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Forex.com review

FOREX.com Review

Overall, FOREX.com is considered low-risk, with an overall Trust Score of 99 out of 100. FOREX.com is licensed by eight Tier-1 Regulators (high trust), zero Tier-2 Regulators (average trust), and one Tier-3 Regulator (low trust). FOREX.com offers three different retail trading accounts namely a Standard Account, Commission Account, and a Direct Market Access (DMA) Account. Forex.com is currently not regulated by the CMA of Kenya

Updated : August 30, 2022

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Overall Rating

Min Deposit

USD 100 / 11615 KES

Regulators

Trading Desk

Crypto

Yes

Total Pairs

50

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on Forex.com’s website

FOREX.com Overview

Forex.com Review Overview

 

👉 Overall, FOREX.com is considered low-risk, with an overall Trust Score of 99 out of 100. FOREX.com is licensed by eight Tier-1 Regulators (high trust), zero Tier-2 Regulators (average trust), and one Tier-3 Regulator (low trust). FOREX.com offers three different retail trading accounts namely a Standard Account, Commission Account, and a Direct Market Access (DMA) Account.

 

👉 As a publicly listed corporation, GAIN Capital Holdings Inc provides online trading solutions under the FOREX.com trading brand. Founded in 1999, FOREX.com now has offices in North America, Europe, and the Asia Pacific regions, as well as in Canada, the United Kingdom, Hong Kong, and Australia.

 

👉 It now serves clients in more than 180 countries worldwide, accepting both retail and institutional clients. In February 2020, StoneX Group Inc. bought over GAIN Capital. However, GAIN Capital still functions as a separate entity and it owns the popular City Index, an online CFD and spread betting service, as well as Daniels Trading, a futures advice trading firm.

 

👉 Traders worldwide can depend on FOREX.com to provide an amazing trading experience. Even though FOREX.com does not have a physical presence in Nairobi, Kenya, or is not regulated by the Kenyan Capital Markets Authority (CMA), the broker has a high degree of confidence.

 

👉 This FOREX.com review will provide traders with the details that they need to consider whether the broker is suited to their unique trading objectives and needs.

 

Distribution of Traders

👉 The distribution of traders with FOREX.com is as follows:

➡️️ United States – 48%

➡️️ Canada – 6.5%

➡️️ Japan – 4.7%

➡️️ United Kingdom – 4%

➡️️ Turkey – 3.1%

 

Popularity among traders who choose FOREX.com

🥇 FOREX.com does not have a significant market share in Kenya but the broker still forms part of the Top 100 brokers that accept Kenyan traders.

 

 

