Company name: FOREX.com / GAIN Capital Group, LLC
Founded: 1999
Headquarters: United States
Regulatators: AU ASIC / UK FCA / JP FSA / CA IIROC / US NFA / KY CIMA / SG MAS
Minimum deposit: $100
Maximum leverage: 50:1
FEATURES:
- Top-rated FOREX.com app & trading platform
- Excellent execution speeds, with no-requotes
- Fast, free deposits and withdrawals
- Regulated in the USA, Canada, UK, Australia, Japan and Singapore
Note: BEST FOREX BROKERS 2023 – FOR US CLIENTS – RATING SCORE OF 4.2 OUT OF 5.0
FOREX.com is an online broker that can cater to all types of traders, but its emphasis on fast and reliable execution makes it a good choice for both novice and professional traders!
FOREX.com reviews by verified customers, cashback rebates, expert ratings, spreads & fees, leverage, demo accounts, downloads, trading platforms and more.
FOREX.com Review | FOREX.com Rebates – Forex Broker Rating
Table of Contents
We start our FOREX.com review analyzing the overall ratings of this US-based broker. Also, we would like to point out that this review concerns only the FOREX.com entity in the USA.
FOREX.com Overall Rating
Currently the broker receives a score of 4.2 out of 5.0.
FOREX.com pricing: the broker scores 2.5 out of 5 for its below-average pricing. The Standard account spread, for the EUR/USD for example, starts at 1.4 pip (average 1.7 pip) with no trading commissions. The Commission account spreads, also for the EUR/USD, start at 0.5 pip (average 0.8 pip), with a $5 trading commission per round lot traded.
FOREX.com regulation: the broker scores an excellent 5 out of 5. Several of the group entities are regulated by tier-1 financial authorities, and appropriate retail client safety mechanisms are in place.
FOREX.com popularity: very popular with the trading community, the broker scores 4 out 5. The FOREX.com entity is a household brand with a global presence in several continents, providing traders with excellent trading executions and great educational materials.
FOREX.com user rating: above average with traders praising this online broker for its product offering and trading conditions.
Try this Forex broker risk-free! Click here and open a FOREX.com Demo Account
FOREX.com Regulation / Money Protection
Currently the broker receives a score of 5.0 out of 5.0.
1) US regulation: GAIN Capital Group LLC, is authorized and regulated by the USA National Futures Association (NFA) with a Forex Dealer Member license, NFA ID 0339826. The registered office is at 135 US Highway 202, 206, Suite 11, Bedminster, NJ 07921, United States. This entity is also registered with the CFTC as a Retail Foreign Exchange Dealer.
2) Canada regulation: GAIN Capital – FOREX.com Canada Ltd, is registered in Canada as a Securities Dealer company. With a registered office at 135 US Highway 202 & 206, Suite 11, Bedminster, NJ 07921, United States, the company is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) to provide investment services in Canada.
3) UK regulation: GAIN Capital UK Limited is registered in England and Wales with company number 01761813. The registered office is at Devon House, 58 St. Katharine’s Way, London E1W 1JP, United Kingdom. This entity is authorized and regulated by the FCA with license number 113942.
More About Forex Broker Regulation
4) Australia regulation: GAIN Capital Australia Pty Ltd (trading as City Index), is registered in Australia with ABN 50 141 774 727. The registered office is at 100 Harris Street, Pyrmont, NSW 2009, Australia. This entity is regulated by the ASIC with license number AFSL 345646.
5) Japan regulation: Gain Capital Japan Co. Ltd, with a registered address at 4-4-10, Nihombashi-Muromachi, Chuo-ku, Tokyo, is authorized and regulated by Japan’s Financial Services Agency (JFSA) with JCN number 2010401047199. The company holds a Type I Financial Instruments Business license, number 291.
6) Singapore regulation: GAIN Capital Singapore Pte Ltd, with a registered address at 168 Robinson Road, Capital Tower #20-01, Singapore 068912, is authorized and regulated by the Monetary Authority of Singapore (MAS) to deal in Over-The-Counter derivatives contracts.
Try this Forex broker risk-free! Click here and open a FOREX.com Demo Account
Client Money Protection
FOREX.com complies with the highest safety standards regarding clients’ funds, by offering segregated accounts. This means that FOREX.com client’s funds are fully segregated from the company’s funds, in top-tier international banks, such as the Bank of America.
