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Forex.com Review
Forex.com is a forex trading services broker. They give traders access to a wide variety of instruments in several markets like currencies, indices, commodities, etfs and ipo. For commodity traders, they offer a range of energies, metals and agricultural.
Pros
- Segregates client funds
- Established in 1999
- Regulated by Financial Conduct Authority
- Min. deposit from $50
Cons
- Doesn’t offer VPS (See alternatives)
- Not ASIC Regulated (See alternatives)
To open a live account, you’ll need a minimum deposit of at least $50. Alternatively, Forex.com offers a demo account that you can use to practice and familiarise yourself with their platform.
Regulated by the Financial Conduct Authority in the United Kingdom (FRN: 113942), Forex.com keeps all customer money in a separate bank account with tier-1 institutions. Forex.com has been in business since 1999, with headquarters in the United States.
Before we dive into some of the more detailed aspects of Forex.com’s spreads, fees, platforms and trading features, you may want to open Forex.com’s website in a new tab by clicking the button below in order to see the latest information directly from Forex.com.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links.
What are Forex.com’s spreads & fees?
Like most brokers, Forex.com takes a fee from the spread, which is the difference between the buy and sell price of an instrument.
The commissions and spreads shown here are based on the minimal spreads available on Forex.com’s website.
| Forex | Forex.com | City Index | XTB |
| EUR/USD(Average: 0.7 pips) | 1.0 pips | 0.7 pips | 0.1 pips |
| GBP/USD(Average: 1.1 pips) | 0.9 pips | 1.7 pips | 0.1 pips |
| USD/JPY(Average: 1.1 pips) | 1.1 pips | 0.6 pips | 0.1 pips |
| AUD/USD(Average: 0.8 pips) | 1.2 pips | 0.6 pips | 0.2 pips |
| USD/CHF(Average: 2.3 pips) | 1.1 pips | 2.3 pips | 0.2 pips |
| USD/CAD(Average: 2.9 pips) | 0.9 pips | 0.5 pips | 0.3 pips |
| NZD/USD(Average: 3.6 pips) | 2.3 pips | 2.8 pips | 0.3 pips |
| EUR/GBP(Average: 2.4 pips) | 1.3 pips | 0.5 pips | 0.1 pips |
Spreads are dynamic and are for informational purposes only.
As you can see, Forex.com’s minimum spread for trading EUR/USD is 1.0 pips – which is relatively high compared to the average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with Forex.com vs. similar brokers.
How much does Forex.com charge to trade 1 lot of EUR/USD?
If you were to buy one standard lot of EUR/USD (100k units) with Forex.com at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $16.2. Here’s a rough breakdown of the fees and how this compares against IG & XTB .
| Forex.com | IG | XTB | |
| Spread from: | $ 10.00 | $ 6.00 | $ 2.00 |
| Commission: | $0.00 | $0.00 | $0.00 |
| Total cost of a 100k trade: | $ 10.00 | $ 6.00 | $ 2.00 |
| $4 less | $8 less | ||
| VISIT FOREX.COM | VISIT IG | VISIT XTB |
All fees/prices are for informational purposes and are subject to change.
What can you trade with Forex.com?
Forex.com offers over 300 different instruments to trade, including over 80 currency pairs. We’ve summarised all of the different types of instruments offered by Forex.com below, along with the instruments offered by IG and XTB for comparison.
| FX / Currencies | Forex.com | IG | XTB |
| # of forex pairs offered | 80 | 90 | 48 |
| Major forex pairs | Yes | Yes | Yes |
| Minor forex pairs | Yes | Yes | Yes |
| Exotic forex pairs | Yes | Yes | Yes |
| Cryptocurrencies* | No | Yes | Yes |
| Commodity CFDs | Forex.com | IG | XTB |
| # of commodities offered | 12 | 34 | 21 |
| Metals | Yes | Yes | Yes |
| Energies | Yes | Yes | Yes |
| Agricultural | Yes | Yes | Yes |
| Index & Stock CFDs | Forex.com | IG | XTB |
| # of stocks offered | 220 | 8000 | 1606 |
| UK shares | Yes | Yes | Yes |
| US shares | Yes | Yes | Yes |
| German shares | Yes | Yes | Yes |
| Japanese shares | Yes | Yes | Yes |
| SEE FOREX.COM’S INSTRUMENTS | SEE IG’S INSTRUMENTS | SEE XTB’S INSTRUMENTS |
What’s the Forex.com trading experience like?
1) Platforms and apps
Currency.com provides the well-known MT4 forex trading software. See our MT4 broker comparison for a list of the best MT4 brokers. Forex.com also provides their own FOREXTrader PRO platform.
Forex.com now provides mobile apps for Android and iOS, making it simpler to monitor and execute transactions while on the go.
Still not sure?
Open a practice account & learn to trade
2) Executing Trades
The minimum and maximum trading criteria at Forex.com vary based on the trader and the product. Because Forex.com provides ECN and STP execution, you can anticipate exceptionally tight spreads and greater transparency in the price you pay to execute your transactions.
As a market maker, Forex.com may have lower entrance criteria than an ECN broker, who usually has greater capital and minimum trading requirements due to a higher number of trades. Market makers generally have a lower minimum deposit, lower minimum trade requirements, and no trading commission.
As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.
Finally, we’ve listed some of the popular funding methods that Forex.com offers its traders below.
Trading Features:
- Allows scalping
- Allows hedging
- Offers STP
- Low min deposit
Accounts offered:
- Demo account
- Mini account
- Standard account
- ECN account
- Islamic account
Funding methods:
- Credit cards
- Bank Transfer
3) Client support
Forex.com supports a wide range of languages including English, Chinese, and Arabic.
4) What you’ll need to open an account with Forex.com
Since Forex.com is regulated by the Financial Conduct Authority, every new customer must pass a few simple compliance tests to verify that you understand the risks of trading and that you are eligible to trade. When you establish an account, you will most likely be asked for the following information, so have it handy:
- A scanned colour copy of your passport, driving license or national ID
- A utility bill or bank statement from the past three months showing your address
You’ll also need to answer a few basic compliance questions to prove your trading expertise, so allow at least 10 minutes to finish the account opening procedure.
While you may be able to browse their site immediately, it is crucial to know that you will not be able to place any transactions until you pass compliance, which might take several days depending on your circumstances.
To start the process of opening an account with Forex.com you can visit their website here.
79% of retail investor accounts lose money when trading CFDs with this provider.
