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Forex.com Review

Robust Trading Platforms for the New and Professional Trader

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Overall Rating

4.4/5

FAST FACTS

Fees: Average EUR/USD spread is 1.3 pips

Best For: The very active forex trader

Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% 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. Capital at risk.

Forex trading involves significant risk of loss and is not suitable for all investors.

Forex.com is one of the most longstanding brokers in the industry. They have been providing access to the forex market for traders since 2001. They now operate on a worldwide scale providing service to traders in more than 150 countries. They are also one of the few major forex brokers to offer services to US-based traders.

To match their worldwide service availability, the broker is also regulated by numerous top-tier regulatory bodies including some of the most respected in the industry. There is trusted regulation in place in both the US and Canada too which helps protect traders based there. The brokers reputation for transparency and trust, combined with a strong product offering and excellent trading costs, put it in prime position at the head of a very competitive sector.

Pros

  • Great mobile and desktop functionality
  • Top trading platforms both third-party, and proprietary available
  • Well-regulated including in the US and Canada

Cons

  • Limited choice of account types available
  • No stock trading available in USA
  • Fixed spreads start high on commodities.
  • High inactivity fees.

Trust

4.5/5

A key ingredient which any broker must provide you as a trader, is security. All of the top forex brokers in the industry work hard to ensure you have the safest, most secure trading experience possible, and Forex.com is no different. They are an extremely well-regulated broker around the world through a variety of entities. The FCA regulates the UK entity, while ASIC regulate the Australian operations. The brokers’ international entity is regulated by CIMA in the Cayman Islands, and the US entity is overseen by the NFA and CFTC. Finally, Canadian operations are regulated by IIROC.

This comprehensive regulation around the world, exceeds what is offered by many brokers, and demonstrates the seriousness with which Forex.com takes your trading experience. Further to this, you will have the benefit of negative balance protection which stops you from ever losing more than you deposit. Your funds will also be held securely within segregated accounts at top banks which means they are fully protected in the event of any serious financial problems on the broker end. If you are trading under the Forex.com UK entity, you will also be protected by ICF insurance which is provided and covers your funds up to £85,000.

Investment Products

4.2/5

Forex.com manages to cover a wide range of areas in decent depth when it comes to the assets you will have available to trade. There are in excess of 80 forex currency pairs available, and more commodities and indices to trade as CFDs as well as a few of the major cryptocurrencies, Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) which can all be traded against the USD, and Bitcoin against GBP, EUR, and AUD too.

Where Forex.com really comes alive though is in stocks trading. They have a massive selection of stocks available in top global companies that you can trade. The total number of stocks that can be traded is around 4,500. This is a larger selection than many of the other top forex brokers in the sector, and although they are not available to US-based traders, this is a very attractive point for many who join the broker. If you are an active trader, you will also benefit from the rewarding active trader program offered by the broker. This can help you greatly reduce trading costs depending on your volume.

Commission and Fees

4.1/5

Forex.com offer account types which are commission free, and also account types which have a competitive commission n place with reduced spreads. Further to this, the broker also offers a DMA account which provides the very best in terms of both trading costs, and with lightning fast trade execution.

They are one of only a few top forex brokers who offer both fixed and variable spreads depending on the asset you are trading, and the account type you have opened. The fixed spreads on offer are available on commodities, and start from 5 pips. The variable spreads though present great value starting from 0.2 pips on major forex markets. If you are trading through one of the Forex.com account types which does apply a commission, then you can expect this to start from $5 per lot traded on a commission account, and $6 per lot traded on a DMA account, though there is scope for the latter to drop to as little as $2 per lot traded, depending on the volume.

When it comes to fees, they typically try to maintain an environment where there are no deposit or withdrawal fees. Overnight fees, as with all CFDs brokers, are charged depending on the asset and the market, and the other fee charged is an inactivity fee. This can run slightly higher than most at $15 per month if you have not been active for a 12-month period.

Trading Platform

4.6/5

Forex.com offers both recognized and respected third-party trading platform choices in the form of Metatrader 4, and Metatrader 5, as well as their own proprietary trading platform.

Both Metatrader platforms are very well-known in the industry and have earned much praise over the years for their detailed approach to charting with more than 50 charting tools and indicators available as standard. Beyond this, both are also very robust, efficient trading platforms to use which are popular in the industry and will run on almost any machine. The platforms are available in desktop, webtrader, and mobile form.

Turning to the proprietary trading platform which is also available across all of these forms, it is another very intuitive and user-friendly option when compared with other choices. The Forex.com trading platforms also goes in-depth on charting and analysis to provide you with as much trading detail and insight as possible. The broker has more than 100 trading tools available for use with the platform and the performance is excellent throughout in all formats.

Customer Support

4.5/5

In terms of customer support, the broker presents a strong offering, though they do only provide English or Chinese language customer support. Beyond that however, Forex.com has an extremely well-provided for FAQ section on their website which can answer all of the most common questions you may have. If you do need to get in contact, you can do so through a web-based live chat service, phone, or email. All of these options are very responsive, and the support teams are generally knowledgeable enough to answer your questions directly and professionally.

Forex.com support is available from 10am GMT on Sunday, to 5pm GMT on Friday, and questions can be emailed outside those times. The web-based live chat is bot-powered, but this can be overridden and you will be transferred to an agent if you type in the chat box as opposed to choosing a pre-selected option.

Education

4.5/5

Education is an important component which can have an influence not only on your current experience at a broker, but also your future in forex trading. To this end, Forex.com does an excellent job in providing strong educational content suited to all levels of trader which can be beneficial. They do this through providing a wide range of written content which is of a high quality and divided into topics around all areas of trading, strategies, analysis, and trading platforms. This content is further divided by level, with materials available for beginners, intermediate, and advanced traders.

Summary

4.4/5

Overall, it can be said that Forex.com, as well as being one of the most experienced brokers in the industry with almost two decades providing service, are also one of the most trusted in the sector. The broker manages to cover all bases and offer a very well-rounded trading experience which is secure, cost-effective, and accessible.

If you are searching for a broker with a strong range of forex currency pairs available to trade, as well as a tremendous amount of stock trading, fast execution options, and a place where you can learn and develop within a strong educational structure, all within a well-reputed global broker, then Forex.com may be your ideal choice.

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Trading Risk Disclaimer: There is a very high degree of risk involved in trading securities. Trading in any type of financial product including forex, CFDs, stocks, and cryptocurrencies involves a high level of risk.

This risk is  higher with Cryptocurrencies due to markets being decentralized and non-regulated. You should be aware that you may lose a significant portion of your portfolio.

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