Forex.com Broker Review

Author By Jeffrey Cammack
Updated: March 7, 2022
Overall Rating
4.49 4.49 / 5
Rated #7 of 68 Recommended Brokers
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage200:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
AlertFollowing the purchase of the Forex.com and CityIndex brands by StoneX we are currently not comfortable recommending these brands to traders due to changing policies and likely changing trading conditions.
Last updated on 7 Mar 2022
by Editorial Director Jeffrey Cammack
Jeffrey Cammack

TradeForexSA has been South Africa’s most trusted Forex broker review site since 2012. Our team has written 100+ broker reviews and we constantly test to maintain accuracy. This is how we review brokers.

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Our verdict on Forex.com

Founded in 2001, Forex.com is a well-regulated broker with high minimum deposits and low fees that is more suited to serious beginners and more experienced traders. Beginners with low minimum deposits will be put off by the high trading costs on Forex.com’s entry-level Standard and MT5 accounts. But experienced traders will be interested in the Commission and DMA accounts, with minimum deposits of 100 USD and 25,000 USD respectively. These accounts have some of the most competitive spreads (0.0 pips on the EUR/USD) combined with some of the lowest commissions in the industry. 

Forex.com provides support for MT4, MT5, and its own trading platform and experienced traders will appreciate the range of trading tools on offer, including Autochartist, Trading Central, Trading View, SMART Signals, and subsidised VPS hosting.  

Education and market analysis are both excellent and experienced traders will appreciate the wide range of tradable assets, including over 91 currency pairs, 4500 share CFDs, commodities, indices, precious metals, and cryptocurrencies.

Overall, Forex.com ticks all the boxes for those with higher minimum deposits looking for a wide range of assets to trade and a choice of trading platforms.

🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD USD 8
⚖️  Max. Leverage200:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Overall Summary

Regulation
111115/ 5
Trading Conditions
111115/ 5
Trading Platforms
111104/ 5
Deposit & Withdrawal
11110.54.5/ 5
Education & Research
11110.54.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
1110.503.5/ 5
Beginner Friendly
Excellent
Welcome Bonus

Account Information

Base Currencies
USD, EUR, CAD, JPY, CHF, AUD, GBP
Number of FX Pairs
91
Crypto Pairs
8
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Account Name
Trading Desk
Commission
Fees Included in Spread
EUR/USD
0.80 pips
GBP/USD
1.00 pips
USD/JPY
1.60 pips
Negative Balance Protection

Company Details

Company Name
StoneX Ltd
Founded
2001
Website Language
English, Arabic
Support Language
English, Arabic
Office Locations
Cayman Islands, United Kingdom

Pros

  • Well regulated
  • Wide range of assets
  • Excellent education

Cons

  • High inactivity fees
  • Limited demo account

Is Forex.com Safe?

Yes, Forex.com is a safe broker for South African traders to trade with. It maintains regulation from several top-tier regulators, including the UK’s FCA, Australia’s ASIC, the MAS of Singapore.  It is also regulated by IIROC of Canada, the CFTC and NFA of the US, CySEC of Cyprus, and CIMA of the Cayman Islands. 

Although South African traders will be trading Forex.com’s Cayman-Islands-based subsidiary, which has less regulatory supervision than Forex.com’s companies based in the UK or Australia, it segregates its client funds from company funds and provides all traders with negative balance protection. On this basis, we consider Forex.com a safe broker for South African clients to trade with. Click here for more details on Forex.com’s safety and regulation.

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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Additional Fees
FCA
ASIC
MAS
CIMA
Market Maker
2001
Cayman Islands, United Kingdom
15 USD per month after 12 months of no trading

 

Trading Fees

Forex.com’s trading fees are average compared to other brokers.

Forex.com offers four trading accounts, three of which have a minimum deposit requirement of 100 USD, and the DMA account with a minimum account balance requirement of 25 000 USD. Trading is offered on the Forex.com platform and MT5 (click here for more on Forex.com’s trading platforms).  

The Standard and MT5 accounts have trading costs included in the spread, while the Commission and DMA accounts offer tighter spreads in exchange for a commission per lot. For more on Forex.com’s account types, click here.

Forex.com’s fee structure is transparent, and it publishes all spread and commission costs associated with each account.  Additionally, it publishes both the live and typical spreads on its website.

Forex.com’s accounts were assessed to compare the costs to those of other brokers. The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spread and commission. 

When making this calculation, we use one lot of EUR/USD as a benchmark as it is the most commonly traded currency pair and it usually has the tightest spread. 