FOREX.com At a Glance

🏛️ HeadquarteredUnited States
⚖️ Local Market Regulator in KenyaCapital Markets Authority (CMA)
✔️ Foreign Direct Investment in Kenya1.3% of the overall GDP
💰 Foreign Exchange Reserves in Kenya8.2 billion USD
✔️ Local office in Nairobi?No
⚖️ Governor of SEC in KenyaNone
✔️ Accepts Kenyan Traders?Yes
📅 Year Founded2001
📞 Kenyan Office Contact NumberNone
📱 Social Media PlatformsFacebook
Twitter
YouTube
⚖️ RegulationNFA, CFTC, FCA, ASIC, JFSA, IIROC, CIMA, SFC, MAS
1️⃣ Tier-1 LicensesNational Futures Association (NFA)
Commodities Futures Trading Commission (CFTC)
Financial Conduct Authority (FCA)
Australian Securities and Investments Commission (ASIC)
Investment Industry Regulatory Organisation of Canada (IIROC)
Securities Futures Commission (SFC)
Monetary Authority of Singapore (MAS)
Japanese Financial Services Authority (JFSA)
2️⃣ Tier-2 LicensesNone
3️⃣ Tier-3 LicensesCayman Islands Monetary Authority (CIMA)
🔎 License NumberUnited States (NFA) StoneX Financial Inc. – NFA ID 0476094
United Kingdom FOREX.com – 190864
United Kingdom GAIN Capital – 113942
United Kingdom StoneX Financial Ltd – 446717
Australia GAIN Capital Australia Pty Ltd – 345646
Canada (IIROC)
Hong Kong – BCQ152
Singapore
Japan – 2010401047199
Cayman Islands – 25033
⚖️ CMA RegulationNone
✴️ Regional RestrictionsSingapore, New Zealand, Belarus, Iran, Yemen, and several countries on the OFAC list
☪️ Islamic AccountYes
📈 Demo AccountYes
📈 Retail Investor Accounts3
📊 PAMM AccountsNo
💧Liquidity ProvidersAnonymous
💰 Affiliate ProgramYes
📊 Order ExecutionMarket
🚀 Starting spread0.3 pips, Variable
💳 Minimum Commission per Trade$5 per $100,000 traded
💰 Decimal PricingUp to 5 digits after the comma
🌐 Margin Call100%
🛑 Stop-Out50%
📉 Minimum Trade Size0.01 lots (100k on DMA Account)
📈 Maximum Trade SizeUnlimited positions depending on available funds
📊 Crypto trading offered?Yes
🚀 Offers a KES Account?No
💻 Dedicated Kenyan Account Manager?No
📈 Maximum LeverageUp to 1:400
📊 Leverage Restrictions for Kenya?No
💳 Minimum Deposit (KES)11,500 KES ($100)
✔️ Kenyan shilling Deposits Allowed?No
💰 Active Kenyan Trader Stats70,000+
👥 Active Kenyan-based FOREX.com customersUnknown
📈 Kenya Daily Forex Turnover$100 million+
💳 Deposit and Withdrawal OptionsCredit Card
Debit Card
Bank Wire Transfer
Neteller
Skrill
💰 Segregated Accounts with Kenyan Banks?No
💻 Trading PlatformsMetaTrader 4
MetaTrader 5
FOREX.com Platform
💰 Tradable AssetsForex
Indices
Stocks
Commodities
Precious Metals
Cryptocurrencies
Energies
🌐 Offers USD/KES currency pair?No
🌐 USD/KES Average SpreadN/A
📈 Offers Kenyan Stocks and CFDsNone
👨‍💼 Languages supported on the WebsiteEnglish and Simplified Chinese
👥 Customer Support LanguagesMultilingual
⏰ Customer Service Hours24/5
🧑‍💻 Kenyan-based customer support?No
💰 Bonuses and Promotions for KenyansNone
✴️ Education for Kenyan beginnersYes
💰 Most Successful Kenyan TraderPatrick Mahinge (Net Worth – Private)
✔️ Is FOREX.com a safe broker for Kenyans?Yes
✔️ Rating for FOREX.com Kenya9/10
✔️ Trust score for FOREX.com Kenya99%
👉 Open an account👉 Open Account

FOREX.com Regulation and Safety of Funds

Forex.com Review Regualtion

 

👉 FOREX.com is regulated by several market regulators via its affiliates namely GAIN Capital in these regions:

➡️ The United States StoneX Financial Inc is registered with the NFA under NFA ID 0476094 and registered with the CFTC as a Commodity Trading Advisor and a Futures Commission Merchant.

➡️ In the United Kingdom, GAIN Capital trading as FOREX.com UK Limited is regulated by the Financial Conduct Authority (FCA) under 190864. In addition, GAIN Capital UK Limited is regulated by the FCA under 113942 while StoneX Financial Ltd is regulated under 446717.

➡️ In Australia, FOREX.com trades under StoneX Financial PTY Ltd under ACN 141 774 727 with ABN 50 141 774 727 under AFSL 345646.

➡️ In Canada, StoneX Financial (Canada) Inc. is overseen and regulated by the Investment Industry Regulatory Organisation of Canada (IIROC)

➡️ In Hong Kong StoneX Financial (HK) Limited is regulated by the Securities Futures Commission (SFC) under BCQ 152 for dealing in Futures Contracts.

