As known from:
CoinCodexCoinWireICOBench
Write a Review
Write a Review
Nothing Found
Contains commercial content
TradersBest.com / FOREX.com Review

Forex.com Review 2024

Coming soon on tradersbest.com: Our Review for FOREX.com
Sign up with one of tradersbest.com's Top3 alternatives:
Details
Payment Methods
User Reviews

Our Forex.com broker review aims to answer all of the questions that you may have regarding Forex as a trading platform. To summarise before we start, we can confirm that Forex.com is a legit and safe broker. We found Forex.com to be an all round decent platform that caters to both new and professional traders on some level, however, more active traders will get more out of this  broker.  Before continuing with our Forex.com review, we should warn those new to Forex trading that it is a risky investment that definitely isn’t for everyone.

Read More
Forex.com: Pros & Cons
  • Good for both new and advanced traders
  • Good usability on both desktop and mobile app
  • Well regulated
  • Fairly low spreads
  • Competitive fees
  • Behind other international brokers when it comes to pricing
  • U.S users are more restricted than other countries
  • Lacks negative balance protection
Payment Methods
Neteller
Bank Transfer
Visa
+
License
CIMA - Cayman Islands Monetary Authority
Accepts Customers from
USA
USA
Company
StoneX Europe Limited
Founded
2021
Website
forex.com
Available Languages
EN
Customer Support
Live Chat, Email Support
Email
support@forex.com
Phone
+357 22090062
Overall Rating
Rating follows
  • Usability, Look & Feel
    3.7/5
  • Payment Methods
    3.9/5
  • Customer Service
    3.5/5
Payment Provider Safety
Neteller high
Bank Transfer very high
Visa high
Mastercard high
Skrill high
No review posted yet.
User Rating
0/5
5 Stars
0%
4 Stars
0%
3 Stars
0%
2 Stars
0%
1 Star
0%
Dave Thatcher
Last Updated on 01/03/2024

Forex.com interface usability

The usability, look and feel of their site, desktop and mobile app is perhaps one of the main reasons for our positive Forex.com broker review. While it’s most certainly easy to use and navigate for new traders, it’s not overly simplistic or too short of tools and functions for professionals – not by a long shot. One feature that we particularly like on the site is the option to view both live and typical market spreads with both cryptocurrency and global currency pairs.

FOREX.com
3.8/5
FOREX.com Crypto
T&Cs apply, 18+
FOREX.com Highlights
  • Excellent for all types of users
  • Competitive fees
  • Great usablity and interface
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

The desktop trading platform uses Forex’s Meta Trader 4 (MT4) platform, which is an industry standard platform used by a variety of other brokers – with good reason as it’s one of the most solid, secure and fastest running platforms out there. The biggest downside of the MT4 platform is that it doesn’t support crypto trading, meaning customers who wish to do so will have to upgrade to an MT5 account.

Investors looking to trade on the move will be impressed with the Forex.com mobile app. While it’s certainly not on a par with the desktop or even the site, the set up and navigation are made as easy as we think they could be. If you’re one who values great apps, check out our trading apps review.

Company
Company StoneX Europe Limited
Headquarter 2064 Strovolos 1st Floor, Office 123/124, Nicosia, Cyprus
Year of Founding 2021
CEO Sean O’Connor
Website www.forex.com
Available Languages English
Customer Support Live Chat, Email Support
Email support@forex.com
Phone +357 22090062
Licence 25033
CIMA - Cayman Islands Monetary Authority
Verified by
Payment Methods
Neteller
Bank Transfer
Visa
Mastercard
Skrill
Show More

Forex.com payment options

Next up in our Forex.com review, we turn our attention to the payment methods available, so you know how to fund our account. You can make deposits into your account using a credit or debit car or wire transfer. Again, Forex.com’s transparency is on display as all of the information regarding each payment method is neatly displayed in a table on their website, including credit and debit cards, wire transfers and eWallets.

There are advantages and shortcomings of each payment method. Credit cards and debit cards have a $100 (or equivalent base currency) minimum deposit requirement and a $10,000 maximum while wire transfer has none. Credit and debit payments are processed instantly but wire transfer can take up to 2 working days. The good news is that neither payment method charges any transaction fees at all. Unfortunately, Forex.com doesn’t support deposits from PayPal or Western Union. We recommend card payments for new and casual traders and wire transfers for advanced and professional traders.

Neteller
Bank Transfer
Visa
Mastercard
Skrill

Customer service - is Forex.com reliable?

