Forex.com Review

Best Brokers in January, 2021


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Commission range Low
Trading Portfolio CFD, Crypto, Forex, Fx
Regulation Fully regulated by several financial authorities
Trading Platform & Apps Mt4, Mt5, Webtrader, Android, IOS
Education Quality FAQ, Video, webinar
Category:

Forex.com is a regulated online broker and governed by The USA, Australia, Singapore, and Japan’s Authorities. With over 90 currency pairs, this broker offers low fee trading services for both stock index CFDs and FX trading.

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You will get: Multiple base currencies are available Low Forex Fees Customisable charts 70 indicators for analysis Well regulated in top-tier markets
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Forex.com at a glance

in 2021

8.3Expert Score
Forex.com Review
Forex.com Review
Forex.com is a regulated online broker and governed by The USA, Australia, Singapore, and Japan’s Authorities. With over 90 currency pairs, this broker offers low fee trading services for both stock index CFDs and FX trading. It does not have the best online trading platform but it you can easily navigate through and trade using web, Mobile and desktop. They charge inactivity fees but within an acceptable range.
Trading Platform
8
Commission
8
Research & Tools
9
Education
8
Investor Protection
9
Customer Support
8
PROS
  • Multiple base currencies are available
  • Low Forex Fees
  • Customisable charts
  • 70 indicators for analysis
  • Well regulated in top-tier markets
CONS
  • Charges inactivity fees
  • Web trading platform is not user-friendly
  • Limited portfolio

What we've covered in this review:
10Expert Score
Regulation Score

The broker is fully regulated. We have also checked it against scam and fraud.

I:

Forex.com Pros & Cons

A brief Intro

Forex.com is a well-known brand and regulated forex broker among forex traders. The parent company, ‘StoneX’  is NYSE Listed company also owns City Index which is one of the best CFD brokers.in the world.

This brokerage firm started offering trading service since 1983 and quickly became a trusted online broker with focus on forex trading.
Forex.com is well regulated in the majority of jurisdictions such as:

  • SFCA  (As the regulatory authority for USA Brokers)
  • The Commodity Futures Trading Commission (CFTC) of the USA
  • (ASIC) in Australia also known as Australian Securities and Investments Commission
  • (MAS) in Singapore, Monetary Authority of Singapore regulated them
  • FSA, The financial service agency in Japan
  • FFAJ, The financial futures association of Japan

Even though Forex.com is not publicly listed on any stock exchange, the company maintains a safe reputation as a safe online broker since it is regulated by top-tier financial authorities.

The trading portfolio that Forex.com offers is mainly around FX and Cryptocurrencies. After performing a comprehensive forex.com review, evaluating their services and testing the online trading platform, we have decided to rate them as you see below:

  • Best Low Fees Brokers with 84 currency pairs
  • Decent broker for trading cryptocurrency
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8.5Expert Score
Trading Fees Score

There is £,$,€15 inactivity fees.

$:

How much is Forex fees?

Forex.com Spreads & Commissions

When it comes to forex.com fees, we often receive questions such as:
“Is Forex.com a good broker for beginners?” or
“How much is forex.com fees?”.
Well, it all depends on the level of experience and your trading and investment strategy.

Generally, being able to change the default leverage is an advantage. Unfortunately when trading with Forex.com, You Are NOT Allowed to change the leverage.

Before you choose your broker, you must know what you are getting into. In Forex.com, like many other brokers, the fees for S&P 500 CFD, Europe 50 CFD, EUR USD are built into spread:

✓ For S&P 500 CFD the fee is 0.4 average spread cost, which is considered to be low.
✓ For GBPUSD the fee is 2.4 pips, which is considered to be low.
✕ For EURUSD the fee is 1.3 pips average spread cost, which is considered to be Low.
✓ £,$,€ 15 each month after 12 months of inactivity is what Forex.com charges which is also considered acceptable.

Remember that the minimum deposit is 50$.