➡️ In the Cayman Islands, GAIN Global Markets Inc. (GGMI) is registered under license 25033 as a Securities Investment Business.

➡️ In Japan StoneX Financial Co., Ltd is registered as a Financial Instruments Business Operator under 2010401047199

➡️ In Singapore, the Monetary Authority of Singapore (MAS) regulates StoneX Financial Pte. Ltd. The company has a Capital Markets Services License to deal in Exchange-Traded Derivatives Contracts, Over-The-Counter Derivatives Contracts and lastly, Spot Foreign Exchange Contracts for Leveraged Foreign Exchange Trading. In addition, this license also provides the company with the right to give financial advice on Exchange-Traded Derivatives Contracts.

 

👉 Security of client funds is a major concern for FOREX.com. Client monies are secured by being stored in separate top tier bank accounts from their own. Trust letters are offered to guarantee that client monies stay separated. FOREX.com only utilizes its own money for hedging and does not participate in proprietary trading.

 

👉 Under the Financial Services Compensation Scheme, consumers may be entitled to protection of up to £50,000 in the event a business goes bankrupt or stops operations. Furthermore, there are stringent bank assessments and monitoring rules implemented which are specified by the Risk Committee.

 

👉 FOREX.com allows traders from throughout the world, barring Singapore, New Zealand, Belarus, Iran, Yemen, and several countries on the OFAC list. They are one of the few trading firms in the industry today that offers service to US traders.

FOREX.com Account Types and Features

Forex.com Review Account Types

 

👉 FOREX.com gives Kenyan traders a choice of three retail investor accounts, each of which caters to a particular sort of trader based on their trading style and experience level. The following live trading accounts are available:

➡️ Standard Account

➡️ Commission Account

➡️ Direct Market Access (DMA) Account

 

Forex.com Review Live Trading Accounts

 

Live Trading Accounts

Standard Account

👉 This is a fundamental and traditional account that has average spread pricing and a classic trading experience suited to most Kenyan traders. The features on this account are as follows:

Account FeatureValue
💳 Initial Minimum Deposit (₦)11,500 KES equivalent to $100
📊 Average Spreads on Major Forex PairsFrom 0.2 pips EUR/USD
💸 Typical Spreads1.3 pips EUR/USD
💰 Forex Commissions per round turnNone
💵 Commissions on Indices per round turnNone
🔨 Trading Tools offered?Yes, integrated trading tools
🚀 Market CommentaryYes
📊 Market AnalysisYes
⚙️ Advanced Charting Tools offered?Yes, and more than 80 technical indicators
📈 Fast Trade Execution?

Yes, Execution Scorecard
💵 Price Improvement?Yes, with limit orders
💸 Cash Rebates?Yes, 15%
🚦 Forex Trading SignalsYes
📲 Market Strategist AccessYes
📊 Active Trader ProgramNo
📈 Top-Tier LiquidityNo
💵 Spread splitsNo

 

Commission Account

👉 This account has some of the narrowest spreads and set fees in the industry, enabling traders to quantify their earnings and/or losses more precisely.

Account FeatureValue
💳 Initial Minimum Deposit (₦)11,500 KES equivalent to $100
📊 Average Spreads on Major Forex PairsFrom 0.2 pips EUR/USD
💸 Typical Spreads
💰 Forex Commissions per round turnNone
💵 Commissions on Indices per round turn$5 per 100,000 traded (standard lot)
🔨 Trading Tools offered?Yes, integrated trading tools
🚀 Market CommentaryYes
📊 Market AnalysisYes
⚙️ Advanced Charting Tools offered?Yes, and more than 80 technical indicators
📈 Fast Trade Execution?

Yes, Execution Scorecard
💵 Price Improvement?Yes, with limit orders
💸 Cash Rebates?Yes, 15%
🚦 Forex Trading SignalsYes
📲 Market Strategist AccessYes
📊 Active Trader ProgramYes, 15% with the chance to earn $10 per million Forex traded in monthly trading volume
📈 Top-Tier LiquidityNo
💵 Spread splitsNo

 

Direct Market Access (DMA) Account

👉 This account is for more professional Kenyan traders, offering them the tightest spreads, tiered commission charges, and additional tools and features.

