Our Review of Forex.com Broker 3.9/5

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Forex.com in brief

Our opinion of Forex.com

We particularly liked the strong regulatory framework that Forex.com operates under, including IIROC registration in Canada, which ensures a secure trading environment. The range of forex pairs is impressive, with over 80 currency pairs, making it a solid choice for dedicated forex traders. We also appreciated the availability of MetaTrader 4, MetaTrader 5, and a proprietary trading platform, providing flexibility for different trading styles.

We would have liked to see lower trading costs on the Standard Account, as the spreads are wider compared to other brokers offering similar services. Additionally, the lack of copy trading features is a drawback for traders who prefer automated strategy replication. The selection of stock CFDs is also limited, which may be a disadvantage for traders looking to diversify their portfolios beyond forex and commodities.

Who is Forex.com designed for?

Forex.com is best suited to forex traders who prioritize regulation, advanced trading tools, and a variety of account options but do not require copy trading or extensive stock market access. 

Before you zero in on Forex.com, explore other options in the market:

Let's find out more about our test results on Forex.com.

Security and reliability 4.2/5

Forex.com is a well-established broker that has been in operation since 1999, making it one of the oldest forex trading platforms in the industry. The broker is owned by StoneX Group Inc., a publicly traded company on the NASDAQ (SNEX), which adds an additional layer of transparency and credibility. With over 1 million registered traders worldwide, Forex.com has built a strong reputation as a forex and CFD broker, particularly among experienced traders.

While Forex.com has not won many industry awards recently, it has been recognized for its trading platforms, research tools, and order execution speed. Despite its global reach, some aspects of its services, such as high trading fees on standard accounts and the absence of copy trading, make it less appealing compared to certain competitors.

Reliability for Canadian Traders

Forex.com is regulated in Canada by the Investment Industry Regulatory Organization of Canada (IIROC), ensuring compliance with local financial laws and protection measures. Additionally, the broker is registered with the Ontario Securities Commission (OSC), British Columbia Securities Commission (BCSC), and Alberta Securities Commission (ASC), making it fully compliant with Canadian trading regulations.

Globally, Forex.com is also regulated by:

• Financial Conduct Authority (FCA) – UK
• Commodity Futures Trading Commission (CFTC) – USA
• Australian Securities and Investments Commission (ASIC) – Australia
• Monetary Authority of Singapore (MAS) – Singapore

These multiple regulatory approvals indicate that Forex.com operates within strict legal and compliance standards, making it a safe and legitimate broker for Canadian traders. However, traders should be aware that funds deposited in Forex.com accounts are not covered by the Canadian Investor Protection Fund (CIPF), which could be a drawback for those seeking extra financial security.

Risk Management Features

Forex.com provides several features to help traders mitigate risk and protect their capital:

• Negative Balance Protection – Ensures traders cannot lose more than their deposited funds.
• Customizable Leverage – Up to 1:50 leverage for Canadian traders, in line with IIROC regulations.
• Stop-Loss and Take-Profit Orders – Available on all platforms for risk management.
• Margin Call Notifications – Traders receive alerts when their margin levels approach critical thresholds.

Unlike some competitors, Forex.com does not offer Guaranteed Stop-Loss Orders (GSLOs), which could be a disadvantage for traders wanting additional protection against market volatility.

Market and asset diversity 3.5/5

Forex.com positions itself as a specialist forex and CFD broker, catering primarily to currency traders. With access to 80+ forex pairs, it provides one of the most extensive forex offerings in the industry, including major, minor, and exotic currency pairs. Additionally, the broker offers indices, commodities, cryptocurrencies, and stock CFDs, but the selection of non-forex assets is more limited compared to multi-asset brokers.

For traders looking to diversify beyond forex, Forex.com does not offer direct stock trading, ETFs, or bonds, which puts it at a disadvantage compared to full-service brokers. While its CFD offering includes some stocks and commodities, the overall asset selection is narrower than industry leaders that provide access to thousands of tradable instruments.

