Forex.com Review 2020
Since 2001, Forex.com has been offering over 200,000 traders across the globe access to trade 300+ global markets with a proven track record of consistently providing exceptional trading conditions with fast execution speeds and competitively low trading costs.
Forex.com Review 2020, Pros & Cons
- Strict regulation
- Commission free accounts
- DMA (Direct Market Access) accounts
- US Clients
- Execution Scorecard
- Advanced trading platforms & tools
- Dedicated market strategist
- Min $50 deposit
- Autochartist & Recognia
- Limited deposit / withdrawal methods
- No fixed spreads
In this detailed Forex.com review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Forex.com is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Forex.com.
Forex.com Review: Summary
Since 2001, Forex.com has been offering over 200,000 traders across the globe access to trade 300+ global markets including 80+ FX pairs, 220+ Shares, Commodities, Equities, Indices and Cryptocurrency. The longevity of Forex.com helps to reassure traders that they are using an established broker with years of experience within the trading industry.
Forex.com are one of the leading trading brokers globally, with a proven track record of consistently providing exceptional trading conditions to retail traders. They have earned the trust and loyalty of many traders due to their fast execution speeds and competitively low trading costs, with the statistics to back this up.
In January 2011, Forex.com became the first online broker to show an Execution Scorecard that discloses the quality of their execution. Until this day, they remain the only US broker to do so and thus maintain the upmost transparency to clients. Trade execution speeds are very important to your trading success by ensuring that your trades are placed at the best possible prices with minimal slippage.
The difference between the price when you send an order and when the order is filled can vary depending on a broker’s execution speeds. The faster an order is filled, the less variation between the prices. If execution speeds are slow, this can cause your trades to get filled at unsuitable price points which can increase trading costs and turn a winning strategy into a losing one, especially when you are trying to scalp the markets for a few points. The process of your trades going through Forex.com is fully automated with no intervention which aims to give you lightning fast execution speeds at the best possible prices.
The Forex.com Execution Scorecard (US) shows exceptional trade executions with 99.96% of trades executed in under one second, with the average execution speed an impressive 0.03 seconds. This means that it is highly likely there will be minimal slippage and trades will get filled at the prices that you want.
According to the provided statistics, around 52.52% of limit orders placed actually end up having a price better than expected, with an average improvement of 1.45 pips when trading the forex market. The average price improvement between the requested and executed price for non-forex limit orders is 0.03%. In some instances, these differences may even cover some of the trading costs. Furthermore, 100% of limit orders are filled at the price expected or better. Interestingly, this suggests that there is no negative slippage which would cause an order to be filled at a price worse than expected.
The superior trade execution speeds and competitive spreads can help to keep your trading costs down whilst giving you good value and adding extra reliability to your trading. Forex.com have spent more than a decade investing in technology and built up a deep network of liquidity providers that enables them to provide traders with tight spreads and fast execution speeds in many market conditions. According to the Execution Scorecard, 100% of trades are successfully executed (excluding those placed on the MT4 trading platform).
Forex.com have a proven record of stability, security and financial strength over many years, with the resources required to continue providing innovative trading solutions to the industry. Their parent company is GAIN Capital Holdings, Inc. (NYSE:GCAP), who are a publicly traded company listed on the New York Stock Exchange, that is obliged to meet high standards of corporate governance with financial reporting and disclosure. GAIN Capital Holdings Inc.’s quarterly and annual financial statements are available for review on GAIN Capital’s Investor Relations Website.
According to GCAP financial data, they have assets valued at over $1 billion. This helps to ensure traders that they are using a large and established broker. City Index is another trading service provider under the GAIN Capital umbrella which emphasises the size of the company. Please refer to our City Index review for more information.
Forex.com Review: Regulation
Forex.com is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom. Regulation from a top authority helps to give clients peace of mind that they are using a reputable trading broker who will protect their funds. They also have other regulators through their affiliates including:
- Investment Industry Regulatory Organisation of Canada (IIROC)
- Financial Services Authority (FSA) in Japan
- Australian Services and Investments Commission (ASIC)
- Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA) in the US
- Cayman Islands Monetary Authority (CIMA)
Security of clients finds is a top priority for Forex.com. Client funds are protected by being held in separate top tier bank accounts from their own. Trust letters are available to ensure that client funds remain segregated. Forex.com only use their own funds for hedging and do not engage in proprietary trading.
Under the Financial Services Compensation Scheme, clients may be eligible for cover of up to £50,000 in the event a firm becomes insolvent or ceases trading. Furthermore, there are robust bank reviews and monitoring guidelines enforced which are set by the Risk Committee of GAIN Capital Holdings, Inc. Forex.com is part of the GAIN Capital Holdings, a NYSE-listed company who have a strong balance sheet and an experienced management team, they serve clients in 140 countries worldwide.
