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FOREX.com is the retail forex and CFD brand of StoneX Group Inc., a Nasdaq-listed financial services group. It serves clients through GAIN Capital Group, LLC in the US (CFTC and NFA), GAIN Capital - FOREX.com Canada Ltd. (CIRO), StoneX Financial Ltd in the UK (FCA), StoneX Europe Ltd in Cyprus (CySEC), StoneX Financial Pty Ltd in Australia (ASIC), StoneX Financial Pte. Ltd. in Singapore (MAS), StoneX Securities in Japan, and GAIN Global Markets, Inc. in the Cayman Islands (CIMA) for international clients.
Research-based assessment This profile has not completed TTI’s on-site verification and 30-day platform review. How TTI verification works
Each licence was matched on the regulator’s own register on the date shown. Unverified claims are listed under Regulation and legal entities.
Assessment summary
FOREX.com is owned by StoneX Group, a listed company that files audited reports with the SEC, and each agreement names the company that serves the client. We matched seven of its companies on official registers; the Canadian and Cayman licences could not be checked. EU, Canadian, Singapore and UK clients have an ombudsman or dispute body, and EU clients get negative balance protection and a compensation fund, but US retail forex balances are not segregated and international clients of the Cayman company can lose more than they deposit. The US company was fined by the NFA in 2022 over account adjustments after a platform malfunction, which we could only confirm from its own disclosure, and the CFTC fined FOREX.com’s former UK company in 2020 for taking US customers without registration. FOREX.com’s websites refused our automated requests, so its leverage, risk warnings and marketing claims are not determined.
Key positives
Clients can tell which regulated entity serves them 910111213141617
Each customer agreement and key document names the StoneX or Gain Capital company that contracts with the client, with its regulator and licence number. FOREX.com’s UK business moved from Gain Capital UK to StoneX Financial Ltd, and the UK documents name the new company.
The documents and registers give the legal names, company numbers and addresses of the client-facing companies.
Independent complaint outcomes show no adverse pattern 26
The ombudsman upheld 5 of the 19 decisions it published in three years on StoneX Financial Ltd and Gain Capital UK, most of them about FOREX.com or City Index trading accounts.
Key concerns
CFTC fines Gain Capital UK for dealing with US customers without registration 21
Reduced the enforcement dimension by 2.5 points (moderate severity, 6.3 years before the review, counted at a quarter of its weight).
StoneX Financial Pty Ltd compensated Australian clients after self-reporting CFD leverage limit breaches 22
Reduced the enforcement dimension by 2 points (low severity, 2.9 years before the review).
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 23
Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
Client-facing entities appear on the regulator’s register 1234567
Partly met We matched Gain Capital Group in the CFTC’s data, StoneX Financial Ltd on the FCA’s list, StoneX Europe on CySEC’s register, StoneX Financial Pty Ltd in ASIC’s data, StoneX Financial Pte. Ltd. in MAS’s directory, StoneX Securities on the Japanese FSA’s register and StoneX International on the Seychelles FSA’s list. We could not check the Canadian (CIRO) and Cayman (CIMA) licences.
Partly met The licence details in FOREX.com’s documents match the registers we could check. The Canadian and Cayman licences could not be checked, and we could not read the claims on FOREX.com’s websites.
Breakdown by dimension
Each dimension is scored from its criteria, then weighted. Dimensions without enough evidence are left out and the remaining weights are rescaled. Open a dimension to see every criterion, our rationale and the sources.
Regulatory status and licence verification 26% of score 84 out of 100
Whether the firm’s licences exist, are current and cover what it offers.
Partly met
Client-facing entities appear on the regulator’s register 1234567
We matched Gain Capital Group in the CFTC’s data, StoneX Financial Ltd on the FCA’s list, StoneX Europe on CySEC’s register, StoneX Financial Pty Ltd in ASIC’s data, StoneX Financial Pte. Ltd. in MAS’s directory, StoneX Securities on the Japanese FSA’s register and StoneX International on the Seychelles FSA’s list. We could not check the Canadian (CIRO) and Cayman (CIMA) licences.