Our opinion on offerings of Forex.com

Forex.com excels in forex trading, with a strong selection of currency pairs and competitive spreads for active forex traders. However, its limited selection of stock CFDs, cryptocurrencies, and other asset classes makes it less competitive for traders seeking a well-rounded, multi-asset trading experience. The broker is best suited for forex traders rather than those looking for a diverse investment portfolio.

Platforms and tools 4/5

Forex.com offers three main trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and its proprietary Forex.com platform. Each platform caters to different trading styles, from beginner-friendly interfaces to advanced technical analysis tools for experienced traders.

Available Platforms

Forex.com offers its proprietary trading platform, available on desktop, web, and mobile. The platform includes customizable charting with 70+ technical indicators, an integrated economic calendar, and market analysis tools. While it supports automated trading, its automation features are less advanced compared to MetaTrader, making it more suitable for manual traders who rely on in-depth analysis.

The broker also provides access to MetaTrader 4 (MT4), the industry-standard platform for forex trading. MT4 supports Expert Advisors (EAs) for automated trading, along with 30+ built-in indicators and custom indicator support. However, access to stock and cryptocurrency CFDs is more limited on MT4 compared to Forex.com’s proprietary platform.

For traders seeking more advanced features, MetaTrader 5 (MT5) is also available. MT5 offers 21 timeframes (vs. 9 in MT4), Depth of Market (DOM) functionality, and enhanced charting tools. Additionally, MT5 supports a wider range of asset classes, including stock CFDs, making it a better choice for traders looking beyond forex.

Analysis Tools and Decision Aids

Forex.com provides various research and trading tools to enhance the trading experience:

• Autochartist – Automated pattern recognition for technical analysis
• Trading Central – AI-powered market insights and strategy recommendations
• Economic Calendar – Integrated in the platform for tracking major market events
• Advanced Charting – 70+ indicators, drawing tools, and customizable trading templates
• Market News & Analysis – Regular updates and expert analysis available in the Forex.com platform

Order Types Supported

• Market orders
• Limit orders
• Stop-loss and take-profit orders
• Trailing stops
• One-Cancels-the-Other (OCO) orders
• No Guaranteed Stop-Loss Orders (GSLOs) (a downside compared to some competitors)

Fees, spreads and commissions 3.5/5

Forex.com positions itself as a competitive broker in terms of forex trading fees, but its spreads on standard accounts are higher than some competitors. While the DMA (Direct Market Access) account offers tighter spreads with a commission-based structure, the Standard Account has wider spreads, making it less cost-effective for frequent traders.

One key downside is the lack of zero-commission stock CFD trading, which many brokers now offer. Additionally, some withdrawal methods incur fees, and inactivity fees apply after a certain period, increasing the overall cost of trading for less active users.

Other Fees

• Deposit Fees – ✅ No deposit fees for most payment methods
• Withdrawal Fees – ❌ Bank wire withdrawals may have fees ($25+ for international transfers)
• Overnight Fees (Swaps) – ✅ Charged based on interest rate differentials, standard for CFD brokers
• Inactivity Fees – ❌ $15 per month after 12 months of inactivity

How is Forex.com's price positioning?

Forex.com offers competitive forex spreads on its DMA account, but the Standard Account fees are less attractive compared to other brokers with lower or zero-spread commission-free models. The stock CFD fees are relatively high, especially when competitors are moving towards zero-commission stock CFD trading. The presence of withdrawal and inactivity fees further reduces its cost-effectiveness, making it a decent but not the cheapest option for traders prioritizing low fees.

Customer reviews 4.7/5

Forex.com has a Trustpilot rating of 4.7 out of 5, based on 1,820 reviews. While the overall rating is high, customer experiences vary, with some traders praising its forex offerings while others express concerns about platform usability, withdrawal fees, and spreads.