Regulatory Deposit Insurance
GAIN Capital Group LLC (FOREX.com) does not provide regulatory deposit insurance. Currently, the regulatory deposit insurance protecting investors’ funds, is not a requirement by the USA financial regulators. This means if GAIN Capital Group LLC is unable to pay claims, or in case of default, investors might not be entitled to compensation.
Negative Balance Protection
Investors opening a trading account with GAIN Capital Group LLC (FOREX.com) are not covered by a NBP mechanism. This means traders are not protected from losses bigger than their original investments, or from keeping their accounts balance below zero.
FOREX.com Cashback Rebates
Cash back rebates are paid per round turn lot unless otherwise specified. 1 Lot = 100,000 base currency units traded.
Try this Forex broker risk-free! Click here and open a FOREX.com Demo Account
What Are FOREX.com Rebates?
FOREX.com rebates are a portion of the transaction cost that is paid back to the client on each trade, resulting in a lower spread and improved win ratio. For example, if your rebate is 1 pip and the spread is 3 pips, then your net spread is only 2 pips.
Many traders initially believe there must be higher costs elsewhere to compensate, however they soon find there is no catch and Forex rebates truly reduce the costs of the transaction and improve their bottom line.
How Do FOREX.com Rebates Work?
When you link a new or existing forex trading account to Cashback Forex (CBFX) the broker pays them part of their spread or commission profit for every trade you make as compensation for referring a customer. CBFX then share the majority of the revenue with you, paying you a cash rebate for each trade you make as thank you for signing up.
Your spreads will never increase as a result of using this service! The only difference is: as a CBFX client you earn extra cash per trade, making trading through us more profitable than opening direct with the broker. Founded in 2007, CBFX are the original and leading provider of forex rebates. CBFX pay rebates to over 100,000 accounts and traders love a helpful 24 hour live chat, telephone and email support.
Are FOREX.com Rebates A Scam; Do My Spreads Increase?
FOREX.com rebates paid by legitimate rebate providers are not a scam, however scams do exist. The most common scam is a rebate provider that marks up the spread or commission in order to pay a higher rebate than competitors. Many brokers do allow a referring party, or rebate provider, to markup costs to traders they refer. Obviously this defeats the purpose of the service provided by the rebate provider and thus jeopardizes the viability of the rebate provider’s reputation and business, so a reliable provider wouldn’t consider this. Besides this, certain rebate providers may not pay on time, or not at all. This is why it’s important to choose a reliable provider.
When working with a trustworthy rebate provider, there is no ‘catch’. It is more beneficial to a trader’s financial position to work with a rebate provider than solely with the forex broker.
Are There Any Other Benefits To Signing Up For FOREX.com Rebates?
It depends on the rebate provider. Due to CBFX’s unique relationship with many brokers, they have often mediated between brokers and clients in order to help successfully resolve client issues, including clients who are having withdrawal issues. Brokers are often very fast to respond, since they typically have many clients. Their knowledgeable support team is available 24 hours per day in 8 native languages & 23 total languages for any questions. They also offer trading tools, calculators, reviews and a robust forex education section.
How Are Forex Rebates Paid?
Because CBFX deals with so many traders in so many different countries and serve 23 languages we have to cover a wide array of options. Here’s what they offer:
Forex rebate options vary per broker:
| Monthly cash back | Payments are credited and sent automatically by the 12 of the month following the month rebates are earned in. |
| Spread or commission reduction | The trader actually receives reduced commissions and/or spreads. This is an exciting option offered by some of our top brokers. |
| Paid direct to brokerage account | Cashback is credited directly to the trader’s brokerage account, typically between 1-7 days after the trade is closed. This is another exciting options offered by some of our top brokers. |
In the case of the ‘Monthly cash back’ rebate option, monthly payments can be paid via bank wire, Paypal, Skrill, Sticpay, China Unionpay, and Neteller. Some payment methods such as bank wire carries fees and often traders set a custom minimum payment amount in order to accumulate rebates and withdraw their rebates less often than monthly.
Try this Forex broker risk-free! Click here and open a FOREX.com Demo Account
Web Traffic
FOREX.com Profile
Established in 1999, the FOREX.com broker (also trading as City Index in the Asia-Pacific region) is a premium multi-asset online brokerage company, subsidiary of GAIN Capital Group, LLC. GAIN Capital is a global provider of online trading services headquartered in Bedminster, New Jersey, USA. The group has also offices in London, Cyprus and the Asia-Pacific region.
