{{Short description|FX and CFD broker}} {{Infobox company | name = Forex.com | logo = | logo_caption = | logo_upright = <!-- default: 1 --> | logo_alt = | predecessor = <!-- or: predecessors = --> | founded = 2004 | founder = Mark Galant | defunct = <!-- {{End date|YYYY|MM|DD}} --> | fate = | successor = <!-- or: successors = --> | hq_location_city = Warren, New Jersey | hq_location_country = United States | area_served = <!-- or: areas_served = --> | key_people = | products = {{ubl |CFD Trading |Forex trading }} | parent = StoneX | type = Subsidiary | industry = Financial services | owner = <!-- or: owners = --> | num_employees = | num_employees_year = <!-- Year of num_employees data (if known) --> | website = {{URL|forex.com}} }}
'''Forex.com''' is a provider of foreign exchange (FX) and contracts for difference (CFD) trading services. It operates as a brand of GAIN Capital Holdings, a subsidiary of the publicly traded StoneX Group Inc. (NASDAQ: SNEX). The company offers leveraged trading products across various markets including currencies, commodities, indices, and cryptocurrencies.
== History == GAIN Capital was founded in 1999 by Mark Galant and launched the Forex.com brand in 2004 for retail trading clients.<ref>{{cite web| url =https://www.thetradenews.com/gain-capital-groupamp39s-ceo-becomes-chairman-as-md-takes-over-as-ceo/| title =GAIN Capital Group's CEO becomes chairman as MD takes over as CEO | date =2007-06-15| publisher = The Trade news| access-date =2025-05-19}}</ref><ref>{{cite web| url =https://traders.com/documentation/feedbk_docs/2004/04/TradeNews/TradeNews.html| title =April 2004 TRADE NEWS News Releases & Products | publisher = Traders.com| access-date =2025-05-19}}</ref>
In 2008, Gain Capital acquired a UK FSA-regulated broker, rebranding it as Forex.com UK and launching operations across the UK and continental Europe in May 2009.<ref name=telegraph20090303>{{cite web| url =https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/5268644/Gain-forex-platform-launches-in-Europe.html| title =Gain forex platform launches in Europe| last =Fildes| first =Nick| date =2009-03-03| publisher =The Telegraph | access-date =2025-05-19}}</ref><ref>{{cite web| url =https://vlex.co.uk/vid/mr-stephen-james-bull-793126889| title =Mr Stephen James Bull and Others v Gain Capital Holdings Inc. and Others | date =2014-02-28| publisher =Queen's Bench Division (Commercial Court) UK | access-date =2025-05-19}}</ref> By then, monthly trading volume had already neared $200 billion.<ref>{{cite web| url =https://www.reuters.com/article/internetNews/idUSTRE5422T920090503/| title =FX retail trading platform FOREX.com launches in Europe | date =2009-05-04| publisher =Reuters | access-date =2025-05-19}}</ref> In 2009, the broker entered the Japanese market by acquiring ''Fortune Capital'',<ref name=telegraph20090303/> and in 2010 opened a Hong Kong office and partnered with ''Polaris Securities''.<ref name=dbfx-fm /> By the early 2010s, Forex.com operated across North America, Europe, and Asia-Pacific.<ref name=dbfx-fm>{{cite web| url =https://www.financemagnates.com/forex/brokers/dbfx-is-exiting-the-retail-forex-market-transfers-clients-to-gain-capital-forex-com/| title =Deutsche Bank is shutting down dbFX, exiting the retail forex market, transfers clients to Gain Capital| last =Greenberg| first =Michael| date =2011-04-21| publisher =Finance Magnates | access-date =2025-05-19}}</ref>
