FOREX.com: Platform Profile

FOREX.com is a U.S. retail foreign-exchange broker operated by GAIN Capital Group LLC, a wholly owned subsidiary of publicly traded StoneX Group Inc.

Its core retail product remains leveraged spot forex, but the broader FOREX.com/StoneX ecosystem also provides access to futures and futures options through StoneX Financial Inc.

For U.S. forex traders, the central choice is not simply whether FOREX.com is "commission-free." The broker offers two materially different pricing structures: Spread-Only and RAW Pricing. The first embeds FOREX.com's compensation in the spread. The second uses materially tighter spreads plus a fixed commission based on the U.S.-dollar notional value traded.

May fit better for

• active U.S. forex traders
• users who want a choice between spread-only and commission pricing
• traders who use TradingView or MetaTrader
• API users
• traders who also want a route to regulated U.S. futures through the StoneX organization

May fit less well for

• investors seeking stocks and ETFs through the ordinary FOREX.com forex account
• investors seeking mutual funds or a conventional robo-advisor
• traders who misunderstand leverage as a small-loss product
• users who want one legal entity and protection regime across forex, futures and securities
• investors who need SIPC-style brokerage protection for retail spot forex

Legal and regulatory structure

U.S. retail forex is provided by GAIN Capital Group LLC, doing business as FOREX.com, NFA ID 0339826. The entity is registered with the CFTC as a Futures Commission Merchant and Retail Foreign Exchange Dealer and is an NFA member.

GAIN Capital Group LLC is a wholly owned subsidiary of StoneX Group Inc. (Nasdaq: SNEX).

FOREX.com states that it has been registered as an FCM and RFED with the CFTC and a member of the NFA since 2004.

The retail forex account is not an SEC/FINRA securities brokerage account.

Forex offering

Current U.S. FOREX.com materials state that customers can trade 80 currency pairs, including major, minor and other pairs.

Forex trades are leveraged off-exchange foreign-currency contracts. The investor does not own currency in the same sense that a cash investor owns foreign banknotes or an exchange-traded currency ETF. Leverage can magnify both gains and losses.

Account funding

Current funding guidance states a $100 minimum deposit per bank or debit transaction and a recommended starting amount of $2,500.

The $2,500 figure is a recommendation for greater trading flexibility and risk management, not a formal account minimum.

Spread-Only pricing

The Spread-Only account embeds FOREX.com's compensation in the bid/ask spread. Current account comparison material states $0 commission with spreads from 1.0 pip.

Spreads are variable. They can widen because of market volatility, low liquidity, news, rollover periods and market opening conditions. A headline minimum spread is not a guaranteed spread.

RAW Pricing

RAW Pricing is designed for traders who prefer tighter spreads plus a fixed commission. Current terms describe spreads as low as 0.0 pips on selected major pairs with a commission of $7 per $100,000 USD notional per leg.

Commission is charged when the position is opened and again when it is closed. A round-trip trade therefore normally produces two commission charges.

RAW commission math

For $100,000 USD/JPY, the opening commission is $100,000 × $7 / $100,000 = $7, the closing commission is $7, and the round-trip commission is $14 before any spread cost.

For $50,000 USD/CAD, opening is $3.50, closing is $3.50 and the round trip is $7.

If an investor buys 100,000 EUR/USD when EUR/USD trades at 1.1000, the U.S.-dollar notional is $110,000. Commission per leg is $110,000 × $7 / $100,000 = $7.70, and the round trip is $15.40. This distinction is important because the fee is based on U.S.-dollar notional, not simply the nominal number of base-currency units.

RAW pricing still has spread risk

"RAW" does not mean the spread is permanently zero. Spreads can be as low as 0.0 pips under favorable conditions, but they remain variable.

Total trading cost can therefore equal commission plus actual spread plus financing/rollover where applicable. The $14 round-trip commission on $100,000 USD notional is not a guaranteed all-in cost.

Platforms

The FOREX.com proprietary platform is available through web and mobile. Current tools include chart trading, Trading Central content, Reuters news, an economic calendar, account management and performance analytics.

FOREX.com accounts can connect to TradingView for chart-based execution. TradingView is an external software platform; FOREX.com remains the forex counterparty.

The current account structure distinguishes MetaTrader 4 for Spread-Only and MetaTrader 5 for RAW Pricing. Exact availability remains tied to the current account type, and the pricing models do not work identically on MT4 and MT5.

REST API

Both current Spread-Only and RAW Pricing accounts support FOREX.com's REST API. This can be useful for automated strategy execution, account data, pricing and order management.

Automation does not remove execution, leverage or connectivity risk.

VIP economics

FOREX.com offers a high-volume VIP program. Current marketing includes volume-based cash rebates and interest on qualifying available margin under applicable terms.

Rates, tiers and APYs are current-account facts and are dated as of the fact-check date. Rebates and interest are not guaranteed investment returns.

Futures and futures options

FOREX.com markets access to exchange-listed futures and futures options through affiliate StoneX Financial Inc. Current disclosure identifies StoneX Financial Inc. as a CFTC-registered FCM and an SEC-registered broker-dealer, and a FINRA/NFA/SIPC member under its applicable businesses. Exchange-based futures and options are offered through the FCM division.

That is a different legal relationship from the GAIN Capital retail-forex account, and StoneX Financial's securities SIPC status does not apply to ordinary leveraged retail forex at GAIN Capital.

Customer funds and protection

FOREX.com states that customer deposits are kept separate from company operating funds and distributed across custodian banks under its risk controls.

That does not mean retail forex positions are FDIC-insured bank deposits or SIPC-protected securities. Retail forex at FOREX.com is CFTC/NFA-regulated, not SIPC-protected. A regulated forex dealer can still have customers who lose substantial amounts through trading.

Overnight financing

Forex positions held overnight can incur rollover/financing adjustments. The amount depends on the currency pair, interest-rate differential, position direction, broker adjustments and day of week.

Brokers should not be compared on spread alone without acknowledging financing cost for longer-held positions.

Assessment

FOREX.com is strongest for traders who want a long-established U.S. forex dealer with flexible platform choices and two clear pricing models.

The cost question depends on trading style. A less-active trader can prefer the simplicity of Spread-Only pricing. A high-volume trader may prefer RAW Pricing because the commission is explicit and spreads can be materially tighter.

The presence of StoneX also broadens the ecosystem into futures and other financial services, but the legal entities remain separate.

The central risk is leverage. A small margin requirement does not cap the potential loss at the amount initially deposited.