Forex.com Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1000
- MT4
- MT5
- FOREX.com
- CIMA
- FCA
- FSA (Japan)
- NFA
- IIROC
- ASIC
- CFTC
- 1999
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1000
- MT4
- MT5
- FOREX.com
- CIMA
- FCA
- FSA (Japan)
- NFA
- IIROC
- ASIC
- CFTC
- 1999
Our Evaluation of FOREX.com
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
FOREX.com is a moderate-risk broker with the TU Overall Score of 5.24 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by FOREX.com clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
Broker Forex.com can be of interest to both novices and professional traders, who are primarily interested in fast order execution.
Brief Look at FOREX.com
Forex.com is a company owned by GAIN Capital Holdings, Inc. (NYSE: GCAP) and has earned a reputation as a reliable broker in the trading industry for its transparent work and high quality of services. The company cooperates with clients in 140 countries. The broker is registered in the Cayman Islands and supervised by CIMA (Certified Institute for Management Accountants). The license number is 25033. The parent company of the Forex.com broker is registered in England and Wales under the number 1761813 at the UK Companies House. It is licensed by one of the most reputable regulators in the world, FCA (No. 113942).
- average rate of order execution is 0.04 ms;
- reliability is controlled by several regulators so customer funds are kept on separate accounts from the company's assets;
- attractive trading conditions are tight spreads on over 90 assets, including currency pairs and metals, and over 4,500 markets, including FX, indices, commodities, stocks, and cryptocurrencies.
- poor quality of site optimization, little specifics in the descriptions of services, tabs at the top of the page do not work. To find the information you have to use a tab called "Sitemap";
- it is difficult to contact the support service due to its high workload;
- large fixed commission for withdrawing funds;
- high initial deposit, it starts from $1,000;
- there are few options for depositing and withdrawing funds, the terms rarely correspond to those stated.
TU Expert Advice
Financial expert and analyst at Traders Union
Forex.com is a good option for traders who wish to focus on independent trading and are ready to invest in traditional trading for personal and professional growth.
Trading conditions will be of most interest to those whose goal is long-term cooperation and active trading. The minimum deposit is $1,000. Professionals will appreciate more than 4,500 instruments in various markets and the high speed of execution of orders using DMA technology. Special trading conditions are provided for traders with a large turnover. At the same time, cent-type accounts are not provided. The spread is floating. The combination of these factors indicates that such conditions are much less attractive for novice traders than for experienced Forex trading participants.
The Forex.com website does not have a multi-language version. Informational content isn’t sufficient either. Customers will have to work hard to be able to find data on trading conditions. As for the support service, it will be very problematic to contact it without knowing English. The broker has been a partner of the Traders Union for several years. It is included in the Traders Union Forex brokers rating, therefore every active Forex.com trader can use the service of partial spread compensation.
- You appreciate educational resources and research tools as FOREX. com offers extensive educational materials, including webinars and market analysis tools, to support traders at all levels in their trading journey.
- You prefer multiple platform options. With access to MetaTrader 5, their proprietary WebTrader platform, and TradingView charts, FOREX.com provides flexibility for traders to choose the platform that best suits their needs and preferences.
- You are looking for low minimum deposit as FOREX. com has a high initial deposit requirement starting from $1,000. As a beginner with lower minimum deposit requirements, this might not be suitable for you.
- You're concerned about withdrawal fees. Be aware that FOREX.com charges a large fixed commission for withdrawing funds. Consider this factor if you frequently need to withdraw funds from your trading account.
FOREX.com Summary
| 💻 Trading platform: | МT5, МТ4, Forex.com (proprietary platform) |
|---|---|
| 📊 Accounts: | Standard account, Commission account, Direct Market Access account (DMA) |
| 💰 Account currency: | USD, EUR, GBP |
| 💵 Replenishment / Withdrawal: | Bank transfer, payment cards |
| 🚀 Minimum deposit: | $1000 |
| ⚖️ Leverage: | Up to 1:400 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | From 0.2 pips |
| 🔧 Instruments: | Forex, cryptocurrencies, indices, commodities, stocks |
| 💹 Margin Call / Stop Out: | N/a |
| 🏛 Liquidity provider: | N/a |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Market Execution, Instant Execution |
| ⭐ Trading features: | There is a cryptocurrency trading |
| 🎁 Contests and bonuses: | No |
Trading conditions Forex.com can be attributed to the average level of competitiveness. A high minimum deposit and a leverage of up to 1:400 curtail the possibilities of implementing several high-risk, highly profitable strategies and testing the account and platform functionality by novice traders. The spread is floating. The minimum value is 0.2 pips, while the typical value for the EUR/USD pair is 1.3 pips.
FOREX.com Key Parameters Evaluation
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Trading Account Opening
To start making money with Forex.com and save on spreads with the help of Traders Union, you need to:
Register on the Traders Union website and follow the referral link to the broker's website. On the main page, click the "Open an account" button.
Select the type of account you are interested in and click the "Open account" button under it.
In the blank that opens up, enter the country, gender, last name and first name, e-mail address and phone number, date of birth, username, and password. Click on the "Save and Continue" button.
Provide documents requested for verification. After completing all stages of registration, you can enter your Personal Cabinet, replenish your account and start trading.
The following functions are available in the Forex.com Personal Cabinet:
There are also many other useful functions and features:
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opening a real account from a demo account;
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access to the trader Community;
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archiving trade statistics.
Regulation and Safety
Information
Broker Forex.com is a part of I GAIN Capital Holdings financial group. With more than 10 years of reputation, Forex.com is committed to responsibly fulfilling its obligations to customers. Forex.com broker itself is licensed by the Cayman Islands regulator CIMA. It is also worth noting that the subsidiaries of GAIN Capital Holdings have licenses from other jurisdictions, in particular FCA, NFA (0339826), IIROC, ASIC (ACN: 141 774 727), MAS, CySEC (400/21), FSA (Japan, 2010401047199).
