Abstract：Forex.com, a well-known forex broker with over two decades of expertise, has consistently delivered a trusted environment for traders of all levels. Whether you are exploring the markets with a risk-free demo account or ready to dive into live trading, Forex.com offers intuitive tools, competitive spreads, and robust regulatory safeguards.
Forex.com Review at a Glance
As a brokerage company that has operated for over 20 years in the forex market, Forex.com attracts many traders because of its good reputation and experience. It is regulated by 7 countries, Australia, the United Kingdom, Japan, the United States, Cyprus, Canada, and Singapore. Trading assets at Forex.com range from forex to indices, stocks, cryptos, gold, oil & commodities, and bullion. Whether industry-leading MT4/MT5 and TradingView platforms, or Forex.com proprietary mobile app, traders can choose from their preferences.
Is Forex.com Safe and Legit?
Yes, Forex.com currently holds seven valid regulatory licenses from seven countries, including the Australia Securities & Investment Commission (ASIC), the Financial Conduct Authority (FCA) in the UK, the Financial Services Agency (FSA) in Japan, the National Futures Association (NFA) in the USA, the Cyprus Securities and Exchange Commission (CySEC), the Canadian Investment Regulatory Organization (CIRO), and the Monetary Authority of Singapore (MAS).
You can verify Forex.com's regulatory status and explore more details on WikiFX.
Forex.com also makes funds security a top priority.
✔ Segregation of client funds
✔ Daily segregation checks
✔ Trust letters with depositories
✔ Creditor priority
✔ Excess capital
✔ Counterparty risk monitoring
✔ Risk committee oversight
In accordance with CIMA regulation in Cayman, FOREX.com strictly adheres to CIMA client money rules, which require that all client funds be segregated and separately accounted for to protect the clients assets.
As such, FOREX.com has trust letters in place with all depositories that hold client assets and it performs a daily client segregated funds calculation to ensure all client assets are adequately segregated. In the unlikely event of a default, all client assets would be protected, and the segregated clients would have creditor priority over any claims.
In addition, FOREX.com maintains significant excess capital over regulatory requirements, actively reviews and monitors counterparty risk and is governed by a risk committee comprised of Senior Management members.
Forex.com Account
If you are interested in trading with Forex.com, you can open a risk-free demo account to test the watersbefore exposing yourself to the risks of live trading.
Demo Account
FOREX.coms demo account is intended to familiarize you with the tools and features of FOREX.com's trading platforms and to facilitate the testing of forex trading strategies in a risk-free environment using virtual funds.
No capital is at risk when trading in a FOREX.com demo account.
The Forex.com demo account is available to all clients, and it comes with $50,000 in virtual funds and has a 90-day time limit. However, demo accounts cannot be renewed.
Noteworthy:
· Demo account results may not reflect live trading outcomes.
· Demo environment may not fully replicate live trading conditions.
· Differences in margin & leverage between demo and live accounts due to market volatility.
· Financing costs are not fully simulated in demo accounts.
· Demo pricing matches FOREX.com live accounts, except for managed or IB-referred accounts.
Account Types
Apart from free demo accounts, Forex.com also offers three live account types: Standard, MetaTrader, and Raw Spread. You can choose according to your preference.
Generally, the Standard account is an account type that most brokers offer, and it is suitable for all traders, whether you are a beginner or an experienced trader.
The MetaTrader account, as its name implies, is suitable for traders who like trading on MetaTrader 4 or MetaTrader 5 platforms.
The Raw Spread account is specifically for traders who are seeking ultra-tight spreads with fixed commissions.
All account types require a minimum deposit of as little as $100, while the broker recommends starting with at least $2,500 to allow you more flexibility and better risk management when trading your account.
However, trading conditions on these accounts are different. The Standard account and the MetaTrader account holders can enjoy commission-free trading, while the Raw Spread account has to pay a commission of 5 USD commission per 100k USD traded.
You can view the table below to quickly understand the similarities and differences between the three account types.
Forex.com Demo Account Opening (Step by Step)
Opening a Forex.com demo trading account is very easy and simple. Only three steps, and you'll own it.
Step 1: Visit Forex.com's website.
Step 2: Fill in personal contact information.
Step 3: Get started.
To be specific,
Step 1: Visit Forex.com's website, find the 'TRY A DEMO ACCOUNT' button on the homepage (see the screenshot below), and click it.
Step 2: Complete the registration form, including your full name, email address, country of residence, and phone number. Then, set a password according to your preference.
Step 3: After checking all the filled info is correct, tick the I'm not a robot' and click the 'SUBMIT' button.
Forex.com Live Account Opening (Step by Step)
Like opening a demo account, creating a Forex.com live account is straightforward and usually takes 1-3 days.
Step 1: Visit Forex.com's website
Step 2: Choose your account type.
Step 3: Fill in account information.
To be specific,
Step 1: Visit Forex.com's website. As the screenshot below shows, you will find two 'START TRADING' buttons. Just click any of them.
Step 2: You will be given five live account choices, Standard Account, RAW Spread Account, MetaTrader 5 Account, RAW Spread MT5 Account, and MetaTrader 4 Account. Choose an account type that suits your needs and click the corresponding open account button.
Step 3: Then, fill in the account information, including your country or region of residence, email address, username, password, gender, first name, last name, date of birth, and primary phone number, and click the 'SAVE AND CONTINUE' button.
Forex.com Deposit & Withdraw
Once you have signed up for a Forex.com live trading account, you can fund your account with as little as $100.
Forex.com Deposit Review
Like most brokers, Forex.com supports some popular funding methods, including local online transfers, credit/debit cards, wire transfers, and e-wallets like Neteller and Skrill.
The accepted currencies include USD, EUR, GBP, etc. We advise you to choose the currency that you most often use because if you withdraw your trading account in the same currency as deposits, you won't have to pay a conversion fee. Conversely, currency conversion rates will apply.
FOREX.com does not charge deposit fees. However, your bank may charge a service fee.
Check Forex.com deposit details in the following table or visit https://www.forex.com/en/help-and-support/funding-your-account/
Forex.com Withdrawal Review
However, compared with funding methods, Forex.com withdrawal methods are only limited to credit/debit cards and wire transfers.
The minimum withdrawal amount is 100 of your account's base currency, or the remaining amount if less than 100.
There is no withdrawal limit for wire transfers, while $50K or transactions up to the amount funded for credit/debit cards.
Credit/debit card withdrawal is free of charge, but if you withdraw funds via wire transfer, additional fees may be applied to the bank.
You can request a withdrawal of funds via MyAccount.
Find detailed withdrawal info in the table below or visit https://www.forex.com/en/help-and-support/withdrawals/
Best Forex Broker in the US: Forex.com vs OANDA
FAQs
Is Forex.com a trusted broker?
Yes. Forex.com is regulated by multiple regulatory authorities, offers many fund security measures, and has a good reputation in the forex market. You can find detailed info in the 'Is Forex.com Safe and Legit' section.
Does Forex.com offer demo accounts?
Yes. Forex.com offers 90-day risk-free demo accounts with $50,000 in virtual funds.
Is a Forex.com account free?
Yes. Account opening is free.
What is the minimum deposit for Forex.com?
$100 for all account types.
How do I withdraw money from Forex.com?
You can request a withdrawal of funds via MyAccount.
How much does Forex.com charge for withdrawal?
Withdrawal fees vary depending on the method you choose. Credit/debit card withdrawal is free of charge, but if you withdraw funds via wire transfer, additional fees may be applied to the bank.
