Forex.com is a decades-old platform for trading foreign currencies and precious metals. The US-based company is transparent and offers a range of platforms useful to traders with varying backgrounds and experiences. While it doesn’t support many assets outside of forex, you can trade over 80 currency pairs as well as silver and gold with a US Forex.com account.
Forex.com is an online brokerage company that allows you to trade a wide range of assets such as foreign currencies, commodities, and stocks. The US-based company is regulated in multiple jurisdictions and operates in a transparent and security-minded manner.
Forex.com is a major platform for trading foreign currencies and other assets in major global markets. The well-regulated brokerage utilizes excellent security features to protect your funds. Forex.com supports more than 80 currency pairs, precious metals and futures. At Forex.com, traders can choose between three different account types to keep costs under control.
Note, this is a review of the site for users in the United States. If you are located anywhere else, check out the international Forex.com review.
|☑️ Regulations||CFTC US (United States), NFA US (United States)|
|🗺 Supported Languages|
|💰 Products||Currencies, Crypto, Indices, Commodities|
|💵 Min Deposit||$50|
|💹 Max Leverage|
|🖥 Trading Desk Type||Market Maker|
|📊 Trading Platforms||MT4|
|💳 Deposit Options||Wire Transfer, Credit Card|
|💳 Withdrawal Options||Wire Transfer, Credit Card|
|🤴 Demo Account||Yes|
|🗓 Foundation Year||1999|
|🌎 Headquarters Country||United States|
Forex.com allows you to choose between traditional spreads or commissions.
When signing up for your account, you have two main options for pricing. The standard account uses spread-based pricing. Typical spreads start around 1-2 pips for the most popular assets and go up to over 100 on some of the less popular currency pairs. Spreads are variable, which means they can change at any time.
Higher volume traders with a focus on spreads can get lower spreads with a commission account. Commission accounts charge $5 per 100k of trades and unlock tighter spreads. Popular currency pairs may have costs below 1.0 with this type of account.
Joining the Active Trader Program gives you interest on available margin up to 1.5% APY and up to $9 in cash rebates per $1 million in trades.
Traders with a minimum recommended $25,000 balance and very high trade volume should consider the Direct Market Access (DMA) account. This unlocks even lower spreads and commissions. However, most users are best off with one of the other two depending on your account size and trade volume.
Forex.com offers US traders three types of accounts. All work with the same products, though pricing and platforms vary between account types.
The standard account is best for the average user and new foreign currency traders. It has higher spread costs and no commissions.
The commission account is better for high-volume and expert traders. With this account, you pay a commission in exchange for lower spreads.
Direct market access account
For serious, high-volume traders, this account has a recommended minimum balance of $25,000. It has lower spreads and higher volume requirements for the lowest commissions, after rebates.
Forex.com made its name in forex trading, but also supports precious metals. You can trade futures using an account with affiliated brokerage FuturesOnline.
You can trade the most popular assets at Forex.com with one account. Forex.com is best known for foreign currency trading. For forex, you can trade 24 hours a day 5 days a week with over 80 currency pairs including some less typical pairs you may not be able to trade elsewhere.
You can invest in gold and sliver through a Forex.com account, which acts as a popular hedge against inflation and other investments.
Futures trading gives you access to commodities and indices. You can’t trade these assets directly on Forex.com. They require a separate account with affiliate FuturesOnline.
Opening an account at Forex.com is easy. You can choose between the standard, , MT4, commission, and STP Pro accounts based on your trading goals. It also has a free demo account to test out Forex.com without committing real funds.
The account opening process takes about five minutes from start to finish if you have all of your information readily available. You can also save an application and continue it later if you don’t have everything you need.
Before registering, choose the account with the pricing model you’re interested in. Also, note that only the standard account works with MetaTrader. The commission and direct market access accounts work on the Forex.com platform but not MetaTrader.
For a standard account:
Once your account is processed and approved, which usually takes just a few minutes, you’ll get an email with information about logging in and funding your account.
