7 Alternatives of Forex.com for 2024

Forex.com is one of the most trusted brokers offering online trading services worldwide. Based in the USA and founded in 2001, the broker is regulated by multiple authorities, including ASIC, FCA, FSA, NFA, IIROC, and MAS. It provides popular trading tools such as MT4 and MT5 and offers over 1,200 trading instruments, including Forex, indices, stocks, cryptocurrencies, commodities, gold, and silver.

However, no forex or CFD broker is the perfect fit for all traders. If you have reasons not to use Forex.com, you’ve come to the right place. In this article, we have dedicated our time, resources, and expertise to preparing a list of Forex and CFD brokers that can serve as alternatives to Forex.com

What is Forex.com?

Founded in 2001, Forex.com is a leading online forex and CFD broker that provides access to a wide range of trading instruments. It is a well-established and regulated forex broker that offers MT4, MT5, and Tradingview platforms for US residents and traders from other countries. , Forex.com is known for its competitive pricing, advanced trading technology, and comprehensive research and analysis tools. It offers over 80 currency pairs, stocks, ETFs, gold, and silver for your personal investment and trading options. Gain capital operates this trading platform. 

A list of 7 Alternatives of Forex.com for 2024

• Oanda
• IG
• TD Ameritrade
• Interactive Brokers
• eToro
• AxiTrader
• Pepperstone 

Side-by-Side Comparison: Forex.com with Competitors

Top 7 Alternatives of Forex.com for 2024 (Reviewed and Rated)

Oanda

Founded by Drs. Stumm and Olsen in the USA in 1996, Oanda is one of the oldest and most experienced forex brokers in the world. The broker expanded into Asia in 2007, opened its London office in 2011, and its Sydney office in 2014. On its platforms, you can trade over 3000 forex, CFDs, and even real stocks.

Pros

• Regulated by the CySEC, FCA, CFTC, JFSA, IIROC, ASIC, MAS and FSC BVI
• Clients can trade over 1800 forex/CFDs and over 2000 real stocks.
• Platforms: MT4, MT5, and Oanda mobile apps on iOS and Android.
• Trading tools provided are MetaTrader premium tools, Autochartist, Market pulse analysis, etc.
• Customer support is provided in multiple languages and via different channels.
• Fast and user-friendly account opening
• The TradingView platform is available, alongside several VPS services for MT4 hosting.

Cons

• Bank withdrawals incur a fee which is transferred to the trader.
• Premium core accounts require a minimum balance of $20,000
• Inactivity fees are charged from dormant accounts.
• No account protection for U.S. clients
• No guaranteed stop-losses for U.S. or U.K. clients
• Traders in the U.S. cannot access single-stock CFDs
• No cent accounts, bonus programme for beginner traders

IG Markets

Founded in 1974 as IG Index by British Financier Stuart Wheeler, IG is a well-known forex and CFD broker. It offers over 100 forex currency pairs, CFDs, commodities, stocks, indexes, gold, silver, oil, bitcoin, and other cryptocurrencies for your personal investment and trading options. 

Pros

• Regulated by multiple top tire regulators like  NFA,  FCA, ASIC, FSA, AMF, FMA, MAS, DFSA 
• Allows scalping, EA/ Robot Trading, News Trading
• Offers web trading, mobile trading and ECN Trading 
• IG’s acquisition of tastytrade for $1 billion brought options trading and listed-derivatives (such as futures) trading to clients in the United States
• 16,000 trading instruments, investments in IPOs and exchange-traded funds;
• Quality choice of trading platforms, including MT4, WebTrader, MobileTrader (MobileApp), ProRealTime
• Relatively good spreads, from 0.6-1 pips depending on the type of instrument;
•  Offers passive investment programme ( MAM, PAMM accounts)

Cons

• Relatively high Minimum deposit ( Min Deposit $250) 
• Conservative leverage in some areas  ( The max leverage is 1:200)
• IG charges $/£12/€14 per month after 24 months of inactivity 
• Limited product range on MT4
• High Stock CFD fees 

TD Ameritrade

Founded in 1971 as Ameritrade, TD Ameritrade is a well-known American online brokerage firm that offers a wide range of financial services including stocks, Forex,  options, ETFs Mutual Funds, fixed income, and other investment products  TD Ameritrade went through a couple of acquisitions and mergers. In 2006, it acquired the US operations of TD Waterhouse, followed by the acquisition of Scottrade in 2017. Finally, in 2020, Charles Schwab Corporation acquired TD Ameritrade. TD Ameritrade provides access to both US and non-US traders to trade on this platform. 