FOREX.com provides easy access to a wide range of asset classes including FX, equities*, cryptocurrencies*, indices*, commodities and futures. Trading with FOREX.com can be done through the MetaTrader4, the in-house developed app and platform (available as WebTrader, for desktop and mobile) and TradingView (requires connecting the account to TV).
*Not available with GAIN Capital Group, LLC (FOREX.com) in the USA.
Try this Forex broker risk-free! Click here and open a FOREX.com Demo Account
FOREX.com Asset Classes
FOREX.com US proposes a limited selection of financial instruments for trading, still, it provides traders with access to multi-asset trading, including FX and metals. All FOREX.com trading platforms are available for desktop and mobile versions.
Currencies: 82 pairs, including Minor and Exotic crosses.
Cryptocurrencies: crypto CFDs are not available to clients in the US.
Commodities: 2 commodities CFDs (Gold and Silver).
Futures: multiple futures contracts, on several asset classes including currencies, energies, metals and indices provided by the newly-created, Chicago-based Small Exchange futures exchange. For more information, please visit Specifications – Futures Online web page.
Indices: indices CFDs are not available to clients in the US.
Stocks: shares CFDs are not available to clients in the US.
FOREX.com Account Types
FOREX.com in the US offers three trading accounts: Standard, with variable spreads and no trading commissions, Commission, also with variable spreads and a $5 commission charged per round lot.
The third account (and our recommendation) is the STP PRO account. This account is a DMA (Direct Market Access) execution account, with variable spreads and a trading commission of $8 per $100,000 traded. The typical spread of the STP PRO account, for the EUR/USD, is a low 0.4 pip. Also worth mentioning:
Swap-free accounts for traders of Islamic belief are currently unavailable.
Social trading, including copy trading, is currently unavailable with FOREX.com in the US.
PAMM accounts and MAM accounts (Multi-Account Manager) are unavailable for money managers.
Maximum leverage ratio is up to 50:1.
Try this Forex broker risk-free! Click here and open a FOREX.com Demo Account
FOREX.com Demo Account
FOREX.com demo accounts give users the chance to test the broker’s pricing and execution on several asset classes, without risking any real money.
The demo account expires after 30 days
Virtual funds up to $50,000
Leverage up to 50:1
Register for free and test your trading strategies, open a demo trading account with no risk and no obligation now.
Try this Forex broker risk-free! Click here and open a FOREX.com Demo Account
FOREX.com Pricing
Spreads And Trading Commissions
For our FOREX.com price comparison table, we use the EUR/USD pair as the benchmark, for its popularity with traders and because it is the most traded FX pair.
Standard account spread starts at 1.5 pip, with an average of 1.7 pip. The Standard account is commission-free and the ideal solution for investors looking to trade with only the bid/ask prices.
The Commission account spread starts at 0.5 pip, with an average of 0.7 pip. The Commission account has trading commissions, of $2.5 per lot, per side ($5 per round lot).
The STP PRO account spread starts at 0.1 pip, with an average of 0.3 pip. The STP PRO account has trading commissions, of $4 per lot, per side ($8 per round lot).
Rollover Rates
FOREX.com swap rates, e.g. for 1 lot EUR/USD (100,000 units) are -5.40 for holding a long 1 lot position overnight. And -1.60 for holding a short 1 lot position.
The 3-day swap rate is relevant on Wednesdays at 5:00 pm ET.
Try this Forex broker risk-free! Click here and open a FOREX.com Demo Account
FOREX.com Deposits / Withdrawals
FOREX.com in the US proposes three distinct trading accounts, Standard, Commission and our favorite, STP PRO, in just one base currency. The broker also accepts account deposits with multiple funding methods, including paper checks:
Account currencies: USD.
Standard and Commission account recommended minimum deposit: 1,000 USD.
STP PRO account recommended minimum deposit: 25,000 USD.
Funding methods: bank transfer (ACH), bank wire, debit cards, paper checks.
Deposit fees: the broker does not charge fees for deposits, however, US intermediary banks may charge a transaction fee.
Deposit processing times: from instant to 10 minutes (bank wires up to 5 working days).
Withdrawal fees: the brokerage does not charge withdrawal fees, except for wire transfers. The broker charges a $25 fee within the US, $40 for international wires (including Canada). There are no fees for withdrawals greater than $10,000.
Withdrawal processing times: variable, from 1 to 48 hours (bank wires up to 5 working days).
Inactivity fee: the forex broker reserves the right to charge an inactivity fee of $15 per month. Charged to accounts if there is no trading activity for 12 months.
For more information, please visit the FOREX.com US funding methods web page, or log in to your Client Portal.
