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FOREX.com Review

Steven Hatzakis

By Steven Hatzakis / February 18th, 2019
Last Updated: May 14th, 2019

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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 ForexBrokers.com Annual Review (3 years running) is among the most cited in the industry. Our Head of Research, Steven Hatzakis, is frequently referenced as a leading analyst covering forex brokers and cryptocurrency. Learn more.

Founded in 1999, FOREX.com is part of GAIN Capital Holdings (NYSE:GCAP), which through its trading names and subsidiaries, including the City Index brand, today operates in multiple countries and with licenses in several major regulatory hubs, including the US, UK, Canada, Japan, and Australia.

Through its international offices, the GAIN Capital group caters to over 200,000 retail and institutional clients, and offers 84 currency pairs in foreign exchange markets and over 220 CFDs across major asset classes through its FOREX.com brand.

Overall Summary

Rank: 5th (of 28)

FOREX.com has plenty of options for Forex and CFD traders across its regulated offerings globally. With full-feature platforms, diverse trading tools, and comprehensive research, FOREX.com caters to traders of all experience levels.

Benefits

  • Licensed in highly regulated jurisdictions.
  • Advanced charting capabilities in both desktop and web platforms.
  • Platforms feature numerous channels of research content and trading ideas.

Considerations

  • Customer service is just average.

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FOREX.com

FeatureFOREX.com
Year Founded1999
Publicly-Traded Company (Listed) Yes
Regulated in Major Hub Yes
Regulated in Emerging Hub Yes
Authorised in the European Union Yes

Commissions & Fees

Rank: 2nd (of 28)

Overall, FOREX.com’s pricing structure is competitive and easy to understand, helping the broker rank highly in the commissions category.

Benefits

  • Typical spreads for MetaTrader platform users was 1.76 pips on the EUR/USD using Q3 2018 data from FOREX.com. The table below shows an average spread of 0.77 pips measured during Q3 2018 for the EUR/USD, applicable to the broker’s non-MT4 platforms.
  • For high volume traders, FOREX.com offers an Active Trader program with five tiers of pricing. Level one starts with typical spreads of 1.2 pips on the EUR/USD for traders who have a balance of least $25,000. Spreads are further reduced with each subsequent level as traders surpass specific month-to-date (MTD) trading volume thresholds. For example, level five brings spreads as low as 0.84 pips on a pair for traders who reach higher than $500 million in MTD volume.
  • FOREX.com is a market maker. This can be a positive attribute as its ability to execute a trade will not rely on a third party the way an agency broker does, and thus trading with FOREX.com can result in potentially better execution in challenging market conditions.

Considerations

  • In 2018, the broker rolled out a new account and execution type for its US offering, as part of its DMA account type, where the execution type is agency and the broker just charges a commission. This account type also provides greater discounts for the most active traders, compared to FOREX.com’s Active Trader program.

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Further Reading

FOREX.com

FeatureFOREX.com
Minimum Initial Deposit$250.00
Average Spread EUR/USD - Standard0.77
All-in Cost EUR/USD - Active0.70
Active Trader or Premium/VIP Yes

Platforms & Tools

Rank: 8th (of 28)

Offering three separate trading platforms, FOREX.com provides forex traders everything they need and more to trade effectively.

Benefits

  • FOREX.com offers multiple trading platforms including Advanced Trading (previously branded as FOREXtrader PRO), Web Trading, and the popular MetaTrader4 (MT4) platform.
  • Advanced Trading is FOREX.com’s flagship platform and comes with a robust charting package loaded with a large selection of technical indicators (139 total) and drawing tools. Technical Analysis tools include automated technical analysis from Autochartist, which scans the markets for completed and emerging patterns and trade ideas. Also, more advanced traders can develop their own automated trading systems from the Automated Trading Center.
  • Overall, the Advanced Trading desktop version is well suited to advanced retail traders, yet also provides less experienced traders with user-friendly and intermediate features to help accelerate the learning process.
  • Web Trading, which is FOREX.com’s HTML web platform powered by technology from TradingView, packs watch lists and highly robust charting in an interactive, easy to use interface.

Considerations

  • MetaTrader 5 (MT5) is not offered.

