fees. Its financing rates are low.
Pros
  • No withdrawal fee
  • Low financing rate
Cons
  • Inactivity fee
Forex.com Fees snapshot
Assets Fee level Fee terms
US stock fee High $0.008 per share; min $10
EURUSD fee Low The fees are built into spread, 1.3 pips is the spread cost
US tech fund fee - Not available
Inactivity fee Average $15 per month after one year of inactivity

To get things rolling, let's go over some broker fee lingo. You need to keep an eye on trading fees, financing rates, and non-trading fees.

We compare Forex.com fees with two Forex.com alternatives, Oanda and Interactive Brokers.

Let's start with the trading fees.

Trading fees

Forex.com’s trading fees are average. It has low forex fees, but high stock CFD fees.

It is super hard to compare trading fees for brokers. What we did at Brokerchooser? Instead of quoting long fee tables, we compare brokers by calculating all fees of a typical trade for selected products.

  • EURUSD, a popular currency pair
  • EURGBP, another popular currency pair
  • Apple, a large US stock
  • Vodafone, a large European stock

The typical trade means buying a position, holding for one week, and selling it. For the volume, we chose a $2,000 position for the stocks and $20,000 for the EURUSD.

This super catch-all benchmark includes spreads, commissions and financing costs for all brokers.

Here is the verdict. Forex.com has low forex, but high stock CFD fees.

Forex.com fees benchmarked
  Forex.com Oanda Interactive Brokers
EURUSD benchmark fee $14.6 $19.4 $23.0
EURGBP benchmark fee $15.7 $14.7 $17.0
Apple benchmark fee $22.1 - $2.2
Vodafone benchmark fee $30.7 - $17.9

Financing rates

If you want to trade on margin and prefer to hold your positions long, financing costs can be significant.

Forex.com financing rates are low.

Forex.com yearly financing rates
  Forex.com Oanda Interactive Brokers
EURUSD financing rate 3.3% 4.5% 4.9%
EURGBP financing rate 3.3% 3.0% 3.3%
Apple financing rate 5.8% - 5.8%
Vodafone financing rate 4.0% - 3.9%

Non-trading fees

Forex.com has average non-trading fees. It does not apply withdrawal fees and account fees.

On the flip side, there is a $15 monthly fee after one year of inactivity.

Forex.com non-trading fees
  Forex.com Oanda Interactive Brokers
Account fee No No No
Inactivity fee Yes Yes Yes
Withdrawal fee $0 $35 $0

Forex.com review
Account opening 4 stars

Forex.com account opening is fully digital and you can choose from more account types. But, the account opening can take more days.
Pros
  • Fully digital account opening
  • User-friendly
  • Many account types
Cons
  • Slow account opening

Can you open an account?

Forex.com accepts customers from most countries, including the US. There are few exceptions, most notables are Hong Kong and New Zealand.

Minimum deposit

Forex.com requires to deposit a minimum of $50 or equivalent in other currencies.

This is a low amount. There are other brokers which require a minimum of $2,000 or more.

Account types

You can open individual, joint, corporate, and sharia accounts. Offering shariah account is a unique feature as most brokers don't do that. 

How to open your account

The account opening is fully digital but can take more days until your account is approved.

Four steps of Forex.com account open:

  1. Choose whether you want to use Forex.com's own trading platform or MetaTrader 4, a third-party trading platform.
  2. Provide your personal and financial information.
  3. Answer a couple of questions relating to your financial knowledge and trading history.
  4. Verify your ID and residency. You can upload national ID, passport, or driver's license for verifying your ID. Utility bill and bank statements are accepted for residency verification.

We had some inconveniences with the account verification. Forex.com rejected the uploaded proof of residency but did not tell us the reason. We think they should give more information if something went wrong.

 

Forex.com review - Account opening

Forex.com review
Deposit and withdrawal 4 stars

Forex.com deposit and withdrawal are free and user-friendly. However, the withdrawal can take long.
Pros
  • Credit/Debit card deposit and withdrawal
  • Free withdrawal
  • No deposit fee
Cons
  • Lengthy withdrawal - over 3 days

Account base currencies

At Forex.com, you can choose from 7 base currencies: EUR, GBP, USD, CAD, AUD, CHF, and JPY.

This variety of account currency is a bit smaller than at its competitor brokers.  E.g. Oanda offers 9, while Interactive Brokers has 23 base currencies.

Why does this matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

A convenient way to save on the currency conversion fees can be to open a multi-currency bank account. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. The account opening only takes a few minutes on your phone.

