Forex.com Review

1.97 · 292 REVIEWS

Gain Capital

Updated: Jan 22, 2021 · FOREX.com  · Is this your company?

FOREX.com are forex brokers. FOREX.com offers the MetaTrader4 and GTX-Forex ECN top forex trading platforms. FOREX.com offers over 40 currency pairs, gold, and silver for your personal investment and trading options.

Forex.com

Related sites include FXTradingPro.com.

FOREX.com is a subsidiary of GAIN Capital Holdings.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 200:1
Minimum to Open Live: $100
Established: 2001
Address: Bedminster One 135 US Highway 202/206 Suite 11 Bedminster, NJ 07921, United States
Contact: support@forex.com, 1.877.367.3946
Regional offices:
Regulators: CIPF #, CIMA #25033, FFAJ #1539, FCA #113942, NFA #0339826
Prohibited countries:
Trading platforms: MT4, MT5, WebTrader
Web Trading: Yes
Mobile Trading: Yes
Currencies: (80+)
Cryptocurrencies: (5+) Litecoin, Ethereum
CFD: (25+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Bonds, Oil, Other Commodities
Scalping: Yes
Deposit Methods: VISA, MasterCard, Local Bank Transfers, Maestro
Withdrawal Methods: VISA, MasterCard, Local Bank Transfers, Maestro

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1.97 · 292 REVIEWS
Forex Peace Army
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Traders Reviews

Usa, USA,
Dec 2, 2020,
Registered user

Forex.com is fraud.

Service use: Live

Length of use: 3-6 Months

Forex.com is fraud company. They are working against clients. To rob clients and steal the money. Theire price is not accurate. Stay away from this broker. Now I'm going to open federal report against them to take my money back .
  1 trader has found this review helpful
San José, Costa Rica,
Nov 24, 2020,
Registered user

Scam

Service use: Live

Length of use: 3-6 Months

Tested a demo account for around 3 months, all good, once opened the actual account the nightmare started, deposited $5000 USD and my balance was $4975, when I complained they said it was charged by the bank and I could clearly see that my bank had sent $5000 and charged me the fee already, so Gain Capital was trying to get $25 just because, it is nothing but imagine 10,000 accounts... Also they set my account in Cayman Islands so it let them set my margin to 0 5% 200:1 when in the demo it was UK based and margin regulation 5% 20:1 I made some mistakes yes but they are so smart at how they move, once I decided to withdraw 1240 dollars I had, had to send many emails to correct the bank information and they are supposed to just submit a withdrawal to the same routing account they received the fund, long story short, I was affected by many psychological mistakes, my responsability yes, so at the end I decided to withdraw the only $100 that was left in my account, they then deposited this bank to my bank account, so I lost $4900. So I decided to request a margin change, I filled out the form available in their website that states that you can request a margin change and see what I received from the account manager : "We are the market-maker and therefore determine the leverage we can set on entities which regulatory restrictions do not apply." Phil Giles • Phil.Giles@gaincapital.com

By the way, I didn't mention that I noticed some platform behaviors like screen getting frozen like when market is closed and am saying in open market times, and then getting back active 30 or more pips difference in the price in terms of seconds.

When you get in contact with customer service you will always have a different answer for the same question. Don't hesitate to try it yourself, open a chat and ask questions to different agents.

Conclusions,
Unless you have a worse broker do not use Gain Capital which is Forex.com or City Index they are the same family group.
  2 traders have found this review helpful
90331, USA,
Oct 21, 2020,
Registered user

Continous problems with Forex.com

Length of use: 6-12 Months

This broker has caused me nothing but headaches. Customer service is below anything I've experienced before (at least in the investment industry). Getting your funds is an ordeal. Customer service speaks broken English, hard to communicate with.
  2 traders have found this review helpful
Reply by FOREX.com submitted Nov 5, 2020:
Dear TraderJoesFX,

Thank you for sharing your feedback. It is troubling to hear that you had such an unsatisfactory customer service experience, and we would welcome any additional details that you can provide so that we can make things right and improve our service. Withdrawals can be quickly and easily requested by logging into your MyAccount portal and clicking “Funding” > “Withdraw.” Funds may take 2-3 business days to be posted to your bank account. Please be advised that ACH deposits always require a 5 business day clearing period before becoming available to withdraw.
Trader,
Ontario, Canada,
Jul 14, 2020,
Guest

Withdrawal in 2 days

Service use: Live

Length of use: 0-3 Months

Live trading with Forex.com since 3 months. Until now everything perfect. After reading the reviews I tried to withdraw some money. Within 2 days it is in my account. Good job. Keep it up
 
Cairo, Egypt,
Jul 1, 2020,
Registered user

Even after connecting them they are thugs (Forex.com are thieves

Service use: Live

Length of use: 6-12 Months

You told me that I can contact you privately to schedule a call:
- First who can I do this (you didn't leave any contact details).
- I asked for a call many times and they refused.
- I wanted a clarification for the fake numbers in your platform (which you corrected and replaced by any other numbers you want) and clarify by some words without telling that It was fake platform. And your company play with numbers on it.
- How should I sleep by numbers (when I trusted your platform) then I wake-up on your email by another numbers.
- This way you can do all what you want and say (due to the current circumstances ...).
- I asked for a call many times and the reply was (due to the current circumstances ...).
- Now you are telling me that I can contact with you privately without leaving the way of contact.
I am telling you that (you are as a company) have all my contact details and you can call me (In Arabic) whenever you want to discuss this issue.
- When you call I will write again to tell everyone that you did.

