You only have to do a quick Google search to know there are countless brokers out there. So, which one should you choose? To help you whittle down your choice, we’ve embarked on a detailed review of Forex.com. This is a well-known, reputable broker, but is it your top choice? After all, there is no one-size-fits-all deal here. 

We’re going to explore the broker’s pros, cons, features, pricing structure, and understand more from community reviews. In the end, you’ll have all the information you need to make your final decision.

TL;DR

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• Forex.com is a reputable and heavily regulated forex and CFD trading platform. As a result, you have total peace of mind.
  
• The broker offers a range of currency pairs and CFDs on many assets. However, US users cannot trade CFDs on assets.
  
• Provides advanced trading platforms, including proprietary and third-party options like MetaTrader. There is also a mobile app, available on iOS and Android.
  
• Offers competitive pricing, but has some potential drawbacks. These include high stock CFD fees and inactivity fees.
  
• High-quality educational resources, including daily market updates, webinars, and an interactive Trading Academy.
  
• Has generally positive user reviews. However, there are some concerns about customer support quality and a lengthy account verification process.

What is Forex.com?

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What it is best known for

Forex.com is very well known within the industry. Founded in 2001, Forex.com is based in the US and has won several awards. Perhaps the most notable is the Best Forex Trading Platform award in 2020 from the London Trader Show. All of this gives you great peace of mind and reassurance when trading, and that’s something many users appreciate. 

Overall, Forex.com is known for its comprehensive platform, which offers a range of tradable instruments. It is also renowned for helping the next wave of traders learn the ropes, with a high-quality educational suite. 

For extra peace of mind, Forex.com is regulated by several top-tier regulators. These include the FCA in the UK, NFA and CFTC in the US, and many others worldwide.

Features

As a broker with many customers, it goes without saying that it offers many features. These include a range of trading platforms, including industry-standard MetaTrader 4 & 5. Additionally, the Web Trading Platform offers countless charts and resources to help you plan your next move. All platforms are very easy to use and offer a comfortable experience for beginner and experienced traders. 

Another feature is integration with Capitalise.ai, which allows you to automate your trading strategies. All of this makes trading a lot easier, more accurate, and for beginners, it also provides a learning experience. 

But to learn more about its features, we need to delve into the pros and cons and look at them in more detail. Let’s continue our Forex Australia review and do just that. 

Pros

Regulated by Multiple Top-Tier Authorities

You need peace of mind whenever you hand over your hard-earned cash. Forex.com gives you that and then some. It is regulated by top-tier authorities across the globe. These include the FCA in the UK, NFA and CFTC in the US, to name just a few. 

What does this mean? Basically, it signifies that Forex.com adheres to very strict security standards. It also offers transparency across the board, giving peace of mind from the get-go. Additionally, it offers protection for investors, creating a safe and comfortable trading experience. 

It doesn’t matter whether you’re new to trading or you’ve been doing it a long time, regulation matters. Your money is in safe hands here, and that frees you up to look to make your next trading move. 

Competitive Pricing for Active Traders

When you’re trading, you’re looking to make money, not lose it or spend it. The good news is that Forex.com offers competitive pricing structures across all its accounts. There are four main account types: Standard Account, MT4 Account, MT5 Account, and Raw Spread Account. 

If you choose the Standard option, there are no hidden costs and spreads are average. This gives you a traditional trading experience, ideal for beginners. The MT4 and MT5 accounts are MetaTrader accounts, meaning you use the powerful platform. These accounts offer competitive spreads, no commissions, and a range of tools. Finally, the Raw Spread Account is a good option for experienced traders. This account charges $5 per $100,000 traded, and gives you access to powerful features. Spreads in this account are tight, starting at 0.0 pips. 

Additionally, the Active Trader Program offers extra benefits and competitive prices. 

Extensive Research and Educational Resources

Another stand-out advantage of choosing forex.com is its high-quality educational resources. Additionally, there are many research features too, which is ideal for all trading experience levels. The educational suite offers updates on the daily market, webinars, and technical analysis. There is also an exceptionally good Interactive Trading Academy. This gives guidance to all traders, regardless of experience level. 

So, even if you think you know all there is to know about forex trading, check out this academy. You might learn something new! For beginners, it gives the opportunity to learn, improve, and develop confidence in trading. 

Cons

Limited Product Offering for US Customers

Non-US customers benefit from a large range of CFDs on assets. However, this is a limited deal for those inside the US. 