Trading Cost Formula: Spread x Trade Size + Commission = Cost in Secondary Currency (USD):

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Trading account
Min. Deposit
Min. Spread EUR/USD
Commission
Trading Cost (USD)
Commission
USD 100
0.20
5 USD / lot
7
DMA Account
USD 100
0.0
Variable
Variable
MT4
USD 100
1
Spread Only
10
MT5
USD 100
1
Spread Only
10
Standard
USD 100
1
Spread Only
10

 

As per the table above, the Standard Account and MT5 account’s fees are built into their spreads, so there are no extra costs, except for the interest fees charged on positions held overnight. It’s worth noting that while the average spread on the EUR/USD is 1.3 pips for these Accounts, spreads are variable at Forex.com and the EUR/USD can sometimes be as low as 0.80 pips. The Commission account offers much tighter spreads in exchange for a commission per lot traded, and with a trading cost of 7 USD, it is Forex.com’s lowest cost CFD account. 

The DMA account is a Direct Market Access Account for serious traders looking for deep liquidity and the control to take advantage of rapid price opportunities. Forex.com charges no spread mark-up, which means that spreads are often around the 0 pip (EUR/USD) mark. It does, however, charge a commission based on trading volume. See below for more details:

Forex.com DMA Account Commission

Overall, Forex.com’s fees are average compared to other broker’s on its commission-free accounts, but lower than other brokers on its Commission and DMA Accounts – most other brokers have an average trading cost of 9 USD per lot of EUR/USD traded.

Non-trading Fees

Forex.com’s non-trading fees are average compared to other brokers.

Some of the most overlooked trading costs are the non-trading fees that are charged by brokers.  These fees can significantly affect your profitability and so should be carefully scrutinised.  

Forex.com does not charge account or fees for making a deposit into your trading account.  It also does not charge fees for withdrawing funds using credit cards or debit cards or using electronic wallets. However, Forex.com charges an inactivity fee of 15 USD (15 base currency equivalent, or 1500 JPY) per month if there is no trading activity or no open positions for a period of 12 months or more, which is relatively expensive.

Opening an Account at Forex.com

Forex.com’s account-opening process is seamless and hassle-free compared to other market makers.

All South African residents are legible to open a trading account at Forex.com but will have to meet the minimum deposit requirement of 100 USD on the Standard, MT5, and Commission accounts, and 25,000 USD on the DMA account.

The account opening process is fully digital and fast – most traders will have an account open within one day. 

How to open an account at Forex.com:

  1. On the front page of the website, traders can click on a button marked “Open an Account”

  2. Traders will be directed to a page that requires them to choose their preferred trading account (Standard, MT5, Commission, or DMA Account).

  3. Once traders have selected their account, they will be required to enter all their personal data.

  4. The next step requires filling in your physical address details, country of residence, tax information, and identity number.

  5. Traders will then have to detail their trading experience, including their financial status, and their trading history. Traders can also choose their preferred base currency (EUR, USD, or GBP).

  6. Before submitting this information, traders are required to agree with all Forex.com’s Terms and Conditions, and privacy policy.

  7. As part of the Know Your Customer (KYC) process, newly registered users are required to provide confirmation of residence (e.g. a valid utility bill dated within the last 6 months), as well as proof of identity such as a valid passport, or another form of officially issued photo ID.

The verification process can take a few days, and you will be notified once your account is verified. You can also follow your verification status on the Forex.com platform. 

Compared to other brokers, Forex.com’s account opening process is fast, fully digital, and hassle-free.

Forex.com Accounts

Forex.com has an average number of trading accounts compared to other brokers and its accounts are suited to both beginners and more experienced traders. 

Forex.com offers four account types – a Standard and MT5 Account with no commission and wider spreads, a Commission Account which charges a commission per lot traded but has much tighter spreads, and a Direct Market Access Account. 

Forex.com’s account types are suited to both beginner and experienced traders alike. Beginner traders are inexperienced traders who have never traded before, or who have been trading for less than a year.  Beginner traders often do not want to risk trading large sums of money and generally will not be able to trade full-time during the workweek. The Standard, MT5, and Commission accounts all have a reasonable minimum deposit requirement of 100 USD, making them accessible to beginner traders. 

Experienced traders tend to prefer accounts with higher minimum deposits and tighter spreads. The DMA Account has a minimum deposit requirement of 25,000 USD, spreads that start at 0 pips on the EUR/USD, and commissions that decrease with increasing trade volumes. 