Account FeatureValue
💳 Initial Minimum Deposit (₦)11,500 KES equivalent to $100 (with a recommended balance of 2,800,000 KES equivalent to $25,000)
📊 Average Spreads on Major Forex PairsFrom 0.3 pips EUR/USD
💸 Typical Spreads1.3 pips EUR/USD
💰 Commissions chargesDepends on trading volume
🔨 Trading Tools offered?Yes, integrated trading tools
🚀 Market CommentaryYes
📊 Market AnalysisYes
⚙️ Advanced Charting Tools offered?Yes, and more than 80 technical indicators
📈 Fast Trade Execution?

Yes, Execution Scorecard
💵 Price Improvement?Yes, with limit orders
💸 Cash Rebates?Yes
🚦 Forex Trading SignalsYes
📲 Market Strategist AccessYes
📊 Active Trader ProgramYes
📈 Top-Tier LiquidityYes
💵 Spread splitsYes

 

Demo Account

Forex.com Review Demo Account

 

👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital. 

 

👉 There is a certain degree of risk involved when trading financial markets and FOREX.com offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.

 

👉 Demo accounts are provided to traders for a variety of purposes, from practice to risk-free testing of trading methods. Along with the ordinary account, traders may open a demo account on MetaTrader 4, MetaTrader 5, or both platforms.

 

👉 Kenyan traders should be aware that the demo account is only available for 90 days before expiring. A demo account that has been deactivated cannot be reinstated.

 

Islamic Account

Forex.com Review Islamic Account

 

👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.

 

👉 This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.

 

👉 Any of FOREX.com’s current trading accounts may be converted to an Islamic account. Apart from the fact that converting to an Islamic Account is free, Kenyan Muslim traders can look forward to a variety of benefits depending on the account type.

FOREX.com Account Registration

Forex.com Review Account Registration

 

👉 Kenyans can register for an online trading account through the FOREX.com website. as part of the registration process, trader identity is verified by FOREX.com by requesting the trader’s name, address, birth date, and tax ID number, with supporting documentation that must be submitted before the account can be approved.

 

👉 Traders need to keep in mind that FOREX.com always tries to verify a trader’s identity, but if the broker is unable, customer service will notify the client and request further information.

 

👉 FOREX.com’s Customer Due Diligence (‘CDD’) method requires that clients’ source of money be confirmed as part of the registration process. Anti-money laundering and fraud prevention laws require traders to go through this process to ensure they comply.

 

👉 An investor’s most recent bank or credit card statement may be requested by their broker. Once an account has been set up, the trader must deposit at least 100 units of their selected base currency in USD, GBP, or EUR.

Overall Rating

Min Deposit

USD 100 / 11615 KES

Regulators

CySEC, FCA

Trading Desk

Crypto

Yes

Total Pairs

50

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on Forex.com’s website

FOREX.com Vs eToro Vs AMarkets – Broker Comparison

Forex.comeToroAMarkets
⚖️ RegulationNFA, CFTC, FCA, ASIC, FSA, IIROC, CIMA, SFC, MASCySEC, FCA, ASIC, FSA, NFA, FinCEN, FINRA, SIPCSVG FSA
📱 Trading Platform• MetaTrader 4
• MetaTrader 5
• FOREX.com Platform
eToro proprietary platform• MetaTrader 4
• MetaTrader 5
AMarkets Trading App
💰 Withdrawal FeeNoYesYes
📈 Demo AccountYesYesYes
📊 Min Deposit11,500 KES23,000 KES11,500 KES
💰 LeverageUp to 1:4001:30 (Retail)
1:400 (Professional)
1:1000
💳 SpreadFrom 0.3 EUR/USDFrom 1 pipFrom 0.0 pips
✴️ Commissions$5 per $100k tradedNone$2.5 per lot
💳 Margin Call/Stop-Out100%/50%None indicated50%
20% to 40%
📊 Order ExecutionMarketMarket/InstantMarket/Instant
💰 No-Deposit BonusNoNoNo
💰 Cent AccountsNoNoNo
📊 Account Types• Standard Account
• Commission Account
• DMA Account
Retail Account
Professional Account
Fixed Account
Standard Account
ECN Account
RAMM Account
⚖️ CBN RegulationNoNoNo
💵 NGN DepositsNoNoYes
💳 Nigerian Naira AccountNoNoNo
👥 Customer Service Hours24/524/624/5
🛍 Retail Investor Accounts314
☪️ Islamic AccountYesYesYes