Here are some recent testimonials from Canadian users:

• James R (Toronto, ON – January 8, 2025): "I've been trading with Forex.com for about six months, and while the forex spreads are decent on the DMA account, the Standard Account is just too expensive. I noticed that my trades on EUR/USD were consistently at higher spreads than advertised. Also, the withdrawal process took longer than expected, with bank wire transfers taking almost a week to process. It’s a decent broker, but there are better options out there for active traders."
• Sarah M (Vancouver, BC – December 14, 2024): "I switched to Forex.com mainly for the MetaTrader 5 platform, and it works well for my trading style. The Depth of Market (DOM) feature is a nice touch, and execution speed has been reliable. However, the desktop version of their proprietary platform is clunky, and I prefer using MT5 for a smoother experience. Customer service was okay, but I had to wait almost 30 minutes on live chat to get an issue with my account resolved."
• Daniel S (Montreal, QC – February 2, 2025): "Forex.com is solid for forex trading, but their stock CFD selection is very limited. I wanted to trade some Canadian stocks as CFDs, but they only seem to focus on U.S. companies. Also, there’s no copy trading feature, which is a downside for someone like me who prefers automated strategies. On the plus side, their market analysis tools are pretty detailed, and I like that they integrate Autochartist for technical analysis."

How is Forex.com positioned in relation to its competitors?

Conclusion of our review on Forex.com

Forex.com stands out with its strong regulation, ensuring a secure and reliable trading environment. Its forex trading options are extensive, with over 80 currency pairs and multiple platforms, including MT4 and MT5. However, compared to its competitors, it falls short in asset diversity, with a limited stock CFD selection and no commission-free stock trading. Additionally, the lack of copy trading puts it at a disadvantage for traders looking for automated strategies.

The fees on standard accounts are higher than competitors, making it less attractive for cost-conscious traders. While its DMA account offers lower spreads, the commission structure may not suit all traders. On the positive side, Forex.com provides a demo account, strong analytical tools, and a well-regulated environment, making it a solid choice for forex traders who prioritize security over cost.

Before opening an account with Forex.com, compare the best brokers in Canada.

What types of accounts are available with Forex.com in Canada?

Forex.com provides multiple account options tailored to different trading styles. The Standard Account is commission-free with wider spreads, while the DMA (Direct Market Access) Account offers tighter spreads with a commission per trade. Additionally, Forex.com provides an Islamic Account for swap-free trading and a Demo Account for practice trading with virtual funds.

Standard Account

The Standard Account is designed for traders who prefer a commission-free structure, but it comes with wider spreads starting from 1.0 pips. This account is best suited for casual traders and beginners who prefer simplicity over lower spreads. Available on MetaTrader 4, MetaTrader 5, and Forex.com’s proprietary platform, it provides access to forex, indices, commodities, cryptocurrencies, and stock CFDs.

DMA (Direct Market Access) Account

The DMA Account is tailored for high-volume traders and professionals, requiring a $25,000 minimum deposit. It offers institutional-grade pricing with spreads as low as 0.1 pips, but trades are subject to a $7 commission per lot. This account type is only available on MetaTrader 5 and Forex.com’s proprietary platform, offering deeper liquidity and faster execution speeds.

Demo Account

Forex.com provides a Demo Account with $10,000 to $50,000 in virtual funds, allowing traders to practice trading strategies in a risk-free environment. The demo account mimics real market conditions but is only available for 90 days, which is a downside compared to brokers offering unlimited demo access.

Islamic Account

The Islamic Account is a swap-free version of the Standard or DMA account, designed for traders who follow Sharia law. Instead of overnight interest charges, an administrative fee may apply to open positions. All other features remain the same, including market access, platforms, and execution speeds.

Deposits and withdrawals at Forex.com: How does it work?

Forex.com offers multiple deposit and withdrawal methods, including credit/debit cards, bank transfers, e-wallets, and cryptocurrency deposits. While deposits are mostly free, some withdrawal methods incur fees, particularly bank wire withdrawals ($25 for international transfers) and e-wallet withdrawals (up to 2%).