In 2011, Forex.com was the first broker to introduce an Execution Scorecard and today remains the only US-based broker to disclose execution quality. The most recent data shows that Forex.com’s average execution speed is 0.04 seconds and 99.79% of trades are executed in under 1 second. This is exceptionally fast in the Forex industry and is a real benefit to scalpers and algorithmic traders.

Alongside Forex, Forex.com also offers trading on indices, shares, commodities, precious metals, cryptocurrencies, and oil. Cryptocurrencies available to trade are Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereum.

Hedging and scalping are unlocked on all accounts, but Forex.com does not offer copy trading or algorithmic trading.  Maximum leverage differs according to the trading platform, market, asset class, and position size. Smaller trades on major pairs will generally be offered 200:1 leverage, but leverage can be increased by contacting Forex.com customer support.

Account Types

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Account Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
Commission
USD 100
1:200
0.20
5 USD / lot
Account Details
DMA Account
USD 100
1:200
0.0
Variable
Account Details
MT4
USD 100
1:200
1
Spread Only
Account Details
MT5
USD 100
1:200
1
Spread Only
Account Details
Standard
USD 100
1:200
1
Spread Only
Account Details

 

Standard/MT5 Accounts: The Standard and MT5 Accounts have a minimum deposit of 100 USD, variable spreads (as low as 0.80 pips on the EUR/USD, but more typically around 1.3 pips), and no commission. The Standard Account is available on the Forex.com platform and MT4. As the name implies, the MT5 Account is only available on MT5 and gives you trading access to over 90 currency pairs, 8 crypto pairs, and hundreds of equity, index, and commodity CFDs.

Commission Account: The Commission Account also has a minimum deposit of 100 USD and variable spreads, but also charges a commission of 5 USD per lot traded. Spreads on the EUR/USD can be as low as 0.2 pips with this account. The Commission Account is only available on the Forex.com platform.

Direct Market Access Account: The DMA Account is specifically for high-volume traders and requires an account balance of 25,000 USD. This account is commission-based only, with no mark-up on the spread. As the name suggests, this is a market execution account and uses STP execution methods with no broker intervention. This account is only available on the Forex.com trading platform and only allows trading on 58 currency pairs.

Demo Accounts: The Standard, MT5, and Commission Accounts are available as demo accounts, but demo accounts will expire after 30 days and you will be required to open a live account.  The demo account also gives traders a real-time feel for market conditions.  

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
Forex.com
111115/ 5
USD, EUR, CAD, JPY, CHF, AUD, GBP
0.80 pips
USD 8
0.80 pips
1.00 pips
1.60 pips
USD 0
IC Markets
11110.54.5/ 5
AUD, USD, EUR, GBP, CAD, SGD, NZD, JPY, CHF, HKD
0.10 pips
USD 8
0.02 pips
0.23 pips
0.14 pips
USD 7
FxPro
11110.54.5/ 5
ZAR, USD, GBP, CHF, EUR, PLN, AUD, JPY
1.40 pips
USD 14
0.40 pips
1.00 pips
0.60 pips
USD 0

 

Deposit and Withdrawal

Forex.com offers a limited number of deposit and withdrawal options compared to other similar brokers, but it does not charge any additional fees.

Like most brokers, Forex.com operates a “return to source policy” meaning that withdrawals can only be returned to the original funding source. 

Unusually for a large broker, Forex.com only accepts deposits and withdrawals via credit/debit card, e-wallets such as Skrill and Neteller, and bank transfers. See below for more details:

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Funding Method
Base Currency
Deposit Fees
Withdrawal Fees
Processing Time
Bank Transfer
EUR, USD, GBP
FREE
FREE
Deposits and withdrawals are processed wihin 48 hours
Maestro
EUR, USD, GBP
FREE
FREE
Deposits are processed instantly, withdrawals are processed within 24 hours.
Mastercard
EUR, USD, GBP
FREE
FREE
Deposits are processed instantly, withdrawals are processed within 24 hours.
Neteller
EUR, USD, GBP
FREE
FREE
Deposits and withdrawals are processed instantly
Skrill
EUR, USD, GBP
FREE
FREE
Deposits and withdrawals are processed instantly
Visa
EUR, USD, GBP
FREE
FREE
Deposits are processed instantly, withdrawals are processed within 24 hours.

