Claire is an experienced financial analyst with strong analytical skills. With her expertise and focus on thorough market research, Claire ensures individuals in the financial landscape are well-informed. Often in an engaging writing style, her content helps traders quickly grasp the market dynamics. As an Associate Editor of financial news at InvestingGuide, she provides an original analysis of the financial markets and economy. You’ll be at joy reading her flawlessly written content. She has written hundreds of pieces that simplify complex financial topics in plain language.
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Forex.com has been offering brokerage services to traders since 2001. The broker prides itself on keeping up with the advancing technology and has remained steadfast. This way, traders are guaranteed stability and excellent opportunities that will maximise their potential in the financial space. So far, Forex.com has over 500,000 global clients and multiple awards for its excellent offerings.
From users’ perspectives on Google Play, the App Store, and Trustpilot, Forex.com is a reliable and secure broker. However, we decided to conduct our own analysis by creating trading accounts and analysing its offerings and performance. Below is our unbiased Forex.com review based on our findings.
In This Guide
Our Opinion about Forex.com
From our overall experience, Forex.com has many advantages compared to disadvantages. We like that it is user-friendly, has a fast trade execution speed and offers affordable services to traders in the UK. See our summary below of the broker’s pros and cons for more understanding.
Forex.com
✔Intuitive design platform
✔Low trading fees
Pros & Cons
Pros
- Low minimum deposit requirement of £100
- A user-friendly and intuitive design platform
- Multiple trading platforms to choose from
- Low trading fees with spreads from 0.0 pips on its Raw Spread account
- Variety of asset classes to choose from
Cons
- Lists only forex and CFD instruments
- An inactivity fee of £15 monthly applies after one year of inactivity
- Small selection of cryptocurrencies
Security & Regulations
Forex.com UK is a legitimate broker with solid security measures to ensure traders’ safety. Its parent company, StoneX Group Inc., is listed on the NASDAQ stock exchange. Moreover, Forex.com is highly encrypted with SSL technologies to ensure no unauthorised access to your trading account.
Besides being highly encrypted, this broker is licensed and regulated by multiple tier-one authorities. With this regulatory status, traders are guaranteed a secure trading environment free from imposters. You will participate in account verification during the sign up process to ensure you are who you claim to be.
That being said, here is a list of the regulatory authorities overseeing Forex.com trading services.
- The Financial Conduct Authority (FCA) in the UK under licence number 446717
- The Canadian Investment Regulatory Organization (CIRO) in Canada
- The Cyprus Securities & Exchange Commission (CySEC) in Cyprus
- The Financial Services Agency (FSA) in Japan
- The National Futures Association (NFA) in the US
- The Commodities Futures Trading Commission (CFTC) in the US
- The Monetary Authority of Singapore (MAS) in Singapore
- The Cayman Islands Monetary Authority (CIMA) in the Cayman Islands
- The Australian Securities and Investments Commission (ASIC) in Australia
Forex.com is also mandated to store its clients’ trading funds in segregated accounts that are only accessible to the owners. This means Forex.com will not use your money even if it goes bust. And since the financial space is dominated by fraudulent brokers, taking legal action against a regulated one like Forex.com is easy.
Lastly, we noticed that Forex.com broker has gained excellent reviews on Google Play, the App Store, and Trustpilot. This indicates that many traders trust it for its services. Moreover, it is a member of the Investor’s Compensation Fund (ICF). It guarantees client compensation in the event that the broker fails to pay its liabilities to clients.
Platforms
Forex.com prides itself on offering cutting-edge platforms with fast trade execution speed. We analysed all the platforms and admit that they are suitable for all types of traders. Let’s explore below Forex.com’s platforms that are available for UK clients.
- WebTrader and Mobile: This is Forex.com’s proprietary trading platform. From our experience, it is user-friendly and offers access to a wide range of markets. These include forex, shares, commodities, indices, and more. Moreover, the platform has impressive features for an exciting experience, including performance analytics, price alerts, hedging, multiple order types, and more.
- TradingView: Forex.com hosts the third-party TradingView platform with renowned charts, exclusive trader tools, and ideas. TradingView is easily accessible via Forex.com’s WebTrader and Mobile platforms. The best element about TradingView is that it supports social trading. Plus, it hosts quality technical analysis tools for seamless strategy development and trading experience.
- MetaTrader 4: MT4 is another platform hosted by Forex.com for UK clients. From our analysis, it has a fast trade execution speed and Expert Advisors to ensure users enjoy automated trading strategies tailored to their specifications. Like TradingView, Forex.com users can access the MT4 platform using the broker’s WebTrader and Mobile platforms. The mobile app is easily downloadable from Google Play or the App Store.
Note that while Forex.com’s platforms have proven reliable and efficient, they might not be suitable for all traders. Therefore, start by exploring this broker using its demo account to decide what best suits your trading requirements.
Fees & Commissions for UK Traders
Forex.com UK has a transparent fee structure you will find on its official website. There are no hidden costs based on our analysis. This makes us conclude that it enables users to budget accordingly without worrying about additional charges.
Note that signing up for a trading account at this broker’s site is free. Forex.com minimum deposit requirement is £100, which we believe is among the lowest in the industry. And the best part is that Forex.com does not impose deposit and withdrawal charges.
