FOREX.com Review

FOREX.com is one of the leading forex brokers in the US. But is it the right broker for you? Read on to find out.

Choosing a broker can make or break your trading experience. Without the needed trading tools, profitable trading can be difficult — if not impossible.

FOREX.com is better than its competitors in terms of available assets. But is that enough to conclude that this broker suits you?

In this review, discover the asset offerings, account types, key features, pros, and cons of FOREX.com. All these can help you decide whether you should try this broker or not.

What is FOREX.com?

It offers a wide range of markets and asset offerings. It also has its own proprietary trading platform alongside MetaTrader.

Here's a summary of what FOREX.com offers:

Who Is It Best For?

FOREX.com is best for you if you are:

• A forex trader
  
• A CFD trader
  
• A technical analysis trader
  
• A high-volume trader

Who Should Skip FOREX.com?

FOREX.com is not for you if you are:

• A fundamental analysis trader
  
• An options trader

Pros and Cons

Here are the strengths and weaknesses of FOREX.com:

Pros:

• Rebates for active traders
  
• No withdrawal fee
  
• Easy-to-use trading platform
  
• Wide range of offerings
  
• TradingView integration

Cons:

• Inactivity fees
  
• No fundamental data
  
• Slow email response

Spreads and Fees

One of the good things about FOREX.com is it has no withdrawal or deposit fees. But it charges an inactivity fee of $15/month if there's no trading activity in your account for over a year.^[1]

FOREX.com has a minimum deposit requirement of $100.^[2]

It also offers higher spreads compared to the industry average. Here are its spreads for some major currency pairs:^[3]

Is FOREX.com Safe?

Yes, FOREX.com is safe and legal in the US. It is a highly trusted broker that is regulated by 7 tier-1 (highly trusted) regulators. These regulators are the following:

• Australian Securities & Investment Commission (ASIC)
  
• Monetary Authority of Singapore (MAS)
  
• Financial Conduct Authority (FCA)
  
• Canadian Investment Regulatory Organization (CIRO)
  
• Financial Services Agency (FSA)
  
• Commodity Futures Trading Commission (CFTC)
  
• National Futures Association (NFA)

What Does FOREX.com Offer?

FOREX.com offers several account types, thousands of tradable assets, various trading platforms, and hundreds of trading tools.

Account Types

FOREX.com offers flexible trading account types: Spread-only, RAW pricing, and MetaTrader accounts.

1. Spread-only Account - This is for traditional traders who primarily use the web and mobile platforms. This account has variable spreads but no commission fees.

2. RAW Pricing Account - This is for you if you want ultra-tight spreads with fixed commission fees.

3. MetaTrader Account - This is preferred by veteran traders who are used to trading on the MetaTrader platform. This account has variable spreads but no commission fees.

The RAW Pricing Account is particularly beneficial to traders who use the scalping strategy. However, if you're a day trader or swing trader, the Spread-only Account is still better.

Tradable Assets

FOREX.com allows you to trade the following assets:

• 82 currency pairs
  
• 4,500 CFDs
  
• Stocks
  
• Indices
  
• Cryptocurrencies
  
• Commodities
  
• Precious metals

Trading Platform

FOREX.com gives you three trading platforms to choose from. It has access to a MetaTrader (4 & 5) platform, its own Advanced Trading platform (for desktop), and WebTrader platform.

It offers web-based, desktop, and mobile trading platforms. This allows you to trade whether you're just at home or on the go.

Trading Tools

FOREX.com has more than 200 technical indicators, 50 drawing tools, 14 time intervals, and over 100 predefined trading strategies. These charting tools are available on its Advanced Trading platform, the broker's very own flagship desktop platform.

Its trading tools also offer deep customization and advanced order types, such as:

• Performance Analytics
  This enables you to understand your trading performance through real-time statistics. It also helps you hone your trading skills as it analyzes your trading patterns. This is like a virtual trading coach.

• SMART Signals
  This monitors major global markets to give you potential trading ideas and trading opportunities. It also offers a suggested strategy.

• Alerts
  FOREX.com provides price alerts, trade alerts, and order alerts. This allows you to enter the market at your desired level without having to monitor the screen all day.

Its web trading platform also has charting tools that are powered by TradingView. It has about 80 indicators, 10 chart types, and 14 time frames.

Market News and Research

FOREX.com's research tools are powered by Trading Central, a third-party provider that is integrated throughout the platform. It provides technical analysis reports, economic calendar, Reuters news feed, and market analysis articles.

The broker's in-house analysts also produce daily articles that can keep you up to date with market movements.

The platform provides written research, but there's no video content.

Education

FOREX.com's educational materials are well organized. It is categorized according to themes and the trader's experience level. These materials are accessible through its website.

