Clientele Feedback: What are Investors' Opinions of Forex.com?

When referring to the world's most liquid forex market, you can't resist quoting it as scammers' most potential target. Further, one might not be surprised after hearing that people have been losing money to Ponzi schemes. However, getting ditched by a well-regulated broker can be heart-wrenching. Forex.com is one of the unfortunate brokers people have reported for its lousy conduct amid delayed withdrawals, account closures, wider spreads and price manipulation.   

Overview

Founded in 1999, Forex.com is a brand name of StoneX Financial Limited. Headquartered in the United States, the forex broker operates through its regional offices worldwide. The company offers a rich product portfolio, enabling clients to trade various financial instruments across major asset classes like forex, commodities, shares, indices and metals. With easy-to-use trading platforms, flexible account types, and multiple payment methods, the broker entices retail and institutional investors to sign up with it.

Regulatory Status

Forex.com holds multiple regulations from top-tier regulatory institutions worldwide, including but not limited to NFA, FCA, ASIC, IIROC, and CySEC. The broker claims to keep clients' investments in segregated bank accounts and abides by all the AML guidelines. 

Clientele Feedback 

Forex.com clients have consistently reported the broker's malpractices on various digital and social media platforms like BrokersView. Let us share some screenshots below. 

As evident from the above images, the company closes your account without any notice, despite the fact you've been its loyal customer for ages and blocks access to your accounts once your trades start turning profitable.  

Further, the broker receives critics for delaying withdrawal requests for no reason. 

The situation worsens when you experience awful customer service from a broker licensed in more than seven jurisdictions in the world. 

Why would a multi-regulated broker make people have bad experiences with it?

You might agree about possible reasons for a well-reputed broker to behave weirdly. First of all, when a broker is heavily regulated, it tends to be more cautious. For example, it might restrict access to your account upon determining a logging attempt from an unknown IP address, mitigating the intrusion risk.

Secondly, an AML compliant broker makes every effort to avoid legal violations. For instance, processing withdrawal requests of an unverified account might appear offensive to anti-money laundering agencies.

To cut it short, regulated brokers wouldn't want to face implications for breaching the code of conduct, such as financial penalties and license cancellation.  

What to do if forex.com mistreats you? 

If you feel intimidated by the broker, reaching out to its customer support is the best approach. However, owing to humanly limitations, you could experience a pathetic response from the customer support staff. Reasons might vary, including inexperienced support agents, lack of product knowledge or linguistic barriers.

Try requesting them to connect you with upper managerial staff and explain your issue in detail. If things don't work as anticipated, placing a withdrawal request and sidelining might be best. Since the broker doesn't have a good reputation for releasing clients' funds, you could also face the same issue.

Lastly, consider escalating your problems to the concerned regulatory authority like FCA, ASIC, CySEC, etc. Do not forget to provide complete case details, such as the account number, transaction amounts, screenshots of relevant correspondence with the company, etc. Hopefully, regulators will help you get your issue resolved.

Bottom Line

It is usually for brokers to have more or less unhappy customers. But it doesn't mean that brokers are always innocent. Since clients repeatedly report malpractices of forex.com, something must be wrong with the broker. The best thing is to avoid signing up with a disputed broker. Essentially, there are always better options available. And you can check on BrokersView.