The best alternatives to Forex.com are
- Oanda - American FX broker
- Interactive Brokers - US discount broker
- Pepperstone - Australian forex broker
- IC Markets - Australian forex broker
Let's see in a bit more detail how the Forex.com alternatives compare to Forex.com and each other:
| Forex.com | Oanda | Interactive Brokers | Pepperstone | IC Markets | |
|---|---|---|---|---|---|
| Overall score | 4.3 | 4.2 | 4.8 | 4.4 | 4.5 |
| Fees score | |||||
| Account opening score | |||||
| Deposit and withdrawal score | |||||
| Web platform score | |||||
| Markets and products score | |||||
| Visit broker | Visit broker | Visit broker | Visit broker | Visit broker |
Why are these brokers considered good alternatives to Forex.com? There are many areas based on which Forex.com can be compared with others. When we say a given online broker is a good alternative to Forex.com we mean these brokers are comparable in the following areas:
- The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
- The type of clients they target, i.e. beginners, experienced investors, or day traders.
Forex.com alternatives recommendations
Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:
- Forex.com is recommended for forex traders looking for great research tools and customer service
- Oanda is recommended for price sensitive forex and traders
- Interactive Brokers is recommended for traders who prefer low fees and a professional trading environment
- Pepperstone is recommended for forex traders aiming for a good customer service
- IC Markets is recommended for forex traders preferring easy account opening and free deposit and withdrawals
Important factors of finding Forex.com alternatives
So far Brokerchooser has reviewed 29 online brokers in detail, which gives this comparison a solid starting point.
Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we
- open a live account
- check over 100 criteria, with weighting based on readers' preferences
- refresh data regularly
Whether Forex.com or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:
Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. The amounts Forex.com charges you are considered average. When picking an alternative, you could prioritize brokers that are cheaper than Forex.com.
Account opening. To open an account some brokers require at least €50,000 to be invested, while others don't set a minimum first-time deposit. The time it takes to open your account can be very different as well. At Forex.com, the account opening is slower than average, so if you consider this important some Forex.com alternatives can be a good choice.
Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you can make a deposit with a credit card at Forex.com, this might not be the case at its alternatives.
Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.
Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given Forex.com alternative is a must.
Now let's dive into the details of how Forex.com and its alternatives perform in the most important areas!
Forex.com
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 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
- Low forex fees
- Great variety of currency pairs
- Superb technical research tools
- Limited product portfolio
- High stock CFD fees
- Not user-friendly desktop trading platform
Forex.com
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.
- No withdrawal fee
- Low financing rate
- Inactivity fee
| Forex.com | Oanda | Interactive Brokers | Pepperstone | IC Markets | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $14.6 | $19.4 | $23.0 | $17.6 | $15.7 |
| EURGBP benchmark fee | $15.7 | $14.7 | $17.0 | $14.1 | $12.0 |
Includes spreads, commissions, and financing rate for opening a $20k position, holding for a week, and closing.
Forex.com
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.
- Fully digital account opening
- User-friendly
- Many account types
- Slow account opening
| Forex.com | Oanda | Interactive Brokers | Pepperstone | IC Markets | |
|---|---|---|---|---|---|
| Minimum deposit | $50 | $0 | $0 | $0 | $200 |
| Time to open account | >3 days | 1-3 days | 1-3 days | 1-3 days | 1 day |
Learn more about the Forex.com minimum deposit here.
Forex.com
Deposit and withdrawal
4 stars
Forex.com deposit and withdrawal are free and user-friendly. However, the withdrawal can take long.
- Credit/Debit card deposit and withdrawal
- Free withdrawal
- No deposit fee
- Lengthy withdrawal - over 3 days
| Forex.com | Oanda | Interactive Brokers | Pepperstone | IC Markets | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | Yes | No | No | Yes | Yes |
| Electronic wallets | No | No | No | Yes | Yes |
| Withdrawal fee | $0 | $35 | $0 | $20 | $0 |
Forex.com
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.
- User-friendly
- Good customizability (for charts, workspace)
- Good variety of order types
- No two-step (safe) login
- Bugs
| Forex.com | Oanda | Interactive Brokers | Pepperstone | IC Markets | |
|---|---|---|---|---|---|
| Web platform score | |||||
| Mobile platform score | |||||
| Desktop platform score |
Learn more about Forex.com's web trading platform in the detailed Forex.com review.
