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Is Forex.com safe and legit?

Your expert
Adam N.
Fact checked by
Updated
Jan 2024
Personally tested Personally tested
Data-driven Data-driven
Independent Independent

Forex.com is not a scam

Signing up with a fraudulent broker can easily result in you losing your money. The monetary loss can set back your investment plans by years.

You can rest assured, Forex.com is considered reliable as it has multiple top-tier regulation, including CFTC in the US, FCA in the UK, and ASIC in Australia.

Top reasons why Forex.com is a safe and reliable choice
Adam
Adam Nasli
Financial Wizard | Forex • Algo Trading • Market Analysis

I have personally tested dozens of brokers and helped people who have fallen victim to fraudulent brokers. Our team tracks 30,000+ brokers globally with a special focus on their safety profile. Here are the key reasons I consider Forex.com a safe option:

  • Forex.com is regulated by at least one top-tier regulator.
  • We thoroughly tested the services of Forex.com.
  • Forex.com’s clients most likely have access to investor protection.
  • Forex.com has a strong track record in the industry.
BrokerChooser score
4.5 4.5 /5
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68% of retail CFD accounts lose money

Forex.com is regulated by at least one top-tier regulator

Brokers overseen by top-tier regulators are legally required to meet very strict rules designed to protect their clients’ money. Non-compliance with these rules typically results in the loss of their license to operate. Brokers overseen by top-tier regulators are seldom - if ever - scams.

They must keep clients’ money segregated from their operational funds, offer fair fees and prices as well as provide transparent trade execution. Top-tier oversight curbs fraud and manipulation through regular audits, licensing requirements, and steep penalties for violations.

We compiled a list of all the regulators that supervise Forex.com:

  • EEA - Cyprus Securities and Exchange Commission (CySEC)
  • USA - Commodity Futures Trading Commission (CFTC), National Futures Association (NFA), Futures Commission Merchant (FCM), Retail Foreign Exchange Dealer (RFED)
  • Canada - Canadian Investment Regulatory Organization (CIRO)
  • Japan - Japanese Financial Services Authority (FSA)
  • UK - Financial Conduct Authority (FCA)
  • Other clients - Cayman Islands Monetary Authority (CIMA)
  • Hong Kong - The Securities and Futures Commission (SFC)
  • Australia - The Australian Securities and Investments Commission (ASIC)
  • SIngapore - The Monetary Authority of Singapore (MAS)
Regulators

We thoroughly tested the services of Forex.com

We tested every aspect of Forex.com’s services using a combination of automated analysis and manual verification with real money. We conducted real trades on the broker’s trading platforms, deposited and withdrew money, and contacted customer service through all available channels. Check out our findings and assessments in the full review of Forex.com.

We put special emphasis on the safety profile of the brokers we evaluate and analyze 33 safety related data points at each. Our team maintains a comprehensive database with over 32,000 brokers and collects detailed information on each to identify legitimate businesses versus fraudulent operations.

This database powers our unique Scam Broker Shield tool that allows users to instantly verify a broker's trustworthiness. Simply enter the broker's name into the search bar to check their legitimacy.

We regularly investigate user reports of scam brokers and if we confirm the broker is fraudulent, we update our records.

Forex.com’s clients most likely have access to investor protection

As a client of Forex.com you will have access to the investor protection program provided in the country where the broker operates.

These programs provide compensation to clients in the event a broker becomes insolvent and is unable to return investments. Check out the following table to see the investor protection amounts that you have access if you sign up with Forex.com.

Forex.com investor protection
Investor protection amount: £85k to UK clients, CAD 1 million to Canadian clients, $0 to others

Forex.com has a strong track record in the industry

In addition to regulatory oversight and investor protection, the length and spotlessness of a broker’s track record are also key indicators as to its safety.

Forex.com is a reliable industry player that has not been involved in any major scandals.

Having been on the market for a long time or being listed on an exchange are also signs that the broker is a legit entity.

Check out some additional safety features of Forex.com in the table below:

Forex.com snapshot
🌎 Country of origin USA
📅 Foundation date 2,001
🏛 Banking background No
📈 Listed on exchange Yes
🗺️ Broker ownership is transparent Yes
👔 Broker management is transparent Yes
🔒 Negative balance protection is provided Yes
📋 Read more Check out the Forex.com review for 2024

Data updated on January 24, 2024

Warning: Be alert to cloned websites impersonating trusted brokers such as Forex.com. These fraudulent sites bear a strong resemblance to the legitimate broker's web page but they are scams. Avoid using links from forums or unverified sources and double-check the URL before making any deposits. To be on the safe side, use this link to Forex.com, which was tested and verified by BrokerChooser.

Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.

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Further reading

Author of this article

Adam Nasli

Financial Wizard | Trading • Safety • Market Analysis

I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.

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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