FOREX.com operates globally, with strict licenses from the U.K., U.S., Japan, and Australia, as well as several other regulatory bodies. With over $7.8 billion in client assets and over 4,000 staff, StoneX group entities traded over $4.4 trillion in volume in 2023, as of its latest annual report for that year. As an early pioneer in offering online forex trading in the U.S., FOREX.com remains one of the largest retail FX brokers globally.
Trade Experience
72% 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. Between 73 to 77% of retail investor accounts lose money when trading CFDs with this provider. FOREX.com is a highly trusted global broker for forex and CFD traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX.com is an excellent choice for traders searching for a home base for their currency trading. New traders and seasoned veterans alike will love FOREX.com’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels.
Traders can discuss technical analysis, risk management, trading psychology, and more. This subreddit provides a supportive environment where traders can learn from each other’s experiences and share valuable insights. It is an excellent resource for traders looking to expand their knowledge beyond the forex market. While not solely dedicated to forex, r/Daytrading is an active community that focuses on short-term trading strategies, making it highly relevant for forex traders. This subreddit is an excellent resource for those interested in day trading, scalping, and other fast-paced trading styles.
FOREX.com is regulated by Commodity Futures Trading Commission (CFTC) and member of the National Futures Association (NFA) in the U.S. They also are regulated by the Financial Conduct Authority (FCA) in the UK among other regulators including CIRO, ASIC and more. Read our full explanation and accounting of our research and testing process to learn more about how we test. ForexBrokers.com also recognized brokers that demonstrated excellence and innovation with our exclusive Industry Awards. The following table summarizes the different investment products available to FOREX.com clients.
Additionally, clients who trade via FOREX.com’s web platform can take full advantage of TradingView’s advanced charting capabilities, seamlessly integrated into the web client. Similar to r/StockMarket, r/Investing is a subreddit that encompasses various financial markets, including forex. With over 1.5 million members, this community offers a wealth of information on investing strategies, market analysis, and portfolio management. While not as forex-focused as some other communities on this list, r/Investing provides a broader perspective on the financial markets, which can be valuable for forex traders. While not exclusively focused on forex, r/Trading covers a wide range of trading-related topics.
Community
Each year, we collect thousands of data points and publish tens of thousands of words of research. FOREX.com does not support much in the way of social and copy trading capabilities, which enable traders to exactly replicate the strategies of other traders. However, it does have a SMART Signals feature, which shows algorithmic buy and sell signals on 23 global foreign exchange pairs, as well as 10 major stock indices and gold. FOREX.com has its own team of analysts, who provide continuous coverage of the foreign exchange markets and are constantly recommending ideas, but there is no automated forex screener. Regulation adherence and security are key factors in our forex broker rankings, as brokers in different jurisdictions face finexo review different levels of regulatory scrutiny.
FOREX.com Reviews
Overall, FOREX.com’s mobile offering competes among the best brokers in the industry. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. The Customer Service team is passionate about providing every customer with an outstanding experience and they will be delighted to know they hit the mark with you.
- As is usual for brokerage companies, the more trading volume and price volatility, the more likely it is that there will be longer wait times for support, but FOREX.com is known to be fairly responsive.
- Our proprietary scoring model evaluated each broker across 11 major categories and 73 weighted criteria, plus an additional 15 non-weighted criteria.
- Yes, based on your detected country of FI, you can open an account with this broker.
- Steven Hatzakis is the Global Director of Research for ForexBrokers.com.
- In the U.S., FOREX.com offers customers access to over 80 currency pairs, while in other countries, including the U.K., FOREX.com also offers leveraged products, such as spread trading and contracts for difference (CFDs).
73%-77% of retail investor accounts lose money when trading CFDs with this provider. You may be able to access spreads as low as 0.0 in a Commission account, while minimum spreads in Standard accounts are around the 1.0 mark, depending on the currency pair. The amount of money you can expect to pay in commissions varies depending on how often you will be trading. Most stock traders will be familiar with a commission structure, and comparing dealing spreads is a common way to assess pricing among forex brokers.
FOREX.com’s platform suite has historically been – and continues to be – robust. The minimum balance required to open an account with FOREX.com is 100 units of your base currency. If you’re a U.S. trader, this means that you can open an account with as little as $100. However, they recommend that most traders maintain at least $2,500 in their accounts, which helps prevent automatic position closeouts due to a lack of available margin. For currency pairs, the bid is the highest exchange rate the broker will pay, while the ask is the lowest exchange rate the broker will sell at. The difference between the bid and ask rates is called the “dealing spread”.
However, there are some address verification and other steps required to meet anti-money laundering (AML) and know-your-customer (KYC) rules. Those looking to fund their account via a debit card will also need an additional verification process that may throw some people off. FOREX.com was established in 2004 by Gain Capital, which was subsequently taken over in 2020 by StoneX, a NASDAQ company that trades under the symbol SNEX with a market capitalization of nearly $2.5 billion. Prior to its purchase by StoneX, Gain Capital acquired Fortune limefx Capital in 2008 in Japan, where it launched FOREX.com. Gain Capital made other acquisitions as well, including Open ECry in 2012, FX Solutions and GFT in 2013, CityIndex in 2014, and foreign exchange broker FXCM in 2017. Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time.
Tools & Features
FOREX.com offers CFDs for commodities and metals, though spot metals (like gold and silver) are unavailable to traders in the U.S. Also, knock-out options are now available at FOREX.com in Japan, Singapore, and Australia. I had a question about whether one would need a different account to use mt5 vs the normal account. In addition to the incredible educational opportunities provided, you can apply everything you’ve learned by trading directly in the forex market.
FOREX.com is considered a trustworthy broker, as it holds multiple well-regarded licenses globally, including top licenses from the FCA in the U.K.; the NFA in the U.S.; the MAS in Singapore; and the ASIC in Australia. The company also holds licenses in Cyprus, Japan, Canada, and the Cayman Islands. These licenses are a good indication that a broker doesn’t engage in fund commingling and follows proper capitalization and reserves rules. Understanding the broader economic factors that influence the forex market is crucial for successful trading.