Want to see if Forex.com is a legit broker? Is it safe to trade? It spread is high or low? How long to deposit or withdraw funds?
We provide answers to all the questions in this Forex.com Review.
We checked Forex.com licenses and regulations to see if Forex.com scam or safe. Compared Forex.com fees like spread & commission from the Live account to other 150 brokers, required time for deposit & withdrawal and many more findings all in this review.
What is Forex.com
Forex.com is a global Forex and CFD broker, a part of GAIN Capital Holdings established in 1999.
The holding is a publicly-traded company that operates under several licenses issued by the top-tier CFTC in the USA, Financial Conduct Austerity in the UK, ASIC in Australia, IIROC in Canada and many more regulated entities worldwide.
|🗺️ Regulated in||USA, UK, Australia, Japan, Singapore, Canada, Cayman Islands|
|🛡️ Is Forex.com safe to trade||Yes|
|💵 EUR/USD spread||1.3 pips|
|🏦 Deposit||Bank Wire, Credit and Debit Cards|
|💰 Minimum deposit||US$100|
|🏦 Withdrawal||Bank Wire, Credit and Debit Cards|
|💻 Trading platform||MT4, MT5, Forex.com Platform|
|💳 Trading markets||Forex and CFDs on Commodities, Indices, Stocks and Cryptocurrencies|
|📈 Number of product||4500+|
|📉 Live chat response||Instant and relevant answers|
License and regulation are the keys to traders’ fund security. We check two factors, a license that broker carry also its background, and how you are protected if something goes wrong.
Is Forex.com legit
Forex.com is regulated by multiple financial authorities, also is part of Hoch Capital and StoneX Group Inc. listed on Stock (NASDAQ: SNEX) and operating over 20 years.
The company is established under the Financial Conduct Authroty (FCA), Monatary Authority of Singapore (MAS), Australia Securities and Investment Commission (ASIC) regulation, and other regulators with global expand.
Forex.com Licenses and status
|Entity||Registered in||Regulator||License no.||Status|
|GAIN Capital Holdings Inc||USA||Commodity Futures Trading Commission (CFTC), a member of the National Futures Association (NFA)||Currently Regulated|
|GAIN Capital UK Ltd||UK||Financial Conduct Authority (FCA)||113942||Currently Regulated|
|GAIN Capital Australia Pty Ltd||Australia||Australia Securities and Investment Commission (ASIC)||ACN 141 774 727, AFSL 345646||Currently Regulated|
|GAIN Capital Canada Ltd||Canada||Investment Industry Regulatory Organization of Canada (IIROC)||12-0165||Currently Regulated|
|GAIN Capital Japan Ltd||Japan||Financial Services Authority (FSA)||Currently Regulated|
|GAIN Capital Singapore Pte Ltd||Singapore||Monetary Authority of Singapore (MAS)||Currently Regulated|
|GAIN Global Markets Inc.||Cayman Islands||Cayman Islands Monetary Authority (CIMA)||25033||Currently Regulated|
Is Forex.com safe
Yes, Forex.com is considered safe because it is regulated by the top-tier regulators and has strong background.
Forex.com operates seven legal entities each licensed and regulated according to necessary laws
Forex.com compensation scheme
|Entity||Compensation Amount||Negative Balance Protection|
|GAIN Capital Holdings Inc (USA)||No compensation||Yes|
|GAIN Capital UK Ltd||£85,000||Yes|
|GAIN Capital Canada Ltd||CAD 1,000,000||Yes|
|All other entities||No compensation||Yes|
We recommend registering trading account with the UK or Canada entities as they are considered the best. USA and Australia entities are also good but provides no compensations
Forex.com provides negative balance protection for all retail clients.
Markets and Products
At Forex.com you can trade extended range of global markets including Forex and CFDs on Commodities, Indices, Stocks and Cryptocurrencies.
The trading of real Stocks or Futures is not available.
Forex.com has three account types with different pricing models and execution model for commission based and high-volume Forex trading.
Login Account available through the website, where you can register or access your online account area.
|Standard||Commission||Direct Market Access|
|Minimum Deposit||100 USD||100 USD||200 USD|
|Minimum Balance||–||–||25,000 USD/EUR/GBP|
|Spreads From||1 pips||0.2 pips||0.1 pips|
|Commissions||Zero Commissions||50$ per million||60$ per million|
Fees and commissions
We ranked Forex.com fee levels as average and low based on our findings via Standard Live Account Spread and compared to 150 brokers in our database.