May 23, 2020 - 1 Star I sent you my complaint previously then I contacted with them again.
After lot of days they replied telling that they have the right to do whatever they want.
They admitted that they have the right to provide a fake data VIA their fake platform then sending email to take the rest of money in the account.
and after that they want me to believe in what they say.
Fake platform.
Thieves answer the email.
Thugs stool the money.
Is it a company or thieves gang?
The platform telling that the trade was closed in a specific price. with a specific loss amount. Then they send an email by very new data.
It that their right as they say???!!!

Apr 27, 2020 - 1 Star Dear Sirs.
Good day I NEED YOUR KIND HELP.
last 20/4 I bout future oil by 20 Cent then it expired and closed (as it was expired) by -20 USD loss amount.Then after two days, I received an email from (Forex.com// the co. I work with) telling me that they adjusted my account and took all the money in the account (165 USD + the previous 20 USD "which I lose" + they closed all the open positions forcibly and took all the money.Is that acceptable and fair.
- I thought that it is a big and respectable Co. but it seems that we are nonsense and we can do nothing against their TYRANNY, as I made a chat with them and I didn't get any reasonable reason. And they told me to send an Email.- I did and sent 3 emails and the only thing they did was that sending me (Acknowledge: [EXT] Fwd: Important US Crude Oil cash adjustment (Ticket# ---).- Please help me by the way I can take my right back and fight against this tyranny.
I know that it is a small amount but (for me) it was all what I have.So Please help me and tell me the methods I should follow and all the groups I should talk in and if there are any news groups I am ready to be against them as they took all my money.By the way the prices in the platform was different from the prices they sent me on the (adjustment email). Should I know the prices Via the platform or the email.Thank you for advance and kind assistance.Kindly you can contact me directly via messenger with thanks.
Simply:
the position was closed by lose 20 $. I slept and woke-up to find them took all the money in the account (loose after ending the position// I contacted them but they don't care about me as I am a small trader).

Reply by FOREX.com submitted Jun 29, 2020 Dear Hussein_Imam,



Thank you for sharing your feedback.



As communicated to you on April 22, 2020, the price for a barrel of WTI oil became negative for the first time ever on April 20, 2020. This unprecedented move, a result of oversupply, weak demand and physical storage issues, lead to the price for the May WTI contract trading as low -$40.32 per barrel, ultimately settling at -$37.63 for the day. Negative pricing created challenges for our settlement process and our US Crude Oil May contract settled at a price of $0.01, not reflecting the negative pricing of the underlying market.



To ensure proper alignment with the underlying market, we reviewed all impacted long and short positions to determine whether a cash adjustment was required to correctly reflect the price of the market at the time of the negative pricing and an adjustment was made to your account to reflect the correct price of the market for the US Crude Oil positions you held.



Please contact me privately with the best number and time to reach you and I would be happy to schedule a call to discuss your account in more detail.
  4 traders have found this review helpful
Philly, USA,
Jun 26, 2020,
Registered user

Shady

Service use: Live

Length of use: 0-3 Months

I’m going to tell yal honestly how it works and it may work this way with 9/10 brokers most are out to get your money. The only company I never heard anything bad about is blueberry market yet they don’t accept us clients. Now forex.com will slip you in a losing trade. Trigger your limit order before the market hits. Also there been a few times the market went up to 6 pip above my order retraced down and didn’t trigger my order basically I’d missed the trade and for those who don’t understand that Entry is the critical part of the market if you miss it u may not b able to get in cuz the market do a lot of whipsaw thus you’ll have to lower your position and increase your sl. I even risk my money just to trap them and they did what they do. I can get slipped into a market with more distance but my order don’t get trigger when I’m at the first candle in a reversal? Also they stop loss hunt. This broker is shady. And this is how you’ll know when every issue you present it’s always returned to sender. No accountability and they try to make you feel stupid or like you do t know what your doing or talking about- this is shady behavior. And they know what I’m talking about cuz I called them out and told them I would at it a review so forex.com don’t revenge reply and try to cover it up.
  2 traders have found this review helpful
Secaucus NEW JERSEY, USA,
Jun 23, 2020,
Registered user

Accepts USA........ ok not great.

Service use: Live

Length of use: 0-3 Months

*Be careful with this broker..... If your margin % hits zero you will loose the trade.
*If you don't have a teacher you will fail.
*Customer service is not that great.. depends on who answers phone.
*Trade charts look different because of time frames.
*Money not available until cleared by bank (like with all brokers, in a few days) and proper bank account proof established (bank statement) thats the law here in the usa.

Jun 22, 2020 - 1 Star Don't trade more then 50% of what you deposit because there will be large fluctuations and they will take your money if your out of your $money range.... and when its going out of your favor in the trade they will stop you from trading because they want to take your money.

