Forex.com Alternatives

The best alternatives to Forex.com are

1. Oanda - American FX broker
2. Interactive Brokers - US discount broker
3. Pepperstone - Australian forex broker
4. 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:

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 forex traders that prefer a user-friendly platform and great research tools
• 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 41 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 alternatives
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 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

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70% of retail CFD accounts lose money

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.

Includes spreads, commissions, and financing rate for opening a $20k position, holding for a week, and closing.

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70% of retail CFD accounts lose money

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.

Learn more about Forex.com minimum deposit here.

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70% of retail CFD accounts lose money

Deposit and withdrawal 4 stars

Forex.com deposit and withdrawal are free and user-friendly. However, the withdrawal can take long.

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70% of retail CFD accounts lose money

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.

Learn more about Forex.com's web trading platform in the detailed Forex.com review.

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70% of retail CFD accounts lose money

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70% of retail CFD accounts lose money

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.

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70% of retail CFD accounts lose money

Verdict

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.

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70% of retail CFD accounts lose money

Forex.com alternatives
Oanda

Best API

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.

Recommended for forex traders that prefer a user-friendly platform and great research tools

Visit broker
77% of retail CFD accounts lose money

Fees 3 stars

Oanda offers low trading fees and high non-trading fees. The withdrawal fee can be really high.

Includes spreads, commissions, and financing rate for opening a $20k position, holding for a week, and closing.

More Visit broker
77% of retail CFD accounts lose money

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.

If you are interested more in Oanda minimum deposit, this overview will help you.

More Visit broker
77% of retail CFD accounts lose money

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.

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77% of retail CFD accounts lose money

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.

Learn more about Oanda's web trading platform in the detailed Oanda review.

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77% of retail CFD accounts lose money

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77% of retail CFD accounts lose money

Markets and products 1 stars

At Oanda, you can trade only forex and some CFDs.

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77% of retail CFD accounts lose money

Verdict

Oanda is a good FX broker.

It has a great web trading platform, you will feel comfortable in a very short time. It provides user-friendly and fully digital account opening. Its research tools are powerful, especially its API.

On the other hand, Oanda has a limited product portfolio, only FX and CFDs. The customer support is slow and usually provides irrelevant answers. The money withdrawal fee can be high.

Feel free to try Oanda. There is no minimum deposit, and the inactivity fee only kicks in after two years. 

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77% of retail CFD accounts lose money

Forex.com alternatives
Interactive Brokers

Best online broker

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.

Recommended for traders who prefer low fees and a professional trading environment

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Fees 4 stars

Interactive Brokers has low trading fees and high non-trading fees. The fees are transparent.

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

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Account opening 3 stars

The account opening process is fully digital, but slow and complicated.

If you are interested more in Interactive Brokers minimum deposit, this overview will help you.

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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.

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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.

Learn more about Interactive Brokers's web trading platform in the detailed Interactive Brokers review.

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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.

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Verdict

IB is one of the biggest discount US brokers regulated by top-tier regulators. If you like low-cost trading and easily navigate on a really complicated platform, Interactive Brokers is for you. We mainly recommend IB for traders.

It has low trading fees, a wide range of product portfolio, and diverse research tools. 

On the flip side, only bank transfer is available for deposit and withdrawal. The account opening and the desktop platform are not user-friendly and complicated.

Interactive Brokers is definitely recommended if you want low fees, a lot of products and you are experienced to cope with a complicated platform.

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Forex.com alternatives
Pepperstone

Best customer support

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.

Recommended for forex traders aiming for a good customer service

Visit broker
74.6% of retail CFD accounts lose money

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.

Includes spreads, commissions, and financing rate for opening a $20k position, holding for a week, and closing.

More Visit broker
74.6% of retail CFD accounts lose money

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.

If you are interested more in Pepperstone minimum deposit, this overview will help you.

More Visit broker
74.6% of retail CFD accounts lose money

Deposit and withdrawal 4 stars

Pepperstone offers a lot of deposit options, which are user-friendly. However, the withdrawal fees are high.

More Visit broker
74.6% of retail CFD accounts lose money

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.

Learn more about Pepperstone's web trading platform in the detailed Pepperstone review.

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74.6% of retail CFD accounts lose money

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74.6% of retail CFD accounts lose money

Markets and products 1 stars

At Pepperstone you can only trade with forex, some CFDs, and cryptos.

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74.6% of retail CFD accounts lose money

Verdict

Pepperstone is a good FX and CFD broker. 

The customer service is great, you will get relevant answers within a short time. Account opening is a breeze, with no minimum deposits. The website is well-designed, clear and easy to navigate.

Pepperstone only offers FX and some CFDs. Its research and education tools could be improved, as there are not a lot of services and options.

Feel free to try Pepperstone. There is no inactivity fee or minimum deposit for standard accounts. 

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74.6% of retail CFD accounts lose money

Forex.com alternatives
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

Visit broker
74-89% of retail CFD accounts lose money

Fees 5 stars

IC Markets has low trading and non-trading fees.

Includes spreads, commissions, and financing rate for opening a $20k position, holding for a week, and closing.

More Visit broker
74-89% of retail CFD accounts lose money

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.

If you are interested more in IC Markets minimum deposit, this overview will help you.

More Visit broker
74-89% of retail CFD accounts lose money

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.

More Visit broker
74-89% of retail CFD accounts lose money

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.

Learn more about IC Markets's web trading platform in the detailed IC Markets review.

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74-89% of retail CFD accounts lose money

More Visit broker
74-89% of retail CFD accounts lose money

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.

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74-89% of retail CFD accounts lose money

Verdict

IC Markets is a great forex and CFD broker. 

Its fees are very low and the account opening is fast and easy. The deposit and withdrawal are free and user-friendly.

On the other hand, IC Markets offers only forex, CFD and crypto trading. It does not provide any investor and negative balance protection.

Feel free to try IC markets as you will have an account within a day and there is no inactivity fee. 

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74-89% of retail CFD accounts lose money

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.

Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.

AUTHOR

Dan Sallai

CMO

My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.

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