Pros

• ETF, non-penny stock, and options trades are commission-free
• Expansive trading tools and resources for all types of investors
• Low trading fees (free stock and ETF trading)
• Regulated by FINRA, SIBC 
• Part of Charles Schwab Corporation since October 2020, with a combined 28 million clients and $6 trillion in assets.
• The company does not charge fees for trading in American and Canadian stocks, options, and ETFs.
• There is a large selection of investments from which to choose

Cons

• Broker-assisted trades are somewhat costly
• No direct crypto Trading 
• Forex trading via thinkorswim, a trading platform where you can trade forex
• No MT4, MT5, cTraders  trading platforms are offered 
• Fractional shares are not offered
• Accounts mostly limited to US residents
• As a U.S.-only forex broker, TD Ameritrade does not offer copy trading or MetaTrader (MT4).

Interactive Brokers

Founded in New York, USA in 1978 by Thomas Peterffy, Interactive Brokers has grown into a global brand with over 2.1 million clients. It has become one of the leading online trading solutions for traders, investors, and advisors. The brokers give access to over 5000+ tradable assets including forex, CFDs, warrants, ETFs Options, Futures, Mutual Funds, and Bonds. To trade online, IBKR offers WebTrader, FIX API, MobileTrader (MobileApp), and TWS trading platforms.

Pros

• IBK is a Forex and Stock Broker 
• Excellent reputation (founded in 1978)
• Regulated by top regulators like  ASIC, FCA, FSA, SFC, IIROC 
• A wide range of products offered warrants, ETFs, Options, Futures, Mutual Funds, Bonds 
• Over 18,000 no-transaction-fee mutual funds.
• No monthly inactivity fee
• Low trading fees and high interest (up to 4.58% for USD) on cash balances
• Access to international markets and exchanges 
• Mobile apps are convenient for individual investors.

Cons

• Complicated account opening 
• Learning Curve for Beginners
• The maximum leverage is only 1:40 
•  No Metatrader platforms (MT4, MT5) offered 
• High minimum deposit requirements for some account types 
• Interactive Advisors (Robo-advisor feature) is only available for US customers
• No fixed spread is available 

eToro

Focused on trading and investing, eToro has successfully built a social trading platform where millions of traders and investors interact, share ideas, copy trades, and invest. Generally, trading fees are low and order executions are fast. Clients can only trade on eToro’s proprietary web and mobile platforms.

In addition to forex and CFD trading; eToro clients can trade real stocks and ETFs with zero commissions. They can also invest in real cryptos. Traders who qualify for eToro club membership are treated to exclusive services such as dedication support, free withdrawals, Trading Central analysis, the Wall Street Journal subscription, cashback programs, etc.

Pros

• Regulated by ASIC, CySEC, FCA, FinCEN, FSA Malta, FSA Seychelles, and FSC Gibraltar.
• Large trading and investing platform.
• You can trade over 3000 forex/CFDs and also real stocks, ETFs, and cryptos.
• Proprietary platform with trading tools like news feed, market sentiments, etc
• Anyone can invest in customized asset baskets via ‘CopyPortfolios’ with no management fees.   

Cons

• Limited trading platforms and strategies.
• Non-trading fees like inactivity fees, withdrawal fees, conversion fees, etc are charged.
• USD is the only available account currency.
• No automation of strategies via trading robots. 