Advantages
- Segregated accounts Withdrawal following the requirements of the regulator
- Independent external audit
Disadvantages
- It is unlikely that licenses from other jurisdictions will somehow be useful to clients in the event of a conflict of interest
Commissions & Fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | From $8 | Yes |
| Commission | From $2 | Yes |
| DMA | From $0 | Yes |
There are swaps (commission for moving a position to the next day). Also, Traders Union experts carried out a comparative analysis of competitors' commissions. Based on these data, a table of commissions was formed with the assignment of brokers to a level from low to high.
| Broker | Average commission | Level |
|---|---|---|
|
$8 | |
|
$1 | |
|
$8.5 |
Account Types
Forex.com offers its clients three real accounts and a demo account. The minimum deposit is $1,000. Real accounts differ from each other in the set of trading instruments and the type of commission (spreads, fixed or combined option).
Before opening your main account, you can learn about the capabilities of the brokerage company and the functionality of the terminals on a demo account.
Deposit and Withdrawal
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Bank transfer. There is no withdrawal limit. A fee may be charged by the receiving bank. Transaction execution time usually does not exceed 48 hours.
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Credit and debit bank cards. The minimum withdrawal amount is 100 units in the account currency. You can also withdraw the remaining amount if it is less than $100. In this case, all funds will be withdrawn. The maximum transaction amount is $5,000. Withdrawal requests usually take a maximum of 24 hours to process.
Investment Options
Broker Forex.com is focused on providing classic services. They do not include the development of investment programs and products to invest capital to obtain passive income. The company is suitable for those participants in the foreign exchange market who are focused on trading. However, it cannot be said that the broker does not provide the possibility of passive earnings at all. The company has affiliate programs.
Forex.com affiliate programs
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Introducing broker. Attracting new clients to the company pays well, depending on the trading activity of the invited traders.
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White Label. It is an attractive solution for existing brokers who want to provide financial services directly to others. The program makes it possible to use the powerful foundation of FP Markets, but at the same time promote a personal brand.
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Multi-asset liquidity makes it possible to expand the range of products and improve your own access to liquidity. GAIN Capital provides access to prices of over 12,500 FX, CFDs, spreads, and options through a single trading account or API.
Important!
If you are a large investor and plan on investments over $ 10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Customer Support
Information
The broker's support service is ready to help clients around the clock, except weekends.
Advantages
- Works around the clock
Disadvantages
- No multilingual support
- Works 24/5
There are several ways to contact support:
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directly by phone numbers, as indicated on the website;
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by email;
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using the feedback form.
Contacts
| Foundation date | 1999 |
|---|---|
| Registration address | Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman KY1-9008, Cayman Islands |
| Regulation | CIMA, FCA, FSA (Japan), NFA, IIROC, ASIC, CFTC |
| Official site | forex.com |
Education
Information
Although Forex.com broker is focused primarily on traders with a high professional level, it pays due attention to the issue of education.
All available instruments help to increase the trading efficiency of transactions.
Comparison of FOREX.com with other Brokers
| FOREX.com | RoboForex | Pocket Option | Exness | FxGlory | Libertex | |
| Trading platform |
FOREX.com, MT4, MT5 | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MobileTrading, MT5 | Libertex, MT5, MT4 |
| Min deposit | $1000 | $10 | $5 | $10 | $1 | 100 |
| Leverage |
From 1:1 to 1:400 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:3000 |
From 1:1 to 1:30 for retail clients |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | 8.00% | No |
| Spread | From 0.2 points | From 0 points | From 1.2 point | From 1 point | From 2 points | From 0.1 points |
| Level of margin call / stop out |
No | 60% / 40% | 30% / 50% | No / 60% | 20% / 10% | 50% / 50% |
| Execution of orders | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Instant Execution, Market Execution | Market Execution, Instant Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | Yes | No | No | No | No |
Detailed Review of Forex.com
Forex.com is a trademark of GAIN Capital UK Ltd., which is registered under number 1761813 with the British Companies House and is regulated by the FCA (UK Financial Conduct Authority), one of the most reputable regulators in the world. The broker focuses on providing services with the maximum coverage of trading assets: from classic currencies and metals to indices and cryptocurrencies. Forex.com, through Forex Direct technology, provides a direct trading service at prices from global banks and liquidity providers. Access to exchange markets is also provided.
A few figures about Forex.com that may be of interest to traders:
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coverage of over 4,500 markets, including FX, indices, commodities, stocks, and cryptocurrencies;
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average rate of order execution is 0.04 ms;
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over 10 years of experience in trading.
Forex.com is a broker for professional trading in the Forex market and over-the-counter market
Forex.com is a DMA broker that works directly with liquidity providers to provide optimal spreads. Depending on the format of the partnership, a trading option is provided with spreads and/or a fixed commission per turnover. Forex.com guarantees the best market prices for order execution without slippage. The company provides several options for trading platforms, including a proprietary terminal. Mobile versions of the platforms are also available, which ensures comfortable trading and makes it possible to always be aware of the market situation and promptly respond to events.
Forex.com useful services:
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automatic market analysis is possible by using instruments such as Autochartist and Recognia. They are available to clients free of charge on the Forex.com desktop and web platforms;
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the economic calendar is another useful market analysis tool. Allows you to monitor events affecting the volatility of trading assets;
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pivot points is a "live" chart that allows you to identify significant levels of support and resistance for periods such as day, week, and month.
Advantages:
variety of trading platforms and market analysis tools;
fairly favorable spreads for individual trading assets;
a license to provide brokerage services;
fast execution of trade orders.
User Satisfaction