When it comes to trading at Forex.com, expect to incur low spreads, starting from 0.8 pips on major currency pairs. Commission also applies to share trading, starting from 8 basis points. The best part is that Forex.com features an Interest Payment Scheme. This allows users to earn interest on their tradable account funds. However, this scheme comes with specific requirements that you must meet to qualify.
Another fee to expect with Forex.com is overnight charges for positions left overnight. You will also incur inactivity fees of £15 monthly should your trading account remain dormant for over 12 months.
Product Offerings
Forex.com lists over 4500 trading instruments for UK clients. Sadly, there is no buying and taking ownership of any of the featured assets. Instead, you get to trade them as CFDs, whereby you speculate on their rising or falling prices to benefit from the price difference.
The good news is that the variety of asset classes available at Forex.com allows you to easily diversify your portfolio. Let’s explore below the asset classes you will explore at this broker’s platform.
- Forex: You will have access to over 80 currency pairs, including major, minor, and exotic. This broker lets you speculate on the price movement of these currency pairs. What’s more, you can dive into FX trading and enjoy low spreads from 0.8 pips.
- Indices: Trade the world’s popular indices, such as the US SP 500 and UK 100, at low fees starting from 0.4 points. You can go long or short to benefit from rising and falling prices.
- Stock CFDs: Share trading at Forex.com gives you access to popular company stocks, including Tesla, Amazon, Meta, and more. Moreover, you will incur low commissions, starting at 8 basis points.
- Commodities: As a Forex.com account holder, you can trade CFDs on commodities like oil, coffee and precious metals like gold and silver. Commodities CFD trading is ideal for hedging against inflation and profiting from falling and rising markets.
Forex.com Support Service
We analysed Forex.com’s customer support and were impressed with its services. Note that it has a dedicated team of professionals at your beck and call anytime you need assistance or clarification. We contacted them via the available channels, namely live chat, email, and phone. The live chat response was prompt, thus making it a suitable option for quick answers.
We called the team via phones and sent emails. Although the email response was a bit slow, rest assured of quality assistance. Overall, Forex.com’s support operates five days a week. Therefore, ensure its availability aligns with your trading schedule before making a commitment.
We also discovered a comprehensive FAQ section at Forex.com broker. On this page, the broker’s experts have addressed different popular queries, from how to open an account with Forex.com to how to download various trading platforms.
How to Sign up For an Account at Forex.com
During account sign-up, we noticed that Forex.com UK has a streamlined account opening procedure. Plus, it is compatible with desktop and mobile devices. Therefore, if you are always on the move, install its app on your mobile device to effectively manage your trades. Then, follow the procedures below to create an account and start trading.
Step 1: Go to Forex.com’s website
Step 2: Create a trading account
Step 3: Participate in account verification
Step 4: Make a deposit
Step 5: Open a position
To create an account, visit the broker’s official website. We share links on this page that will help you gain quick access. Then, read the broker’s terms of service and familiarise yourself with its features. This way, you are guaranteed an exciting experience that will maximise your experience and potential.
Click the “OPEN AN ACCOUNT” button on Forex.com’s homepage to begin the account registration process. Fill out the provided form using your personal information. These include your name, email, phone number, date of birth, location, and more. Plus, do not forget to share your unique username and password to secure your account further from unauthorised access.
As mentioned earlier, Forex.com is licensed and regulated by multiple top-tier authorities including the FCA in the UK. This means that the broker must adhere to the authorities’ stringent rules to ensure traders are secure. Among the rules is verifying traders’ identities and locations before having their accounts fully activated. You will engage in this activity by sharing copies of your original ID card and utility bill, respectively. You may also share copies of your passport or driver’s licence and bank statement.
Your account will take a few hours to activate, after which you will receive an email confirmation. At this point, make a deposit per the broker’s minimum deposit requirement. Choose the most convenient transaction method, whether credit/debit cards, e-wallets, or bank transfers. Fortunately, Forex.com does not charge deposit fees, thus streamlining the activity.
Once Forex.com confirms your deposit, it will automatically redirect you to where it lists its offerings. Choose your preferred trade size and open a position. Do not forget to track your open position to ensure you never miss out on potentially profitable opportunities. You can also diversify your portfolio to mitigate the risks that come with trading a single asset. Most importantly, apply risk management controls like stop-loss and take-profit orders to mitigate massive losses.
Conclusion
We hope our Forex.com review above has helped enlighten you regarding its features. So, if you will commit to this broker, do not rush to spend real funds. Take advantage of its demo account to be fully familiar with the broker’s offerings before switching to live trading. For beginners, we like that Forex.com has an excellent selection of learning tools for you. Experts will also enjoy advanced platforms and resources. Regardless of whether Forex.com is suitable for you, understand that the financial market is unpredictable. Therefore, always conduct thorough market analysis for solid strategies to increase your chances of success in the financial space.
InvestingGuide Rating:
✔Intuitive design platform
✔Low trading fees
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Risk Warning
77.7% 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.
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4
Customer Support
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4
Commissions & Fees
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4
Platforms & Tools
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4
Educational Resources