Forex.com Review: Countries
Forex.com accepts traders from across the globe, excluding Singapore, New Zealand, Belarus, Iran, Yemen and some countries from the OFAC list. They are one of the few trading brokers proudly serving US traders. Some Forex.com broker features and products mentioned within this Forex.com review may not be available to traders from specific countries due to legal restrictions.
Forex.com Review: Trading Platforms
Forex.com offer traders a wide range of professional trading platforms that are designed to meet the different needs of all levels of traders. Whatever your trading requirements, you can choose a trading platform suitable for you. Each platform is designed to provide exceptional speed and performance, whilst ensuring that you maintain full control over your trading experience.
Platforms are available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet). This is useful if you plan on trading using multiple devices in different locations as one account can be accessed across a range of different platforms.
Forex.com Advanced Desktop Trading Platform
The Forex.com advanced desktop trading platform is built for ultimate performance, flexibility and speed. It is designed to meet the demanding needs of active traders by putting you in the driving seat of your trading experience with fully customisable layouts, trade preferences, one click trading, professional analytics tools, integrated trading strategies, advanced charting features, a build your own indicator feature and much more.
Forex.com Web Trading Platform
Forex.com’s powerful web-based platform delivers simplicity, speed and reliability, featuring an intuitive design and including full trading capabilities, advanced charting, smart trade ticket with advanced risk management options, pre-defined and customisable layouts, powerful charts with integrated one-click dealing and integrated trading tools. It is easily accessible from all browsers on PC and Mac, with no plugins or downloads required.
Forex.com Mobile Trading Platform
With Forex.com’s mobile trading platforms, you never have to miss a market move. They offer a complete trading experience at your fingertips so that you can easily manage your account and trade on the go with access to full robust trading features, risk management options, advanced TradingView charting and real-time analysis, integrated fund management and more from your iPhone or Android device.
Forex.com MetaTrader 4 Platform
Forex.com is also the world’s largest MetaTrader 4 (MT4) broker, with access to dedicated support and integrated trading tools exclusive to the broker. MT4 is considered by many as one of the most popular and user-friendly online trading platforms, thus making it a suitable platform for new traders. It also implements enough advanced functionality to satisfy the more seasoned traders.
Users can benefit from the reliability of a trusted broker, ultra-tight spreads, exceptional trade executions and unique trader tools including fully integrated Reuters news, Forex.com research, Autochartist Trade Ideas, Trading Central technical analysis and account management tools. There is an abundance of tools for analysing charts across various markets.
Forex.com’s MT4 platform has been optimized to support all Expert Advisors (EA). You can quickly and easily integrate your EA on their MT4 platform and benefit from no third-party bridges or auto sync. You can run your EA 24/6 during trading hours with the free Expert Advisor Hosting Services, that they offer to qualifying accounts.
Forex.com Review: Trading Tools
Forex.com provides traders with powerful tools across all trading platforms to assist with trading, including advanced charting tools that help you to spot trends and find trading opportunities. Forex.com’s industry leading charts are powered by TradingView and allow you to personalise your workspace to your own style for effective chart analysis.
Trade from charts allows you to create and modify orders from the charts quickly and easily.
There are over 70+ technical indicators that can be customised to suit your trading style and identify potential trade setups.
There are over 10+ time intervals that you can switch between to identify short and long-term trends. This ranges from tick to monthly charts.
Multiple chart types allow you to choose from a range of charting styles with a look and feel that you feel most comfortable with. These styles can be customised so that you can control what information you see and how they look.
There are 50+ customisable drawing tools which can be used to plan your next trade and analyse the markets.
Customisation features enable you to make the platform personal to your own unique style. Everything from technical indicators and drawing tools can be modified to your liking with the option to save templates for future use.
You can get real-time trading signals and analysis tools provided through Forex.com by the industry leading Autochartist and Recognia.
MT4 VPS Hosting
Forex.com offer a free virtual private server (VPS) to qualifying clients. A VPS is ideal for clients who wish to run their EAs 24/6 during trading hours, without managing them on their own computers. They include a dedicated Unix server to run EAs, for maximum uptime. You can easily upload and manage your EAs with a fast and secure account manager whilst you can access your account from any OS with a web browser. To qualify for free VPS hosting, the Forex.com client must:
- You must maintain a minimum of $5,000 in your account
- You must execute at least 10 round trip mini lots or the equivalent per calendar month
Forex.com Review: Education
Forex.com offer a range of educational resources to help build your trading confidence, knowledge and improve your trading skills. There is an abundance of educational tools and online resources from the very basics such as preparing a trading plan to the more advanced market analysis. You can learn at your own pace with trading videos, webinars and more.
