Forex.com Alternatives

The best alternatives to Forex.com are

1. Oanda - US forex broker
2. IG - Global CFD and forex broker
3. Interactive Brokers - US discount 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 low fees and great research tools
• Oanda is recommended for forex traders who value a user-friendly platform and great research tools
• IG is recommended for traders of any experience level looking for an easy-to-use trading platform
• Interactive Brokers is recommended for traders looking for low fees and a professional trading environment

Important factors of finding Forex.com alternatives

So far BrokerChooser has reviewed 77 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. Forex.com is one of the cheaper brokers, so if this is an important consideration for you, make sure you pick a similarly low-cost Forex.com alternative.

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 is a global FX and CFD broker established in 2001. Forex.com is a brand of GAIN Capital, which is listed on the New York Stock Exchange. The company is regulated by several financial authorities, including the top-tier Financial Conduct Authority (FCA) in the UK and the US Commodity Futures Trading Commission (CFTC).

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

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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 low fees and great research tools

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74% of retail CFD accounts lose money

Fees

3.7

Forex.com has low fees for forex trades and there is no withdrawal fee. On the other hand, stock CFD fees are high and there is an inactivity fee.

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

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74% of retail CFD accounts lose money

Account opening

4.4

Forex.com's account opening is seamless and fully digital, with a low minimum deposit. On the other hand, account verification takes around 2 business days, which is not the fastest on the market.

Learn more about Forex.com minimum deposit here.

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74% of retail CFD accounts lose money

Deposit and withdrawal

4.3

Forex.com provides multiple deposit and withdrawal options, all free of charge. However, withdrawal is not possible with some credit cards.

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74% of retail CFD accounts lose money

Web trading platform

4.3

Forex.com's web trading platform is user-friendly and extremely customizable, with lots of order types. On the negative side, there is no two-step login.

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

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74% of retail CFD accounts lose money

Markets and products

1.9

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

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74% of retail CFD accounts lose money

Verdict

Forex.com is a great forex and CFD broker regulated by several financial authorities, such as the UK's FCA and the US CFTC.

On the positive side, it has low forex fees, many tradable currency pairs, and high-quality research tools.

It has some drawbacks though. Popular assets like real stocks or bonds are not provided. Stock CFD fees are quite high, and the desktop platform is not easy to use.

Since there is no inactivity fee unless you don't trade for one year, feel free to try Forex.com today.

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74% of retail CFD accounts lose money

Oanda is an American forex broker founded in 1996. It is still a private company, thus not listed on any stock exchange.

Oanda is regulated by top-tier authorities, such as the US Commodity Trading Futures Commission, the National Futures Association (CFTC) and the UK's Financial Conduct Authority (FCA). 

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.5% 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.

The services offered by the broker's different entities differ slightly. In this review, we mainly focus on the UK one.

Recommended for forex traders who value a user-friendly platform and great research tools

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73.5% of retail CFD accounts lose money

Fees

2.9

Oanda charges low forex fees. Non-trading fees, such as the inactivity fee and withdrawal fees, are average.

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

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73.5% of retail CFD accounts lose money

Account opening

4.4

Oanda's account opening is straightforward, with no required minimum balance.

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

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73.5% of retail CFD accounts lose money

Deposit and withdrawal

4.2

Oanda charges no deposit and account fees. The inactivity fee is also reasonable. You can also withdraw your money free of charge with a debit or credit card, but bank transfers and PayPal withdrawals are quite costly.

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73.5% of retail CFD accounts lose money

Web trading platform

4.5

Oanda's web trading platform is user-friendly and safe with good customizability. On the downside, you can't set price alerts.

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

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73.5% of retail CFD accounts lose money

Markets and products

1.6

At Oanda you can trade only forex and CFDs. It offers fewer forex pairs but more CFDs than its closest competitors.

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73.5% of retail CFD accounts lose money

Verdict

Oanda is a great forex broker: its trading fees are low and it has user-friendly trading platforms that you will quickly learn to use confidently. It also provides powerful research tools, especially trading APIs.

On the other hand, Oanda has a limited product portfolio, with only forex and CFD products available. It doesn't have a banking background and is not listed on any stock exchange, two typical factors that enhance transparancy and regulatory scrutiny. Withdrawal fees can also be high.