US traders are unable to trade CFDs on bonds, stocks, or cryptocurrencies. This may not be an issue for everyone. Yet, if you’re in the US and you want to diversify your portfolio, it’s a drawback to consider. 

High Fees for Stock CFD Trading

While Forex.com does offer a generally cost-effective trading experience, there are some fees to think about. These most affect non-US traders who trade in stock CFDs. In that case, the fees are high when you compare them to other brokers. Again, this may not affect you, but it’s a downside if it does. In that case, you can consider alternative brokers who may suit your needs better. 

Inactivity Fees

If you do not use your account for more than 12 months, you will be subject to an inactivity fee. This is charged at $15 per month. If you want to continue using your account, you’ll need to reactivate it via customer services. 

If you take long trading breaks, or it’s something you only do sometimes, this fee could affect you. Then, consider carefully whether Forex.com is for you, or if the fee is something you’re prepared to accept. 

Criteria Evaluation

To properly assess whether this broker is the right choice for you, we need criteria. This includes regulation, platforms, tools, accounts, assets, fees, education, and pricing. We also need to understand what experts and community users think. 

Now we’ve checked the pros and cons, let’s continue our Forex review by understanding how it fares against our criteria. 

Regulation and Security – 4/5

As we’ve already discussed, Forex.com enjoys strong multi-tier financial regulation. This gives extra confidence because you know they have to stick to strict standards. Unlike some other brokers that have less regulatory oversight, that isn’t the case here. Everything must be transparent, fair, safe, and secure. It simply frees you up to focus on your profits and not worry about losing your money. 

For these reasons, we’re giving a rating of 4/5 for this very important criteria.

Trading Platforms and Tools 4/5

Forex.com really shines with its range of trading platforms and associated tools. It uses its own proprietary platform as well as industry-standard MetaTrader 4 & 5. The Web Trading Platform is powered by TradingView, which gives access to a range of powerful tools and advanced features. 

In addition, it also has a mobile app available for Android and iOS. This makes it easy to trade on the go and never miss an exciting opportunity. 

Range of Tradable Assets – 3/5

As you would expect from a high profile forex trader, you can diversify your portfolio with a range of tradable instruments. Forex.com does prohibit the trading of CFDs on assets to US customers, but that isn’t something that will affect everyone. If you’re outside the US, you can trade on CFDs without issues. 

You can access 80 currency pairs, and stock CFDs for large companies, like Amazon and Tesla, indices across global markets. Additionally, Forex.com offers many cryptocurrencies, and commodities. 

This large range of tradable assets is one of the reasons why this broker is so popular. 

Trading Costs and Fees – 4/5

Generally speaking, Forex.com is a cost-effective option, but it does have some fees. For instance, there is an inactivity fee if you do not use your account for more than 12 months. Fees for CFD stock trading are also higher than some other similar brokers on the market. 

Away from that, the minimum deposit is $100 for all accounts. This is somewhere in the middle when it comes to an average rate. There are brokers that only ask for a $10 minimum deposit, but it’s important to weigh up the pros and cons. You may find that Forex.com ticks more boxes for you and is therefore worth the higher deposit.

Due to Forex.com’s strict regulation, it is also extremely transparent about all fees and costs on its website. So, it’s a good idea to spend time exploring that before making your decision.  

Research and Education Resources – 5/5

Another area where this broker really shines is education and research. If you’re a beginner trader, you won’t struggle to pick up the basics and learn as you go. Webinars, eBooks, articles, how-to guides, you name it, you’ll find it. Their academy offers a huge amount of resources for experienced traders too, helping you to continually develop your skills. 

As far as research goes, Forex.com also delivers. Daily market news, charts, and analytical tools help you to make the right trading decisions. Therefore, the highest possible 5/5 mark is well-deserved. 

Customer Support – 4/5

While some users have questioned the speed of Forex.com’s customer service, on the whole, it’s very high quality. Firstly, there is a very comprehensive FAQs section that may answer your question without needing to call. But if you can’t find what you’re looking for, you can contact customer services via live chat, phone, or email. 

Support lines are open 24 hours per day from Sunday 10am until Friday 5pm. 

Community Reviews and Expert Recommendations

Overall, Forex.com enjoys positive reviews from both experts and users. Most users enjoy the platform’s ease of use and its many features. The educational resources on offer are also regularly mentioned, allowing everyone to learn something new. 

The only negative aspect mentioned revolves around customer service. While most praise the support on offer, there are some concerns regarding speed and account verification. In some cases, this takes a while, which can be frustrating for new users. 