Met
Authorisations are current and unrestricted 123456
The registers and data we checked show each company as currently authorised, with no suspension or restriction.
CySEC lists dealing on own account for StoneX Europe, MAS lists leveraged spot FX and OTC derivatives for StoneX Financial Pte. Ltd., the Japanese company is a Type I financial instruments business, Gain Capital Group is registered as a retail foreign exchange dealer, and StoneX’s annual report describes the Australian licence as covering dealing and market making in derivatives and FX for retail clients. We could not see the UK company’s permissions in the FCA data we used.
The licence details in FOREX.com’s documents match the registers we could check. The Canadian and Cayman licences could not be checked, and we could not read the claims on FOREX.com’s websites.
Met
Clients can tell which regulated entity serves them 910111213141617
Each customer agreement and key document names the StoneX or Gain Capital company that contracts with the client, with its regulator and licence number. FOREX.com’s UK business moved from Gain Capital UK to StoneX Financial Ltd, and the UK documents name the new company.
Criteria and their weighting are explained in the methodology.
Corporate transparency and ownership 13% of score 100 out of 100
Whether you can find out who owns and runs the firm.
The Canadian agreement explains how FOREX.com Canada, Gain Capital Group and the other FOREX.com companies relate to StoneX Group, and StoneX’s annual report describes its regulated subsidiaries and the FOREX.com and City Index brands.
Client money is segregated by the EU, Singapore and Cayman companies, but Gain Capital Group says it holds no customer funds required to be segregated under CFTC rules, so US retail forex balances are not segregated.
Partly met
Retail clients have negative balance protection 91112
EU retail clients have negative balance protection, but US clients must pay any deficit and the Cayman terms say losses may exceed deposits. We could not read the UK and Australian terms on this point.
StoneX Europe is a member of the Cyprus Investor Compensation Fund and FOREX.com Canada of the Canadian Investor Protection Fund, but no scheme covers US retail forex or Cayman clients.
Not determined
Banking and custody arrangements are disclosed 121520
The documents describe segregated bank accounts without naming the banks, and we could not access FOREX.com’s websites to see whether they name them.
The EU policy says withdrawals return to the deposit method and that the client pays transfer costs, but we found no processing times, and we could not read the websites’ funding pages.
Criteria and their weighting are explained in the methodology.
Enforcement and substantiated adverse findings 13% of score 94 out of 100
Regulator warnings, enforcement actions and final legal findings on record.
Starts at 100 and loses points for each substantiated adverse finding by severity and age. Allegations, complaints and clone
warnings never count. Total deducted: 6.5 points.
Met
Warning lists and enforcement records have been searched 1921222324
We searched CFTC, NFA, CySEC, ASIC, CVM and SEC records and the Indian and Malaysian alert lists, and ran web searches for actions by FOREX.com’s other regulators. The searches are listed in the source note.
Enforcement action
NFA fines Gain Capital Group USD 700,000 over customer account adjustments after a platform malfunction 1930
7 Dec 2022. Shown but not counted: it is not yet supported by a regulator, court or official record.
Enforcement action
CFTC fines Gain Capital UK for dealing with US customers without registration 21
8 Jun 2020. Reduced the enforcement dimension by 2.5 points (moderate severity, 6.3 years before the review, counted at a quarter of its weight).
Enforcement action
NFA fines Gain Capital Group USD 50,000 over slow handling of an MT4 malfunction 31
10 Aug 2019. Shown but not counted: it is not yet supported by a regulator, court or official record.
Enforcement action
StoneX Financial Pty Ltd compensated Australian clients after self-reporting CFD leverage limit breaches 22
9 Nov 2023. Reduced the enforcement dimension by 2 points (low severity, 2.9 years before the review).
Regulator warning
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 23
19 Nov 2025. Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
Criteria and their weighting are explained in the methodology.
Complaint handling and documented resolutions 8% of score 91 out of 100
How the firm handles complaints, and what independent records show.