Forex.com purchased dbFX from Deutsche Bank in 2011, adding 1,650 clients and $55 million in assets.<ref name=dbfx-fm /><ref>{{cite web| url =https://www.financemagnates.com/forex/brokers/gain-capital-announces-rfirst-quarter-2011-results-volume-is-up-dbfx-details-inside/| title =GAIN Capital Announces First Quarter 2011 Results - Volume is up, dbFX details inside| last =Greenberg| first =Michael| date =2011-05-16| publisher = Finance Magnates| access-date =2026-02-02}}</ref> In 2013, it acquired Sydney-based ''Global Futures'', bringing combined client assets to over $650 million.<ref>{{cite web| url =https://www.bloomberg.com/news/articles/2013-04-25/gain-capital-rebuffs-fxcm-takeover-buys-global-futures-forex| title =Gain Capital Rebuffs FXCM Takeover, Buys Global Futures & Forex| last =Ciollo| first =Joseph| date =2013-04-25| publisher =Bloomberg | access-date =2025-05-19}}</ref><ref>{{cite web| url =https://www.financemagnates.com/forex/brokers/gain-capital-completes-gft-acquisition-40-million-in-cash-plus-extras/| title =GAIN Capital Completes GFT Acquisition - $40 million in Cash Plus Extras| last =Siddiqui| first =Adil| date =2013-09-24| publisher =Finance Magnates | access-date =2025-05-19}}</ref><ref>{{cite web| url =https://money.cnn.com/news/newsfeeds/articles/prnewswire/NY01521.htm| title =GAIN Capital to Acquire GFT; Announces Preliminary First Quarter Results| date =2013-04-25| publisher =Money CNN | access-date =2025-05-20}}{{dead link|date=May 2026|bot=medic}}{{cbignore|bot=medic}}</ref> In 2014, its Japanese division took over the client base of ''Planex Trade FX''.<ref>{{cite web| url =https://www.financemagnates.com/forex/analysis/gain-capitals-forex-com-japanese-arm-acquires-the-fx-customers-of-planex-trade/| title =GAIN Capital's Forex.com Japanese Arm Acquires the FX Customers of Planex Trade| last =Golovtchenko| first =Victor| date =2014-08-14| publisher =Finance Magnates | access-date =2025-05-19}}</ref>
GAIN Capital agreed to acquire UK-based broker City Index in October 2014, and completed the acquisition in March 2015.<ref name="FT_CityIndex">{{cite web |title=Spencer sells City Index to GAIN Capital |url=https://www.ft.com/content/09b7e6ba-60fc-11e4-b935-00144feabdc0 |publisher=Financial Times |date=2014-10-31 |access-date=2026-02-02}}</ref><ref name="Reuters_20150514">{{cite web |title=Playtech seeks deal with online trading platform AvaTrade |url=https://www.reuters.com/article/technology/playtech-seeks-deal-with-online-trading-platform-avatrade-idUSKBN0NZ27V/ |publisher=Reuters |date=2015-05-14 |access-date=2026-02-02}}</ref>
In January 2015, in the aftermath of the Swiss franc cap removal,<ref>{{cite news|url=https://www.smh.com.au/business/markets/francogeddon-swiss-central-bank-stuns-market-with-policy-uturn-20150116-12re0d.html|title='Francogeddon': Swiss central bank stuns market with policy U-turn|newspaper=Sydney Morning Herald|date=2015-01-16|access-date=2025-05-21}}</ref><ref>{{cite news|url=https://www.bbc.co.uk/news/av/business-30845248|title='Francogeddon' as Swiss franc ends euro cap|newspaper=BBC News|date=2015-01-16|access-date=2015-01-19}}</ref> Gain Capital announced that it would reset all accounts with negative balances.<ref>{{cite web| url =https://www.financemagnates.com/forex/brokers/gain-capital-forex-com-confirms-negative-balances-forgiven-thursday/| title =GAIN Capital (Forex.com) Confirms Negative Balances Forgiven by Thursday| last =Mizrahi| first =Avi| date =2015-01-22| publisher =Finance Magnates | access-date =2025-05-19}}</ref><ref>{{cite web| url =https://www.reuters.com/article/business/exclusive-gain-to-cover-clients-fx-negative-balances-from-jan-15-franc-trades-le-idUSKBN0KU1ZJ/| title =Exclusive: GAIN to cover clients' FX negative balances from Jan. 15 franc trades - letter| last =Chavez-Dreyfuss| first =Gertrude| date =2015-01-21| publisher =Reuters | access-date =2025-05-20}}</ref> Two years later, the company absorbed more than 47,000 U.S. retail accounts from FXCM, adding $142 million in client assets following FXCM’s regulatory settlement with the CFTC.