Experts mostly echo comments from users. They particularly highlight the broker’s advanced trading platforms and its competitive pricing for active traders. The range of educational resources on offer also come with a gold star recommendation.  

Pricing

Next up in our Forex review, we need to talk about pricing. 

Overall, Forex.com’s pricing structure is competitive and gives good value for money. The Raw Account in particular offers tight spreads at 0.0 pips for currency pairs, and has a commission-based structure. 

The Active Trader Program is a great choice for high-volume traders. If this is you, you’ll benefit from cash rebates, which lowers your trading costs in a big way. 

While Forex.com has average spreads for its Standard Account, there are some fees you need to take into account. High stock CFD fees are an issue for many. Additionally, if you don’t use your account regularly, you will face an inactivity fee after 12 months of non-use. 

Of course, it’s important to weigh up the fees involved with each account and choose the right one for you. That way, you won’t notice fees eating into your profits. 

Where to Find Forex.com

Forex.com can be found at its official website: https://www.forex.com/en/. The website is very comprehensive and easy to navigate. You’ll find all the information you need if you have any remaining questions after reading this Forex review.

Alternatives to Forex.com

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Perhaps after reading this Forex Australia review, you think a different broker would suit you better. That’s okay; there is no one-size-fits-all answer when it comes to choosing a broker. In that case, let’s take a look at some notable alternatives to consider. 

Alpari

With 25 years of experience, Alpari is a reputable and high-quality forex broker. It offers low trading costs, spreads that start at zero, and plenty of tradable instruments. Another plus point is its rewards program, which is very generous. 

However, Alpari is regulated by the Financial Services Commission of Mauritius, which is an offshore entity. This could be a concern for some people, so it’s important to assess carefully before you jump in. 

Fullerton Markets

Beginner traders may benefit from exploring Fullerton Markets. This broker offers just two main accounts: a Standard Account and a Demo Account. The demo option is ideal for those who want to practise without risk. 

However, the biggest downside of Fullerton Markets is its regulation. Again, this broker has an offshore licence, which doesn’t provide a huge amount of oversight. For that reason, weigh up the pros and cons before making a decision. 

eToro

With over 40 currency pairs and low spreads, eToro is a popular option. It has a great reputation within the industry, with many positive user and expert reviews. Additionally, it has strong regulation from the Cyprus Securities and Exchange Commission (CySEC). 

The platform is very easy to use and there is a social element which allows you to share ideas and learn. For this reason, eToro stands out as a little unique and a good option to consider.

FAQs

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What is Forex.com?

Forex.com is a very popular global forex and CFD broker. It provides users with several trading platforms and tradable instruments, including forex and CFDs for non-US customers. One of the main advantages of this broker is its strong regulation by top-tier financial authorities. This gives peace of mind, regardless of your experience level. 

To further impress, this broker has won several industry awards. The most recent was in 2023, when it won the Best HNW Service at the Dubai Forex Expo. 

Is Forex.com a safe and regulated broker?

You can certainly rest easily when choosing this broker. Forex.com is regulated by the UK’s FCA, and NFA and CFTC in the US. These top-tier regulators, amongst others, ensure that the broker has to follow very strict standards. As a result, you enjoy a transparent, safe, and secure trading experience.

Final Thoughts

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There’s no denying that Forex.com is a highly-regarded and robust trading platform for traders of all levels. With its strong regulatory oversight, range of trading platforms, and many tradable instruments, it offers a comprehensive trading experience. 

In this Forex.com review, we’ve mentioned the educational resources on offer more than once. That’s for a good reason: they’re high quality and should be commended. It doesn’t matter if you know everything about trading or if you’re brand new to the scene, you’ll learn something that truly enhances your skills. Overall, Forex.com is a strong contender and one you should certainly consider. 

Despite that, there is no perfect model out there. This broker does have a few disadvantages, with prompt responsive customer service and high CFD trading fees being the main ones. For that reason, be sure to explore the pros and cons carefully before making your final decision. 

Of course, successful trading isn’t only about choosing the right broker. It’s also about understanding the vital importance of online privacy and security. Here at Privacy Australia, we know that better than anyone. For that reason, we offer a range of resources and articles on VPNs, secure browsers, and more. 

But that’s not all, we also want to help you become a great trader. Amongst other things, we offer valuable resources to help you find the best online trading platforms and the best crypto exchanges. 

Staying safe and increasing your profits. What could be better?

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