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Deposit fees and options

Forex.com deposit is free of charge.

You can use bank transfer and credit/debit cards, but cannot use electronic wallets.

Forex.com deposit options
  Forex.com Oanda Interactive Brokers
Bank transfer Yes Yes Yes
Credit/Debit card Yes Yes No
Electronic wallets No Yes No

The bank transfer can take more business days, while credit/debit cards are instant.

You can only deposit money from sources which are on your name.

Forex.com review - Deposit and withdrawal - Deposit

Withdrawal fees and options

Forex.com withdrawal fees are free of charge. This is great as competitor brokers can charge a quite high amount.

You can use the same options as for the deposit.

Forex.com withdrawal fees and options
  Forex.com Oanda Interactive Brokers
Bank Transfer Yes Yes Yes
Credit/Debit card Yes No No
Electronic wallets No No No
Withdrawal fee $0 $35 $0

The bank transfer can take 2-3 business days, while credit/debit cards can take longer, even 5 business days.

We had a problem with the withdrawal. Forex.com cannot send out money to some MasterCard and Visa credit cards. As a result, we could only withdraw money by bank transfer. It would be great to know in advance which card is good for withdrawal and which is not.

You can only withdraw money to accounts on your name.

Compare to other brokers

Forex.com review
Web trading platform 4 stars

Forex.com web trading platform is user-friendly and extremely customizable. It has also a lot of order types. On the flip side, there is no two-step login and we found a couple of bugs.
Pros
  • User-friendly
  • Good customizability (for charts, workspace)
  • Good variety of order types
Cons
  • No two-step (safe) login
  • Bugs
Forex.com Platforms to Choose From
Trading platform Score Available
Web 4 / 5 stars Yes
Mobile 4 / 5 stars Yes
Desktop 3 / 5 stars Yes

Forex.com has two web trading platforms, Web Trader and MetaTrader 4. We tested the Web Trader because it is Forex.com's own platform, while MetaTrader 4 is provided by a third-party.

The Web Trader is available only in English.

Look and feel

Forex.com web trading platform is user-friendly and looks nice.

It is extremely customizableYou can easily add, remove, change the size, and change the position of the tabs.

On the flip side, we found some bugs during the tests. E.g. when we opened the research tabs, these were totally empty.

Forex.com review - Web trading platform

Login and security

Forex.com provides a one-step login. A two-step authentication would be more safe here.

Search functions

The web trading platform has good search functions. You can search by typing the preferred product and there is also a product list with categories, like forex or popular markets.

Forex.com review - Web trading platform - Search

Placing orders

You can use many order types, including some sophisticated ones:

  • Market
  • Limit
  • Stop-loss
  • Trailing stop
  • One-cancel-other (OCO)

If you are not familiar with the basic order types, read this overview.

There are also order terms you can use:

  • Good 'til canceled (GTC)
  • Good 'til end of the day (GTD)
  • Good 'til time (GTT)
Forex.com review - Web trading platform - Order panel

Alerts and notifications

The alert function lets you know when an asset reaches a price target. You also get a notification when your order gets fulfilled. This is a push notification both on web and mobile platforms. You can set easily the alerts and notifications.

Portfolio and fee reports

Forex.com has clear portfolio and fee reports. You can find these under the "Reports" tab and download in PDF, XLS, XML, and CSV.

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Forex.com review
Mobile trading platform 4 stars

Forex.com mobile trading platform looks nice and is easy to use. The search function is also great. On the flip side, the two-step login is missing.
Pros
  • User-friendly
  • Good search function
  • Good variety of order types
Cons
  • No two-step (safe) login

Forex.com operates mobile platforms both on iOS and Android. It is available only in English.

The mobile platform is very similar to the web platform with the same design and functionalities.

Forex.com review - Mobile trading platform

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70% of retail CFD accounts lose money

Forex.com review
Desktop trading platform 3 stars

Forex.com desktop platform has the same functionalities as the web trading platform but lags behind in user-friendliness.
Pros
  • Good customizability (for charts, workspace)
  • Good variety of order types
  • Available in several languages
Cons
  • Not user-friendly
  • No two-step (safe) login

There are two desktop platforms, the Advanced Trading Platform and MetaTrader 4. Similarly to the web trading platform, we tested Advanced Trading Platform as this is Forex.com's own platform, while MetaTrader 4 is a third-party platform.

In contrast with web and mobile trading platforms, you can select from more languages: English, Chinese, Arabic, German, Japanese, Polish, and Hungarian.