We are now going to compare Forex.com with another two online brokers:  IG and Plus500 Review. For the sake of this comparison scenario, let’s say you will perform a typical trade which means buying a leveraged position, holding it for 7 days and only sell it after that period.

* Volume: a $2,000 position for:
1) The stock Index
2) CFD
3) Forex transactions.

The leverage in these scenarios is:
• 20:1 stock index CFDs
• 5:1 CFD
• 30:1 forex

Vs:

Compare Forex.com Alternatives

Forex.com Fees Altrenatives

CFD ScenarioForex.comIGPlus500
S&P 500 index CFD fee$1.9$2.1$2.1
Europe 50 index CFD fee$1.6$1.6$1.3
Apple CFD fee$21.8$31.9$8.9
Vodafone CFD fee$26$25.7$7.9

Forex ScenarioForex.comIGPlus500
EURUSD$12.6$16.9$17.2
GBPUSD$10.5$15.1$14
AUDUSD$12$14.1$12.6
EURCHF$4.9$6.9$9
EURGBP$9.9$11.1$12.6

To choose the right broker you should familiarise your self with both trading-fees and non-trading fees. Whether a broker charge you a commissions, spreads, or make money with hedging, you should be aware of your costs and the other fees that they might charge you.

Generally speaking, brokers charges traders different fees. Number one is a fee when you perform any trade on their trading platform. This is called “Trading Fees” and appear in different forms such as:

  • Commissions
  • Spreads
  • Financial Rates
  • Conversion Fees

Some brokers also charge you “Non-trading fees” such as withdrawal fees, deposit fees, and inactivity fees. :
These charges are not related to what currency, share, CFD or options you trade.

Forex.com operates in the majority of countries and 300+ markets including indices, shares and also crypto + FX. The minimum deposit for Forex.com brokerage services is $500, and you can choose to set up your account with these seven base currencies: EUR, GBP, USD, AUD, CAD, CHF, JPY.

8.5Expert Score
Trading App Score

When trading with Forex.com, you can use MT4.

MT4:

Is MT4 good for CFD trading beginners?​

Forex.com Trading Platform: MT4​

When it comes to trading, apart from commissions and spreads that matters the most, the online trading platform becomes very important to both beginner traders and those with experience.

In fact, trading automation mechanisms and charting can sometime define your success in different FX markets.

Forex.com offers an advanced trading platform that works on desktop, mobile apps and web. Since it is powered by MetaTrader4, it allows you to fully customise your trader’s dashboard.

When trading on mobile, you need to have access to complete trading capabilities and sometimes multiple order types.

In our tests, we really could not find that much of negativity since they even integrated news, market commentary and analysis in their platform.

Here is a summary of other features that you have when trading forex with this brokerage platform:

Since meta trader supports following languages, you should be fine to customise your platform to your preference.

Arabic Bulgarian Chinese Croatian Czech Danish Dutch, Estonian Finnish French German Greek Hebrew Hindi Hungarian Indonesian Italian Japanese Korean Latvian Lithuanian Malay Mongolian Persian Polish Portuguese Romanian Russian Serbian Slovak Slovenian Spanish Swedish Tajik Thai Traditional Chinese Turkish Ukrainian Uzbek Vietnamese.

A:

AvaTrade is a Low Fees Broker

Should I Open ECN account or PAMM?

Opening trading account on Forex.com website as one of the best forex brokers is very easy. You’ll be prompted with a user-friendly platform to open your account and guided throughout the process; All you need is an email or a social platform login. Generally, you will get your account opened in 1 to 3 days.

Now, let’s have a look at the 3 types of accounts that are available at Forex.com.

  • Forex.com account and MetaTrader account have higher spread and no commission
  • The other account is called DMA Account that has lower spread and $2 commission for each lot per trade.
  • Obviously, you can either open your accounts as an individual, or request a join account for you and your partner or even a corporate account for your business.

By the way, you can immediately use your demo account but if you decide to move forward as a trader and work with real money and trade FX, you should provide your passport or ID along with proof of residency (something like a utility bill or bank statement); This step is called the KYC process.