As well as their impressive, detailed and transparent FAQ, which should answer most questions you may have, our Forex.com broker review found their customer service to be of a decent standard, but with some damaging shortcomings.

Their phone line is available 24 hours a day, but does close for the weekend at 5pm, which could get quite frustrating for customers who encounter a problem just as the market closes. Their live chat and email response time are good, however their request processing times can be very slow, especially when it comes to problems with funds. At the time we conducted our Forex.com review the market was quite busy and so response times were low, but adequate given the situation.

Those in the active trader programme can benefit from one-to-one support from an experienced and professional Market Strategist. Forex.com’s customer service platforms are all available in both English and Japanese.

License & security - is Forex.com legit?

Is Forex.com safe, secure and legit?

The short answer is yes, it’s one of the safest and most trusted brokers out there.

Forex.com is listed in the NYSE, meaning that they are duty bound to make their financials publicly available. They’re also authorised and/or approved by multiple different regulatory bodies across all of the countries in which they operate, including the NFA and CFTC in the US, CySEC in Europe and IIROC in Canada. Forex.com have a good track record since their inception in 2001 in the US and launch in 2021 in Europe. They picked up a minuscule number of small fines, mostly for technical faults in their earlier years.

In terms of how your funds are stored, Forex.com keeps their clients’ funds separated from their own, which in theory keeps clients’ funds safe should the company encounter any financial difficulties. There isn’t, however, an additional insurance on top of this, except for Canadian clients.

CIMA - Cayman Islands Monetary Authority
NFA - National Futures Association (USA)
JFSA - Financial Service Agency (Japan)
FCA - Financial Conduct Authority
CFTC - Commodity Futures Trading Commission
IIROC - Investment Industry Regulatory Organization of Canada
FOREX.com Crypto

Trade Offer

When creating this Forex.com broker review it was important to look at and evaluate what cryptocurrencies can be traded with the broker. With Forex.com crypto, you can trade Bitcoin, Ethereum, Litecoin and Ripple. In their own FAQs, Forex.com claims to have reliable executions and competitive financing with fixed spreads and low margin. In our Forex.com review, we found this to be fairly accurate. With Forex.com bitcoin trading it’s definitely fair to say that the pricing was easy to understand and competitive, making it suitable for new traders as well as advanced and professional traders.

One drawback we found in our Forex.com broker review is that crypto trading isn’t currently available on one of their two Met Trader trading platforms. Customers who only have an MT4 account will have to upgrade to an MT5 account in order to trade cryptocurrencies. Again, we are duty bound in this Forex.com review to warn new traders about the risks of crypto trading. With Forex.com, you can’t buy actual crypto currency, you only have the option to buy and sell it as CFD, meaning you never really own your crypto as an asset with Forex trading.

FOREX.com
3.8/5
FOREX.com Crypto
T&Cs apply, 18+
FOREX.com Highlights
  • Excellent for all types of users
  • Competitive fees
  • Great usablity and interface
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Other trading

In this Forex.com broker review we’re not focussing entirely on the platform’s crypto trading capabilities as Forex.com offers over 80 digital currency pairs on a platform that’s designed for traders of all levels. As well as currency pairs, we found in our Forex.com review that they offer sport trading and a total of 4500 CFDs.

We found Forex.com trading tools to be excellent for all types of users. True to their word, Forex.com does understand what traders need as their market layout has clearly been made with advanced traders in mind but is displayed in such a way that new traders can grasp it fairly quickly.

Our Forex.com broker review wouldn’t be complete without a simple explanation of how Forex global currency trading works. To put it in layman’s terms for potential new traders, you buy and sell a currency at the exact same time, which is why quotes are always given in pairs of currencies. This means that traders never hold onto or own a currency and market prediction is required to make money. Get the prediction wrong and you can lose. That’s why Forex trading is risky business, even for those with experience.

Trading Costs

While Forex.com’s fees aren’t amazingly low, they’re not astoundingly high either. What impressed us most when conducting our Forex.com broker review was their transparency when it comes to their fees and how they generate money, as a full explanation is provided on their Forex Trading tab. Forex doesn’t charge fees in the form of traditional transaction fees you might get with a bank or crypto exchange. What Forex.com does is mark up the market price slightly, which in turn creates a larger spread and generates their profits.

In our Forex.com review we did find one type of hidden fee that wasn’t made as transparently clear as the rest of their fees, pricing and commission, but it shouldn’t affect too many traders. Accounts that remain inactive for over 12 months and that have a balance lower than $10,000USD will be subjected to a (relatively small) $15 per month fee.

