Forex.com Review

2.006 • 302 REVIEWS
Gain Capital StoneX Group Inc
Updated: Feb 2, 2024
FOREX.com
FOREX.com is well established and regulated broker that offers the MetaTrader4, MetaTrader 5, and Tradingview trading platforms for US residents and traders from other countries. FOREX.com offers over 80 currency pairs, stocks, ETFs, gold, and silver for your personal investment and trading options.

The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account.
FOREX.com is a subsidiary of StoneX Group Inc.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 50:1
Minimum to Open Live: $100
Established: 2001
Address: 30 Independence Blvd, Suite 300 (3rd Floor) Warren, NJ, 07059, United States
Contact: support@forex.com, 1.877.367.3946
Regional offices:
Regulators: IIROC #, CIMA #25033, FFAJ #1539, FCA #113942, NFA #0339826
Prohibited countries:
Trading platforms: MT4, MT5, WebTrader, Desktop Terminal, TradingView
Dealing Desk: ✅ Yes
Web Trading: ✅ Yes
Mobile Trading: ✅ Yes

Trading Instruments

Currencies: (80+)
Cryptocurrencies: (5+) Bitcoin
CFD: (25+) Stocks, Stock Indexes, Bonds, Oil, Other Commodities, Futures

Trading Conditions

EAs/Robots: ✅ Yes
News Trading: ✅ Yes
Scalping: ✅ Yes

Managed Accounts & Social Trading

MAM: ✅ Yes
Deposit Methods: Bank Wire (BankTransfer/SWIFT), ACH Payments (echeck)
Withdrawal Methods: Bank Wire (BankTransfer/SWIFT), ACH Payments (echeck)
* Please check broker website for more information
2.006 • 302 REVIEWS

Forex.com Most Helpful Customer Reviews

H
Hussein_Imam
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.
7 traders have found this review helpful
M
Money Defender
Secaucus NEW JERSEY, USA,
Jun 22, 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.
2 traders have found this review helpful
M
Mari
NJ, USA,
Mar 14, 2020,
Guest

OK broker if you like their desktop platform

Service use: Live Length of use: over 1 Year
I traded with them for a year, but recently withdrew my funds and opened an account with another broker. I initially went with this broker because they're the only US broker with a DMA account (thinking of upgrading in the future). I opened a commission based account due to wanting a tight spread for intraday trading. However, I only prefer to trade using their web based platform. I downloaded their desktop platform (proprietary) and found it not to be user friendly in terms of display and trade execution. The reason why I left is because their web platform freezes a lot esp during peak trading hours (UK/US session) to the point that I almost threw my laptop across the room multiple times in frustration. I was also trading with the other broker during the same time, and there was no issue with freezing. Other features such as reducing position size also stopped working on all their platforms (web, desktop, mobile) and customer service have not been able to resolve problem and stated that there's no problem . I was told I just need to open a long position if I have a short, instead of making the box that says "reduce position" work like it did before. However, there were no issues with their desktop platform giving me the impression that their server is inferior to my other broker, or they're catering more to professional traders (vs retail traders) as professional traders are more likely to use desktop over web based platform, thus they are not maintaining/upgrading server? Spreads seems to be lower on my other broker as well, and slippage has been about the same (about 2 pips). I am more relaxed trading with my other broker now due to fast execution. I also leave positions overnight and have not had any issues about target profit getting hit while I'm asleep. Charts looks identical between my other broker and forex.com except for the other broker's charts not showing price gaps.
M
Reply by FOREX.com submitted Apr 24, 2020:
Mari,

Thank you for taking the time to provide such detailed feedback.

From what you describe, your connectivity issues may have been a result of the unprecedented trading volumes experienced globally due to COVID-19. FOREX.com has not experienced server issues or outages during this time, so a solution may be to clear your browser’s cookies and cache, or trying a different browser.
There are some subtle differences in how you place a trade on the trading platforms. Our desktop platform does include more advanced features then the web version and there are several video tutorials available on the site to help you to familiarize yourself with it (https://www.forex.com/en-us/education/education-themes/forex-platform-tutorials/advanced-trading-platform-highlights/). Alternatively, you can contact us via chat and our Client Services team will be happy to walk you through it.

As far as pricing and execution, we strive to provide our clients with some of the most competitive spreads in the industry backed by quality trade executions. In January 2011, we were the first broker to disclose our US execution statistics for our proprietary platform and I encourage you to view our Execution Scorecard to see for yourself (https://www.forex.com/en-us/trading/pricing-fees/execution-scorecard/).

We sincerely apologize for your experience and value your continued business.
J
James
London, United Kingdom,
Nov 21, 2019,
Guest

Withdrawal

Service use: Live Length of use: 6-12 Months
I got a letter in the mail from forex.com saying I still have £1,200 left in my account and they will slowly take the money away the longer i leave it cause Iv not been active for 12 months but it has been way longer than that. I log in and requested my withdrawal.....waited a few days till they email me saying they need more personal details so they can approve it. Since then they disabled my account and stoped responded to my emails.
1 trader has found this review helpful
J
Reply by FOREX.com submitted Apr 24, 2020:
James,

Thank you for your feedback.