<ref>{{cite web| url =https://financefeeds.com/gain-capital-enters-definitive-agreement-acquisition-fxcms-clients-us/| title =GAIN Capital enters into definitive agreement for acquisition of FXCM's clients in US| last =Nikolova| first =Maria| date =2017-02-07| publisher =Finance Feeds | access-date =2025-05-20}}</ref><ref>{{cite web| url =https://financefeeds.com/forex-com-provides-transfer-details-fxcm-us-customers/| title =Forex.com provides more transfer details to FXCM US customers| last =Nikolova| first =Maria| date =2017-02-22| publisher =Finance Feeds | access-date =2025-05-20}}</ref>
Forex.com entered the cryptocurrency market in 2018, launching trading in Ethereum, Litecoin, Ripple, and Bitcoin Cash for clients in the UK, Europe, Australia, and Singapore.<ref>{{cite web| url =https://www.financemagnates.com/cryptocurrency/news/gain-capital-expands-cryptocurrency-cfds-business-adds-four-new-altcoins/| title =GAIN Capital Expands Cryptocurrency CFDs Business, Adds Four New Altcoins| last =Abdel-Qader| first =Aziz| date =2018-04-05| publisher =Finance Magnates | access-date =2025-05-19}}</ref> In 2020, the company was acquired by StoneX Group for $236 million, becoming part of a publicly traded financial services conglomerate.<ref name=stoneacq>{{cite web| url =https://www.financemagnates.com/forex/brokers/stonex-completes-236-million-gain-capital-acquisition-deal/| title =StoneX Completes $236 Million GAIN Capital Acquisition Deal| last =Shome| first =Arnab| date =2020-07-31| publisher =Finance Magnates | access-date =2025-04-09}}</ref><ref>{{cite web| url =https://www.financemagnates.com/forex/brokers/intl-fcstone-to-acquire-gain-capital-in-all-cash-deal/| title =INTL FCStone to Acquire GAIN Capital in All-Cash Deal| last =Skinner| first =Celeste| date =2020-02-27| publisher =Finance Magnates | access-date =2025-04-09}}</ref>
In 2021, it obtained a license in the Cayman Islands and entered Latin America.<ref>{{cite web| url =https://www.financemagnates.com/forex/brokers/forex-com-launches-trading-services-in-latin-america/| title =Forex.com Launches Trading Services in Latin America| last =Shome| first =Arnab| date =2021-10-18| publisher = Finance Magnates| access-date =2025-05-19}}</ref> In 2022, it broadened its Canadian offering to more than 2,500 CFD markets.<ref>{{cite web| url =https://www.financemagnates.com/forex/brokers/forexcom-enters-canada-with-trading-services/| title =Forex.com Expands Trading Services in Canada| last =Shome| first =Arnab| date =2022-03-16| publisher =Finance Magnates | access-date =2025-05-19}}</ref> and launched automated trading features for U.S. clients in partnership with ''Capitalise.ai''.<ref name=FM20221013>{{cite web| url =https://www.financemagnates.com/thought-leadership/forexcom-announces-new-offering-with-capitaliseai/| title =FOREX.com Announces New Offering with Capitalise.ai| date =2022-10-13| publisher =Finance Magnates | access-date =2025-05-19}}</ref> As of 2024, the company reported the highest volume of client deposits in the U.S. market, totaling $209.4 million.<ref>{{cite web| url =https://www.financemagnates.com/forex/gain-capital-maintains-dominance-as-us-fx-deposits-surge-in-february-2024/| title =Gain Capital Maintains Dominance as US FX Deposits Surge in February 2024| last =Chmiel| first =Damian| date =2024-04-10| publisher =Finance Magnates | access-date =2025-05-20}}</ref> In May 2025, Forex.com launched operations in Singapore.<ref>{{cite web| url =https://financefeeds.com/stonex-launches-forex-com-in-singapore-to-expand-access-to-global-cfd-trading/| title =StoneX Launches FOREX.com in Singapore to Expand Access to Global CFD Trading| last =Steves| first =Rick| date =2025-05-05| publisher =Finance Feeds | access-date =2025-05-20}}</ref>
