Forex.com Account Types

Forex.com, founded in 2001, offers upgraded trading platforms, competitive trading fees, and excellent asset selection, including 80+ currency pairs. The Forex.com account types consist of commission-free and commission-based options, a DMA account. Forex.com also offers an Active Trader Rebate Program, and boasts excellent order execution statistics with an average price improvement on Forex limit orders of 0.78 pips or $7.80 per 1.0 standard round lot.

Our comprehensive Forex.com account types review introduces each option, where most international clients have three choices. Find out everything you should know about the Forex.com account types to make the best choice for your trading needs. Fore additional information on Forex.com, read our in-depth broker review of Forex.com.

Forex.com Account Types Overview

Details of Forex.com Account Types

Most international clients may choose between three Forex.com account types and get access to a 30-day Forex.com demo account. We will introduce the Forex.com account types below, which feature notable differences in trading fees, and will allow traders to know what to expect. Forex.com segregates client deposits from corporate funds, and Forex.com’s minimum deposit is $100, but Forex.com recommends respective minimum deposits of $1,000, $2,500, and $25,000, dependent on the Forex.com account type.

Forex.com Account types – Key Points

1. Competitive commission based Forex.com trading fees and negative balance protection.

2. Volume-based rebate program

3. 20+ years of experience

4. Compliant with nine regulators

5. Balanced asset selection with 5,500+ trading instruments

6. Quality research and education for beginners

7. Upgraded MT4 trading platform, MT5, and cutting-edge proprietary alternative

Forex.com Standard Account

The Forex.com Standard account is the commission-free option. Traders get an upgraded MT4 trading platform, where Forex.com offers 15 plugins, the core MT5 without upgrades, or the cutting-edge proprietary Forex.com trading platform, which includes 100 templates for algorithmic trading and a C#, .NET, and Visual Basic development studio to code automated trading strategies. Traders get between 100+ assets in MT4 and 500+ in MT5, including 80+ currency pairs and 5,500+ in the proprietary Advanced Trading Platform. Forex.com fees for Forex traders start with minimum spreads of 0.8 pips or $8.00 per 1.0 standard rounds lot, and average fees for the most liquid currency pairs are 1.3 pips or $13.00.

Forex.com offers the US Dollar, Euro, British Pound, Swiss Franc, Polish Zloty, and Hungarian Forint as account base currencies. The maximum Forex leverage is between 1:30 and 1:500 and depends on the geographic location of traders, where some well-known regulators have restrictions. A 0.50% currency conversion fee exists, and Forex.com only offers bank wires and credit card deposits to all traders, but depending on their location, Skrill, Neteller, or PayPal may offer alternatives. The Forex.com minimum deposit is $100, or a currency equivalent, but Forex.com recommends $1,000.

Conclusion:

• The Forex.com Standard account is available to all traders.
• Traders can connect to the active TradingView community with 30M+ traders.

Forex.com Commission Account

The Forex.com Commission account is only available with the cutting-edge proprietary Advanced Trading Platform, and its availability is geographically restricted. Trading fees for Forex traders start with spreads of 0.2 pips for a commission of $5.00 per 1.0 standard round lot or $7.00 in total costs. Traders get services by Trading Central, and the Active Trader Rebate Program, which requires a minimum deposit of $10,000 or a monthly trading volume of $25M, can lower Forex.com fees by 4% to 15% in a five-tier structure. It also pays 1% in annual interest on the available free margin. The minimum Forex.com deposit is $100, but Forex.com recommends $2,500.

Conclusion:

• The Forex.com Commission account offers competitive trading fees and is the best choice for all traders who do not require the MT4/MT5 trading infrastructure.
• Geographic restrictions exist.

Forex.com DMA Account

The Forex.com DMA account caters to demanding, high-volume Forex traders. A six-tier commission structure based on monthly trading volume features commissions between $2.00 and $6.00 per 1.0 standard lot for access to raw spreads, which can be as low as 0.0 pips for most liquid currency pairs during peak trading periods. It is available only on the Advanced Trading Platform, and the minimum trading size is 1.0 lots or $100,000. Therefore, the recommended minimum deposit is $25,000. Forex.com also reimburses all bank wire fees incurred by DMA accounts.

Conclusion:

• The Forex.com DMA account is ideal for high-volume Forex traders with portfolios exceeding $25,000.
• DMA traders get priority service on all requests.

Forex.com Corporate Account

The Forex.com Corporate account caters to institutional clients, but it is not available at all Forex.com subsidiaries. Clients can trade in their business name, use their corporate cards for financial transactions, and allow multiple traders to manage portfolios.

Conclusion:

• The Forex.com Corporate account is ideal for business clients and retail asset management
• MT4 accounts are available.

Forex.com Islamic Account

Forex.com neither mentions their availability on any of its websites nor its terms and conditions or in the FAQ section, but Forex.com does offer swap-free Islamic accounts under certain circumstances.

Conclusion:

• Islamic traders should contact customer support to inquire about the availability of Islamic accounts, the requirements to obtain one, and the trading conditions, which can often include higher trading fees or replacements of swap rates with administrative costs.

Forex.com Demo Account

The Forex.com demo account is available to all clients, and it comes with a default demo balance of $10,000 and has a 30- day time limit. This suffices for traders to familiarize themselves with the available trading platforms and some of the trading conditions at Forex.com.

