Is Forex.com Safe? An Honest Review
Forex.com is an internationally renowned brokerage firm that connects independent traders to the potential of the global currency markets. Founded in 2001, Forex.com boasts two decades of experience and clients all over the globe.
The firm has a strong global presence, with offices across North America, Europe, and the Asia Pacific regions. Forex.com is headquartered in Bedminster, New Jersey in the United States of America. The company currently supports clients both in the United States and in over 180 countries worldwide, hence the international tag.
Forex.com offers clients an instrument to connect to the global markets across asset classes through institutional-grade platforms, end-to-end clearing and execution, and high-touch expertise. All these are feats that most brokerage firms can only dream of achieving. This makes Forex.com one of the leaders in our forex rating, meaning you can definitely trust them.
Forex.com is undeniably a safe and legitimate brokerage firm regulated by several agencies worldwide. However, if you need a little more convincing, read on for more details on Forex.com. Let’s get right to it!
Forex.com Pros and Cons
Similar to everything else under the sun, Forex.com has its strengths and shortcomings as well. With their years of experience, Forex.com has polished up its services and offers impeccable experiences for clients. However, we tried our best to draw an accurate picture of the brokerage firm even though conspicuous shortcomings were hard to come by.
👍 Forex.com Pros
• The platform offers fast and reliable execution, with an average rate of order execution of 0.04 ms, this makes Forex.com a good fit for high-volume traders. Furthermore, high-volume traders earn rebates through the “Active Trader” program, which essentially lowers trading costs.
• Forex.com is a strictly regulated and trusted broker with high safety standards and a strong reputation.
• Clients have access to a wide range of product offerings across multiple asset classes. Forex.com allows clients access to forex, equities, commodities, indices, bonds, ETFs, industry sectors, cryptocurrencies, precious rocks, minerals, and futures, among others.
• Forex.com offers powerful trading tools for both beginner and seasonal traders. One of these tools is TradingView, which is an advanced financial visualization platform integrated into the web-based platform. It offers seamless functionality and ease of use which is by far one of the most impressive aspects of the web-based platform.
• Forex.com is available on multiple platforms to suit all types of traders such as the web-based platform on Forex.com, MetaTrader 4 (MT4), MetaTrader 5 (MT5), and the Forex.com mobile app for android and iOS.
👎 Forex.com Cons
• Because of the high volume of trades and workload on average, it is difficult to contact support service 24/7 especially on the live chat and via email.
• When compared to peers, Forex.com doesn’t actively produce as much video content in the research and education category, despite having quality written content across both.
• Doesn’t have multi-lingual support which makes it difficult for non-English speaking clients.
How is Forex.com Regulated by Governments?
Some key traits that you should consider when trying to figure out if the broker is legit are its transparency, regulation, and authorization. As an international forex brokerage company, Forex.com is regulated by several countries and governments. This gives you the peace of mind that your assets are safe and you are investing with a trusted broker.
Forex.com is registered in the Cayman Islands and is supervised by the Cayman Islands Monetary Authority (CIMA) under license no. 25033. The parent company GAIN Capital Holdings, Inc. (NYSE: GCAP) is registered in England and Wales under registration no. 1761813 at the UK Companies House.
Additionally, Forex.com is accredited by one of the most reputable regulators globally, Financial Conduct Authority (FCA) in the United Kingdom under registration no. 113942. The company is also regulated by the Financial Services Authority in Japan, the Investment Industry Regulatory Organization of Canada (IIROC), and the Australian Securities and Investment Commission (ASIC).
In the U.S. the company is regulated by the Commodity Futures Trading Commission (CTFC) and is also a member of the National Futures Association (NFA).
How is Forex.com Protecting Your Money?
For traders, whether beginners or seasoned traders, there’s nothing better than a broker who offers you the peace of mind that your funds are safe. As part of GAIN Capital Holdings, Inc. (NYSE: GCAP) and StoneX Group Inc. (NASDAQ: SNEX), both publicly traded companies, Forex.com has a proven record of stability and security.
The financial transparency of Forex.com provides customers and partners with confidence when it comes to money matters. All retail clients’ money is fully segregated from any company funds in separate accounts with top-tier banks per the FCA's client money rules.
Moreover, the company uses its own funds for hedging but never engages in proprietary trading. Forex.com offers a client protection program as a member of the Financial Services Compensation Scheme (FSCS). FSCS offers up to £85,000 cover in the event a firm becomes insolvent or ceases trading to eligible traders.
The firm also enforces robust bank review and monitoring guidelines which are set by the Risk Committee of Stonex Group Inc. (NASDAQ: SNEX). This means you can rest assured that your investments are safe with Forex.com.
Does Forex.com Accept My Country Residents?
Forex.com operates in over 180 countries globally. The list is long and we have only highlighted a few of the major countries of operation
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United States of America
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United Kingdom
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Canada
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Japan
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Colombia
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Singapore
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South Africa
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Australia
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Russian Federation
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Nigeria
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Morocco
Should I Trust Forex.com Account Verification
Account verification is essential to ensure that clients’ funds are secured and trustworthiness is upheld. Forex.com values the confidentiality of client information and doesn't share any information provided with third parties. When opening an account, you might get requests to submit identification documents, addresses, workplace details, or even bank details.
These details ensure that the platform is secure from any risks of exploitation or fraudulent financial practices. Ensure that any information provided is accurate to streamline the entire process and avoid any hiccups. The information is stored on a secure server with restricted access even to staff to uphold confidentiality.
Naturally, submitting any personal information to an online financial institution seems like a recipe for disaster. However, it is part of the precautionary measures taken by Forex.com to keep the platform secure. You should totally trust the verification process and help keep your account and others secure by offering the required information.