 

  • Credit/debit cards: No fees are charged for deposits or withdrawals. Deposits are processed instantly and withdrawals are processed within 24 hours. The minimum amount per transaction is 100 USD and the maximum is 10,000 USD. 
  • Bank Transfer: Forex.com does not charge fees for deposits or withdrawals via bank wire transfer, but clients should be aware that banking service fees may apply. Deposits and withdrawals are processed within 48 hours. 
  • Skrill/Neteller: No fees are charged for deposits or withdrawals via Skrill or Neteller and both are processed immediately. 

Overall, Forex.com has a limited range of funding methods compared to other large international brokers, but no fees are charged and its processing times are reasonable.

Forex.com Base Currencies (Trading Account Currencies)

Forex.com has a very limited number of base currencies compared to other brokers.

At Forex.com, you can only choose from three base currencies: USD, GBP, and EUR. This is extremely limited compared to most other international brokers operating in South Africa.

However, Forex.com does not support accounts denominated in ZAR, which means that traders from South Africa will have to pay conversion fees on all deposits and withdrawals. Conversion fees can make trading expensive, and affect profitability.

In this case, it is better for traders that trade in large volumes (more than 10 lots a month) to open an account denominated in USD at a digital currency bank, especially for trading on assets such as the EUR/USD. This is because when trading a USD quoted currency pair with another currency account, there will be a small conversion fee for every trade made.

Forex.com Trading Platforms

Forex.com offers three trading platforms which are excellent compared to other brokers.

Forex.com offers three platforms to choose from, its own Forex.com platform, MetaTrader 4, and MetaTrader 5. All platforms offer fast trading and advanced charting tools, including Expert Advisors, automated trading support, strategy backtesting, customisable charting, and a number of indicators.

The platforms are free to use and can be downloaded to your PC and all have web versions of the platform. They are also available on mobile Android and iOS devices.

The benefit of Forex.com offering third-party platforms such as MT4 and MT5 is that traders can take their customised versions of these platforms with them should they choose to migrate to another broker.  See below for more details on forex.com’s trading platforms:

Forex.com Platform: The most powerful version of the Forex.com platform is the downloadable desktop client which offers professional analytics tools, over 100 predefined indicators, 15 time frames, and trading directly on charts. It also allows 6 order types, including Market Order, Entry Order, Stop Order, Limit Order, One Cancels Other, and Guaranteed Stop Loss Orders. The desktop version of the platform is better suited to more experienced traders. The Forex.com platform is also available in your browser, with slightly decreased functionality, sacrificing customisability for simplicity.

MetaTrader 4: The MT4 trading platform is the most widely used Forex trading platform and can also be used to trade other instruments like commodities, cryptocurrency, stock index, and stock CFDs. Though it is now showing its age, MT4 is still very popular for its auto trading features that enable algorithmic trading and strategy backtesting with expert advisors (trading robots).

Unlike most standard MetaTrader 4 platforms you will find at other brokers, Forex.com’s MT4 comes with fully integrated Reuters news, Forex.com’s research and analysis, and Trading Central.

MetaTrader 5: The MT5 trading platform is being adopted by more Forex brokers all the time, it has a more modern interface, allows for an unlimited number of charts to be used, shows Depth of Market and has a built-in Economic Calendar. It also has a larger number of pending order types than MT4 and features an embedded chat system. In addition, the MQL5 scripting language is more efficient than its precursor and MT5 has more advanced charting tools than MT4.

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Broker
Platform Choice
Copy Trading
Platforms
Forex.com
111104/ 5
Forex.com
IC Markets
111115/ 5
Zulu Trade
FxPro
111115/ 5
FxProEdge

 

Overall, Forex.com’s trading platform support is one of the best in the industry.  It offers a proprietary platform, which is more beginner-friendly and easier to use and has enough choice to keep most traders satisfied.  

Mobile Trading

IC Markets’ mobile trading platforms are better than other similar brokers.

All three of Forex.com’s trading platforms are available on both Android and iOS mobile devices and tablets. Beginner traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced timeframes and fewer charting options.  

However, the trading platforms are generally user-friendly and well-designed. The MT4 and MT5 mobile apps allow traders to close and modify existing orders, calculate profit and loss in real-time and allow tick chart trading.  

The Forex.com mobile app offers the best features available on the desktop version including the complete range of order types, trade analysis, and watchlists. 

Overall, Forex.com’s mobile apps are user-friendly and well-designed and offer most of the features available on the desktop versions.  

Trading Tools

Forex.com’s trading tools are excellent compared to other similar brokers.