Forex.com only allows one demo account per Forex.com account type per e-mail address. It has also disabled the flexibility of demo accounts in MT4/MT5.

Forex.com Account Opening - Step by Step

New traders can open the Forex.com account types via the online application. Forex.com notes a five-minute completion time. Account verification is mandatory to comply with regulatory stipulated AML/KYC rules, and new traders usually pass after sending a copy of their ID and one proof of residency document.

Below is a step-by-step guide on how to open your Forex.com trading account:

1. Navigate to the Forex.com website. Click the orange “Open An Account” button near the middle of the homepage (or the middle of the top section).
2. The first step follows industry standards and requires traders to submit their country of residence, e-mail, desired username and password, name, date of birth, and valid mobile phone number. Clicking “Save and Continue” loads the next steps.
3. Forex.com demands more information under the “About You” and “Trading Experience” sections. Traders may answer as they please, as no verification is necessary. The information includes employment, financial, and trading history information.
4. Traders must verify their trading accounts to comply with regulatory stipulated AML/KYC requirements. Most traders will satisfy this mandatory industry-wide procedure by sending a copy of their government-issued ID and one proof of residency document. Forex.com may ask for additional information on a case-by-case basis.
5. Traders will complete the Forex.com account types registration and setup process by making the Forex.com minimum deposit of $100 or a currency equivalent. Forex.com will send an e-mail confirmation, which includes account login details.

Noteworthy:

• Some traders must open an account with the subsidiary and regulator in their country and have no choices (for example, EU traders must trade with the CySEC unit, US traders with the US-based subsidiary and partners)
• The regulatory jurisdiction determines maximum leverage and availability of assets of the Forex.com trading environment and Forex.com account types

• Some of the regulatory licenses are from StoneX, GAIN Capital, or CityIndex
• Forex.com has a clean regulatory track record.
• Some countries offer an investor compensation fund.

• Depending on the geographic location, Forex.com may direct traders to CityIndex, also owned by StoneX

Forex.com Account Verification

Traders should never trade with a broker that does not require account verification, as it is a red flag indicative of scams and frauds. Forex.com complies with nine regulators as part of the StoneX group and affiliated Forex brokers like CityIndex and GAIN Capital.

Account verification at Forex.com is mandatory to satisfy regulatory-mandated AML/KYC stipulations, which is the industry standard. Only verified Forex.com account types can make deposits, trade, or request withdrawals. Therefore, traders should upload the necessary documents during the account registration process. Most will pass account verification by submitting a copy of their government-issued ID and one proof of residency document.

Forex.com Safety & Security

Forex.com became part of the publicly listed US company StoneX, but operates with a separate management team. Nine regulators provide oversight, but some regulatory licenses are from StoneX, GAIN Capital, or CityIndex. Forex.com segregates client deposits from corporate funds and offers negative balance protection.

Some jurisdictions offer an investor compensation fund. For example, the UK unit secures 100% of deposits up to £85,000, and the CySEC subsidiary reinstates 90% up to €20,000. Other restrictions apply, like EU-based or US-based traders must trade with the Forex.com subsidiary in their jurisdiction and cannot access the more competitive trading environment at its offshore units. Overall, Forex.com is a safe and secure multi-asset broker.

How to Remove a Forex.com Account

Traders who wish to remove their Forex.com account type must close all open positions and withdraw their entire balance, which requires a verified trading account. Once they receive their Forex.com withdrawal and have a $0 account balance in their Forex.com account, traders must contact customer support to request an account closure. Forex.com will archive the trading account and must keep information for several years in their database before removing all existing data in compliance with global rules and regulations.

Traders can always contact customer support to inquire about the specific process in their regulatory jurisdiction. The primary difference is the length that Forex.com must maintain trading records before final deletion and how it handles the data.

Forex.com Account Pros & Cons

Before opening and funding a Forex.com account type, traders should consider the pros and cons of the available Forex.com account types.

Forex.com Account Types Bottom Line

The availability and trading conditions of the Forex.com account types depend on the regulator and geographic location of traders. MT4/MT5 traders must accept higher Forex.com fees in the commission-free Standard account. The Commission account maintains a competitive pricing environment but is only available with the cutting-edge, proprietary Advanced Trading Platform. The DMA account is an excellent alternative for demanding, high-frequency Forex traders with portfolios exceeding $25,000.

While Forex.com’s minimum deposit is $100 or a currency equivalent, Forex.com recommends minimum deposits of $1,000, $2,500, or $25,000, depending on the account type. Supported account base currencies are the US Dollar, Euro, British Pound, Swiss Franc, Polish Zloty, and Hungarian Forint. Forex.com supports bank wires and credit/debit card deposits for all traders, and qualifying ones may use Skrill, Neteller, or PayPal. Given the trading conditions, the Forex.com Commission account provides the most notable edge but only suits traders who do not rely on the MT4/MT5 infrastructure.

FAQs

Does Forex.com offer an Islamic account?

Forex.com offers Islamic accounts upon request at its discretion.

Does Forex.com offer a bonus account?

No, Forex.com does not offer a bonus account.

Which account type is best for Forex.com?

The Commission account offers the most competitive trading fees at Forex.com for retail traders who do not rely on the MT4/MT5 infrastructure, as it is only available on the cutting-edge, proprietary Advanced Trading Platform.

How many accounts can I have at Forex.com?

Traders can have one of the Forex.com account types per e-mail address.

By DailyForex.com Team

The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.