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Further Reading

FOREX.com

FeatureFOREX.com
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) No
cTrader No
Charting - Indicators / Studies (Total)139
Charting - Drawing Tools (Total)22
Charting - Trade From Chart Yes
Watchlists - Total Fields11
Order Type - Trailing Stop Yes

Customer Service

Rank: 12th (of 28)

To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2019 Review, 229 customer service tests were conducted over six weeks.

Results

  • Average Connection Time: <2 minutes
  • Average Net Promoter Score: 6.3 / 10
  • Average Professionalism Score: 4.9 / 10
  • Overall Score: 6.0 / 10
  • Ranking: 12th (23 brokers)
  • View Infographic

Research

Rank: 3rd (of 28)

FOREX.com does a great job in centralizing its research within the Advanced Trading platform and keeping it well organized for clients to gain easy access from one place.

Benefits

  • The majority of research within the platform is available alongside multiple news channels, and integrated next to automated pattern-recognition modules from AutoChartist, which filters emerging and current trade ideas based on technical analysis.
  • The broker also offers Trading Central, which provides automated technical analysis, helping to complement its research offering.
  • Within the Advanced Trading desktop software, research tools include the Volatility Analysis from Autochartist, Faraday TV, and Faraday Market Movers, as well as Recognia Technical Insight and Analysis Views. The Insights tab provides blog updates from FOREX.com’s global research team.

Considerations

  • For traders seeking advanced signals, a premium package with trading signals from Faraday research is made available, which runs £720 per annum.

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Further Reading

FOREX.com

FeatureFOREX.com
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars Yes
AutoChartist Yes
Trading Central (Recognia) Yes
Delkos Research Yes
Acuity Trading No
Social Trading / Copy-Trading Yes
Social Sentiment - Currency Pairs Yes
Economic Calendar Yes

Mobile Trading

Rank: 4th (of 28)

FOREX.com’s AdvantageFX mobile app ranks highly and competes right alongside the best of the forex industry thanks to clean navigation and a host of trading features.

Benefits

  • Several of the highlight features include an economic calendar, alerts for live traders, market updates and news, and an easy way to scroll between prices, charts, and open positions.
  • The app also automatically syncs watch lists and includes easy-to-use charts with nearly two dozen indicators and drawing tools. I was also impressed to find that indicators and drawing tools added in landscape mode are automatically saved upon exiting the app.
  • Trading and managing positions within the mobile app is easy thanks to its fluid user interface and minimalist design.
  • For traders who prefer MetaTrader, the MT4 app is also an option.

Considerations

  • None.

Gallery

Further Reading

FOREX.com

FeatureFOREX.com
Android App Yes
Apple iOS App Yes
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes
Watch List Yes
Watch List Syncing Yes
Charting - Indicators / Studies13
Charting - Draw Trend Lines Yes
Charting - Trend Lines Moveable Yes
Charting - Multiple Time Frames Yes
Charting - Drawings Autosave Yes
Forex Calendar Yes

Offering of Investments

Rank: 5th (of 28)

The following table summarizes the different investment products available to FOREX.com clients.

FOREX.com

FeatureFOREX.com
Currency Pairs (Total Forex pairs)84
CFDs - Total Offered220
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Other Notes

The City Index brand was acquired by GAIN Capital in 2015, and operates as a separate entity focusing on different regions of the world– even though certain staff at FOREX.com’s UK office cater to clients from both businesses (which share a common office).

In 2017, FOREX.com rolled out cryptocurrency CFDs on bitcoin in the UK, and futures on bitcoin in the US, through its FuturesOnline affiliate, which is wholly owned by its parent company. And in 2018, the broker expanded its crypto CFD offering to include Bitcoin Cash, Ethereum, Litecoin, and Ripple.

Final Thoughts

Rank: 5th (of 28)

Overall, FOREX.com is a trusted forex broker that shines thanks to its excellent offering of platforms, tools, research, and competitive pricing. While customer service isn’t award-winning, FOREX.com delivers a great experience to forex traders of all experience levels.

For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers. Each FX broker was graded on 81 variables. How we test.

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.


Steven Hatzakis

About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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