Forex.com offers a number of useful trading tools, including VPS services, Trading Central, Autochartist, SMART Signals, and Trading View.

VPS

For traders with a minimum 5000 USD balance, Forex.com supplies free VPS hosting, allowing for a more complete automated trading strategy. It allows traders to run automated algorithmic strategies, including expert advisors 24 hours a day 7 days a week on a virtual machine. VPS services have the advantage of never suffering connectivity issues and have extremely low latency due to their proximity to major international exchanges. 

Trading Central

Trading Central is available to clients who register a live account.  A third-party tool, Trading Central’s professional analysts use the most advanced technical analysis tools in the industry to curate relevant information. This tool essentially supports traders without the technical know-how in making trading decisions.  Trading Central is one of the most popular trading tools available and provides excellent market analysis, and Forex.com does well to offer this service to its clients.

Autochartist

Autochartist is an award-winning automated technical analysis tool that plugs into MT4, MT5, and the Forex.com platform and scans all available CFD markets for trading opportunities. Autochartist monitors 250+ CFDs 24 hours a day and automatically alerts traders on key trading opportunities and forms trends with the highest probability of hitting the forecast price.  Some of Autochartist’s key features are:

  • Chart pattern recognition
  • Fibonacci pattern recognition
  • Key level analysis
  • Pattern quality indication

The market scanner provides statistically significant market movements and identifies important price levels that are catalysts for market movements.

Trading View

Forex.com recently added TradingView to its arsenal of trading tools.  TradingView is free of charge for traders who open a live account.  It is an excellent tool for researching, charting, and screening any instrument.  Additional features of Forex.com’s TradingView tool include:

  • 50+ intelligent charting tools
  • Over 100,000 custom user-built indicators and scripts
  • Synchronised layout for multiple charts
  • Advanced drawing tools
  • Ten chart types.

SMART Signals

Forex.com offers SMART Signals, a technical analysis tool that provides live trade ideas by harnessing the power of trading algorithms. It also allows traders to see how SMART Signals have performed in the past so that they can decide how they may perform in the future.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
Forex.com
IC Markets
FxPro

 

Overall, Forex.com provides a wide range of useful trading tools to help traders make trading decisions.

Financial Assets

Forex.com offers a very broad range of tradable assets compared to its competitors.

Forex.com offers trading on Forex, indices, shares, commodities, cryptocurrencies, and precious metals.

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Financial Instrument
Number of Assets
Leverage
Commodities
26
100:1
Cryptocurrencies
8
25:1
Stock CFDs
4,500
20:1 - 100:1 (on the HKSE)
Forex
91
200:1
Indices
18
200:1
Metals
5
200;1

 

  • Forex pairs: Forex.com offers 91 Forex pairs to trade, including majors, minors, and exotics. This is an extremely broad range of Forex pairs compared to other brokers.  

  • Commodities: Forex.com offers trading on 26 commodities, including metals, energies, and agriculture, a broader range than most other brokers.

  • Metals: Forex.com offers trading on 5 metals, which is average compared to other similar brokers. Gold (XAU) and silver (XAG) are traded as spot metals. Spot gold is offered as XAU/USD, XAU/EUR, XAU/GBP, XAU/CHF, XAU/GBP, XAU/JPY and XAU/AUD. The symbol for spot silver is XAG/USD. Copper, palladium, and platinum are traded as CFD futures.  

  • Stock CFDs: Forex.com’s stock CFD offering is extremely diverse compared to most of its competitors, with over 4500 stock CFDs available to trade, including popular US tech companies, ASX stocks, those listed on the NASDAQ, the Hong Kong Stock Exchange, the NYSE, and more. Traders should note that stock CFD trading is only available on MT5 and the Forex.com trading platforms.

  • Indices: Forex.com offers cash and futures contracts on 18 international indices, including the Wall Street, S&P500, FTSE100, and the UK100. This is an average range of indices compared to other brokers.

  • Cryptocurrencies: Forex.com offers trading on 8 cryptocurrencies, a reasonably wide range compared to other brokers. These include Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin.  Spreads on these currencies are variable and are significantly higher than Fiat currencies, but in line with other brokers.

Overall, Forex.com provides a very wide range of tradable assets, which should leave most professional traders satisfied.  

Forex.com for Beginners

Beginner traders will find Forex.com a welcoming environment, with comprehensive and well-structured education and frequent and detailed market analysis from the experienced in-house research team. The major downside for beginners is the limited demo account, which will expire after 30 days on all platforms.

