Founded in 1999, FOREX.com is part of GAIN Capital Holdings (NYSE:GCAP), which through its trading names and subsidiaries, including the City Index brand, today operates in multiple countries and with licenses in several major regulatory hubs, including the US, UK, Canada, Japan, and Australia.
Through its international offices, the GAIN Capital group caters to over 200,000 retail and institutional clients, and offers 84 currency pairs in foreign exchange markets and 97 CFDs across major asset classes through its FOREX.com brand. More recently, GAIN Capital launched Bitcoin as a CFD out of its UK entity, and Bitcoin futures through its US-regulated brand, catering to the growing demand for cryptocurrency accessibility.
FOREX.com combines economic news, technical analysis, and automated trading tools within its FOREXTrader PRO platform, and offers the MetaTrader4 (MT4) platform developed by MetaQuotes Software Corporation, as well as GAIN Capital’s GTX ECN platform for institutional traders. In 2017, FOREX.com integrated the Trading View web platform as a standalone platform for trading and acquired the US customers of FXCM, marking the tenth acquisition since its IPO in 2010.
Trust Score
Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry.
Here at ForexBrokers.com, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (the higher the better) of overall trustworthiness, which we call the Trust Score. Here is our trust summary of FOREX.com.
| Forex.com | |
|---|---|
| Trust Score | 92 |
| Year Founded | 1999 |
| Publicly-Traded Company (Listed) | Yes |
| Regulated in Major Hub | Yes |
| Regulated in Emerging Hub | Yes |
| Authorised in the European Union | Yes |
| CFTC Registered (USA) | Yes |
| FCA Regulated (UK) | Yes |
| IIROC Authorised (Canada) | Yes |
| FINMA Authorised (Switzerland) | No |
| ASIC Authorised (Australia) | Yes |
| SFC Authorised (Hong Kong) | Yes |
| MAS Authorised (Singapore) | Yes |
| FSA Authorised (Japan) | Yes |
| FMA Authorised (New Zealand) | No |
| CySEC Authorised (Cyprus) | No |
Offering of Investments
The following table summarizes the different investment products available to FOREX.com clients.
| Forex.com | |
|---|---|
| Minimum Initial Deposit | $250.00 |
| Currency Pairs (Total Forex pairs) | 84 |
| CFDs - Total Offered | 97 |
| Exchange Traded Securities: US | No |
| Exchange Traded Securities: International | No |
| Cryptocurrency traded as actual | No |
| Cryptocurrency traded as CFD | Yes |
Commissions & Fees
FOREX.com’s commission and fees vary per account type and are comparable to its peers, including FXCM, FxPro, Saxo Bank, IG, and other competitors, when calculating the total cost of a trade on major currency pairs such as the EUR/USD and across its various pricing plans for volume traders.
Typical spreads for mini and standard account holders were 1.3 pips on the EUR/USD using November 2017 data from FOREX.com. The table below shows the minimum spread in the left column, typical spreads in the middle column.
For high volume traders, FOREX.com offers an Active Trader program with five tiers of pricing. Level one starts with typical spreads of 1.2 pips on the EUR/USD for traders who have a balance of least $25,000. Spreads are further reduced with each subsequent level as traders surpass specific month-to-date (MTD) trading volume thresholds.
The most aggressive pricing, level five, is for traders who surpass $500 million in MTD volume. Under this pricing, spreads drop to 0.7 pips on the EUR/USD in the Active Trader program (again, referencing November 2017 data). To learn more about the commissions and spreads, see our detailed commission notes at the bottom of the page.
| Forex.com | |
|---|---|
| Average Spread EUR/USD - Standard | 1.30 |
| All-in Cost EUR/USD - Active | 0.70 |
| Active Trader or Premium/VIP | Yes |
Customer Service
For our 2018 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience.
Results:
- Average Connection Time: <1 minute
- Average Net Promoter Score: 6.6 / 10
- Average Professionalism Score: 7.1 / 10
- Overall Score: 7.3 / 10
- Ranking: 21th (43 brokers)
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