Trading Conditions

This Forex.com review has been created for readers and traders from across the globe, which is why Jurisdiction limits is an important factor for us. Forex.com is available and regulated in UK, USA, Canada, Australia, Japan, India, South Africa, and the Cayman Islands. With laws varying in each country, so do the products and services available. The biggest restriction we found in our Forex.com broker review is that cryptocurrency CFDs are not available to clients in the USA.

FOREX.com
3.8/5
FOREX.com Crypto
T&Cs apply, 18+
FOREX.com Highlights
  • Excellent for all types of users
  • Competitive fees
  • Great usablity and interface
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Forex trading starts at 6am on Monday Sydney time and closes at 5pm on Friday in New York, meaning that trading is available 25 hours a day, 5 days a week. In our Forex.com review, we found them to be well regulated in each country they’re available in. For example in the Cayman Islands Forex.com is authorised and regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands.

Product Conclusion

Opening your account

The first and most important step when it comes to trading cryptocurrencies with Forex.com is opening the right type of account. There are two options, the Standard account and the Professional, depending on your budget. If you’re starting off with a Standard account, make sure to create a Metatrader 5 account, which appears in the form of an orange button. The Standard Forex.com account runs on an MT4 platform that doesn’t support crypto trading.

Account application

The process of your account application isn’t complicated and should only take around 5 minutes. You will need to enter the tax identification number for whichever country you’re registered in and will have to fill out a section regarding your trading experience. It should also be noted that Forex.com may get in touch to ask for ID documents for verification purposes. If you have any problems during the process, there is a live chat widget that can be opened next to the form that’s extremely helpful and quick to respond.

Deposit

Once your account’s been verified and officially created, it’s time to make your deposit with a credit card, debit card or by wire transfer. See the Payments section above for more details.

Start trading

Once your account has been created you’ll be able to begin trading Bitcoin, Ethereum, Litecoin and Ripple as CFDs (contract for difference). Trading as CFDs means that you don’t actually own any cryptocurrencies as an asset, as you essentially buy and sell at the same time. Forex.com has a wide range of research and market info for you to study before making your trades.

FOREX.com
3.8/5
FOREX.com Crypto
T&Cs apply, 18+
FOREX.com Highlights
  • Excellent for all types of users
  • Competitive fees
  • Great usablity and interface
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Our Forex.com overall conclusion

Forex.com have a very strong reputation at an industry level, however Forex.com reviews from customers have been a mixed bag to say the least. At the time of writing their Trustpilot rating isn’t great, with many customers praising the usability, but complaining about struggling to withdraw their funds or having money withheld from them in some way. On dedicated trading review sites, Forex.com seem to have enjoyed stronger customer feedback. The nature of CFD trades is extremely volatile, with 69% of investments making a loss. For this reason it’s not uncommon for brokes such as Forex to receive heavy complaints and bad reviews from first-time traders.

To summarise our Forex.com broker review, we’ve found them to be a safe, secure and reliable platform that’s definitely not without their pitfalls. They are well regulated and safeguard their funds, however customers have still complained about problems in these areas. Their site, desktop and app all function well, however, they aren’t perfect and, like any platform could very well freeze.

Overall we would definitely recommend Forex.com to experienced and advanced traders in the countries where the platform is available and regulated. We would cautiously recommend Forex.com to new investors, but must stress it’s important to realise the risks of investing in crypto trading, as it’s a volatile market with a high change of incurring losses.

User Reviews for FOREX.com

No review posted yet.

Post your own Review

* required
Forex
Stocks
ETF
FOREX.com
Favicon
Rating follows
  • User-friendly web trading platform
  • Low forex fees
  • $100 minimum deposit
-
T&Cs apply, 18+
FOREX.com
Favicon
Rating follows
  • 6 account base currencies provided
  • Variety of order types available
  • Great charting tools
-
T&Cs apply, 18+
FOREX.com
Favicon
Rating follows
  • Seamless account-opening
  • Low minimum deposit
  • Withdrawals are free of charge
-
T&Cs apply, 18+
Latest User Reviews
No review posted yet. Be the first!
Receive the latest trading news by email + our free eBook
Nobody is born a trading expert. Register now to receive the Ultimate Guide to Trading Cryptocurrencies in 2022 (and beyond), and receive the TradersBest.com newsletter with the latest market news and broker reviews!.

By registering, I agree that TradersBest.com may send me newsletters via email at regular intervals. This consent can be revoked at any time.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

21+NCPG
×
Your Bonus Code:
The bonus offer of FOREX.com was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site