The spread we collected for popular instruments from 6 markets and over 150 brokers
|Forex||EUR/USD||0.1-0.9||1-1.5||1.6 or higher|
|Indices||US 500||0.1-0.4||0.5-1.4||1.5 or higher|
|Commodities||Gold||0.1-0.4||0.5-2||2.1 or higher|
|Stocks||Tesla||0.1-0.5||0.6-1||1.1 or higher|
|ETFs||US Russell 2000||0.1-0.4||0.5-1.4||1.5 or higher|
|Cryptocurrencies||Bitcoin||0.1-0.5%||0.6-0.9%||1% or higher|
Forex.com fee basis is different in each account type.
Comparing the spreads charged for our test trades on Standard account spreads average on 1.2-1.3 pip for EURUSD, compared to industry benchmarks we rank Forex and Stocks spreads average, while Commodities fees are low.
|Markets||Instruments||Standard||Other brokers’ avg spread|
|ETFs||US Russell 2000||0.3||0.5-1.4|
Each instrument defines margin requirement, for EURUSD margin is from 0.5%.
Forex.com has low non-trading fees. There is no fee for deposit and withdrawals, but there is inactivity fee of 15$ after one year of no use.
The trading conditions at Forex.com are good. You can deploy mostly all types of strategies including scalping, daytrading, EAs and hedging.
|Change Leverage Allowed||Yes|
For hedging, there are no time limitations for keeping hedging positions, but hedging is not available for US clients.
For scalping, Standard account is good for scalpers ad does not restrict use as ling as margin for opening positions are enough. Forex.com MT5 is pre-installed on the VPS for those who run Expert Advisors (EAs).
Forex.com allowing to use leverage for CFD trading and change its levels, but maximum levels depending on the regulatory restrictions.
Forex.com charges no deposit fees. You can denominate your account in your base currency and deposit via bank transfer or Credit Card. From the downside e-payments are not supported.
A bank transfer can take few business days, while payment with credit/debit cards are immediate.
|Deposit Method||Funding Time||Fee|
|Bank Wire Transfer||1-2 business days||0$|
|Credit / Debit Card||Immediate||0$|
The minimum deposit requirement at Forex.com is $100 or currency equivalent for Standard account.
Forex.com charges no fees for withdrawals similar to deposits policy also using the same payment options Bank Wire and Cards.
Forex.com process withdrawals within 1-2 business days, extra days to reach your account are defendant on the provider.
|Withdrawal Method||Withdrawal Time||Fee|
|Bank Wire Transfer||Up to 48 hours||Additional fees may be applied by receiving bank.|
|Credit / Debit Card||Up to 24 hours||Free|
Forex.com offers Welcome bonus promotion allowing to receive a 20% bonus on the amount you fund. However, bonuses usually available under terms and conditions for international clients and excluding the UK, USA, Australian and other traders.
Forex.com offers various platforms MetaTrader4, MetaTrader5 and Forex.com Advanced Platform.
Forex.com MetaTrader4 supporting great number of languages and features extra tools. MT4 and its newer version MT5 both available across all devices via Desktop, Web and Mobile App for Android and IOs.
Forex.com’s desktop platform is accessible across PK on Windows and Mac, also integrated for professional trading and available on Web Trading version and Mobile Trading.
Research and Tools
Forex.com research and tools are great, numerous tools inbuilt into platforms including Calendars, Multiple News Channels and News Feed, Advanced Charting tools, FX trade Signals, Trading Ideas, Market Strategist and Analysis.
There in no negative points in that part of Forex.com trading, research tools available through:
- MetaTrader trading platforms
- Forex.com Platform
- Market Analysis section on the website
Forex.com educational content is high quality and easy to navigate. You can find education courses divided by the level of experience and well categorized education themes with videos, platform tutorials, webinars.
Demo accounts are free and available for all offered platforms including MetaTrader and Forex.com platform.
At Forex.com you can learn in the following:
- Demo account
- Trading videos and tutorial videos
- Webinars, Courses
- Educational articles
Forex.com customer service is good, FAQ section is informative and well-categorized, also we got fast and proper answer via Live Chat.
You can contact Forex.com in various ways yet only available 24/5:
- Live chat
Forex.com live chat showed us a high speed response via the website
|Question Asked||We asked about commission charges.|
|Time of Reply||We were connected to customer support Live Chat within minutes|
|Quality of Reply||The answer was deep enough.|
Forex.com is a safe broker to trade. The company has solid background, capitalization and almost worldwide authorization operating under full supervision of authorities.
From the good points, we would admit good selection between trading platforms, availability of strategies and pricing models.
We recommend Forex.com for beginning, scalpers and professional traders seeking high-volume Forex trading opportunity.
Author of this review
By Jimmy O'Brien
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets.
I am passionate about observing foreign exchange movements, sharing educational insights into the financial markets, and adding value wherever I can.