In May 2025, Forex.com expanded its partnership with ''Capitalise.ai'' to offer automated trading tools to clients in the European Union and the United Kingdom.<ref name="FM-Capitalise-EUUK">{{cite web |title=Capitalise.ai and FOREX.com Expand Partnership into EU and UK Markets |url=https://www.financemagnates.com/thought-leadership/capitaliseai-and-forexcom-expand-partnership-into-eu-and-uk-markets/ |publisher=Finance Magnates |date=2025-05-28 |access-date=2026-02-02}}</ref>
In September 2025, Forex.com introduced 24/7 cryptocurrency CFD trading.<ref>{{cite web |title=FOREX.com Launches 24/7 Crypto CFDs, Following Industry 2025 Trend |url=https://www.financemagnates.com/forex/brokers/forexcom-launches-247-crypto-cfds-following-industry-2025-trend/ |publisher=Finance Magnates |date=2025-09-24 |access-date=2026-02-02}}</ref>
In late 2025, StoneX launched the Forex.com brand in Australia as part of consolidating its retail trading businesses under a single global brand, following the rebranding of its City Index business in Australia to Forex.com on 30 August 2025.<ref>{{cite web |last=Berry |first=Richard |title=City Index Rebrands as FOREX.com in Australia: What Traders Need to Know |url=https://goodmoneyguide.com/au/forex-com-australia/ |publisher=Good Money Guide |date=2025-09-16 |access-date=2026-02-02}}</ref> == Operations == Forex.com is headquartered in Warren, New Jersey,<ref name=NFA20221208>{{cite web| url =https://www.nfa.futures.org/newsnotices/newsArticle.aspx?ArticleID=5519| title =NFA orders Warren, NJ retail forex dealer and futures commission merchant Gain Capital Group LLC to pay a $700,000 fin | date =2022-12-08| publisher =National Futures Association | access-date =2025-05-19}}</ref> and operates internationally under multiple regulatory regimes, including licenses from the U.S. CFTC and NFA, Australia's ASIC, the UK's FCA, Japan's FSA, Canada's Canadian Investment Regulatory Organization (CIRO; formerly IIROC), and Hong Kong's SFC.<ref name=FM20221102>{{cite web| url =https://www.financemagnates.com/forex/best-forex-brokers-in-the-us/| title =Best Forex Brokers in the US | date =2022-11-02| publisher =Finance Magnates | access-date =2025-05-19}}</ref> As of 2023, the company reported over 750,000 active clients worldwide with customer assets exceeding $8.5 billion.<ref>{{cite web| url =https://www.financemagnates.com/thought-leadership/forexcom-expands-capitaliseai-services-globally-after-stellar-year-with-forexcom-us/| title =Forex.com Expands Capitalise.ai Services Globally, After Stellar Year with Forex.com US | date =2023-10-02| publisher =Finance Magnates | access-date =2025-05-20}}</ref>
In January 2026, GAIN Capital UK said it planned to surrender its Financial Conduct Authority (FCA) authorisation; StoneX said that its UK-regulated entity StoneX Financial Ltd would continue operating Forex.com in the UK, and that a Dubai Capital Market Authority (CMA) licence obtained in August 2025 was intended to support growth in the Middle East alongside the group's other licences.<ref>{{cite web |title=Gain Capital UK Plans to Surrender FCA Licence, but It Will Not Impact Forex.com’s Local Presence |url=https://www.financemagnates.com/forex/forexcom-operator-plans-to-surrender-fca-licence/ |publisher=Finance Magnates |date=2026-01-05 |access-date=2026-02-02}}</ref>
