FOREX.com Review 2024
Written by BrokerNotes.co
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by Jeff Anberg
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74%-76% of retail CFD accounts lose money. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Our extensive testing and research on FOREX.com has led us to recommend it as an outstanding choice for forex and CFD traders. FOREX.com offers a robust trading environment with top-tier regulatory backing and excellent educational resources, making it superb for both seasoned and novice traders.
Overall Rating
Minimum Deposit
Trust Score
Pros and Cons
Pros
- Wide Range of Instruments: FOREX.com offers a broad selection of over 5,500 tradeable symbols including 91 forex pairs.
- Regulatory Assurance: Regulated by major financial authorities including ASIC, MiFID, and FCA, ensuring a high level of trust and security.
- Educational Resources: Although it lacks advanced educational videos, FOREX.com provides excellent beginner tutorials and overall educational content.
Cons
- Higher Spreads on Standard Accounts: When not using a RAW or active trading account, the average spread (1.4 for EUR/USD) is higher than other low-cost brokers.
- Fewer Symbols on MetaTrader 4: Compared to the diverse offering on its non-MetaTrader platforms, FOREX.com's MT4 platform only provides about 600 instruments to trade.
Ratings Summary
- Investment Types - 9.5/10
- Commissions & Fees - 9.0/10
- Trading platforms - 9.5/10
- Research - 8.5/10
- Mobile Apps - 9.5/10
- Education - 9.5/10
- Overall - 9.4/10
Can I trust FOREX.com?
We have thoroughly assessed FOREX.com and can confirm its high trustworthiness, underscored by its impressive trust score of 99 out of 100, provided by ForexBrokers.com. It is a publicly traded company and is authorised by major regulatory bodies including ASIC in Australia and FCA in the U.K., ensuring robust oversight and safety for traders' investments.
FOREX.com is currently licensed and/or authorised by the following regulatory bodies:
- Tier-1 Regulators - Australian Securities & Investment Commission (ASIC), Monetary Authority of Singapore (MAS), Financial Conduct Authority (FCA), Canadian Investment Regulatory Organization (CIRO), Japanese Financial Services Authority (JFSA), Commodity Futures Trading Commission (CFTC) , and regulated in the European Union via the MiFID passporting system
- Tier-2 Regulators - Dubai Financial Services Authority (DFSA)
- Tier-3 Regulators - None
- Tier-4 Regulators - Cayman Islands Monetary Authority (CIMA)
Is FOREX.com good for beginners?
Given its comprehensive range of beginner educational videos and a strong focus on educational resources for forex and CFD trading, we highly recommend FOREX.com for beginners looking to start their trading journey on the right foot.
| Feature |
 FOREX.com
|
|---|---|
| Education (Forex or CFDs) | Yes |
| Client Webinars | Yes |
| Videos - Beginner Trading Videos | Yes |
| Videos - Advanced Trading Videos | Yes |
| Investor Dictionary (Glossary) | Yes |
FOREX.com commissions and fees summary
Our review of FOREX.com's fee structure reveals it to be quite favorable for many traders. While it does charge an inactivity fee and the average spread on the EUR/USD for standard accounts is a bit high at 1.4 compared to low-cost competitors, FOREX.com offers great active trader discounts, making it a financially accessible option for serious traders. This means FOREX.com is an extremely prudent choice for cost-conscious traders who can take advantage of their discounted trader programs.
| Feature |
FOREX.com
|
|---|---|
| Minimum Deposit | $100 |
| Average Spread EUR/USD - Mini | 1.4 |
| Average Spread EUR/USD - Standard | 1.4 |
| All-in Cost EUR/USD - Active | 0.9 |
| Active Trader or VIP Discounts | Yes |
FOREX.com trading platforms and tools
Did you know? Trading platforms comparison
Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.
FOREX.com provides a very robust trading environment with access to popular platforms like MetaTrader 4 and MetaTrader 5, along with its own proprietary platform. This array of platforms ensures that all trader proficiency levels are well-accommodated.
Trading platforms offered: FOREX.com provides MetaTrader 4, MetaTrader 5, a proprietary platform, TradingView, and NinjaTrader.
Trading tools: FOREX.com includes advanced trading tools and trading signals.
Copy trading: FOREX.com does not offer copy trading services.
| Feature |
FOREX.com
|
|---|---|
| Virtual Trading (Demo) | Yes |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| DupliTrade | No |
FOREX.com trading platform screenshots
Mobile trading apps at FOREX.com
FOREX.com offers excellent mobile trading applications that are user-friendly and feature-rich.
| Feature |
FOREX.com
|
|---|---|
| Android App | Yes |
| Apple iOS App | Yes |
| Mobile Economic Calendar | Yes |
| Mobile Alerts - Basic Fields | Yes |
| Mobile Charting - Draw Trendlines | Yes |
| Mobile Watchlist | Yes |
FOREX.com mobile app screenshots
How do I open an account with FOREX.com?
To open an account with FOREX.com, follow these steps:
- Visit the FOREX.com website and click on the 'Open an Account' button.
- Fill in your personal information in the required fields.
- Verify your identity and address by uploading the necessary documents.
- Make a deposit using one of the supported methods like bank wires or credit cards.
- Start trading after your account is activated.
What can I trade at FOREX.com?
FOREX.com offers an extensive selection of trading options, featuring 91 forex pairs and 5,500 tradeable symbols, significantly above the industry average of 3,623 symbols. The platform's offerings are backed by an excellent investment offerings rating, making it a top-tier destination for diversifying trading strategies.
| Feature |
FOREX.com
|
|---|---|
| Tradeable Symbols (Total) | 5500 |
| Forex Pairs (Total) | 91 |
| Social Trading / Copy Trading | No |
| Cryptocurrency (Physical) | No |
| Cryptocurrency (Derivative) | Yes |
| Spread Betting | No |
FOREX.com research screenshots
Account funding at FOREX.com
FOREX.com supports various funding methods including bank wires, PayPal, and credit cards, although it does not support all eWallets like Neteller and Skrill.
| Feature |
FOREX.com
|
|---|---|
| Visa/Mastercard (Credit/Debit) | Yes |
| Bank Wire (Deposit/Withdraw) | Yes |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | No |
| Neteller (Deposit/Withdraw) | No |
About FOREX.com
FOREX.com, founded in 1999, is a part of the StoneX Group (NASDAQ: SNEX), a highly trusted brand with a long history of offering forex in the U.S. and across the globe. Alongside its many subsidiaries, including the City Index brand, the company operates in numerous countries with many Tier-1 regulatory licenses.
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Methodology
At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.
Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
About the Editorial Team
BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.
Steven Hatzakis is the Global Director of Online Broker Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.