FOREX.com Trading Platforms

Forex.com Review Trading Platforms

 

👉 Professional trading platforms offered by FOREX.com are tailored to fulfil the requirements of traders of all skill levels.

 

👉 You can choose a trading platform that meets your needs, no matter what they are. To provide you with the best possible trading experience, each platform has been meticulously engineered to be lightning-fast and responsive.

 

👉 FOREX.com offers Kenyan traders a choice between these trading platforms:

➡️ FOREX.com Platform

➡️ MetaTrader 4

➡️ MetaTrader 5

 

Desktop Platforms

➡️ FOREX.com Platform

➡️ MetaTrader 4

➡️ MetaTrader 5

 

FOREX.com Platform

👉 With FOREX.com’s desktop trading interface, active currency traders may make use of FOREX.com’s most advanced features. Designed for maximum speed, versatility, and performance, the FOREX.com sophisticated desktop trading platform excels in all these areas.

 

👉 For active traders, it is packed with features like customizable layouts, customizable trade preferences, one-click trading, professional analytics tools, integrated strategy-building tools, powerful charting capabilities, and a function that lets you create your own custom indicators.

 

MetaTrader 4

👉 FOREX.com is the biggest MT4 broker in the world, providing traders with access to specialized customer service and exclusive trading tools.

 

👉 Many traders consider MT4 to be one of the most popular and user-friendly online trading platforms, making it an excellent choice for beginner traders. It also has enough complex features to please the more experienced traders.

 

MetaTrader 5

👉 MetaTrader 5 (MT5) is the platform that is an upgrade to MetaTrader 4. The MT5 platform retains all the key features and functions that contributed to MT4’s popularity, but with enhanced capabilities. MetaTrader 5’s new and improved charting features include more periods, order types, indicators, tools, simple market searches, and groupings.

 

WebTrader Platforms

➡️ FOREX.com Platform

➡️ MetaTrader 4

➡️ MetaTrader 5

 

FOREX.com Platform

👉 Simple, fast, and dependable, the sophisticated web-based platform of FOREX.com offers complete trading capabilities, detailed charts, a smart trade ticket with extensive risk management options, predefined and adjustable layouts, and integrated trading tools. With no plugins or downloads necessary, it is available from all browsers on both PC and Mac.

 

MetaTrader 4

👉 If you are a trader in Kenya, FOREX.com and Metatrader 4’s WebTrader are your best options for accessing the reliability of an established broker along with tight spreads, exceptional executions and unique trader tools like Reuters news, AutoChartist Trade Ideas, Trading Central technical analysis, and account management features.

 

MetaTrader 5

👉 Through FOREX.com and MetaTrader 5, fully functional trading platforms are available for all browsers and operating systems so that you can trade a wide range of financial instruments. There are no downloads or plug-ins needed, and you can expect the following on the WebTrader:

➡️ One-click trading

➡️ Updated orders through charts

➡️ A user-friendly and intuitive system

➡️ Access to Expert Advisors, and several technical tools and graphical objects

 

Trading App

➡️ FOREX.com Platform

➡️ MetaTrader 4

➡️ MetaTrader 5

 

FOREX.com Platform

👉 Never miss a market shift again with FOREX.com’s mobile trading app that is available on both iOS and Android.