== Controversy == === Regulatory and compliance issues === The broker has been subject to multiple regulatory actions over the years for various compliance violations. These include a $500,000 fine from the CFTC for illegally onboarding U.S. clients via a UK entity<ref>{{cite web| url =https://www.financemagnates.com/forex/brokers/cftc-hits-gain-capital-uk-with-500k-fine-over-onboarding-us-traders/| title =CFTC Hits Gain Capital UK with $500K Fine over Onboarding US Traders| last =Abdel-Qader| first =Aziz| date =2020-06-08| publisher =Finance Magnates | access-date =2025-05-20}}</ref> and a $300,000 penalty for supervisory failures over client accounts.<ref>{{cite web| url =https://financialcommission.org/2020/09/30/gain-capital-fined-300000-by-cftc/| title =GAIN Capital Fined $300,000 by CFTC| date =2020-09-30| publisher = The Financial Commission| access-date =2025-05-20}}</ref> In 2010, the NFA fined GAIN Capital $459,000 for unfair slippage practices, margin handling, and poor supervision.<ref>{{cite web| url =https://www.financemagnates.com/forex/brokers/gain-fined-459k-for-abusive-market-practices/| title =Gain fined $459k for abusive market practices| last =Greenberg| first =Michael| date =2010-10-29| publisher =Finance Magnates | access-date =2025-05-19}}</ref>
On 31 March 2021, a system error led Forex.com to display outdated quotes for 14 FX pairs for over 10 hours. Dozens of trades were executed at stale prices, resulting in account imbalances. The company reversed $2.84 million in client gains and credited minor adjustments to others. In 2022, the NFA fined the company $700,000 for mishandling the incident, rule violations, and misleading regulators.<ref name=FM20221209>{{cite web| url =https://www.financemagnates.com/forex/nfa-fines-gain-capital-700k-for-compliance-violations/| title =NFA Fines GAIN Capital $700K for Compliance Violations| last =Shome| first =Arnab| date =2022-12-09| publisher =Finance Magnates | access-date =2025-05-19}}</ref><ref name=NFA20221208/>
=== Lawsuits and legal disputes === In 2013, Gain Capital was sued by UK investors who alleged it enabled trading for Cameron Farley Ltd., an unlicensed broker operating a Ponzi scheme. Between 2004 and 2008, Cameron Farley, founded by Stephen Farley, lost over £10 million via Forex.com, while total client losses exceeded £18 million.<ref>{{cite web| url =https://www.dailyrecord.co.uk/news/scottish-news/shameless-conman-launches-brazen-video-8959383| title =Shameless conman who swindled £113m launches brazen video bid to dupe more victims| last =Silvester| first =Norman| date =2016-10-02| publisher = Daily Record| access-date =2025-05-19}}</ref><ref>{{cite web| url =https://www.business-live.co.uk/economic-development/lawyers-seeking-funds-recover-money-3921192| title =Lawyers seeking funds to recover money from Ponzi scheme| last =Brown| first =Graeme| date =2011-05-18| publisher =Business Live | access-date =2025-05-19}}</ref><ref>{{cite web| url =https://www.heraldscotland.com/news/14923581.seven-year-jail-term-man-behind-18-million-investment-fraud/| title =Seven-year jail term for man behind £18 million investment fraud| date =2016-11-23| publisher =The Herald | access-date =2025-05-19}}</ref> Plaintiffs claimed the company failed to perform due diligence and indirectly facilitated fraud by allowing thousands of individuals to trade through an unlicensed intermediary.<ref>{{cite web| url =https://vlex.co.uk/vid/mr-stephen-james-bull-793126889| title =Mr Stephen James Bull and Others v Gain Capital Holdings Inc | date =2014-02-28| publisher =Queen's Bench Division (Commercial Court) | access-date =2025-05-19}}</ref>