Forex.com Background
Forex.com is a leading forex brokerage firm that suits both beginners and seasoned traders who are primarily interested in fast order execution. The company founded in 2001 offers world-class trading experience, superior order execution, and low consistent costs.
In the last 2 decades, the company has managed to scale to the echelon of top brokerage firms globally and cemented this position through consistent quality services. The broker is regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands. It is also regulated in several other jurisdictions worldwide, including the FCA in the UK, through affiliates.
Summary: Is Forex.com Safe?
The bottom line is that Forex.com is a safe, reliable, and reputable forex brokerage company. It is regulated and monitored by multiple top-tier financial authorities globally. The brokerage is owned by GAIN Capital Holdings, Inc. (NYSE: GCAP) and StoneX Group Inc. (NASDAQ: SNEX), which are both publicly traded companies.
The broker also has strict measures put in place to ensure the safety of client funds such as segregation of accounts, no proprietary trading, client protection programs, and robust bank reviews and monitoring guidelines. All of these underscore how important the safety of client funds is to the firm. If you were considering opening an account with Forex.com, you certainly have the green light to do so with the confidence that your funds are in safe hands.
Top 10 Forex.com Reviews
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Comment
Yes, Forex.com has good conditions for trading various assets. I myself started trading here and was worried that I would face some kind of manipulation. At first, of course, there were losses, but now I was able to recover the losses and start making a profit. I can recommend Forex.com for making profits on Forex.
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Comment
This company has been operating in the Forex market for a long time. And it seems that traders don't have any serious complaints about Forex.com. So I decided to try trading here and see how my trading strategies would work. After five months of cooperation, I can say the following. Spreads at Forex.com are not the smallest. Therefore, it's better not to rely on fast trades. The platform works well, there are no restrictions on trading time and trading strategies. Forex.com has a withdrawal to a bank card within 7 days, and they stick to this timeframe.
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Comment
I am completely satisfied with Forex.com as a broker. I like their convenient platform, developed by the company’s specialists. You can use mobile and other versions of the platform. I won't call myself an expert, but my little experience tells me that this is the right broker for me.
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Comment
Forex.com offers good conditions. It's essential to understand that the broker operates based on European legislation and complies with regulatory requirements. Commissions at Forex.com are not particularly low. Additionally, the spread in the terminal is slightly above average. However, for me, it's one of the oldest and most reliable brokers. Therefore, I have been trading here for three years.
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Comment
I finally decided to try my hand at trading in the Forex market. Choosing a broker was not easy, given my relatively low level of knowledge about this exchange. I was primarily interested in the opportunity to receive quality education and master all the intricacies of trading. As a result, I chose Forex.com and immediately enrolled in their online training course. However, it's unfortunate that they don't offer micro accounts here for practicing trading without risking significant amounts of money.
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Comment
Although Forex.com is very famous and many traders trade here, the company also has a number of disadvantages. It took me a long time to register and verify my trading account. Then, when I had been trading for five months, I decided to withdraw my profits. Forex.com doesn’t offer many payment systems; most traders work through a bank. Withdrawal to a bank account takes almost five days. I think it's a long time. But I’m not going to change my broker; I will continue to trade here.
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Comment
The broker FOREX.com is decent, and it's possible to trade profitably here. I use the MetaTrader 4 platform, which is more familiar to me than others. Additionally, FOREX.com does not have issues with this platform being disconnected from servers. I believe this broker can be classified as a mid-rated brokerage company.
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Comment
FOREX.com is quite reliable. Yet, it has normal registration and there are no traps in the form of bonuses. Also, there are adequate trading conditions, market spreads, and good performance of the trading platform. So decide for yourself. I chose FOREX.com.
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Comment
I am very satisfied with choosing forex.com as a brokerage company. I searched for a reliable company for trading for a long time. Although I heard many positive reviews about forex.com, I always passed by, doubting them. However, in the end, I decided to try, and for two years now, I have been successfully trading with this company. Of course, there are some problems, but compared to other companies I worked with, forex.com is the best choice!
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Comment
Trading with FOREX.com is comfortable. Spreads are acceptable, the execution is high-quality, and the platform works great. I haven't seen requotes yet. But I haven’t been trading for that long, about six months. I trade aggressively, as I want to quickly increase my deposit while trading is going well. I recommend FOREX.com.
FAQs
Is Forex.com a scam?
No, Forex.com isn’t a scam. Forex.com is a legitimate brokerage firm that allows clients access to some of the world’s most popular foreign exchange currencies and other asset trading options.
Are my personal details secure with Forex.com?
Absolutely. Forex.com values client confidentiality and ensures that all client information is stored safely on secure servers with restricted access even to staff.
Is there a minimum deposit requirement when opening a Forex.com account?
Yes, the initial deposit for Forex.com is $1,000 which is quite high for most beginner traders. This makes Forex.com highly preferred by high-volume traders.
Is Forex.com a good broker for beginners?
Yes, Forex.com is good for all types of traders, beginners included. The broker provides content on education and research which is useful for a beginner trader.
Team that worked on the article
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Peter Emmanuel Chijioke is a professional personal finance, Forex, crypto, blockchain, NFT, and Web3 writer and a contributor to the Traders Union website. As a computer science graduate with a robust background in programming, machine learning, and blockchain technology, he possesses a comprehensive understanding of software, technologies, cryptocurrency, and Forex trading.
Having skills in blockchain technology and over 7 years of experience in crafting technical articles on trading, software, and personal finance, he brings a unique blend of theoretical knowledge and practical expertise to the table. His skill set encompasses a diverse range of personal finance technologies and industries, making him a valuable asset to any team or project focused on innovative solutions, personal finance, and investing technologies.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.