The Forex.com market analysis allows traders to stay up to date with real time market insights that include trade ideas from their in-house global research team who monitor the markets.
Qualifying clients are able to request a dedicated one on one highly trained market strategist who will work alongside you to produce a trading plan suitable to your personal needs and trading style. This includes demonstration of trading platforms and tools, how to perform technical and fundamental analysis and ongoing support to improve your trading performance.
Forex.com Review: Trading Instruments
Forex.com provides access to a range of markets with an impressive 300+ global markets including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs.
You can access 100+ companies including Amazon, Barclays and Tesla with spreads starting at just 1 point on UK shares. Forex.com allow you to go long or short on over 220 of the most popular UK and US company shares.
Bitcoin is available to trade with fixed spreads and low margin requirements. No virtual wallet is required to trade Cryptocurrencies.
Forex.com offer accounts that charge no commission when trading forex currency pairs as the trading costs are included within the bid/ask spread. This can lead to marked up spreads larger than some other brokers but without the commission others may charge on top of the spread. There is a DMA account that uses non-marked up variable spreads direct from liquidity providers but does include a commission.
You can trade Metals, Energies and Softs as CFDs without having to own the underlying asset, benefitting from zero commissions and 1% margins.
The trading instruments available on Forex.com may be different depending on your location. Some countries have access to trade instruments that others cannot.
Forex.com Review: Trading Accounts & Fees
Forex.com UK offer flexible account types depending on your trading style and geo-location. They only charge commissions when you trade FX on a Commission Account or a DMA Account. Minimum deposit starts from just $50. Forex.com also provide demo accounts if you would like to test the different trading platforms and conditions before opening a real account with them.
Forex.com UK Account
The FOREX.com UK account offers competitive spreads with no commissions, suitable for everyday forex trading. The trading cost on this account type is the spread.
- Forex.com advanced desktop, web and mobile trading platform
- Exclusive in-platform market insights and analysis
- Trades executed at the best available price with minimal slippage, tight spreads and no commission
MetaTrader UK Account
The MetaTrader UK account offers the world’s most popular forex trading platform. The trading cost is again the spread with no commission charged. If you are already familiar with the MT4 trading platform you may prefer this type of account.
- Advanced and customisable trading platforms for desktop, web and mobile
- Trade forex, CFD’s, cryptos and more, all from one trading account
- Fast and reliable trade execution speeds with competitive spreads and no commission
Forex.com US offers 3 main account types, the standard account, commission account and DMA (Direct Market Access) account.
Forex.com Standard Account
The standard account is based on the market maker model where spreads can be marked up although costs are included within the spread.
Forex.com Commission Account
The commission account costs are included within the spread and a commission charge (although spreads are usually ultra-tight).
Forex.com Direct Market Access Account
The Direct Market Access (DMA) account is a commission only account that uses spreads direct from liquidity providers, thus they will usually be even lower. For professional traders who need the tightest possible spreads and lowest overall trading costs, the DMA account may be preferable.
As broker fees can vary and change, there may be additional fees that are not listed in this Forex.com review. It is imperative to ensure that you check and understand all of the latest information before you open a Forex.com broker account for online trading.
Forex.com Review: Customer Service
Forex.com are committed to support traders through their journey and offer exceptional customer services to new and existing clients via email, online chat and phone. Support is globally available 24 hours a day, 5 days a week.
Forex.com Review: Deposit & Withdrawal
Forex.com have a limited amount of deposit and withdrawal methods available. Ideally, they would provide some online payment processors such as PayPal or Skrill in the future as they can offer a more convenient and faster way to fund accounts.
Fees may be charged when using certain payment methods. Bank transfers can take a few business days to clear. Accounts can be opened in USD, GBP, EUR, CHF, JPY & NZD. The various different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
Forex.com Review: Account Opening
Opening a Forex.com account is a quick and easy process. It will only take around 5 minutes to complete the account application form with live chat support on hand to assist should you need help. Once your email has been verified and identification uploaded, you can fund your account and start trading.
Forex.com Review: Conclusion
Forex.com is a very well established and industry leading broker with a proven model and strict regulation across multiple authorities. They offer a large range of trading instruments across multiple markets and trading platforms. Client funds have security by being held in segregated accounts and they are very transparent with their Execution Scorecard. No commission charge on some accounts can be an attractive proposition as can the vast array of educational material and trading tools offered to clients.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% 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.