While FOREX.com strives 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.

The inactivity fee policy is something that we state in our website’s FAQ section (https://www.forex.com/en-uk/support/faqs/pricing-and-fees/) as well as the client agreement.

We sincerely apologize for any inconvenience you may have encountered while attempting to withdraw your funds.
S
Sharon
Kelowna, Canada,
Oct 28, 2019,
Guest

6 days and my trade has still not been deposited to my account!

Service use: Live Length of use: 3-6 Months
This company is terrible. On Oct. 23rd, I did a trade to send money to another bank account. Today, Oct. 28th, the money has still not been deposited! I have only dealt with this company a few times, but always have problems with the very long time it takes them to get the money deposited. The last time it happened, I called to complain and they were very rude and said it wasn't their fault.
1 trader has found this review helpful
S
Reply by FOREX.com submitted Apr 24, 2020:
Sharon,

Thank you for your feedback.

We apologize that your withdrawal experience and interaction with our support team was unsatisfactory. That is certainly not the typical level of respect and support that we always strive to provide.

In most cases, funds are either automatically returned to the funding source or sent to the receiving bank. Once the funds are sent to the receiving bank, we are limited in what we can do to facilitate processing time on their end. Most banks will take 1-2 business days to receive and post the funds to your account. Keep in mind that most banks will not process funds over the weekend or holidays and based on the dates you noted your withdrawal may have been delayed by the weekend.

Recent User Reviews of Forex.com

J
jfurlan
Brasil, Brazil,
Jul 20, 2023,
Registered user

Withdrawal problems

Service use: Live Length of use: over 1 Year
I requested my withdrawal of funds and they are questioning me about a temporary account which I only used to send the money. Even if I present an account in my name, they don't want to refund me
J
Reply by FOREX.com submitted Jul 23, 2023:
Thank you for your review. We are sorry to hear that your withdrawal process has not been a smooth one.  Our withdrawal process is as follows: deposited funds must be returned to the originating source. 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.  Please contact our support team for assistance.
S
stash
Germany, Germany,
Feb 27, 2023,
Registered user

Useless Support

Service use: Live Length of use: 3-6 Months
Correction: They did send the money back, including profits, to where i deposited from.
Just their support didnt know anything about it.
However, the rest of the review is still correct.

Feb 25, 2023 - 1 Star I did deposit 100€ with them and traded for a few days. Made a profit of 13€.
Shortly after i was not able to login to my account anymore.
Password reset didnt work.
Now 6 months later they closed the account and after writing their support, they say the account balance is zero, while they are still sending me statements automatically, which state there is 113€ on the account.
Im happy and lucky to only have deposited 100€.
Stay away from them is the best advice i can give.
Z
Zahra786
Sargodha, Pakistan,
Jan 11, 2023,
Registered user

Processing withdrawals issue

Service use: Live Length of use: over 1 Year
My account is fx995229 my name is Zahra tariq there is my money in account 9800$ they don't processing withdrawals from long time when. I go to chat they say your account is on review from 2.5 years account goes on review there is my bank account attached in withdrawal but they don't processing withdrawals
R
Redbaron
Toronto, Canada,
Mar 2, 2022,
Registered user

Scumbag market maker kicked me out after made profit.

Service use: Live Length of use: over 1 Year
Same as my other broker, once you are profitable they kick you out (the other one let me make 90k before they kicked me, these guys around15k...). I'm banned from both now. Unreal what a scumbag system we got going on in Canada. This is something I would expect from 3rd world county. How do they allow these bucket shops to exist. Will complain to IIROC.
D
drewagustablake
Florida, USA,
Dec 22, 2021,
Registered user

Forex.com Will do to you what wallstreet did to GME

Service use: Live Length of use: 0-3 Months
These scammers will halt your trades and force you to liquidate. They say they don't trade against you but do anything in their power to margin call you such as withholding funds or halting buying sell and closing orders. They then use wide spreads not present on other brokers as an excuse for their trading halts which only happen during the big moves where you would take profits. Don't believe me? I'm not all talk I beat the broker and they forced me to close my account. Class action on TRY who is with me?
https://youtu.be/OSbCcBiaHzg
D
Reply by FOREX.com submitted Feb 2, 2022:
Thank you for taking the time to provide your detailed feedback. We strive hard to make every customer’s experience enjoyable, and we are sorry we’ve not been able to meet your expectations this time.

FOREX.com and its subsidiaries are regulated in 8 jurisdictions worldwide, including CFTC/NFA in the US, IIROC in Canada, FCA in the UK, and CIMA in the Cayman Islands. We operate in highly regulated environments, with strong oversight into trading practices and execution. We do not pick and choose which trades to accept or adjust price or the trades' execution speed. We have automated every aspect of the trade process, intending to ensure your trade is executed as fast as possible at the price you expect – or a better one. If this is the experience you have had with us, we encourage you to reach out to our support team to help us resolve your inquiries. We take comments like this very seriously and hope you allow us to clarify this for you. Please contact our client support team by chat or phone using the number 1.877.367.3946, or you can also send us an email to support@forex.com.

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.