Forex.com
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 | Oanda | Interactive Brokers | Pepperstone | IC Markets | |
|---|---|---|---|---|---|
| Stock | No | No | Yes | No | No |
| ETF | No | No | Yes | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Fund | No | No | Yes | No | No |
| Bond | No | No | Yes | No | No |
| Options | No | No | Yes | No | No |
| Futures | No | No | Yes | No | No |
| CFD | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | No | Yes | Yes | Yes |
#1 Forex.com alternative - Oanda
Oanda
Oanda is an American FX broker established in 1996. It is considered safe, as it is regulated by top-tier financial authorities, like the UK FCA and the Australian ASIC.
Oanda is a forex and CFD broker. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.
Best API
Recommended for price sensitive forex and traders
- Easy-to-use web trading platform
- Easy and digital account opening
- Powerful research tools
- Only FX, and some CFDs
- Poor customer service
- Pricey withdrawal
Oanda
Fees
3 stars
Oanda offers low trading fees and high non-trading fees. The withdrawal fee can be really high.
- Low trading fees
- Withdrawal fee
- High financing rate
- Financing rate calculation is non-transparent
| Oanda | Forex.com | |
|---|---|---|
| EURUSD benchmark fee | $19.4 | $14.6 |
| EURGBP benchmark fee | $14.7 | $15.7 |
Includes spreads, commissions, and financing rate for opening a $20k position, holding for a week, and closing.
Oanda
Account opening
4 stars
Oanda account opening is hassle-free and straightforward. There is no minimum balance required. On the other hand, the sales team is pushy.
- Fast account opening
- Fully digital account opening
- No minimum account balance
- Sales team pushy
- It can take up to 3 business days
| Oanda | Forex.com | |
|---|---|---|
| Minimum deposit | $0 | $50 |
| Time to open account | 1-3 days | >3 days |
If you are interested more in Oanda minimum deposit, this overview will help you.
Oanda
Deposit and withdrawal
4 stars
You can use many options for both deposit and withdrawal, and the first withdrawal is free for cards. However, the withdrawal can take long and the withdrawal fee can be high.
- Several account base currencies
- User-friendly
- First withdrawal is free for credit/debit cards and electronic wallets
- High withdrawal fee
- Slow funding and withdrawal - over 3 days
| Oanda | Forex.com | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit/Debit card | No | Yes |
| Electronic wallets | No | No |
| Withdrawal fee | $35 | $0 |
Oanda
Web trading platform
5 stars
The Oanda trading platform is great. It is very user-friendly with great customizability and good search functions. On the other hand, you cannot set price alerts.
- User-friendly
- Good search function
- Good customizability (for charts, workspace)
- No price alerts
| Oanda | Forex.com | |
|---|---|---|
| Web platform score | ||
| Mobile platform score | ||
| Desktop platform score |
Learn more about Oanda's web trading platform in the detailed Oanda review.
Oanda
Markets and products
1 stars
At Oanda, you can trade only forex and some CFDs.
| Oanda | Forex.com | |
|---|---|---|
| Stock | No | No |
| ETF | No | No |
| Forex | Yes | Yes |
| Fund | No | No |
| Bond | No | No |
| Options | No | No |
| Futures | No | No |
| CFD | Yes | Yes |
| Crypto | No | Yes |
#2 Forex.com alternative - Interactive Brokers
Interactive Brokers
Interactive Brokers was founded in 1978 and it is one of the biggest US-based discount brokers. It is regulated by several regulators globally, including top-tier authorities like FCA and SEC. Interactive Brokers Group is listed on the New York Stock Exchange.
Interactive Brokers is considered safe because it has a long track record, is listed on a stock exchange, discloses its financials, and is regulated by top-tier regulators.
Best online broker
Recommended for traders who prefer low fees and a professional trading environment
- Broad product portfolio
- Low fees
- Great and diverse research tools
- Funding and withdrawal only through bank transfer
- Complicated account opening process
- Not user-friendly and complicated desktop trading platform
Interactive Brokers
Fees
4 stars
Interactive Brokers has low trading fees and high non-trading fees. The fees are transparent.
