Abstract：FOREX.com, a US-based brokerage firm with over two decades of trading expertise, has received complaints from users on deposits and withdrawals. Users claim deposit failures and a slow fund withdrawal process. Additionally, there are complaints of wide spreads and account liquidation. These allegations have contributed to negative user reviews of FOREX.com. This article investigates user allegations and shares a regulatory overview of the broker.
FOREX.com, a US-based brokerage firm with over two decades of trading expertise, has received complaints from users on deposits and withdrawals. Users claim deposit failures and a slow fund withdrawal process. Additionally, there are complaints of wide spreads and account liquidation. These allegations have contributed to negative user reviews of FOREX.com. This article investigates user allegations and shares a regulatory overview of the broker.
ContentsFOREX.com Trading Operations Explained
FOREX.com is a multi-asset brokerage firm that allows users to trade forex, indices, shares, cryptocurrency, commodities, crude oil and metals.
Over 80 currency pairs are tradable on the FOREX.com platform. The broker advertises competitive spreads and exceptional trade execution on the tradable forex pairs, including EUR/USD, USD/CHF, GBP/USD, AUD/USD, etc.
Shares listed on the FOREX.com platform include Tesla Motors, Nvidia Corp, Apple Inc., Microsoft Corp, Adobe Systems, Amazon.com, etc.
Some of the world's top indices are listed on the platform. These include Wall Street, US SP 500, US Tech 100, UK 100, Germany 40, Japan 225, Hong Kong 50, Australia 200, etc.
The list of tradable cryptocurrencies includes Bitocoin, Ethereum, Ripple, Litecoin, Dogecoin, Solana, etc.
Traders can bet on a wide range of commodities, including gold, silver, natural gas, oil, sugar, coffee and cotton.
FOREX.com Trading Account Types
FOREX.com offers three trading accounts - Standard Account, MetaTrader 5 Account and Raw Spread Account - to help traders grow their portfolio. The table below demonstrates the offerings associated with each account.
Top Trading Allegations Against FOREX.com
Slow Withdrawal, Lack of Fund Credit for Three Days
A user from the United States claimed an extremely slow FOREX.com withdrawal experience. The trader alleged no fund credit to his account. An even worse claim was his alleged ban from trading for three days in this FOREX.com review.
Successful Withdrawal on FOREX.com Login, But Funds Did Not Come!
A UK-based user reported that, while the platform showed a successful processing, the funds allegedly failed to arrive in his trading account. Here is what the trader commented on WikiFX, a leading forex broker regulation inquiry tool.
Extra Payment Demand for Withdrawals
A trader from Bolivia alleged that the broker demanded extra payment so that the latter could withdraw profits from the FOREX.com platform. According to this complaint, the trader was told to deposit 1250 bolivianos to withdraw 710 bolivianos. Read this chat and transaction-backed claim.
Deposit Credit Issue
A Taiwanese trader reportedly highlighted a deposit failure on FOREX.com, claiming no webpage pop-up. The user further revealed that the account was frozen at the backend. Check this FOREX.com review for more details.
Spread-related Allegations
Several traders from Hong Kong, albeit in a neutral tone, opposed wide spreads on the FOREX.com login dashboard. Here are their remarks.
Investigating the Account Liquidation Claim
A Vietnamese trader claimed a malicious alteration of CFD prices on FOREX.com, triggering a sudden $20 price difference. This comprehensive, transaction screenshot-backed FOREX.com review reportedly question the broker's operation.
FOREX.com Regulation & User Trust Score
Complaints against FOREX.com sound serious and need a thorough examination by the broker management. They may not be established facts as yet. However, they do raise a pressing question among prospective traders: Is FOREX.com regulated? The answer is YES! The broker is licensed by many top-tier financial authorities: The Australian Securities & Investments Commission (ASIC), the Financial Services Agency (FSA), the National Futures Association (NFA), the Cyprus Securities and Exchange Commission (CYSEC), the Canadian Investment Regulatory Organization (CIRO), the Financial Conduct Authority (FCA), and the Monetary Authority of Singapore (MAS). The FOREX.com regulation is extensive. As a result, the broker bags a very good score of 8.17 out of 10.
Download the WikiFX app for the latest forex updates.
Knowledge pays at WikiFX.Every time you share a WikiFX article, you'll receive 50 Reward Points. Grow your rewards with every share and unlock exclusive gifts in the WikiFX Points Mall. Start earning today!