Compared to competitors, Forex.com’s deposit options are solid, but the withdrawal fees make it less cost-effective than brokers offering free withdrawals. Some brokers also support a wider range of e-wallets and faster withdrawal processing times. Additionally, while Forex.com accepts crypto deposits, not all regions support crypto withdrawals, limiting its appeal for digital asset traders.

Overall, Forex.com’s funding and withdrawal system is secure and diverse, but the fees and processing times make it less competitive compared to brokers with fee-free withdrawals and instant processing.

Does Forex.com offer copy trading?

Forex.com does not offer built-in copy trading or social trading features. Unlike many competitors that integrate with platforms like ZuluTrade, Myfxbook AutoTrade, or eToro’s social trading network, Forex.com lacks an official copy trading system within its proprietary platform or MetaTrader accounts.

While Forex.com supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which allow third-party Expert Advisors (EAs) and automated trading, traders must manually install and configure these systems. Unlike brokers that provide pre-built copy trading networks, Forex.com requires users to find their own signal providers or use external services, making it less beginner-friendly for passive trading strategies.

Additionally, there are no extra fees for automated trading, but traders using third-party services may incur subscription or performance-based fees depending on the external provider.

Compared to competitors, Forex.com falls behind in copy trading accessibility. Brokers such as Eightcap, Fusion Markets, and AvaTrade offer integrated copy trading features with dedicated social trading networks, making it easier for users to follow and replicate professional traders’ strategies.

What is the tax treatment of income generated by Forex.com?

Income generated from trading on Forex.com in Canada is subject to taxation under Canada Revenue Agency (CRA) regulations. The taxation method depends on whether the CRA classifies your trading activity as capital gains or business income, which is determined by factors such as trading frequency, reliance on trading as a primary income source, and holding period of assets.

Capital Gains Tax (For Passive Traders & Long-Term Investors)

If your trading activity is considered investment-based (i.e., you trade infrequently and hold positions for a longer time), your profits are classified as capital gains:

• Only 50% of the profit is taxable, at your marginal tax rate.
• Example: If you make $10,000 in trading profits, only $5,000 is taxable.
• Capital losses can be used to offset capital gains, reducing taxable income.

Business Income Tax (For Active & Frequent Traders)

If the CRA determines that your trading activity resembles a business (e.g., high trading frequency, short-term trades, or using trading as your primary income), then profits are taxed as business income:

• 100% of trading profits are taxable, at your marginal tax rate.
• You can deduct trading-related expenses, such as software subscriptions, data fees, or platform costs, to reduce taxable income.
• The CRA uses a case-by-case approach to determine whether a trader qualifies as a business.

How to declare trading income in Canada

• Capital Gains Reporting
• Report capital gains on Schedule 3 – Capital Gains (or Losses) when filing your T1 General Income Tax Return.
• Provide details of each trade, including buy/sell price, transaction fees, and any losses carried forward.
• Business Income Reporting
• Report business income on Form T2125 – Statement of Business or Professional Activities.
• List all trading-related expenses that qualify for deductions.
• Foreign Income Reporting
• Since Forex.com is a foreign broker, trading profits in non-CAD currencies must be converted to CAD at the official exchange rate for tax reporting.
• If your total foreign holdings exceed $100,000 CAD, you must file Form T1135 – Foreign Income Verification Statement.

Key Considerations for Canadian Traders

• No Tax-Free Trading Accounts: Unlike Canadian brokers that offer TFSAs (Tax-Free Savings Accounts) or RRSPs (Registered Retirement Savings Plans), Forex.com accounts are not tax-sheltered—all profits are taxable.
• Record-Keeping: Maintain a detailed record of trades, deposit/withdrawal history, and exchange rate conversions to ensure smooth tax filing.
• Tax Planning: Consult a tax professional if you are unsure whether your trading income qualifies as capital gains or business income, as incorrect reporting may lead to CRA audits or penalties.

Contact: How do I contact Forex.com customer service?

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.