The EU complaints management policy explains how to complain, the acknowledgement and reference number, escalation and timescales.
Partly met
Independent dispute resolution is available 1012162526
EU, Canadian, Singapore and UK clients can go to an ombudsman or dispute centre, but the Cayman terms send complaints to the firm’s own procedure and arbitration.
Met
Independent complaint outcomes show no adverse pattern 26
The ombudsman upheld 5 of the 19 decisions it published in three years on StoneX Financial Ltd and Gain Capital UK, most of them about FOREX.com or City Index trading accounts.
We found no complaint statistics published by FOREX.com, and its UK companies are below the thresholds for the FCA’s and ombudsman’s firm-level tables. AFCA publishes complaint figures for the financial firms that are its members, but its data site refused our requests, so we could not check the Australian company.
Criteria and their weighting are explained in the methodology.
Trading terms and operational transparency 8% of score 100 out of 100
Whether costs, execution and risks are disclosed before you sign up.
The EU costs and charges policy sets out spreads, commissions, overnight financing, currency conversion and the inactivity fee. We could not read the pricing pages for other regions.
The agreements explain margin close-out without stating maximum leverage or close-out levels, and we could not access the website pages that give them.
The agreements are dated, and the Cayman terms give clients 14 days to object to changes.
Criteria and their weighting are explained in the methodology.
On-site office verification 5% of score 0 out of 100
What our visit confirmed in person: a real, staffed office of the assessed entity, not a ghost address.
We have not checked this firm’s office in person, so this dimension scores zero. We check offices through our on-site verification programme.
Not met
Real office at the stated address, not a ghost address
Not met
Office of the assessed entity
Not met
Staffed and operating
Criteria and their weighting are explained in the methodology.
On-site assessment and platform testing 10% of score Not assessed: no on-site assessment yet
What our on-site checks and 30-day platform testing found.
We have not completed an on-site assessment of this firm, so this dimension does not count and its weight is shared among the others.
Not determined
Company identity
Not determined
Regulatory claims
Not determined
Office visit
Not determined
Account opening
Not determined
Platform usability
Not determined
Costs and disclosures
Not determined
Customer support
Not determined
Deposits and withdrawals
Not determined
Trading functions
Not determined
Complaints process
Criteria and their weighting are explained in the methodology.
Regulation and legal entities
A brand can trade through several companies, each licensed in a different place with different protections. Check which entity your
account would be with.
GAIN Capital Group, LLC
Client-facing entity · Incorporated in United States · Retail forex clients in the United States (FOREX.com)
National Futures Association (NFA) · Reference NFA ID 0339826
Forex dealer member
The NFA’s BASIC register needs a browser and could not be loaded; the NFA ID is the one FOREX.com gives.
Claimed by the firm, not yet verified
GAIN Capital - FOREX.com Canada Ltd.
Client-facing entity · Incorporated in Canada · Clients in Canada
Canadian Investment Regulatory Organization (CIRO)
Investment dealer
CIRO’s website refused our automated requests on 4 October 2026.
Claimed by the firm, not yet verified
StoneX Financial Ltd
Client-facing entity · Incorporated in United Kingdom · Company number 05616586 · Clients in the United Kingdom (FOREX.com is one of its trading names)
Holding or parent company · Incorporated in United States · Nasdaq-listed parent (SNEX)
No licence recorded for this entity.
Dated findings
Warnings, enforcement actions, legal findings, allegations and complaint records are labelled separately. What each label means.
Regulator warningActive
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 23
· Reserve Bank of India · India · Last checked 6 Oct 2026
The Reserve Bank of India’s Alert List, updated as on 19 November 2025, includes Forex.com (www.forex.com) among entities that are neither authorised to deal in forex under the Foreign Exchange Management Act nor authorised to operate a forex trading platform in India. The list warns residents but does not allege fraud.