Forex.com works with the web-based platform, mobile apps, and desktop. You can choose between the Forex.com trading platform or MetaTrader for standard accounts.
Wherever you have a connection to the web, you can trade with Forex.com. That includes desktop or web platforms on your desktop or laptop computer or apps for the most popular smartphones.
The Forex.com desktop platform is made for Windows computers and gives you the best features and an overall great experience. This platform is suitable for beginner to expert level traders, though the most advanced traders may prefer the familiar, cutting edge MetaTrader platforms.
Both desktop and web platforms feature multiple workspaces with flexible fields including watchlists, charts, and news.
Forex.com supports both MetaTrader 4 in the US, but not yet MetaTrader 5 (MT5 is available for international accounts, so I expect it is coming to US accounts soon). For serious traders, this is the way to go. If you plan on making your forex trading accounts more than a hobby, you’ll want to learn these platforms inside and out. Like the Forex.com platform, it is designed just for Windows. Mac users can run Windows apps with additional software, such as Parallels.
The web trading platform includes live charting and many additional tools. Here’s a look at recent Bitcoin/GBP prices on the web platform.
No matter what type of computer you use, the web platforms are another easy way to trade. With these, you don’t have to download anything and you still get a lightning-fast connection and user experience.
The Market 360 tab brings in relevant news, charts, and other data. Here I added technical analysis indicators and a comparison to another currency pair.
Forex.com supports one-click trading, though you have to turn that on before using it. Most views give you the ability to buy or sell in just a few clicks either way.
The order screen gives you the ability to trade with trailing stops and limits. With an advanced ticket, you can enter a hedging trade at the same time to limit your risk when used well.
The trading screen shows you margin availability and costs as well as minimum spreads so you know what you’re paying to trade.
You can also use Forex.com through MetaTrader on the web.
The MetaTrader 4 web platform for Forex.com gives you popular MetaTrader features with your Forex.com account.
Forex.com features several mobile trading options including the Forex.com app for Android and iPhone.
You don’t want to be away from your account when you’re away from the computer, so Forex.com gives you access to your account through native apps on Android and iOS. If you’re on MetaTrader 5, you can use the MetaTrader 5 Android or iPhone app.
Head to your respective app store to download the mobile versions and log in. Once you’ve signed in, you can monitor your account, make trades, tap into 38 technical indicators, and view live charts.
The Forex.com app dashboard shows your portfolio summary and open positions
Entering trades and getting a confirmation is fast, easy, and straightforward
Both apps current have average reviews, with some users saying they can be slow or difficult to navigate. In my experience testing the app on my one-year-old Android phone, the app was straightforward and simple to follow and everything was fast and zippy.
Forex.com does not offer bank accounts.
No banking here. Forex.com only offers accounts for currency and precious metal trading in the US.
Customer support is available by phone, live chat, or email 24 hours a day during market hours.
Sometimes you need a little help. Whether it’s figuring out the right way to enter a trade or iron out a question about funding your account, reaching customer support is very easy.
Hours are 10:00 am Eastern on Sunday to 5:00 pm Eastern on Friday. Help is there 24 hours a day, so even if you’re trading in the middle of the night, help is standing by.
For live chat, go to the Forex.com website. Email support at firstname.lastname@example.org. Or call 1-877-367-3946. Support has channels on Twitter, Facebook, and YouTube, but you’re better off calling or using live chat for urgent issues.
The website also includes an extensive FAQ section and downloadable guides and manuals for Forex.com platforms.
There is no current bonus or promotion for US accounts.
The Forex.com website shows a past promotion to earn $50 after depositing $250 in a new account. This, however, has come to an end. There is no current promotion or bonus available.
Forex.com is part of a large company with over $1 billion in assets. It utilizes strong account segregation and security policies to keep customer deposits safe.
Forex.com is owned by GAIN Capital Holdings, a public company based in Bedminster, New Jersey, USA. It operates subsidiaries around the world which are regulated by the Cayman Islands Monetary Authority and financial authorities in the UK, Japan, Canada, Australia, and the United States.
