Forex.com review for 2023

  • 8.6

Intro

Forex.com is a global FX broker. In addition to being regulated by several top-tier authorities worldwide, Forex.com’s real value proposition lies in its low FX fees. We were impressed by the number of currency pairs and the diverse technical research tools available on the platform.

With respect to safety, Forex.com is considered reliable because it is s overseen by top-tier financial regulators (e.g. the FCA in the UK or CFTC in the US) and its parent company, StoneX Group Inc is listed on the NASDAQ Stock Exchange.

73% of retail CFD accounts lose money

Forex.com main features and highlights
🛍️ Products offered Forex, CFD (index, stock, commodity, crypto)
💰 Forex.com EURUSD spread 1.3
💰 Forex.com withdrawal fee charged $0
💰 Forex.com inactivity fee charged Yes
💰 Forex.com minimum deposit $100
📃Forex.com ECN account available No
📃Forex.com swap-free/Islamic account available Yes
💳 Deposit methods Bank transfer, Credit/debit cards, PayPal
🗺️ Country of regulation USA, UK, Canada, Japan, Cayman Islands, Cyprus
📱 Platforms provided Advanced Trading Platform, MT4, MT5
🎮 Forex.com demo account provided Yes

If you are unsure what some of these financial terms mean, don’t worry, we put together a short glossary at the end of the review.

Disclaimer: 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.

Forex.com offers FX, index CFDs, and other CFDs
Forex.com
Forex Yes 
Stock index CFD Yes 
Stock CFD Yes 
Commodity CFD Yes 
Bond CFD Yes 
Crypto CFD Yes 
Real stock (cash equity) No 
Real ETF (cash equity) No 

Check out the full range of financial assets available for trading at Forex.com.

73% of retail CFD accounts lose money

Forex.com review

Fees

Forex.com has a mixed fee profile. The broker charges low fees for forex and fund withdrawals are free of charge. High stock CFD fees and the inactivity fee make trading at Forex.com less appealing.

Forex.com FX and CFD fees
 Fee
EURUSD spread1.3
S&P 500 CFD spread0.6

Not enough info on Forex.com spreads, commission, overnight fees? We collected in-depth fee data here.

73% of retail CFD accounts lose money

Forex.com review

Account opening and minimum deposit

Forex.com offers a seamless and fully digital account opening experience. Expect account verification to take around 2 business days.

To find out why it’s safe to open an account at Forex.com, read further.

The minimum deposit at Forex.com is $100.

Check out this step-by-step guide on how to deposit money at Forex.com..

73% of retail CFD accounts lose money

Forex.com review

Deposit/withdrawal fees and options

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

Compare withdrawal costs and coditions at Forex.com.

73% of retail CFD accounts lose money

Forex.com review

Safety

Forex.com is regulated by several financial authorities globally, including the top-tier FCA in the UK. The broker’s parent company, StoneX Group Inc is listed on the NASDAQ Stock Exchange.

Need more info to decide whether Forex.com is a safe choice? Check out our expers\’ assessment of Forex.com’s safety profile.

73% of retail CFD accounts lose money

Forex.com review

Trading platform and research tools

Forex.com has its own trading platform, called Advanced Trading Platform. The MetaTrader 4 and MetaTrader 5 platforms are also available to clients.

Forex.com trading platform & research scores
 ScoreMore info
Web trading platform score4.3 starsRead more about Forex.com web platform
Mobile platform score4.3 starsRead more about Forex.com app
Desktop trading platform score3.0 starsRead more about Forex.com desktop platform
Research score4.3 starsRead
more about research tools at Forex.com

73% of retail CFD accounts lose money

Forex.com review

Education

Forex.com makes learning easy by offering a wide range of quality education tools. You can hone youre trading and investing skills by opening a demo account, and by watching webinars, platform videos, or reading educational texts.

Still wondering whether Forex.com is good for beginners? See what our experts have to say about it. We also put together a detailed guide on the various educational tools available at Forex.com..

73% of retail CFD accounts lose money

Forex.com review

Customer service

We recommend that you contact Forex.com via phone for fast and efficient customer service. Although finding the live chat is a bit tricky, this is also a great channel to get relevant answers fast. Don’t expect rapid and satisfactory answers to your enquiries via email.

Here’s what we think of the Forex.com customer support after testing the service.

73% of retail CFD accounts lose money

Forex.com review

Compare Forex.com to alternatives

Forex.com is a great choice for FX traders as the broker charges low FX fees and provides great research tools.

If, for some reason, Forex.com is not the broker you are looking for, check out this detailed comparison to other brokers that have a similar profile.

73% of retail CFD accounts lose money

Forex.com review

Glossary

Here is a quick glossary to help you with some terms used in our review:

Forex trading: the buying and selling of currency pairs. You are basically buying one currency while selling another in the hopes of closing the position with a profit.

CFD: short for contract for difference. When you trade CFDs, you make a bet that the price of a particular financial asset (i.e. a stock index, oil, or a currency pair) will increase or decrease in value. If your bet is right, your trade will make a profit.

Trading fees: brokerage charges levied on trades. Trading fees come in the form of commissions, spreads, financing rates, margin rates or conversion fees. Read our article on brokerage fees to learn what these fees mean and what they entail.

Spread: the difference between the buy and the sell price, or in other words, the bid and the ask price.

Overnight fee: also called overnight rate, financing rate or swap fee. This is a brokerage fee charged when you hold a leveraged position for more than a day. If the broker provides Islamic/swap-free account, you won’t need to pay an overnight fee, but usually you will pay higher spread fees.

Non-trading fees: charges not directly related to trading such as deposit/withdrawal fees or inactivity fees.

Deposit fee: charged when you send money to your trading account at a broker. The fee may differ depending on the method of transfer (i.e. bank card, bank transfer, e-wallets, etc.).

Withdrawal fee: the amount you need to pay when you withdraw money from your trading account to your bank account or electronic wallet.

Regulators: entities established by governments or other organizations to oversee the functioning and fairness of financial markets. Their mandate includes ensuring that investors are not fooled by scams, and in case of wrongdoing, they provide some level of financial and legal backing.

Investor protection: a guarantee that – up to a certain limit – you will get your money back if the broker goes bankrupt or commits fraud. You can find out more about investor protection in our dedicated article.

73% of retail CFD accounts lose money

Forex.com review

FAQ

Free or premium? Or both?

A glance at actual costs and whether Forex.com is really free.

Looking for commission and fees data for Forex.com?

We collected them in Forex.com commission and fees.

Are you interested in trading stocks?

See how much stock trading costs and what stocks are available at Forex.com.

I want to trade options, are they available at Forex.com?

We explored the topic in Can you trade options on Forex.com?

Should you buy your silver bullets on Forex.com?

Research for silver bugs in the Silver buy on Forex.com guide.

What is the minimum account balance at Forex.com?

Check out the current account balance requirements at Forex.com in our What is the minimum account balance at Forex.com article.

73% of retail CFD accounts lose money

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