FOREX.com Popularity
FOREX.com is a popular broker in the US, and with retail traders, for its many unique features:
Client safety mechanisms: segregated accounts with tier-1 banking institutions (Bank of America), broker regulated by the US NFA and CFTC.
Competitive pricing: spreads from 0.1 pip on the STP PRO account, average trading commissions of $8 per traded lot, no fees on deposits/withdrawals.
Execution model: MM/STP.
Trading education: forex trading courses, technical and fundamental analysis, trading strategies, webinars, trading ideas, calculators, market insights.
Customer support languages: English.
Overall, the excellent range of trading instruments available for trading, the competitive pricing of the STP PRO account, the fast execution times, merged with the attractive zero-fees on deposits and withdrawals policy, position FOREX.com on the top 10 brokers for popularity with traders opening a trading account in 2023.
Try this Forex broker risk-free! Click here and open a FOREX.com Demo Account
FOREX.com FAQs
Is FOREX.com a regulated retail forex broker?
Yes, FOREX.com is a regulated forex broker. The broker is regulated by the US NFA (National Futures Association) and by the US CFTC (Commodity Futures Trading Commission).
What is the minimum deposit?
The recommended minimum deposit for the Standard and Commission accounts is $1,000. The STP PRO account is $25,000.
What is the maximum forex leverage?
The maximum forex leverage ratio for accounts opened with the US regulated entity is 50:1.
Can I earn rebates with this forex broker?
Yes, traders can earn rebates from trading with FOREX.com. Please check the cashback rebates section.
What funding methods are accepted?
This brokerage accepts account deposits with ACH, bank wire, debit cards and paper checks.
What account currencies are available?
Traders can open a trading account in USD only.
What trading platforms are available?
Investors can trade the markets via MT4 and FOREX.com proprietary platform.
Does FOREX.com offer Cent accounts?
No, this forex broker does not have Cent accounts.
Does the brokerage have negative balance protection?
No, this online broker not have a negative balance protection (NBP) mechanism. Without NBP, traders can lose more than their original investments.
Does FOREX.com have regulatory deposit insurance?
No, the brokerage does not have regulatory deposit insurance. It is not a requirement by US legislation to operate as a forex dealer in the United States.
Does the broker have swap-free accounts for traders of Islamic belief?
Yes, this forex broker has swap-free accounts for traders of the Islamic religion. Terms and conditions apply.
Does this online broker accept applications from residents in Japan?
No, the broker does not accept applications from residents in Japan.
Does the brokerage accept applications from residents in Canada?
No, this online US-based broker does not accept applications from residents in Canada.
Does FOREX.com allow scalping trading?
Yes, this brokerage allow scalping trading. And with its fast execution speeds and reliable execution (especially the DMA execution of the STP PRO account), it’s one of our recommended brokers for scalping.
What is the execution model?
The execution model is hybrid. The Standard and Commission account execution is MM. And the STP PRO account is STP (Straight-Trough-Processing).
Does this US-based brokerage have mobile trading platforms?
Yes, the broker serves clients with the MT4 and Forex.com platforms. Both available for mobile devices running on iOS and Android systems.
Does FOREX.com US have a trading API?
Yes, this online forex broker has a trading API.
Does the broker pay interest on margin?
No, this brokerage does not pay any interest on margin.
What type of spreads are available?
The spreads are variable only (from 0.1 pip).
FOREX.com Real Customer Rating
OANDA verified customers recommend the broker for its trading platforms, trading tools and education. Traders were also pleased with the executions and the friendly customer support team.
Negatively, some users pointed out that withdrawing the funds from the broker is a slow process and withdrawals take too long.
Try this Forex broker risk-free! Click here and open a FOREX.com Demo Account
FOREX.com Review – Final Considerations
We conclude our FOREX.com review with the final considerations regarding this forex broker. FOREX.com is a regulated forex broker.
Regulation by the USA National Futures Association (NFA) with a Forex Dealer Member license, NFA ID 0339826.
FOREX.com is an online broker that can cater to all types of traders, but its emphasis on fast and reliable execution makes it a good choice for both novice and professional traders.
If you are interested in automated forex trading systems that really work, we suggest checking our TOP 30 RANKING of BEST FOREX EA’S | EXPERT ADVISORS | FX ROBOTS with Myfxbook verified real live trading results!
Overall, we recommend the broker for its fast account opening process and overall trading conditions and position FOREX.com on the top 10 forex brokers for popularity with traders opening a trading account in 2023.