Feel free to try Oanda: it is regulated by top-tier regulators, there is no minimum deposit, and the inactivity fee only kicks in after one year.

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73.5% of retail CFD accounts lose money

IG was established in the UK in 1974 and is one of the biggest CFD brokers in the world. It is regulated by several bodies globally, including top-tier regulators like the UK's Financial Conduct Authority (FCA) and Germany's Federal Financial Supervisory Authority (BaFin). IG Group is listed on the London Stock Exchange.

IG is considered safe because it is listed on a stock exchange, discloses its financials and is overseen by top-tier regulators.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 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. CFDs are not provided for US clients. Forex trading involves risk. Losses can exceed deposits.

Recommended for traders of any experience level looking for an easy-to-use trading platform

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74-89% of retail CFD accounts lose money

Fees

2.7

IG has low non-trading fees. There is no fee for withdrawals and an inactivity fee is charged only after 2 years. On the negative side, the forex and stock CFD fees are high.

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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74-89% of retail CFD accounts lose money

Account opening

4.4

IG's account opening is seamless and fully digital. There is no minimum deposit for bank transfers and a low, $/€300 minimum deposit for credit/debit cards and PayPal. On the other hand, account verification takes around 3 business days, which is slower than at some other brokers.

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

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74-89% of retail CFD accounts lose money

Deposit and withdrawal

4.5

IG offers free and fast deposits and withdrawals. There are various options for funding your account, including traditional methods such as bank wire transfer and credit card funding, as well as PayPal.

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74-89% of retail CFD accounts lose money

Web trading platform

5.0

IG's web trading platform is great for both beginners and professional traders. It is easy to use, has all the necessary functions and can be customized.

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

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74-89% of retail CFD accounts lose money

Markets and products

4.0

At IG, most clients can only trade with CFDs, forex and options. There are literally thousands of CFDs available to trade. Residents in the UK and some other countries can also trade with real stocks. Other popular assets, however, like mutual funds and bonds, are not available.

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74-89% of retail CFD accounts lose money

Verdict

IG is one of the biggest and most reliable CFD brokers. It is regulated by several financial authorities around the world. IG Group is listed on the London Stock Exchange.

IG has one of the best web trading platforms BrokerChooser has tested. The deposit and withdrawal conditions are great. You can also expand your knowledge with great educational materials.

On the other hand, there are some drawbacks. The forex and stock CFD fees are high and the product portfolio in most countries is limited to forex, CFDs and options. Customer support could be better.

Feel free to test IG's first-class trading platform, since there is no minimum funding amount for bank transfers and you can also easily open a demo account. 

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74-89% of retail CFD accounts lose money

Interactive Brokers was founded in 1978 and is one of the biggest US-based discount brokers. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

As it has licenses from multiple top-tier regulators, Interactive Brokers is considered safe. Having a long track record and publicly disclosed financials while being listed on a stock exchange are also great signs for its safety.

Recommended for traders looking for low fees and a professional trading environment

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Fees

4.0

Interactive Brokers has low trading fees; for US clients, stock and ETF trading is free. On the negative side, there is a high inactivity fee for non-US clients.

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

3.4

IB's account opening process is fully digital and the required minimum deposit is low. On the negative side, the process is complicated, and account verification takes relatively long.

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

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Deposit and withdrawal

3.5

Interactive Brokers offers many account base currency options and one free withdrawal per month. The main drawbacks are that you can only use bank transfer.

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Web trading platform

4.3

Interactive Brokers's web platform is simple and easy to use, even for beginners. On the negative side, it is not customizable.

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

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Markets and products

5.0

Through Interactive Brokers you can access an extremely wide range of markets and all product types are available.

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Verdict

Interactive Brokers is one of the biggest US-based discount brokers, regulated by several top-tier regulators globally. We recommend this broker for advanced traders.

On the plus side, IB has low fees, a vast range of markets and products available with diverse research tools. 

There are some drawbacks though: there is a high inactivity fee and the account opening process is complicated. The desktop platform is complex and hard to get a handle on, especially for beginners.

If you have experience navigating complex platforms and enjoy transparent, low-cost trading, Interactive Brokers could be a great fit for you.

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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.