Forex.com's desktop platform is the same as the web trading platform in functionalities, like order types, price alerts, and reports.

The desktop trading platform has good customizability. You can compile and save your own layout. On the flip side, it is not user-friendly and feels outdated. It was hard to navigate on the platform and felt too crowded with functions.

Forex.com review - Desktop trading platform

 

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70% of retail CFD accounts lose money

Forex.com review
Markets and products 1 stars

At Forex.com, you can trade only with forex, CFDs, and cryptos. Other asset classes, like real stocks or funds, are not available.

Forex.com is a forex broker with some CFDs. To learn more on CFDs read our CFD trading tips.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Forex.com provides a great number of currency pairs, but the CFD offer is not extensive. 

  Forex.com Oanda Interactive Brokers
Currency pairs (#) 84 55 105
Stock index CFDs (#) 17 16 13
Stock CFDs (#) 230 - 5,900
Commodity CFDs (#) 5 32 -
Cryptos (#) 4 - 2

You cannot change the default leverage level of the products. However, we think you should be in control of this.

Forex.com review
Research 5 stars

Forex.com has great and diverse research tools. It offers good charting tools, recommendations, economic calendar, and quality news.
Pros
  • Good interactive chart
  • Analyst recommendations for stocks, bonds, etc.
  • Good quality news flow
Cons
None

Recommendations

Forex.com review - Research - Recommendations

Fundamental data

There is an economic calendar which shows historical macroeconomic data. When you select an event, you can read a short summary about it and check its historical data. These data are useful for forex traders using macroeconomic indicators for their trades.

Forex.com review - Research - Economic calendar

Charting

The charting tools are great. You can use ~80 technical indicators. It is a good selection compared to Oanda's ~20 and Interactive Brokers' ~120 indicators.

News feed

The news feed is high-quality and written by Forex.com's research team. You can read that on the Market Analysis tab. We liked that the news can be filtered based on several news categories.

Other research tools you will enjoy

Technical Insights and Autochartist are two other technical tools you will enjoy. Both recognize chart patterns and can give you trade ideas.

Forex.com review - Research - Technical Insights

Compare research pros and cons

Forex.com review
Customer service 5 stars

Forex.com customer service is great. You can reach them in many ways and you will get fast and relevant answers.
Pros
  • Phone support
  • Live chat
  • Fast response time
Cons
  • Low-quality email support

You can contact Forex.com via:

  • telephone
  • email
  • live chat and chatbot

We were really satisfied with Forex.com phone support. They answered on phone instantly, and we got relevant answers.

The email support is fast, but not relevant. We emailed them four times and received answers for all of them within 1 day. However, the answers were not helpful as we got only links to the FAQ pages.

Forex.com operates a chatbot which can answer some basic questions, like "How I can deposit?". If you prefer, you can change to live chat and talk to an agent.

We also liked that Forex.com customer service is available 24 hours a day from Sunday to Friday.

Forex.com review - Customer Service

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70% of retail CFD accounts lose money

Forex.com review
Education 5 stars

Forex.com does a great job in education. It offers many ways to learn.
Pros
  • Demo account
  • Trading platform tutorial videos
  • Educational videos
Cons
None

At Forex.com you can learn in the following ways:

  • Demo account
  • Platform tutorial videos
  • General educational videos
  • Quality educational articles
  • Trading glossary
  • Quiz

We liked the quality and the structuring of the videos. You can choose from different topics, like fundamental analysis or risk management.

The quiz and trading glossary are unique educational tools. We found them really enjoyable and useful.

Forex.com review - Education

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70% of retail CFD accounts lose money

Forex.com review
Safety

Forex.com is regulated by top-tier regulators, like FCA. Its parent company, GAIN Capital is listed on the New York Stock Exchange.
Pros
  • Regulated by top tier financial authority
  • High level of investor protection
  • Parent company listed on stock exchange
Cons
None

Is Forex.com safe? To be certain, it is best to check two things: how you are protected if something goes south and what the background of the broker is.

How you are protected

Forex.com operates a bunch of subsidiaries and depending on your residency, one of these subsidiaries will serve you. The investor protection amount you get depends on the subsidiary's country you are signing up with.

For example, if you come from the UK, you will sign up with GAIN Capital UK Ltd and get a £85,000 investor protection. GAIN Capital UK Ltd is regulated by the FCA, the UK regulator.