Enforcement actionSettled
StoneX Financial Pty Ltd compensated Australian clients after self-reporting CFD leverage limit breaches 22
· Australian Securities and Investments Commission · Australia · Last checked 6 Oct 2026
On 9 November 2023 ASIC reported that StoneX Financial Pty Ltd, trading as City Index, was one of seven CFD issuers that self-reported issuing CFDs to retail clients with leverage above the limits in ASIC’s product intervention order and compensated affected clients under ASIC’s review. The same company issues FOREX.com’s Australian CFDs. ASIC did not impose a penalty.
Enforcement actionSettled
NFA fines Gain Capital Group USD 700,000 over customer account adjustments after a platform malfunction 1930
· National Futures Association · United States · Last checked 6 Oct 2026
Gain Capital Group’s own regulatory disclosure records that the NFA filed a complaint against it and its then chief executive on 15 September 2022 and accepted a settlement on 7 December 2022, with a USD 700,000 fine and without admission or denial. Trade press reported that the case concerned negative adjustments of about USD 2.84 million to 17 customer accounts after a platform malfunction in 2021, the treatment of affected customers, inaccurate information given to the NFA and failure to supervise. We could not load the NFA’s own decision.
Enforcement actionSettled
CFTC fines Gain Capital UK for dealing with US customers without registration 21
· Commodity Futures Trading Commission · United States · Last checked 6 Oct 2026
On 8 June 2020 the CFTC settled charges that Gain Capital UK Limited, then FOREX.com’s UK company, acted as counterparty to retail forex customers in the United States from February 2014 to March 2019 without registering as a retail foreign exchange dealer, and failed to supervise a US customer’s account managed by an unregistered trading adviser whose conduct showed warning signs of fraud. It ordered a USD 250,000 civil monetary penalty and disgorgement of USD 241,671.
Enforcement actionSettled
NFA fines Gain Capital Group USD 50,000 over slow handling of an MT4 malfunction 31
· National Futures Association · United States · Last checked 6 Oct 2026
FinanceFeeds reported in August 2019 that the NFA fined Gain Capital Group USD 50,000 because, after a malfunction on its MT4 platform between April 2016 and August 2017 that affected orders of more than 7,400 customers, it failed to take timely steps to assess the harm, although it later adjusted the affected accounts. We could not load the NFA’s own decision.
Company response
Firms can respond to their profile and to any finding. No response has been published for FOREX.com. How firms can respond.
Commodity Futures Trading CommissionRegulator recordChecked 4 Oct 2026United States
Lists GAIN CAPITAL GROUP LLC, registered as an FCM and RFED with the NFA as its designated self-regulatory organisation, with adjusted net capital of USD 82.9 million against a requirement of USD 29.7 million, and USD 204.1 million owed to retail forex customers, as of 31 July 2026.
Financial Conduct AuthorityRegulator recordChecked 4 Oct 2026United Kingdom
Shows StoneX Financial Ltd (FRN 446717), first authorised 24 March 2006, and Gain Capital UK Limited (FRN 113942), first authorised 1 December 2001, both with status Authorised.
Cyprus Securities and Exchange CommissionRegulator recordChecked 4 Oct 2026Cyprus
Licence 400/21 granted on 24 May 2021, company registration 409708, Nikokreontos 2, Nicosia. Approved trade names CITYINDEX and forex.com, and domains www.forex.com/ie, forex.com/de-de and forex.com/pl-pl. Services include reception, transmission and execution of orders and dealing on own account, with safekeeping and credit as ancillary services. KQ Markets Ltd is listed as a tied agent.
Monetary Authority of SingaporeRegulator recordChecked 4 Oct 2026Singapore
Lists StoneX Financial Pte. Ltd. as a capital markets services licensee for dealing in securities, collective investment schemes, exchange-traded and OTC derivatives and spot foreign exchange contracts for leveraged foreign exchange trading, and as an exempt financial adviser.
Financial Services Agency of JapanRegulator recordChecked 4 Oct 2026Japan
Lists StoneX証券株式会社 (StoneX Securities Co., Ltd.), Director-General of the Kanto Local Finance Bureau (Financial Instruments) No. 291, registered on 30 September 2007, at 4-4-10 Nihonbashi Muromachi, Chuo-ku, Tokyo, as a Type I financial instruments business.
