FOREX.com is one of the top platforms for foreign currency trading. Foreign exchange ("forex" or "FX") is a global marketplace where one currency is converted into another. FOREX.com is one of the leading FX brokers in the U.S., offering transparent pricing and an advanced trading platform. In this FOREX.com review, we'll look at the investment platform, its fee structure, and the pros and cons for investors deciding whether to use FOREX.com for their FX trading.
Ratings Methodology
FOREX.com
Our Rating:
Rating image, 3.5 out of 5 stars.
3.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Bottom Line
FOREX.com is among the leading trading platforms for high-volume FX and beginner FX investors.
Fees:
Varies by account type
Account Minimum:
$100
Alternatives to Consider
We recommend comparing brokerage options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of our best trading platforms of 2024.
| Account | Fees | Account Minimum | |
|---|---|---|---|
Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | $0 for stocks, $0 for options contracts | $0 | Open Account for SoFi Active Investing |
Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | $0 for stocks, ETFs, and options; up to $6.99 monthly for Robinhood Gold | $0 | Open Account for Robinhood |
Rating image, 4.5 out of 5 stars. 4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Commission-free; other fees apply | $0 | Open Account for E*TRADE |
Investment offerings
FOREX.com lets U.S. users trade foreign exchange (forex) investments. FOREX.com offers non-U.S. users more options, but regulations limit what FOREX.com can offer Americans. Still, this online broker is one of the few that gives traders access to forex.
Investments
- Forex
Stocks, bonds, and futures
FOREX.com redirects U.S. users who want to trade stocks, bonds, or futures to StoneX One, an affiliated stock trading app that offers popular investment types (but not forex trading). It may be worth checking out StoneX One, but you must open a separate account to trade.
Brokerage accounts
- Traditional brokerage
- IRA
Commissions and fees
FOREX.com fees depend on market conditions and which account type you open. Users can choose between a standard account that only charges users spread fees, and a RAW pricing account that charges lower spread fees but tacks on a commission fee.
| Reason | Cost |
|---|---|
| Spread fee on standard accounts | Variable, as low as 1.2 pip (0.0012) per EUR/USD trade |
| Spread fee on RAW accounts | Variable, as low as 0.0 pip (0.0000) per EUR/USD trade |
| Commission fee on RAW accounts | $7 per $100,000 traded |
| Rollover fee for positions held overnight | Variable, depends on the difference between the interest rates of the traded currencies. |
| Inactivity fee after 12 months of zero trading | $15 per month, starting after the 12th month |
Data source: FOREX.com.
Discounts for big traders
FOREX.com automatically upgrades high-volume users to "Active Trader" status. Active Traders get cash rebates on trades that may reduce costs. To qualify, new users must fund their account with at least $10,000, trade $50M of volume in a calendar month, or maintain an available daily balance of $25,000.
Margin rates
FOREX.com margin requirements, the minimum you need in your account to borrow from a broker and trade, vary by currency pair. It can be as low as 2% for EUR/USD and as high as 25% for TRY/JPY. Trading platforms (are you using MetaTrader?) and asset sizes also matter.
Research and education
The platform is research-rich. There are tools for everything from in-depth analysis to setting up automated trades. Some tidbits:
- FOREX.com has an in-house team of expert analysts who produce news and research articles daily.
- FOREX.com users can link their accounts to TradingView for free, which gives them access to technical analysis, market data, and the TradingView community.
- Trading Central is a research portal users can use to identify potential trading opportunities based on technical analysis quickly.
FOREX.com offers educational online courses and weekly webinars for beginners and advanced traders. Course topics include technical analysis and introductions to trading. Webinars are hosted by an in-house team of market analysts and are free to join. Anyone can view past webinars on the FOREX.com YouTube channel.
Interface
FOREX.com has two full-featured desktop interfaces. Users can choose between the traditional FOREX.com setup and MetaTrader, a popular third-party platform with advanced features.
FOREX.com web app or desktop platform: Customizable interface for users who opt for either spread-only or RAW pricing (all users). For technical analysis and market news, you can connect to TradingView (free). You can also view in-house research from the FOREX.com team, Reuters news, and a calendar. Performance Analytics analyzes your past trades to help you make better decisions.
MetaTrader: Advanced interface for professional traders who opt for spread-only pricing. Users can connect to TradingView for the perks mentioned above. Users can set up Expert Advisors (EAs), algorithms that automate and optimize trades. MetaTrader Market gives users access to over 950 trading robots and 2,000 technical indicators.
App
Both the traditional FOREX.com trading platform and MetaTrader have mobile apps. The FOREX.com app is rated 3.8 out of 5, Metatrader 4 is rated 4.8, and Metatrader 5 is rated 4.7 on the App Store. MetaTrader 5 is the latest version of the app, but some users prefer the older version.
FOREX.com mobile app: The mobile app allows you to place forex trades. Users navigate between five tabs: Portfolio, Watchlists, Markets, Alerts, and Account. It's straightforward.
MetaTrader: You can place trades on the MetaTrader mobile apps. Both versions of MetaTrader are divided into five tabs: Quotes, Chart, Trade, History, and Settings. Quotes lets you preview real-time prices, Chart shows customizable charts, Trade enables you to view balance and other trading information, and History logs trading history. There are some differences between MetaTrader 4 and MetaTrader 5, but they offer similar features.
Customer service
You can reach out to customer service agents over phone, chat, or email:
- Phone lines open 24/7 from 5 p.m. Sunday to Friday at 5 p.m. EST
- Chat open 24/7 from 5 p.m. Sunday to Friday at 5 p.m. EST
- Email [emailprotected] or [emailprotected] for new or existing accounts
FOREX.com is highly rated on Trustpilot, earning a 4.7 out of 5-star rating. Recent reviews cite fast response times and quick fixes by customer service agents. A common complaint is that the verification process is slower than customers like.
Security
FOREX.com is a subsidiary of StoneX, a company in the Fortune 100 that's existed for over a century. The company splits users' money among banks and keeps user money separate from company operating funds. The U.S. platform is regulated by the National Futures Association (NFA) and the Commodities Futures Trading Commission (CFTC). Leverage is always risky, but FOREX.com puts a sizable effort into keeping money safe from mismanagement.
About
FOREX.com has a 20-plus year history. Gain Capital launched it in the U.S. in 2004. StoneX Capital acquired Gain Capital in 2020, and StoneX remains a publicly traded company under the ticker SNEX. In 2023, StoneX launched support for MetaTrader 5, a popular alternative to the trading platform MetaTrader 4.
FOREX.com has over 45,000 customers and operates in 21 countries. It's a popular option for beginner and expert traders to buy and sell currencies.
Our brokerage rating methodology
At The Motley Fool Ascent, brokerages are rated on a scale of one to five stars. We primarily focus on fees, available assets, and account types; however, we also take into account features like research, education, tax-loss harvesting, and highly rated mobile apps. Our highest-rated brokerages generally include low fees, a diverse range of assets and account types, and useful platform features.
See our full methodology here: Ratings Methodology
FAQs
U.S. citizens can use FOREX.com; however, there are some trading restrictions.
The minimum deposit required to open an account is $100.
FOREX.com makes money either through spreads, which is the difference between the bid and ask price for standard accounts. For RAW pricing accounts, FOREX.com makes money through a $7 commission per $100K traded.