 

👉 Using your iPhone or Android smartphone, you can access all TradingView’s comprehensive trading capabilities, risk management choices, extensive charting and real-time analysis, integrated fund management, and more, giving you a complete trading experience at your fingertips.

 

MetaTrader 4 and 5

👉 With MetaTrader 4 and MetaTrader 5 mobile, Kenyans can trade over 500 stocks, cryptos, currency pairs, and several other markets. Kenyans can easily check interactive charts and use a variety of technical indicators.

 

👉 In addition, users can also set mobile alerts and they can easily manage their trading accounts while they are on the move.

 

FOREX.com Range of Markets

👉 Kenyan traders can expect the following range of markets from FOREX.com:

➡️ Forex

➡️ Indices

➡️ Stocks

➡️ Commodities

➡️ Precious Metals

➡️ Cryptocurrencies

➡️ Energies

Broker Comparison for Range of Markets

FOREX.comeToroAMarkets
💰ForexYesYesYes
🔨 Precious MetalsYesYesYes
💰 ETFsNoYesYes
📊 CFDsYesYesYes
📈 IndicesYesYesYes
💵 StocksYesYesYes
💳 CryptocurrencyYesYesYes
💰 OptionsNoNoNo
💸 BondsYesYesNo
🔋 EnergiesYesNoNo

FOREX.com Trading and Non-Trading Fees

Forex.com Review Trading Fees

 

Spreads

👉 The typical spreads that Kenyans can expect when they trade using a FOREX.com account are as follows:

➡️ Standard Account – Average spreads from 0.2 pips EUR/USD and typical spreads from 1.3 pips EUR/USD

➡️ Commission Account – from 0.2 pips EUR/USD

➡️ DMA Account – Average spreads from 0.3 pips EUR/USD and typical spreads from 1.3 pips EUR/USD

 

👉 Other spreads include:

➡️ AUD/USD – from 0.8 pips with typical spreads of 1.5 pips

➡️ EUR/CHF – from 2.3 pips with typical spreads from 2.9 pips

➡️ XAU/USD – from 44 pips with typical spreads from 82 pips

➡️ Indices – fixed spreads as low as 1 point with margin requirements starting from 0.5%

➡️ Commodity Futures – fixed spreads from 0.35 pips on Cotton with a margin of 3% and variable spreads from 0.04 pips on US Crude Oil

➡️ Spot Commodities spreads start from 1.5 with a margin of 3%

➡️ Cryptocurrencies – spreads from as low as 0.5 pips on Litecoin, with margins from 25% on all crypto instruments.

 

Commissions

👉 FOREX.com charges typical commissions of $5 per 100,000 traded on the Commission Account.

 

👉 The DMA Account costs regular commissions with the potential to gain volume-based reductions. If $350 million is traded in a single month, for example, traders will pay $50 the next month. If the trader makes $550 million in transactions during the second month, they will pay $50 per million exchanged during the third month.

 

👉 If the trader executes $600 million worth of transactions in the third month, their commission rates will be lowered to $40 in the fourth month, based on the three-month rolling average of the trading volume.

 

Overnight Fees, Rollovers, or Swaps

Forex.com Review Rollover Fees

 

👉 When you participate in the forex market, you are effectively borrowing one currency to acquire another.

 

👉 Typically, the rollover rate is the interest paid or received on overnight holdings. A rollover interest charge is determined based on the difference between the two currencies’ interest rates.

 

👉 Rollover rates are determined by the difference between the two currencies’ interest rates and the current price. Rollover rates could be influenced by market circumstances, particularly towards the conclusion of a quarter or year.