In July 2020, a Chinese trader Jun Zhang sued Gain Capital after losing $143,032 while trading at Forex.com. Zhang blamed the negative pricing of WTI futures and Gain's system that halted 22 minutes before the closing of U.S. crude oil trading on 20 April 2020. On 21 April 2020, the platform showed US_OIL at $0.01.<ref>{{cite web| url =https://fxnewsgroup.com/forex-news/retail-forex/trader-drops-lawsuit-against-gain-capital-over-crude-oil-prices/| title =Trader drops lawsuit against GAIN Capital over crude oil prices| last =Nikolova| first =Maria| date =2021-07-07| publisher =FX News Group | access-date =2025-05-20}}</ref><ref>{{cite web| url =https://fxnewsgroup.com/forex-news/retail-forex/gain-capital-faces-challenge-in-lawsuit-over-negative-crude-oil-prices/| title =GAIN Capital faces challenge in lawsuit over negative crude oil prices| last =Nikolova| first =Maria| date =2021-06-29| publisher =FX News Group | access-date =2025-05-20}}</ref><ref>{{cite web| url =https://case-law.vlex.com/vid/zhang-v-gain-capital-892721117| title =Zhang v. Gain Capital Holdings, Inc.| date =2021-05-25| publisher =The New Jersey District Court | access-date =2025-05-20}}</ref>
Since 2021, GAIN Capital has been engaged in continuing litigation with Canadian broker OANDA, which accuses Forex.com of infringing patents related to price quoting and trade execution.<ref>{{cite web| url =https://fxnewsgroup.com/forex-news/retail-forex/oanda-files-amended-patent-infringement-complaint-against-gain-capital/| title =OANDA files amended patent infringement complaint against GAIN Capital| last =Nikolova| first =Maria| date =2021-04-20| publisher =FX News Group | access-date =2025-05-20}}</ref> In February 2024, a U.S. federal court dismissed OANDA's patent claims against StoneX in a separate case, finding the asserted patents were not "sufficiently inventive" to proceed.<ref>{{cite web |title=StoneX Wins Dismissal of OANDA's Patent Infringement Lawsuit |url=https://news.bloomberglaw.com/ip-law/stonex-wins-dismissal-of-oandas-patent-infringement-lawsuit |publisher=Bloomberg Law |date=2024-02-15 |access-date=2026-02-02}}</ref> OANDA's patent infringement lawsuit against GAIN Capital continued in 2025 in the U.S. District Court for the District of New Jersey.<ref>{{cite web |last=Nikolova |first=Maria |title=GAIN Capital seeks international judicial assistance in patent infringement lawsuit brought by OANDA |url=https://fxnewsgroup.com/forex-news/retail-forex/gain-capital-seeks-international-judicial-assistance-in-patent-infringement-lawsuit-brought-by-oanda/ |publisher=FX News Group |date=2025-03-03 |access-date=2026-02-02}}</ref>
=== Security and ethical incidents === In April 2020, the Japanese unit of Forex.com suffered a data breach, client personal data were exposed by an unauthorized third party.<ref>{{cite web| url =https://www.financemagnates.com/forex/brokers/forex-com-japan-alerts-users-to-cyber-incident/| title =FOREX.com Japan Alerts Users to Cyber Incident| last =Skinner| first =Celeste| date =2020-05-11| publisher =Finance Magnates | access-date =2025-05-19}}</ref>
In 2020, following the acquisition by StoneX Group, Joseph Conlan, a former GAIN Capital executive, profited from insider information about the deal. In 2023, he settled charges with the U.S. SEC, agreeing to pay $159,389 in disgorgement and penalties.<ref>{{cite web| url =https://www.financemagnates.com/forex/gain-capitals-236-million-deal-that-led-to-an-insider-trading-scandal/| title =Gain Capital's $236 Million Deal That Led to an Insider Trading Scandal| last =Chmiel| first =Damian| date =2023-10-31| publisher =Finance Magnates | access-date =2025-04-09}}</ref><ref>{{cite web| url =https://fxnewsgroup.com/forex-news/retail-forex/sec-charges-former-stonex-exec-with-insider-trading-ahead-of-gain-capital-acquisition/| title =SEC charges former StoneX exec with insider trading ahead of GAIN Capital acquisition| last =Nikolova| first =Maria| date=2023-10-31| publisher =FX News Group | access-date =2025-05-19}}</ref>
== See also == *List of electronic trading platforms
==References== {{Reflist}}
Category:Financial services companies established in 1999 Category:Financial derivative trading companies