There are courses for beginners, intermediate, and advanced traders. Its topics include risk management, trading strategies, technical analysis, fundamental analysis, and platform tutorials.

The broker also has a trading academy that teaches traders about technical analysis and understanding chart patterns.

Demo Account

This broker offers a demo account that allows you to trade with virtual money. This allows you to test your strategy first before trading with real money.

The only downside is this demo account expires after 90 days for U.S. traders.^[4] And there's no option to extend.

It appears that the demo account is there just so you can test the platform's features. Three months would be enough to see if this broker is the right one for you.

Mobile App

The mobile app allows you to view charts, create watchlists, access news, view trade history, and withdraw funds. The app is also easy to navigate.

It allows you to place orders, stop losses, and profit targets. However, the app's charting feature is a drawback. The available indicators are limited while drawing tools and advanced technical features are missing.

Active Trader Program

FOREX.com's Active Trader Program is for high-volume traders. If you qualify, you can earn interest, rebate cash, reduce trading costs by up to 15%, and reimburse bank fees for wire transfers.

You also get one-on-one support from a relationship manager.

To qualify for the program, you just need to do any of the following:^[5]

• Open an account with a $10,000 minimum
  
• Trade $50 million in volume in a month
  
• Maintain a daily balance of $25,000

Customer Support

FOREX.com offers live chat, phone, and email support. Here are the contact details:

Phone: 908-731-0750, (Sun 10 AM - Fri 5 PM EST)
Email: support@forex.com

Phone support usually has wait times that can last to several minutes, while email support can take one to three business days before receiving a response.

Its website also has a dedicated FAQ page for answers to common questions. You may want to check the FAQ page before contacting customer support.

What Are the Common Complaints?

Here are the common complaints from FOREX.com users:

1. Withdrawal Problems
   A user who requested a withdrawal did not receive the amount even after 5 business days.

   This user said, "I'm having problems with my money withdrawal. I requested withdrawal (on August 25) but (there's) nothing in my bank account till today (Sept. 3)."

2. High Spread
   A FOREX.com client said, "I just decided to move to another broker due to the high spread on Forex.com."

3. Poor Customer Support
   According to a user, "When we tried to withdraw we were told we had to wait 30 days. Over 2 months later, we've not been able to talk to anyone despite leaving a number of messages."

How to Open an Account on FOREX.com

Here are the steps to open a FOREX.com account:

1. Visit the FOREX.com website
   
2. Choose an account type
   
3. Fill in your personal information
   
4. Provide identity verification
   
5. Fund your account

How to Deposit Funds

Take these steps to deposit funds into your account:

1. Log in to MyAccount
   
2. Visit the funding page
   
3. Choose a deposit method
   
4. Deposit a minimum of $100

FOREX.com offers 3 deposit methods. You can deposit through bank transfers, wire transfers, and debit cards.

How to Withdraw Funds

You can take these steps if you want to withdraw funds from your account:

1. Log in to MyAccount
   
2. Visit the funding page
   
3. Select the Withdraw tab
   
4. Choose a withdrawal method

In the US, you can withdraw funds through debit cards, wire transfers, or bank transfers.

How FOREX.com Compares

Compared to other brokers, FOREX.com has higher spreads and slower customer support response time. But it has a greater number of available asset offerings.

FOREX.com vs OANDA

FOREX.com and OANDA are both forex and CFD brokers. FOREX.com has a higher number of available currency pairs and CFDs compared to OANDA.

FOREX.com has 82 currency pairs and 4,500 CFDs while OANDA only has 70+ currency pairs and 53 CFDs. Choose FOREX.com if you want to trade more diverse assets.

However, FOREX.com also has a slightly higher spread than OANDA. That means if you want to trade cheaper, better go with OANDA.

FOREX.com vs IG

IG is also a highly regulated forex and CFD broker, just like FOREX.com. However, unlike FOREX.com, IG doesn't have integrations with MetaTrader5 and TradingView.

So if you're used to analyzing charts on TradingView, FOREX.com would be the better choice.

The good thing about IG is it doesn't have a minimum deposit requirement for bank transfers, although for card payments, the minimum deposit is $50.^[6] Still, this is cheaper compared to FOREX.com's $100 minimum deposit requirement.

Bottom Line

FOREX.com is not for everyone. This is not for you if you're a trader who relies on fundamental analysis. This is more for the technical analysts.

This broker is also for you if you're a high-volume trader and wide assets trader. But if your primary consideration are spreads, other brokers would be better.

Nevertheless, FOREX.com is a good broker as it is highly regulated and has integrations with platforms that are preferred by veteran traders.

References