 

👉 FOREX.com frequently assesses rollover fees and alters them to reflect current circumstances in the market and overall industry. Some typical overnight fees that Kenyans can expect from FOREX.com are as follows:

➡️ EUR/USD – a long swap of -0.54 and a short swap of 0.03

➡️ CAD/CHF – a long swap of 0.09 and a short swap of -0.63

➡️ CHF/JPY – a long swap of -0.39 and a short swap of -0.05

➡️ EUR/GB – a long swap of -0.64 and a short swap of 0.15

➡️ EUR/ZAR – a long swap of -3.67 and a short swap of 1.98

➡️ USD/ZAR – a long swap of -2.64 and a short swap of 1.01

➡️ XAG/USD – a long swap of -0.03 and a short swap of 0.01

➡️ XAU/USD – a long swap of -0.03 and a short swap of -0.11

 

Deposit and Withdrawal Fees

👉 FOREX.com does not charge any deposit or withdrawal fees.

 

Other Fees

👉 FOREX.com imposes a 0.5% currency conversion fee in addition to an inactivity fee once an active trading account has been idle for 12 consecutive months. For every inactive month, $15 will be deducted from the account until the account balance reaches zero and is subsequently closed.

FOREX.com Deposits and Withdrawals

Forex.com Review Deposits And Withdrawals

 

👉 FOREX.com offers the following deposit and withdrawal methods:

➡️ Credit Card

➡️ Debit Card

➡️ Bank Wire Transfer

➡️ Neteller

➡️ Skrill

 

How to Deposit Funds with FOREX.com

👉 To deposit funds to an account with FOREX.com, Kenyan traders can follow these steps:

➡️ Ensure that the trading account has been verified and approved.

➡️ Log into “MyAccount” on the FOREX.com website.

➡️ Navigate to the Funding page and select a deposit method.

➡️ Enter the minimum amount to be deposited, choose a currency, and confirm the deposit

 

👉 While the minimum requirement is 11,500 KES ($100), FOREX.com urges traders to ensure that they maintain their excess margin balance above the required margin. If traders do not ensure this, it can prevent them from executing trades on certain instruments or it could result in the liquidation of positions.

 

👉 FOREX.com does not charge any deposit fees but banks may charge a processing or service fee on transactions. In addition, currency conversion fees are charged when deposits are made in currencies other than GBP, USD, or EUR.

 

FOREX.com Fund Withdrawal Process

👉 To withdraw funds from an account with FOREX.com, Kenyan traders can follow these steps:

➡️ Log into MyAccount and navigate to the Withdrawal Section

 

👉 Funds that were deposited will be returned to the original funding source in the following order:

➡️ Credit or debit cards

➡️ Wire transfer

FOREX.com Education and Research

Forex.com Review Education and Research

 

👉 FOREX.com offers the following Educational Materials:

➡️ Trading Concepts

➡️ Risk Management Guides

➡️ Technical Analysis

➡️ Fundamental Analysis

➡️ Trading Strategies

➡️ Trading Topics

➡️ Glossary

➡️ Trading Courses (Beginner, intermediate, advanced)

➡️ What is Forex?

➡️ Chart Basics

➡️ Developing a Trading Plan

 

👉 FOREX.com offers Kenyan traders the following Research and Trading Tools:

➡️ The Latest Research

➡️ Market Insights

➡️ Trade Ideas

➡️ Pivot Points

➡️ Economic Calendar

➡️ Week Ahead Reports

➡️ Webinars

➡️ Popular Topics Section

FOREX.com Bonuses and Promotions

👉 FOREX.com does not currently offer any bonuses or promotions to Kenyan traders.

How to open an Affiliate Account with FOREX.com

Forex.com Review Affiliate Program

 

👉 To register as an affiliate with FOREX.com, Kenyans can visit the official website, navigate to “About Us” and select “Affiliate Program” under the “Our Parent Company” tab. This will redirect prospective affiliates to the GAIN capital affiliates page where they can select whether they want to partner with GAIN Capital, City Index, or FOREX.com.

 

👉 Despite the option that Kenyans choose, they will be redirected to a standard registration form that consists of three sections, namely:

➡️ Personal Information

➡️ Payment Information

➡️ Additional Information

 

👉 Prospective affiliates can complete the registration form and submit it and a GAIN Capital representative will contact them once the registration has been reviewed.