Financial Services Authority SeychellesRegulator recordChecked 4 Oct 2026Seychelles
Lists StoneX International Ltd among licensed securities dealers at Office A19A, Providence, Mahe, with the trade name FOREX.com and website www.forex.com. The register does not show licence numbers.
U.S. Securities and Exchange Commission (EDGAR)Official filingPublished 28 Nov 2025Checked 4 Oct 2026United States
Audited annual report filed on 28 November 2025. Describes FOREX.com and Cityindex.com as StoneX’s direct channels for retail forex and CFDs; Gain Capital Group, LLC as a CFTC registered FCM and retail foreign exchange dealer; StoneX Financial Ltd as its FCA regulated UK subsidiary; StoneX Financial Pte. Ltd. (MAS), StoneX Financial Pty Ltd (ASIC) and StoneX Securities Co., Ltd. (Japanese FSA, Kanto Local Finance Bureau No. 291). The legal proceedings note concerns StoneX’s institutional businesses, not FOREX.com.
GAIN Capital Group, LLCCompany documentChecked 4 Oct 2026United States
States that FOREX.com is a trade name of Gain Capital Group LLC, a registered FCM and retail foreign exchange dealer (NFA ID 0339826) regulated by the CFTC. The customer must pay any deficit left after liquidation. Disputes go to court unless the customer signs the separate arbitration agreement.
GAIN Capital - FOREX.com Canada Ltd.Company documentChecked 4 Oct 2026Canada
Names GAIN Capital - FOREX.com Canada Ltd. as an investment dealer regulated by CIRO and a member of the Canadian Investor Protection Fund. Disputes can go to the Ombudsman for Banking Services and Investments or arbitration. Explains that StoneX Group Inc. is the indirect parent and 100% indirect owner, and that GAIN Global Markets Inc. and other StoneX companies also use the FOREX.com brand.
StoneX Europe LtdCompany documentChecked 4 Oct 2026Cyprus
Client money is held on trust and segregated from StoneX Europe’s own money. Retail clients have negative balance protection. StoneX Europe is a member of the Investor Compensation Fund, and retail clients can refer complaints to the Financial Ombudsman of the Republic of Cyprus.
GAIN Global Markets, Inc.Company documentChecked 4 Oct 2026Cayman Islands
States that GAIN Global Markets, Inc. is authorised and regulated by the Cayman Islands Monetary Authority under Securities Investment Business Licence 25033. Client money is held on trust and segregated, in accounts that may be outside the Cayman Islands. Losses may exceed deposits, and the close-out level does not guarantee that losses will be limited to the funds deposited; there is no negative balance protection. Complaints go to the firm’s own procedure, with arbitration for some countries.
StoneX Financial LtdCompany documentChecked 4 Oct 2026United Kingdom
States that FOREX.com is a trading name of StoneX Financial Ltd, registered in England and Wales under number 05616586 and authorised by the FCA under reference 446717.
StoneX Group Inc.Company statementChecked 4 Oct 2026
FOREX.com’s regional websites and StoneX’s UK trading site refused our automated requests on 4 October 2026 (HTTP 403), so we could not read their pricing, leverage, risk warning or marketing pages. We used the documents FOREX.com publishes on its document host instead.
StoneX Financial Pte. Ltd.Company documentChecked 4 Oct 2026Singapore
Covers FOREX.com accounts with StoneX Financial Pte. Ltd. Customer money is held in trust accounts, and unresolved complaints can go to the Financial Industry Disputes Resolution Centre, of which the company is a member.
Finance MagnatesSecondary reportingChecked 4 Oct 2026United Kingdom
Reports that StoneX said in January 2026 that Gain Capital UK Limited would surrender its FCA authorisation and that FOREX.com’s UK business continues under StoneX Financial Ltd.