When choosing one of the best online brokers to begin trading, you need to think of customer support as a significant factor because no one likes to face an issue and wait days to receive support.

Overall, Forex.com customer support team does not respond that fast via email, but they do a good job on phone calls, and live chat which is in English and has short time queues. By the way, they have yet to establish a 24/7 support process (So don’t count on weekends).

7Expert Score
Trading Instruments

Most of trading instruments and products are foreign currency and assets. The portfolio is not that comprehensive.

O:

What Assets can I trade with Forex.com?​

Should I Trade CFD or Forex-CFDs?​

As one of the best broker for forex trading, the options that are available to you at Forex.com are:

  • Cryptocurrencies
  • Forex
  • Stock CFDs

Currency Pairs

84

Stock Index CFD

23

Stock CFDs

4,500

ETF CFDs

57

Commodity CFDs

31

Bond CFDs

12

Future CFDs

0

Crypto

8
9Expert Score
Tools & Education Score

Since it requires only $50 &offers decent educational materials, it might be a good option for beginners too.

E:

Trading training for New Forex Traders

Market Research Tools for Currency Traders​

Financial advisors often comment that market research tools are one of great features that every online trader should use. Good news is that you have plenty of technical analysis and latest research at your disposal when trading with this brokerage firm.

The investment protection that you get is £85,000 for EEA country citizens, and $1M for Canada.

Research tools that Forex.com provide are great. You will have access to advanced charting, technical analysis and pivot points that are usually used by traders as a predictive indicator. Additionally, unlike market makers,  everyone can publicly access their economic calendar.

Does Forex.com offer Fundamental Data? No.

Does Forex.com offer Trading Ideas? Yes, based on technical Analysis.

From education point of view, if you are looking for well-researched articles, and trading strategies to begin with, you may use our trading blog for beginners since we have hundreds of detailed reviews, tools tutorials, investment guides and articles (We do not offer investment advice and guarantees).

Although they don’t offer webinars, the other forms of education that they provide is very handy and pretty comprehensive.

Not only you will get a demo account to practice what you’ve learned, you will also have access to lots of videos to familiarise yourself with trading platform too.

C:

Conclusion of Forex.com​ Pros & Cons

Is Forex.com Scam or Legit?​
4.5/5

Overall Forex.com is considered to be a safe, and regulated FX brokerage company. On the negative side, we can talk about their limited portfolio and lack of future CFDs. The customer support team responds fast if you use their live chat service, but you may be delayed if you contact them via email.

From cost and fees perspective, you will be charged €15 every month if your account is inactive for a year. Forex.com might not have the best trading portfolio in financial market, but with over 84 currency pairs and 4.5k Stock CFDs, you can easily find what you want and trade with your preferred options; That makes it a good platform to trade forex for beginners.

Positive side is more around offering low forex fees opportunities for trading both Stock CFDs & FX markets. Setting alerts and customising the trading platform is also another positive point that matters to many brokers.

The minimum deposit is $50.

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It is well regulated in the majority of jurisdictions including:

  • SFCA in the US,
  • The Commodity Futures Trading Commission (CFTC) of the USA
  • (ASIC) in Australia also known as Australian Securities and Investments Commission
  • (MAS) in Singapore, Monetary Authority of Singapore regulated them
  • FSA, The financial service agency in Japan
  • FFAJ, The financial futures association of Japan

Follow these steps to learn how to open trading account:

1. Get ready with your email address
2. Select the country of residency.
3. Provide demographic data
4. Choose your preferred online trading platform
5. Select your account type & base currency.
6. Explain your trading experience and provide employment history
7. Provide identity and residency proof for activation.

The minimum deposit is $50.

  • Multiple base currencies are available
  • Low Forex Fees
  • Customisable charts
  • 70 indicators for analysis
  • Well regulated in top-tier markets

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Forex.com Review
Forex.com Review