Forex.com legal entities
Country of clients Protection amount Regulator Legal entity
Europe £85,000 Financial Conduct Authority (FCA) GAIN Capital UK Ltd.
USA No protection

Futures Commission Merchant (FCM)

Retail Foreign Exchange Dealer (RFED)

Commodity Futures Trading Commission (CFTC)

National Futures Association (NFA)

GAIN Capital Group LLC
Canada $1,000,000 Investment Industry Regulatory Organization of Canada (IIROC) GAIN Capital - FOREX.com Canada Limited
Japan No protection Japanese Financial Services Authority (FSA) Gain Capital Japan Co.

Forex.com also provides negative balance protection.

Background

Forex.com is the brand of GAIN Capital, a US-based investment company. It is important as a strong parent company reduces the chance the company goes bust.

GAIN Capital is also listed on the New York Stock Exchange. It is a big plus for safety as Forex.com releases financial statements regularly and transparently.

Forex.com was established in 2001. The longer the track record of a broker, the more proof we have it had already managed previous financial crises.

Being the parent company listed on stock exchange, providing financial statements, and being regulated by top-tier regulators are all great signs for Forex.com’s safety.

Filter the brokers by investor protection

Forex.com review
Bottom line

In our Forex.com review, we tested Forex.com thoroughly and here is the verdict.

On the bright side, it has low forex fees, many currency pairs, high-quality research tools, and great customer support.

It has some drawbacks though. The product portfolio is limited, the stock CFD fees are quite high, and the desktop platform is not easy-to-use.

As there is no withdrawal fee and inactivity fee only kicks in after one year, feel free to try it out.

Forex.com main features and highlights

🗺️ Country of regulation UK, USA, Canada, Japan
💰 Trading fees class Average
💰 Inactivity fee charged Yes
💰 Withdrawal fee amount $0
💰 Minimum deposit $50
🕖 Time to open an account >3 days
💳 Deposit with credit card Available
👛 Depositing with electronic wallet Not available
💱 Number of base currencies supported 7
🎮 Demo account provided Yes
🛍️ Products offered Forex, CFD, Crypto

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70% of retail CFD accounts lose money

Forex.com logo

Forex.com was founded in 2001 and it is a global forex broker. It is regulated by top tier regulators, like the UK FCA or the US CFTC.

Forex.com is considered safe because it has a long track record, its parent company is listed on stock exchange, and is regulated by top-tier regulators.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders looking for great research tools and customer service.

Compare to other brokers

Overall 4 stars

Pros
  • Low forex fees
  • Great variety of currency pairs
  • Superb technical research tools
Cons
  • Limited product portfolio
  • High stock CFD fees
  • Not user-friendly desktop trading platform

Fees 3 stars

Pros
  • No withdrawal fee
  • Low financing rate
Cons
  • Inactivity fee

Account opening 4 stars

Pros
  • Fully digital account opening
  • User-friendly
  • Many account types
Cons
  • Slow account opening

Deposit and withdrawal 4 stars

Pros
  • Credit/Debit card deposit and withdrawal
  • Free withdrawal
  • No deposit fee
Cons
  • Lengthy withdrawal - over 3 days

Web trading platform 4 stars

Pros
  • User-friendly
  • Good customizability (for charts, workspace)
  • Good variety of order types
Cons
  • No two-step (safe) login
  • Bugs

Mobile trading platform 4 stars

Pros
  • User-friendly
  • Good search function
  • Good variety of order types
Cons
  • No two-step (safe) login

Desktop trading platform 3 stars

Pros
  • Good customizability (for charts, workspace)
  • Good variety of order types
  • Available in several languages
Cons
  • Not user-friendly
  • No two-step (safe) login

Markets and products 1 stars

The available asset classes to trade:

  • Forex
  • CFD
  • Crypto

Research 5 stars

Pros
  • Good interactive chart
  • Analyst recommendations for stocks, bonds, etc.
  • Good quality news flow
Cons
None

Customer service 5 stars

Pros
  • Phone support
  • Live chat
  • Fast response time
Cons
  • Low-quality email support

Education 5 stars

Pros
  • Demo account
  • Trading platform tutorial videos
  • Educational videos
Cons
None

Safety

Pros
  • Regulated by top tier financial authority
  • High level of investor protection
  • Parent company listed on stock exchange
Cons
None

AUTHOR OF THIS REVIEW

Gergely Korpos
Gergely Korpos
Co-founder, CPO
Gergely's aim is to bring more clarity into personal investing. He has 10 years of experience in financial markets with GE Money, KPMG and MOL. He concluded thousands of trades as a commodity trader and financial portfolio manager

METHODOLOGY

Everything you find on Brokerchooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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