- Low trading fees
- Transparent fee structure
- Inactivity fee
| Interactive Brokers | Forex.com | |
|---|---|---|
| Apple benchmark fee | $2.2 | $22.1 |
| Vodafone benchmark fee | $17.9 | $30.7 |
| EURUSD benchmark fee | $23.0 | $14.6 |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Interactive Brokers
Account opening
3 stars
The account opening process is fully digital, but slow and complicated.
- Fully digital account opening
- No minimum deposit for most accounts
- Slow account opening
- Not user-friendly
- Confusing messages throughout the process
| Interactive Brokers | Forex.com | |
|---|---|---|
| Minimum deposit | $0 | $50 |
| Time to open account | 1-3 days | >3 days |
If you are interested more in Interactive Brokers minimum deposit, this overview will help you.
Interactive Brokers
Deposit and withdrawal
2 stars
Interactive Brokers offers a lot of base currencies and one withdrawal per month is free. On the negative side, only bank transfer is available.
- Several account base currencies
- No charge for the first withdrawal each month
- Credit/Debit card deposit and withdrawal not available
- Slow funding and withdrawal - over 3 days
| Interactive Brokers | Forex.com | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit/Debit card | No | Yes |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Interactive Brokers
Web trading platform
4 stars
The Interactive Brokers web platform is simple and easy to use, even for beginners. On the negative side, it is a bit complicated to customize.
- User-friendly
- Clear fee report
- Two-step (safe) login
- Limited customizability (for charts, workspace)
| Interactive Brokers | Forex.com | |
|---|---|---|
| Web platform score | ||
| Mobile platform score | ||
| Desktop platform score |
Learn more about Interactive Brokers's web trading platform in the detailed Interactive Brokers review.
Interactive Brokers
Markets and products
5 stars
Interactive Brokers allows you access to a very wide range of markets and you can trade with all product types. IB's product range is the widest available.
| Interactive Brokers | Forex.com | |
|---|---|---|
| Stock | Yes | No |
| ETF | Yes | No |
| Forex | Yes | Yes |
| Fund | Yes | No |
| Bond | Yes | No |
| Options | Yes | No |
| Futures | Yes | No |
| CFD | Yes | Yes |
| Crypto | Yes | Yes |
#3 Forex.com alternative - Pepperstone
Pepperstone
Pepperstone is an Australian forex broker that also offers some CFDs. It was established in 2010 and opened a London office in 2015 to better serve European clients.
Pepperstone is considered safe, as it is regulated by top-tier financial authorities, like the UK FCA and the Australian ASIC.
Pepperstone is a forex and CFD broker. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% 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.
Best customer support
Recommended for forex traders aiming for a good customer service
- Great customer service
- User-friendly and fast account opening
- Easy-to-use and good-looking platforms
- Limited product portfolio
- Limited research
- Limited education
Pepperstone
Fees
4 stars
Pepperstone has low trading fees and average non-trading fees. It has no inactivity fee. On the negative side, the withdrawal fee is high.
- Low trading fees
- No inactivity fee
- Transparent fee structure
- Withdrawal fee
| Pepperstone | Forex.com | |
|---|---|---|
| EURUSD benchmark fee | $17.6 | $14.6 |
| EURGBP benchmark fee | $14.1 | $15.7 |
Includes spreads, commissions, and financing rate for opening a $20k position, holding for a week, and closing.
Pepperstone
Account opening
4 stars
Pepperstone account opening is great. It is fully digital and user-friendly. On the negative side, it can take several days.
- Fully digital account opening
- User-friendly
- Many account types
- No minimum deposit for Standard Account
- It can take 4-5 business days
| Pepperstone | Forex.com | |
|---|---|---|
| Minimum deposit | $0 | $50 |
| Time to open account | 1-3 days | >3 days |
If you are interested more in Pepperstone minimum deposit, this overview will help you.
Pepperstone
Deposit and withdrawal
4 stars
Pepperstone offers a lot of deposit options, which are user-friendly. However, the withdrawal fees are high.
- User-friendly
- Free bank and electronic wallets deposit
- Free credit and debit cards withdrawal
- High withdrawal fee
| Pepperstone | Forex.com | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit/Debit card | Yes | Yes |
| Electronic wallets | Yes | No |
| Withdrawal fee | $20 | $0 |
Pepperstone
Web trading platform
4 stars
Pepperstone offers only third-party trading platforms. We tested cTrader, which is a great platform: it is well-designed and user-friendly. On the negative side, it lacks the two-step login.