Education Material

Forex.com’s educational materials are well-structured and detailed and cater well to beginner traders.

The education section at Forex.com has obviously been designed by an experienced team of Forex educators. It is intended to slowly build confidence and help beginners learn how to trade forex with a wealth of educational tools and online resources.

The first thing new traders will find is a Trade Type Quiz, which will help beginners identify what trading strategies will best suit their personality. From here you can link off to three different sections of educational material: Beginner, Intermediate and Advanced. You can also check out individual themes, such as technical analysis and risk management.

Each section is clear, concise, and carefully tailored to the experience level of the trader. All the educational resources are free to all visitors of Forex.com’s site.

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
Forex.com
Medium
IC Markets
High
FxPro
Medium

 

Analysis Material

Forex.com’s analysis materials are some of the best in the Forex trading space.

Forex.com has one of the best market research and analysis sections we have seen. Posts by the in-house research team and detailed and cover all aspects of the financial markets. Full of trading opportunities and insightful analysis, it is no surprise that the Forex.com Twitter feed has over 170k followers.

Posts can be filtered by author, market, theme, or trending topics, and the site is updated multiple times a day.

Also in the analytical section, you can find a good economic calendar and a very helpful pivot point calculator, very useful for on-the-fly technical analysis.

Customer Support

Forex.com’s customer support is average compared to other brokers.

Like most brokers, customer support is available 24/5 (from 10 am Sunday to 5 pm Friday) via phone, email, and live chat. While English is Forex.com’s main support language, support is also available in Arabic, Ukrainian, Polish, Russian, and Chinese, depending on the availability. You can also interact with the Forex.com teams via Facebook and Twitter. 

For the purposes of this review, we found the customer support responsive and well-informed.

Safety and Regulation

In operation since 2001, Forex.com was a subsidiary of GAIN Capital, an NYSE-listed company. In 2021 Forex.com was purchased by StoneX, a Fortune-100 company with a 100-year history. StoneX is also a NASDAQ-listed provider of online trading services. 

StoneX’s subsidiaries are regulated by 9 national and regional authorities depending on their geographic location. All are separate but affiliated subsidiaries of StoneX Group Inc:

  • Europe: StoneX Europe is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC).
  • US: GAIN Capital is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA)
  • Canada: GAIN Capital is regulated by the Investment Industry Regulatory Organisation
  • UK: GAIN Capital UK is regulated by the Financial Conduct Authority (FCA)
  • Australia: GAIN Capital Australia is regulated by the Australian Securities and Investment Commission (ASIC)
  • Singapore: GAIN Capital Singapore is regulated by the Monetary Authority of Singapore (MAS)
  • Japan: GAIN Capital Japan is regulated by Japanese Financial Services Agency (FSA)
  • Cayman Islands: GAIN Global Markets is regulated by the Cayman Islands Monetary Authority (CIMA)

Forex.com clients in South Africa will be trading with GAIN Capital Global Markets, regulated in the Cayman Islands. While CIMA is not the best-regarded regulator in the world, it does allow Forex.com to offer higher levels of leverage and deposit bonuses to new clients.

Forex.com ensures that client funds are held with top-tier banks and segregated from the assets of the brokerage. Please note that in accordance with CIMA regulation in Cayman, Forex.com strictly adheres to CIMA client money rules requiring that all client funds be segregated and separately accounted for to protect its client’s assets. As such, Forex.com has trust letters in place with all depositories that hold client assets and we perform a daily client segregated funds calculation to ensure all client assets are adequately segregated.  In addition, robust bank review and monitoring guidelines are set by the Risk Committee of StoneX to ensure fund security.

With the additional financial reporting required from StoneX’s listing on the NASDAQ, and oversight from some of the toughest regulatory authorities in the world (NFA, FCA, MAS, CySEC, and ASIC), we are confident that Forex.com is a safe broker to trade with.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the Forex.com offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Risk Statement

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. Forex.com would like you to know that:  Foreign exchange and other leveraged trading involve a significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.

Overview

Forex.com benefits from being part of the publicly-listed StoneX Group and is able to offer excellent education and market research alongside competitive trading conditions. Though there is nothing too exciting on offer, the wide range of platforms and tradeable assets makes Forex.com a tempting option for traders looking for a serious market maker broker. While beginners will love the education and analysis available, they will be disappointed by the limited demo account.

AlertFollowing the purchase of the Forex.com and CityIndex brands by StoneX we are currently not comfortable recommending these brands to traders due to changing policies and likely changing trading conditions.
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