Account Information and Funding FAQs
What's the difference between a practice and live trading account?
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The primary difference is that there is no capital at risk when trading in a practice account. A FOREX.com practice account features real-time quotes and charts, along with all the basic trading tools and much of the information you'll have access to as a FOREX.com customer, including single and contingent order types, a real-time newsfeed, up to the minute market commentary, daily and weekly research, and more. Results achieved on the FOREX.com practice account are hypothetical and no representation is made that any account will or is likely to achieve actual profits or losses similar to those achieved in the practice account. Conditions in the practice account cannot always reasonably reflect all of the market conditions that may affect pricing and execution in a live trading environment.
When you open a live, funded account, you'll have broader access to exclusive content generated daily by our senior traders and research team, as well as access to advanced charting packages provided by FOREX.com and third party providers.
How can I renew my practice trading account?
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To renew your practice account beyond 30 days simply call us at 1.877.367.3946 or click here to chat live with a representative.
How much money do I need to open an account?
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The minimum initial deposit required is $500. To be able to trade the full range of products offered we recommend a starting balance of at least $3000.
Opening an account is easy. Simply complete the following three steps.
1. Complete Application
You can apply online or download the necessary forms from our website.
2. Verify Personal Information
- U.S. Residents: You are not required to submit additional information at this time.
- Non U.S. Residents: Please submit two (2) forms of identification, including one (1) photo ID (i.e. passport or any other government-issued document evidencing nationality or residence and bearing a photograph), AND one (1) proof of address as represented on this application (i.e. utility bill, driver's license, bank statement, etc). Required of all authorized signers of this account.
Non US Residents must also complete a W-8BEN Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding form.
New account paperwork can be faxed, emailed or mailed.
Fax: 908.731.0777
Email: newaccounts@forex.com
Mail:
FOREX.com
Attn: New Accounts
Bedminster One
135 US Highway 202/206
Suite 11
Bedminster, NJ 07921
3. Fund Your Account
Once your account is open, there are four convenient ways to fund your new trading account:
- Credit or Debit card
- eCheck (ACH payment) – U.S. bank accounts only
- Wire transfer
- Personal or Business check
What is the best way to send new account paperwork?
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The fastest way to send new account paperwork is to either upload a scanned copy of your documents to MyAccount or email them to newaccounts@forex.com. Click here to login to MyAccount. If you do not have access to a scanner documents can be faxed to 908.731.0777. However, if you do not have access to either a fax machine or a scanner, you can always send your documents to us via regular mail at:
FOREX.com
Attn: New Accounts
Bedminster One
135 US Highway 202/206
Suite 11
Bedminster, NJ 07921
How do I know if my account has been opened?
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Once your account is opened, you will receive an email with your username and instructions for accessing your account.
There are four easy ways to fund your account.
- Credit Card: This is the easiest and fastest way to fund your account. In fact, in almost all instances, funds will post to your account immediately when you use a credit card. We accept Visa, MasterCard, and Discover.
- Wire Transfer: Fund your account via wire using US Dollars, Euros, Canadian Dollars, Japanese Yen, Swiss Francs, Australian Dollars, or British Pounds (Sterling). We typically receive funds within 1-2 business days.
- eCheck: If you have a checking account with a US bank, you may fund your account with US Dollars using an eCheck. The process usually takes 5 business days.
- Check: As long as it’s with a US bank, you can use a check from your personal or business account to fund your account with US Dollars. This process takes 5 – 10 business days.
To Fund your account: Login to your account and visit the funding page.
How do I fund my account by personal or business check?
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FOREX.com accepts paper checks drawn on US dollar accounts only. Funds sent via personal or business check take 5-10 business days (from date of receipt) to clear and be credited to client's trading account, according to our banking partner's posted schedule. This can vary depending on the bank and state of issue.
Please make all checks payable to FOREX.com.
Mail To:
FOREX.com
Bedminster One
135 US Highway 202/206
Suite 11
Bedminster, NJ 07921
How do I fund my account by eCheck (ACH Payment)?
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FOREX.com accepts eCheck (ACH Payments) from US bank accounts only. Funds sent via eCheck usually take 5 business days to clear and be credited to the client's trading account. Click here to login to MyAccount, our secure client area to make an eCheck deposit to your FOREX.com account.
When will my funds be posted to my account?
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The time it takes for a deposit to post to your account will depend on the method in which it is sent:
Credit Card - within 24 hours of receipt
eCheck (ACH Payment) - typically 5 business days
Personal Checks - 5 to 7 business days
Wire - 1 to 2 business days of receipt
Customers have convenient access to statements and reports from the FOREXTrader trading platform. The following reports are available:
Account Value Summary - An online monthly account statement. View current account balance (realized P&L) for a selected month, as well as all deposits, withdrawals, interest earned, and fees charged (if any).
Detailed Transaction Listing - Lists complete trade detail for any selected date range, including deal date, currency pair dealt, trade direction (buy or sell), contract size for both currencies in the pair dealt, and executed deal rate.
Open Positions - A summary view of all open positions, including contract size, USD value, average rate of open positions, reval rate (current market rate), and unrealized P&L. This report supplements real-time position information available in the position management screen of the trading platform.
Order History - Provides detail on all order activity for a selected data range, including order entry date and time stamp, listing of all cancelled and/or executed orders, along with its reference number. The Log Entry column provides a confirmation number and action detail for any order.
Rollover History - Provides rollover details for any transaction held open past 5:00pm ET, including rollover rate and USD value. May be generated for any given date range.
Realized P&L - Lists complete trade detail with P&L for any selected date range, including deal date, currency pair, trade basis, contract size and executed deal rate.
Rollover Rates - Rollover rates are updated every day by 12:00pm ET to reflect the rates for the current trading day. The amount shown is denominated in the base currency of the account.
Note: All reports can be printed and/or exported.
Self-directed clients, please login to your account and visit the withdraw funds page.
If your account is being managed by a third party, or you are unable to access MyAccount, click here to request a withdrawal.
If you funded your account with US Dollars:
There is no fee for withdrawal requests via check. Withdrawal requests via wire transfer will incur a $25 fee for wires within the United States, and $40 fee for international wires (including Canada).
If you funded your account with a non-USD deposit:
We will convert your US dollar account balance back to the currency you initially deposited and wire your funds back to the originating bank account. A fee of US$40 will be assessed.
Withdrawal requests are processed within two (2) business days of receipt.
FOREX.com will not accept third party deposits or withdrawal requests. The name(s) on the FOREX.com trading account must be an exact match with the name(s) on the account of the other financial institution. This includes (but is not limited to) instances where the name on the bank account is not a FOREX.com account holder, business accounts and endorsements to FOREX.com.