AxiTrader

Founded in Sydney, Australia in 2007 by traders, Axi has grown into a global brand with 60,000 clients from over 100 countries. More than 220 forex and CFDs can be traded on its MT4 platform. The Axi Trading platform will soon be available for real trading. Tools like Autochartist and MT4 NextGen are provided while the Axi Copy Trading app is for social trading.

Pros

• A global broker since 2007.
• Regulated by FCA, ASIC, DFSA, and FMA.
• Serves over 60,000 customers in 100+ countries.
• No deposit and withdrawal fees.
• The minimum deposit is as low as $1.
• Allows scalping, EA trading, and news trading.
• Offers passive investment programs like MAM, PAMM, and Zulutrade.
• Maximum leverage is as high as 400:1.
• Offers a wide range of trading instruments including forex, metals, indices, commodities, and cryptocurrencies.
• Spread betting is available for the UK market.
• Spreads are low and start from 0 pips.
• Easy and digital account opening process.
• AutoChartist, MetaTrader 4 NextGen, and PsyQuation are offered.
• Signal providers and free VPS are offered (conditions apply)

Cons

• Not regulated by CySEC, a leading regulator for EU countries.
• The demo account expires after 30 days.
• The broker does not offer more advanced platforms like MT5 and cTrader; only MT4 is available.
• The commission is $7 for the pro account, which is a bit high compared to competitors.
• Only forex and CFDs are offered; no real tradable assets are available

Pepperstone

Having been in operation for over a decade, Pepperstone is one of the top brokers on the internet today. It is regulated across 6 jurisdictions including the top regulators like FCA, ASIC, etc. Powered by modern technological infrastructure, Pepperstone boasts swift trade executions, a deep liquidity pool, and advanced platforms.

The broker has an in-house team of analysts who prepare the daily market analysis and webinars. Tools like ‘smart trader tools,’ cTrader Automate, Autochartist, etc are provided at no extra cost to the trader. Social traders are not left out as they can link their accounts to ‘AutoTrade’ or ‘DupliTrade’.

Pros

• Authorized and regulated by the tier-1 regulators such as ASIC, CySEC, FCA, BaFin, etc. 
• Access to trade on 4 platforms: MT4, MT5, cTrader, and TradingView platforms.
• Social traders have access to DupliTrade and AutoTrade.
• Provides trading tools including Autochartist, MT4 smart trader tools, free VPS, Market analysis, Capitalise.ai, etc
• There is no minimum deposit, no inactivity fees, and no deposit or withdrawal fees.

Cons

• Traders from certain countries like the USA are not accepted.
• Pepperstone Demo accounts expire after 30 days.
• There is no comprehensive trading academy for newbies.
•  Bank fees on International bank withdrawals are transferred to clients. 

Why Forex.com might not be right for you

Forex.com is a US-based multi-asset forex and CFD broker. However, when it comes to forex brokers, every trader has his peculiarities and needs.

Below are a few reasons why Forex.com might not be the perfect broker for you:

Only UK Based Regulations:

Forex.com operates under UK-based regulations, holding licenses from regulatory bodies such as the Financial Conduct Authority (FCA), Commission de Surveillance du Secteur Financier (CSSF), and the Swiss Financial Market Supervisory Authority (SCB). However, some traders may prefer brokers regulated by additional authorities such as the Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), or the National Futures Association (NFA). The absence of certain regulatory approvals might be a consideration depending on individual preferences and requirements.

US Traders Are Not Accepted:

Forex.com, like many other non-US brokers, does not accept clients from the United States. If you are a US trader, you will need to explore alternative brokers such as eToro or Forex.com to meet your trading needs.

Inactivity Fees:

Forex.com imposes inactivity fees on accounts that remain dormant for over a year with a remaining balance. A fee of £10 per month will be charged under these circumstances. Traders who anticipate periods of inactivity may find this aspect less favorable compared to brokers with more lenient or no inactivity fee policies.

Forex.com Alternatives and Competitors: Our Ratings

Find below, our ratings for Forex.com and its alternatives on a scale of 1-10.0. We arrived at the scores by researching and testing over 170 data points drawn from the services offered by the brokers. The 6 macro areas of focus are; regulation, Fees, Trading, tools, support, and education. 

