FOREX.com Review- All you need to know
As the name would suggest, FOREX.com is an online broker focused on forex instruments.
They also offer equity, commodity, index and cryptocurrency trading, with an impressive total of over 4 000 different instruments on offer.
Today, we’ll take a deep dive into their trading platforms, mobile app, commissions, customer service, regulatory oversight, and research tools.
All in all, we found FOREX.com to be one of the most advanced and competitive brokers in the market, and we’d recommend it to both beginners and experienced traders.
Before we dive in, it’s important to note that Forex trading involves significant risk of loss and is not suitable for all investors. Furthermore, CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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. Capital at risk.
With a score of 95%, forex.com stands out as one of our top 3 forex brokers.
With some of the lowest commissions, and some of the most advanced research and trading tool in the markets, this is a great broker for both beginners and advanced traders.
- Tightly regulated
- Solid financials
- Clean desktop and mobile interfaces
- Advanced research and technical tools
- Relatively low spreads
- Customer support could be improved
69% of retail investor accounts lose money when trading CFDs with this provider.
Is it safe?
In a nutshell, yes, it is.
FOREX.com is listed in the NYSE and thus discloses publicly its financials, which are seen favorably by industry analysts.
It also has gained approval from several major regulators, including the NFA, CFTC, FCA, FSA, IIROC and CIMA.
It has a solid history of close to 20 years without any major liquidity events and only a few minor fines, including a $50,000 fine plus account adjustments due to a technical issue with their platform.
Their track record is solid and fair. In the few instances when they had technical issues, the trades/errors were reversed.
Commissions and Fees
FOREX.com charges a variable spread that is quite competitive when compared to its peers.
At time of publication, the EUR/USD was trading at 1.1 pips, though the “typical” spread hovers around 1 pip, and goes as low as 0.8 pips, according to their information page.
They have no deposit or withdrawal fees, but they do charge an account inactivity fee of 15$ per month after 1 year of no activity.
They also have an active trader discount, which allows high volume trader to get a fixed spread of up to 0.84 pips on the EUR/USD.
Due to the fact that they offer both high volume discounts and low minimum initial deposits (50$), this is a great broker for both beginners and experienced traders.
Commissions and Fees Summary:
Minimum Initial Deposit:
$15.00 / month after 1 year of inactivity
Variable: 1.1 EUR/USD (Dec 2019), minimum 0.8 pips
Platforms and Tools
In terms of trading platforms, forex.com offers a great variety of tools.
Desktop users can trade using the Meta Trader 4 (MT4) platform, which is an industry standard platform for technical traders, and its own proprietary platform, called Web trader.
We won’t go into much detail regarding MT4 as this is a non-proprietary tool that can be used for free and is offered by many other brokers, but if you haven’t heard of it, you should know that it is one of the most robust, safe, and fastest platforms in the market.
It’s favored by algorithmic and technical traders due to the possibility of automation through the programming language MQL4 and the over 80 pre-installed technical indicators.
The Web Trader, which is the main trading platform offered by forex.com was also a standout.
It is one of the most complete trading platforms we’ve tried so far. It includes economic calendars, news, market sentiment indicators, technical indicators, advanced charts, and a huge selection of instruments to trade.
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The dashboard view with the economic calendar and news feed tabs open, respectively
We’ll go into further detail regarding the research tools available in the “research” section, but these were without a doubt, the biggest standouts of the web app.
The tab system used for the web trader can be a bit confusing at the beginning, but with time it becomes quite intuitive. The platform is customizable, both in terms of tabs and widgets within the tabs.
Despite not having a leading user experience, we still consider forex.com web trader platform to be one of the best in the industry.
FOREX.com offers phone support, live chat, and email support.
Phone support was fast to answer and is available 24 hours a day, 5 days a week. Email support was slower to answer but provided complete and relevant answers. Live chat wasn’t easy to find, but once we found it, it provided complete answers in a timely manner.
Overall, support was good, but not great. We’d recommend improving phone support availability to 7 days a week and making email support faster.
FOREX.com’s research tools are truly industry-leading.
Their research suite includes:
- Autochartist, an advanced charting tool,
- TC Market Buzz™, a market sentiment and AI tool,
- A customizable news feed,
- Economic calendars, and
- TC Analysts View, a tool that gathers analysts’ opinions on both technical and fundamental strategies.
Their economic calendar is one of the most complete calendars we’ve seen, offering both a news timeline and a macroeconomic timeline, that can be filtered according to the markets you want to follow.
Another great tool is TC Market Buzz™. This tool uses AI to provide market sentiment indicators. It’s one of the few tools we’ve seen use both news and social media as indicators, with a great layout to boot.
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TC Market Buzz™ View
Another note-worthy feature is their autochartist tool. Besides offering the standard technical indicators, the autochartist tab offers trade ideas, volatility analysis, and a section for your favorite charts, which is a huge time saver.
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A glimpse of the some of the few capabilities of autochartist
The mobile app was the features that we thought forex.com could improve the most.
It is quite basic and lacks a lot of the advanced features present in the web trader. And the more advanced features, such as technical indicator charting, simply don’t work well: They are slow, and the interface is not easy to navigate, with a lot of small buttons that aren’t practical on mobile, as seen below:
If you frequently make complex trades on mobile, then forex.com might not be the best broker for you, though in our experience, this is not a common use case.
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FOREX.com is one of the most complete brokers in the forex market. By offering low commissions, and advanced trading tools, it has positioned itself as a market leader for both beginners and advanced traders.
Author: Jack Morgan
Jack Morgan is the senior broker tester at Financeeo. Bringing more than 20 years experience from the online broker industry. Jack has spent many hours rigorously testing brokers.