 

FOREX.com Affiliate Program Features

👉 GAIN Capital administers FOREX.com’s affiliate program. Kenyans may earn up to $650 via the CPA and get the following benefits:

➡️ Superior commission rates

➡️ Working with a regulated brand that has a global presence

➡️ Accessing strong conversion journeys

 

👉 Kenyans who sign up as affiliates will have access to a specialized affiliate support staff, some of the greatest creative content, and innovative affiliate software, among other benefits.

 

FOREX.com Corporate Social Responsibility

👉 There is currently no available information on FOREX.com or its affiliates’ corporate social responsibility.

Verdict on FOREX.com

👉 FOREX.com has a very high trust score of 99 out of 100, making it one of the market-leading forex and CFD brokers. FOREX.com is a reputable brand that provides an exceptional trading experience to forex and CFDs traders worldwide.

 

👉 It covers a broad variety of markets and offers an amazing array of customized trading platforms in addition to MetaTrader. FOREX.com’s main company, StoneX, is publicly listed (NASDAQ: SNEX), and the broker is licensed in eight tier-1 countries via its affiliates, making it a safe (low-risk) broker for forex and CFD trading.

FOREX.com Current Popularity Trends

👉 According to Google Trends, FOREX.com has seen an increase in Google Searches in the past month.

FOREX.com Current Popularity Trends

Overall Rating

Min Deposit

USD 100 / 11615 KES

Regulators

CySEC, FCA

Trading Desk

Crypto

Yes

Total Pairs

50

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on Forex.com’s website

FOREX.com Pros and Cons

✔️ Pros❌ Cons
FOREX.com is regulated in several regions globally, including the United StatesInactivity fees apply to dormant accounts
There are user-friendly platforms offeredThere is a currency conversion fee charged
FOREX.com has an execution scorecardThere is no KES-denominated account and deposit currencies are limited to USD, GBP, and EUR
There are commission-free trading accounts offeredNigerian traders cannot deposit in Naira
Direct Market Access (DMA) Account offeredThere is a limited range of funding options and no local options for Kenyans
There is a range of trading tools and educational materials
There is a dedicated market strategist provided
An active trader program is offered

Frequently Asked Questions

Can I trust FOREX.com?

Yes, FOREX.com is a low-risk broker with a 99 out of 100 trust score. In addition, the broker is also regulated by eight Tier-1 market regulators, which makes it a trustworthy and safe broker.

 

Is FOREX.com a fake or a scam broker?

FOREX.com is a verified and legit broker with a Trustpilot score of 3/5.

 

What live accounts can Kenyans register with FOREX.com?

FOREX.com offers a choice between these live accounts:

  • Standard Account
  • Commission Account
  • Direct Market Access (DMA) Account

 

How many financial instruments can I trade with FOREX.com?

With a FOREX.com account, despite the account type, you can choose from more than 4,500 financial instruments spread across these asset classes:

  • Forex
  • Indices
  • Stocks
  • Commodities
  • Precious Metals
  • Cryptocurrencies
  • Energies

 

What is the overall rating for FOREX.com?

We give FOREX.com an overall rating of 9/10 based on its multi-regulated status, execution scorecard, competitive trading conditions, advanced trading platforms, affiliate program, and wide range of instruments that can be traded.

 

What deposit currencies can I use when I fund my live trading account with FOREX.com?

You can only choose between USD, GBP, or EUR as these are the only options available as the base currency of any trading account with FOREX.com.

Conclusion

👉 Now it is your turn to participate:

➡️ Do you have any prior experience with FOREX.com?

➡️ What was the determining factor in your decision to engage with FOREX.com?

➡️ Was it because of the minimum deposit, regulation, retail trading accounts, or any other factors?

➡️ Have you experienced any issues with FOREX.com such as difficulty withdrawing funds, inability to verify regulations, irresponsive customer support, etc.?

 

👉 Regardless, please share your thoughts in the comments below.

 

Addendum/Disclosure:

👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

9.5/10 - (19 votes)

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