How we selected Forex.com alternatives

It is common knowledge that all forex brokers are not the same. Some are well-established multinationals with fully functional offices, and have a huge client base while others are just struggling brokerages. Since Forex.com is a leading broker, we selected other brokers that can replace it by looking at the following criteria:

Regulations

Forex.com is regulated by two tier-1 regulators: ASIC and CySEC. So, we choose brokers that have at least one tier-one regulation. Some of the alternatives have more regulations while some have fewer. For example, Pepperstone and eToro have 4 tier-1 regulations while Forex.com have one tier-1 regulation.

Regulations contribute the greatest score when rating brokers because any broker whose operations are not licensed and supervised by a stringent authority might be cheating its clients. Most unregulated or offshore brokers are just scammers masquerading as forex brokers.

Fees

Traders are very observant when it comes to trading fees because it is charged for every transaction. High trading fees can cancel out any profits made by a trader when he closes a position; especially for scalpers. We chose only brokers whose trading fees are within the same range as those of Forex.com.

We chose brokers that offer standard accounts with spreads ranging from 0.5-1.0 pip on the benchmark EURUSD or ECN accounts with commissions of $3-3.5 per side per lot. Just like Forex.com, most of the alternatives do not charge non-trading fees.  

Account opening

We only chose alternatives whose account opening procedures are similar to those of Forex.com. It is done by completing the online form, and uploading verification documents while the broker approves the account. All the processes are completed electronically.

Deposit/Withdrawal

Forex.com accepts multiple payment options, so, any broker that qualifies as its alternative must also do the same. So, we chose brokers that accept a wide range of deposit and withdrawal methods. All of the alternatives do not charge deposit fees; only a few charge withdrawal fees.

Safety

Generally, regulated brokers are mandated to maintain standard security features to ensure a safe trading environment. Forex.com has been in operation for 16 years. It has gained significant brokerage experience and has grown exponentially through the years.

It will only be fair if an alternative for Forex.com is equally an old, experienced, and secure broker. So, we only chose brokers that have been in operation for at least a decade. These Forex.com alternatives have no scandals and have been operating consecutively for years. Security is guaranteed because they are all well-established top brokers in the industry.

Frequently Asked Questions (FAQs)

Who are the competitors of Forex.com?

Every online forex and CFD broker is technically a competitor of Forex.com. However, being a leading broker puts Forex.com ahead of many Forex brokers. So, their competitors should be other leading brokers with an equally large clientele.  

By our standards, the competitors of Forex.com are Pepperstone, eToro, Axitrader, and IG Markets.

Are there any commission-free alternatives to Forex.com?

Yes! eToro is an alternative broker to Forex.com that does not charge commissions on their trading instruments. eToro offers commission-free trading of real stocks and ETFs while forex and CFD trading fees are incorporated into the spreads. 

Are there alternatives to Forex.com that offer social trading and copy trading services?

Yes, eToro, AxiTrader, and Pepperstone are Forex.com’s alternatives that run social trading services for its clients. eToro has a social trading platform with a very large community of traders. Pepperstone offers social trading via partnerships with ‘DupliTrade’ and ‘MyFxbook’. 

Is there any Forex.com Alternative that offers no minimum Deposit?

Yes! Clients of Pepperstone Brokerage can start trading with any deposit amount. There are no restrictions but only recommendations by the broker.

Final Verdict:

Although Forex.com is one of the most popular and trusted Forex brokers, there are several other brokers that can serve as viable alternatives. These alternatives include:

• OANDA
• IG
• TD Ameritrade
• Interactive Brokers
• eToro
• AxiTrader
• Pepperstone

These brokers offer similar services to Forex.com. If you are a U.S. trader looking for a flexible broker for forex and CFD trading, you might consider OANDA. On the other hand, if you prefer social and copy trading, eToro could be a good choice. Non-U.S. traders might find AxiTrader or Pepperstone to be suitable options