Jun 16, 2020 - 1 Star Trading with forex.com is like volunteering to walk into a cage with 10 convicted thiefs and money sticking out of your pocket. Just like most company's these days... predatory behavior with no honesty. Help us put people like this out of business.

Jun 9, 2020 - 1 Star I noticed the spreads were low so i signed up for Forex.com and found out the spreads were not for the usa....(or not for me because i didn't get them) they have a separate sight for outside of the usa but they don't say that clearly on their webpage because they know they are attracting us customers with the lower rates pages that they post for other country's.
 
henry james,
charlotte, USA,
Jun 12, 2020,
Guest

scammer

Service use: Live

Length of use: over 1 Year

when you deal with this company you will not have any problems until you try to withdraw your funds. they will try every trick in the book to prevent your withdrawl. i have to contact the SEC everytime. please beleive the 2 stars that are overly given to them.
 
Reply by FOREX.com submitted Jun 29, 2020:
Thank you for sharing your experience.

We are sorry to hear that your withdrawal experience has been less than satisfactory. While we strive to make our withdrawal process as seamless as possible, we must balance this with our duty as a regulated firm to verify details under the “Know Your Customer” (KYC) and Anti-Money Laundering (AML) guidelines set forth by our regulator.

Deposited funds must be returned to the originating source. Excess funds may be withdrawn via bank transfer and wire. In the event you add a new bank account to withdraw excess funds, we may require evidence of the bank account in the form of a bank statement issued within the last six months, and once received, the withdrawal is processed. Our withdrawal process is fully transparent (as documented on our website: https://www.forex.com/en-us/support/faqs/withdrawals/) and typically straightforward and easy.

You should also be aware that as of March 16, 2020, we implemented remote working capabilities for all global teams to reduce COVID-19 risk and as a result we are unable to process paper checks at this time.

If your situation has not been resolved, please contact our support team via live chat on our website, or message me privately with a way to contact you so that I can help to address your needs. Please do not include account-related data.

We value your business and hope to continue being you trading partner.
BRAZIL, Brazil,
May 28, 2020,
Registered user

That company is a total SCAM

Service use: Live

Length of use: over 1 Year

I posted a review telling about my withdraw problem and they reply saying that it happens because they suspect I'm doing money laundry... You guys are JOKERS and should change your business.
So I deposit $300 USD using my Card and tried to withdraw $100 bucks back to my card... and your answer is that I'm doing money laundry hahahahahah
You guys are horrible!!!
=========TRADERS, STAY AWAY FROM THAT FOREX.COM COMPANY=========

May 1, 2020 - 1 Star I'm trying to withdraw my profits from those guys and they asked dozens of confirmations and everything.... ok, so far, no problem, all of them are very good to deposit and horrible to withdraw.
I sent all documents and confirmations they asked.. billing, bank statement, selfie holding my passaport all kind of shi@#$% they requested... and here I'm, so far almost two months to withdraw only $100 bucks.
So, my advice... stay away from them.

Reply by FOREX.com submitted May 22, 2020 Ruben,



Thank you for sharing your experience.



We sincerely regret that your withdrawal experience has been less than satisfactory. While we strive to make our withdrawal process as seamless as possible, we must balance this with our duty as a regulated firm to verify details under the “Know Your Customer” (KYC) and Anti-Money Laundering (AML) guidelines set forth by our regulator.



In some instances, we are required to verify the source of funds as part of standard operating procedure. Typically, we do not need more than one bank statement issued within the last six months, and once received, the withdrawal is processed.



If your situation has not been resolved, please contact our support team via live chat on our website, or message me privately with a way to contact you so that I can help to address your needs. Please do not include account-related data.



We value your business and hope to continue being you trading partner.
  4 traders have found this review helpful
Trader,
Fl, USA,
May 12, 2020,
Guest

Experienced Trader

Service use: Live

Length of use: 0-3 Months

I have been trading for over 3 years in Crypto. I opened a Demo account and did very very well. I decided to open a Live account and took one trade and made 452 dollars. That afternoon I went to log on to my account and it was terminated. I am not saying it was because I was profitable but a answer as to why would be nice. I have never had this happen with any exchange. I just pray they return my money after filling out the form they provided. It does seem odd they are closing accounts. For me I cant see a reason they would do this.
 

Frequently Asked Questions

How do I trade on forex.com?

To make a trade on Forex.com, the following steps explain the main procedure.

  • Select a currency pair
  • Analyze the market
  • Read the quote
  • Pick your position
  • Entering a buy position
  • Entering a sell position

Is forex.com a good broker?

Unbiased traders reviews on ForexPeaceArmy is the best way to answer if Forex.com is a good broker. https://www.forexpeacearmy.com/forex-reviews/66/FOREX.com-fx-broker-reviews

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we'd recommend to check recent Forex.com community discussions: https://www.forexpeacearmy.com/community/tags/forexcom/

What is the minimum deposit to open an account with forex.com?

Forex.com requires a minimum initial deposit of 100 of your selected base currency.

However, Forex.com recommends to deposit at least 2,500 to allow more flexibility and better risk management.