Forex.com is a widely regulated platform in online forex trading, providing a vast array of trading tools and platforms for individual and institutional investors. However, exploring the forex market can be overwhelming, especially for beginners.
A crucial question arises is Forex.com a good broker or a potential scam? This article will guide you into Forex.com’s regulatory standing, reputation, features, and drawbacks to help you make an informed decision.
Who is a Forex.com broker?
Forex.com is a forex broker founded in 1999, currently owned by the parent company StoneX Financial. StoneX Group Inc. wholly owns Gain Capital Group LLC. They are regulated by major authorities worldwide, ensuring a secure trading environment. They offer various trading platforms like mobile apps, web traders, and MetaTrader 4 and 5 to suit your preferences and allow you to trade a wide range of assets like stocks, CFDs, forex, indices, cryptocurrencies, and commodities.
With different account types like standard, MT4, MT5, raw spread, and a free demo account with virtual funds, they cater to both beginners and experienced traders. It has flexible deposit and withdrawal options and comprehensive educational resources making Forex.com a well-rounded platform for your Forex trading needs.
Why choose Forex.com for trading?
- Forex.com is a well-regulated broker with licenses from major financial authorities worldwide, ensuring a secure trading environment.
- You can choose from user-friendly platforms, including mobile apps, web traders, and MetaTrader 4/5, to suit your trading style and preferences.
- You can trade Forex and CFDs on Stocks, Indices, Cryptocurrencies, and Commodities to diversify your portfolio and capitalize on various market opportunities.
- You can get the help you need with 24/5 customer support and access comprehensive educational resources to hone your trading skills.
Is Forex.com a good broker? A comprehensive review
Forex.com is a well-regulated forex broker with a strong reputation for trustworthiness and reliability. The following is a summary of the pros and cons to help you decide if it is a good broker for you.
Regulation and licensing
Is Forex.com a regulated broker? Yes, Forex.com is a well-regulated broker by the Commodity Futures Trading Commission (CFTC), ASIC, CIRO, CySEC, NFA, FCA, CMA, and FSA. The country and its regulatory bodies are given in the tabular column below.
| Country | Regulatory bodies |
|---|---|
| Canada | Canadian Investment Regulatory Organization (CIRO) |
| Australia | The Australian Securities and Investments Commission (ASIC) |
| Singapore | The Monetary Authority of Singapore (MAS) |
| Cyprus | Cyprus Securities & Exchange Commission (CySEC) |
| United States | The National Futures Association (NFA) |
| United States | Commodity Futures Trading Commission (CFTC) |
| UK | Financial Conduct Authority (FCA) |
| Cayman Islands | Cayman Islands Monetary Authority (CIMA) |
| Japan | The Financial Services Agency (FSA) |
Security measures of Forex.com
Forex.com security measures are given below.
- Client money protection: Segregated client money accounts ensure your funds are held separately from Forex.com company assets, complying with FCA regulations.
- Robust security measures: Strict adherence to AML/ATF regulations resists financial crime, while a global network of custodian banks and rigorous bank review protocols provide additional security.
- Financial protection: Eligible clients in the UK benefit from coverage up to £50,000 under the Financial Services Compensation Scheme (FSCS) in case of insolvency.
Forex.com trading platform
Forex.com’s proprietary platforms are suitable for beginners and MetaTrader 4/5 is suitable for experienced/ algorithmic traders. The trading platform type and its features are given below.
| Platform | Type | Features |
|---|---|---|
| Forex.com mobile app | Proprietary | Convenient mobile trading, basic order placement, market monitoring |
| Forex.com web trader | Proprietary | Robust charting with 80+ customizable indicators, multi-timeframe analysis, 50+ drawing tools |
| MetaTrader 4 (MT4) | Third-party | 20+ add-on apps, 9 Expert Advisors. Web and desktop platforms are available |
| MetaTrader 5 (MT5) | Third-party advanced trading platform | Faster execution, streamlined market discovery, expanded toolset, 300+ CFD stocks. Mobile, desktop, and web trading platforms are available. |
| Trading View | Proprietary | 80 default indicators and access TradingView from the iPhone or Android mobile app |
Forex.com trading instruments
Forex.com offers a variety of trading instruments as follows.
- Forex
- CFDs on stocks
- Indices
- Cryptocurrencies and
- Commodities like Precious metals, Energies, and Agricultural products.
Account types of Forex.com
Forex brokers offer different account types, each with costs and features that vary.
- Spread only accounts
- Raw pricing accounts
- MetaTrader 4/5
- Corporate and
- Joint accounts
Deposit and withdrawal methods of Forex.com
Forex.com provides a variety of convenient deposit and withdrawal methods:
- Bank transfer
- Wire transfer
- Credit/debit cards
- E-wallets
Forex.com trading and non-trading cost
The fees and commission are as follows.
- FX spreads: Forex.com offers raw pricing accounts with currency pairs like EUR/USD spreads starting as low as 0.0 pips whereas spread-only accounts charge as low as 1.2 pips.
- Commission: No commission for spread-only accounts whereas the raw account charges Fixed USD 7 per $100k traded.
- Currency conversion charges: +/-0.5%.
- Inactivity fee: $15 monthly charge after 12 months of no trading activity.
- EA hosting: 30 base currencies.
Forex.com customer support
Forex.com offers 24/5 customer service through various channels, including live chat, phone, and email.
- Phone: 1-877-367-3946 (Toll-Free)
- Email: info@forex.com
- Corporate address: 30 Independence Blvd, Suite 300 (3rd floor), Warren, NJ 07059
Conclusion
Forex.com is a secure and reliable broker, offering various trading options for all experience levels. In short, Forex.com is legit. Explore their platform if you prioritize safety and a well-rounded trading experience. They provide a diverse range of instruments, user-friendly platforms, competitive pricing, and comprehensive educational resources, making Forex.com a solid foundation for your trading journey.
Is Forex.com good for beginners? Yes, Forex.com is good for beginners. With its educational resources, user-friendly platforms, and demo account, Forex.com can be a good starting point for beginners. However, due to the inherent risks of foreign exchange trading, it is essential to prioritize learning and risk management before using real money.
Pro Tip
Is forex.com safe? Yes, Forex.com is generally considered a safe broker due to its strong regulation by major authorities worldwide. Find the best broker for you by exploring our trusted forex broker and using our broker finder tool. Compare features, fees, and customer reviews across brokers offering access to various assets like forex, stocks, indices, and cryptocurrencies.