- User-friendly
- Good search function
- Good customizability (for charts, workspace)
- No two-step (safe) login
| Pepperstone | Forex.com | |
|---|---|---|
| Web platform score | ||
| Mobile platform score | ||
| Desktop platform score |
Learn more about Pepperstone's web trading platform in the detailed Pepperstone review.
Pepperstone
Markets and products
1 stars
At Pepperstone you can only trade with forex, some CFDs, and cryptos.
| Pepperstone | Forex.com | |
|---|---|---|
| Stock | No | No |
| ETF | No | No |
| Forex | Yes | Yes |
| Fund | No | No |
| Bond | No | No |
| Options | No | No |
| Futures | No | No |
| CFD | Yes | Yes |
| Crypto | Yes | Yes |
#4 Forex.com alternative - IC Markets
IC Markets
IC Markets is an Australian forex broker offering some CFDs too. It was founded in 2007.
IC Markets is considered safe because it is regulated by the top-tier Australian regulator, the Australian Securities and Investments Commission (ASIC).
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. 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 preferring easy account opening and free deposit and withdrawals
- Low fees
- Easy and fast account opening
- Free deposit and withdrawal
- No investor protection
- No negative balance protection
- Only forex, CFD, and crypto trading is provided
IC Markets
Fees
5 stars
IC Markets has low trading and non-trading fees.
- Low trading fees
- Low non-trading fees
- No withdrawal fee
| IC Markets | Forex.com | |
|---|---|---|
| EURUSD benchmark fee | $15.7 | $14.6 |
| EURGBP benchmark fee | $12.0 | $15.7 |
Includes spreads, commissions, and financing rate for opening a $20k position, holding for a week, and closing.
IC Markets
Account opening
5 stars
The account opening at IC Markets is user-friendly and fully digital. It was also very fast, it took only 1 day until our account was approved.
- Fast account opening
- Fully digital account opening
- User-friendly
| IC Markets | Forex.com | |
|---|---|---|
| Minimum deposit | $200 | $50 |
| Time to open account | 1 day | >3 days |
If you are interested more in IC Markets minimum deposit, this overview will help you.
IC Markets
Deposit and withdrawal
5 stars
IC Markets does great at deposit and withdrawal. There are no fees for deposit and withdrawal. You can also use a lot of options for transferring money.
- Credit/Debit card deposit and withdrawal
- Free withdrawal
- User-friendly
| IC Markets | Forex.com | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit/Debit card | Yes | Yes |
| Electronic wallets | Yes | No |
| Withdrawal fee | $0 | $0 |
IC Markets
Web trading platform
4 stars
IC Markets offers only third-party trading platforms. We tested cTrader which is a great platform. It is well designed and user-friendly. On the flip side, it lacks the two-step login.
- User-friendly
- Good search function
- Good customizability (for charts, workspace)
- No two-step (safe) login
| IC Markets | Forex.com | |
|---|---|---|
| Web platform score | ||
| Mobile platform score | ||
| Desktop platform score |
Learn more about IC Markets's web trading platform in the detailed IC Markets review.
IC Markets
Markets and products
1 stars
At IC Markets, you can trade only forex, some CFDs, and cryptos. It lacks real stock, fund, bonds, options, and futures asset classes.
| IC Markets | Forex.com | |
|---|---|---|
| Stock | No | No |
| ETF | No | No |
| Forex | Yes | Yes |
| Fund | No | No |
| Bond | No | No |
| Options | No | No |
| Futures | No | No |
| CFD | Yes | Yes |
| Crypto | Yes | Yes |
Forex.com alternatives
Bottom line
Based on our analysis, there are several good alternatives to Forex.com. They all offer similar products and target similar customers. Here's a recap of the results in a table.
| Broker | Info | Recommended for |
|---|---|---|
| Forex.com | Global FX and CFD broker | Forex traders looking for great research tools and customer service |
| Oanda | American FX broker | Price sensitive forex and traders |
| Interactive Brokers | US discount broker | Traders who prefer low fees and a professional trading environment |
| Pepperstone | Australian forex broker | Forex traders aiming for a good customer service |
| IC Markets | Australian forex broker | Forex traders preferring easy account opening and free deposit and withdrawals |
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