Customer funds are segregated from operating funds and stored at a network of banks. This projects funds from misallocation. Forex.com does not run its own proprietary trading, it only supports its customer’s trading accounts.
Parent company GAIN Capital reported over $1.3 billion in assets and liquidity well above regulatory capital requirements.
Forex.com offers research and education resources to help you make informed trading decisions.
To make money with forex, you’re trading on forward-looking news and economic indicators. Forex.com puts news and technical research at your fingertips when logged in to any of its platforms.
Trading Central features technical insights, market buzz, and analyst views. By digging into news stories and analyzing coverage, Forex.com helps you see what’s hot and what’s not.
Autochartist helps generate trading ideas and offers additional key market insights.
Autochartist, a popular trading tool, is built into the Forex.com platform and looks for patterns and trading ideas in live market data.
Not all trading platforms and brokers are friendly to beginner and intermediate traders. Forex.com, however, is great for users of all levels. If you are still on the learning curve, head to the education section for courses, articles, a trading glossary and more.
The education section is great for learning the basics or even more advanced trading skills.
Beginners and experts alike will find their needs catered to by Forex.com.
Forex.com has been doing this for a while. Over the decades of experience, the Forex.com team has built out platforms suitable for any level of trading experience.
Beginners should start with a demo account before signing up for a standard account. Intermediate to advanced users should consider the commission and direct market accounts.
Each account works with different platforms. For example, you can’t use MetaTrader with a commission account. But as you learn more about how forex works, you can work your way up the expertise ladder and try out the different tools available to you.
While foreign exchange and precious metals trading are risky, beginners can get their feet wet and learn the ropes at Forex.com. The demo account is perfect to start, as you can play with tens of thousands of dollars and learn how everything works without risking real money.
Once you fund a live account, you can trade with leverage and margin to further extend your trading power. Margin requirements differ by platform and are displayed on the screens for most trades. Trade with extreme care when using margin and leverage. It is possible for your account to go into a negative balance.
Is Forex.com regulated?
Yes, Forex.com is regulated in multiple jurisdictions. As a public company in the United States, it is also regulated by the SEC and other US-based agencies.
Where is Forex.com based?
Forex.com is headquartered in Bedminster, New Jersey, USA.
How does Forex.com make money?
Forex.com makes money through spreads. On some accounts, trading commissions apply as well.
How do I deposit in a Forex.com account?
You can fund an account via debit card, wire transfer, ACH (electronic funds transfer from your bank), or paper check.
What is the minimum deposit for Forex.com?
The minimum deposit by credit or debit card is $50.
How do I withdraw money from Forex.com?
Withdrawals are made to the same funding method used when depositing to your account. You must maximize card withdrawals before drawing other funds via wire or bank transfer.
How do I open an account with Forex.com?
You can open an account in about five minutes at forex.com.
Does Forex.com support MetaTrader?
Yes, Forex.com supports MetaTrader 4 for US accounts.
Forex.com is a great home for your online trading needs in the foreign exchange and precious metals markets.
If you are looking to get into the world of forex, Forex.com is a good starting point. It’s a user-friendly platform, extensive education resources, and transparent nature make it a good choice to learn and trade. But with advanced platforms and account types, even the most experienced traders will likely find themselves happy with the Forex.com experience.
|Headquarters Country||United States|
|Regulations||CFTC US (United States), NFA US (United States)|
|Number Of Employees||0-50|
|Trading Desk Type||Market Maker|
|Deposit Options||Wire Transfer, Credit Card|
|Withdrawal Options||Wire Transfer, Credit Card|
Bitcoin Cash, Bitcoin, Litecoin, Ripple, Ethereum
Currencies, Crypto, Indices, Commodities
|Guaranteed Stop Loss||Yes|
|Guaranteed Limit Orders||Yes|
|Guaranteed Fills / Liquidity||Yes|
|Trading From Chart||No|
|24 Hours Support||No|
|Support During Weekends||No|
|Daily Market Commentary||No|
|News (Top-Tier Sources)||No|
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
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