Companies HouseOfficial filingChecked 4 Oct 2026United Kingdom
Active company incorporated on 9 November 2005, registered office Moor House, First Floor, 120 London Wall, London EC2Y 5ET. Lists ten active directors, including Malcolm James Wilde, Philip Andrew Smith and Lindsay James McNeile. StoneX Group Inc, a Delaware corporation, has held 75% or more of the shares since 30 June 2021.
GAIN Capital Group, LLCCompany documentPublished 30 Dec 2024Checked 4 Oct 2026United States
Disclosure required by NFA Rule 2-36 and CFTC Regulation 1.55. Records that the NFA filed a complaint against Gain Capital Group and its then chief executive on 15 September 2022 and accepted a settlement on 7 December 2022 with a USD 700,000 fine, without admission or denial. States that retail forex assets are treated under CFTC rule 5.8 and NFA financial requirements, and that Gain Capital does not hold customer funds required to be segregated under CFTC regulations.
StoneX Europe LtdCompany documentChecked 4 Oct 2026Cyprus
Client funds are held in a segregated omnibus account marked as a client account with banks in the EEA or authorised third-country banks; the banks are not named. Withdrawals go back to the payment method used to deposit, and the client pays any transfer costs.
Commodity Futures Trading CommissionRegulator recordPublished 8 Jun 2020Checked 4 Oct 2026United States
Release of 8 June 2020. The CFTC found that from February 2014 to March 2019 Gain Capital UK Limited acted as counterparty to retail forex customers located in the United States without registering as a retail foreign exchange dealer, and failed to supervise the account of a US customer managed by an unregistered trading adviser whose conduct showed warning signs of fraud. It ordered a USD 250,000 civil monetary penalty and disgorgement of USD 241,671.
Australian Securities and Investments CommissionRegulator recordPublished 9 Nov 2023Checked 4 Oct 2026Australia
Release of 9 November 2023 naming StoneX Financial Pty Ltd, trading as City Index, among seven CFD issuers that self-reported issuing CFDs to retail clients with leverage above the limits in ASIC’s product intervention order and compensated affected clients under ASIC’s review.
Commodity Futures Trading Commission; National Futures Association; and othersRegulator recordChecked 4 Oct 2026
On 4 October 2026 we searched the CFTC’s releases, NFA case documents, CySEC’s 1,173 board decisions, StoneX’s SEC filings, the CVM’s declaratory acts and the Indian and Malaysian alert lists, and ran web searches for actions by the FCA, ASIC, MAS, the Japanese FSA, CIRO, CIMA and the Seychelles FSA. The findings on this profile are what we found. The Securities Commission Malaysia lists a potential clone called City Index Traders, which is not a finding about FOREX.com. A 2010 NFA fine of USD 459,000 on Gain Capital Group is more than ten years old and not recorded.
StoneX Europe LtdCompany documentChecked 4 Oct 2026Cyprus
Explains how to complain, the acknowledgement and unique reference number, escalation to compliance and the right to go to the Financial Ombudsman of the Republic of Cyprus if there is no satisfactory response within three months.
Financial Ombudsman ServiceCourt, tribunal or ombudsman recordChecked 4 Oct 2026United Kingdom
Between 4 October 2023 and 4 October 2026 the ombudsman published 16 decisions about StoneX Financial Ltd, mostly about CFD and spread bet accounts trading as FOREX.com or City Index, upholding 4, and 3 decisions about Gain Capital UK Limited, upholding 1.
StoneX Europe LtdCompany documentChecked 4 Oct 2026Cyprus
Sets out spreads, commissions, overnight financing, commodity basis adjustments, guaranteed stop premiums, currency conversion at up to 0.5% from quoted rates and an inactivity fee of EUR 15 a month after 12 months without trading or open positions.
StoneX Financial LtdCompany documentChecked 4 Oct 2026United Kingdom
Applies to StoneX Financial Ltd and explains how it executes client orders in CFDs and spread bets, the execution factors, price slippage and how execution quality is monitored.
FX News GroupSecondary reportingChecked 4 Oct 2026United States
Reports the NFA’s December 2022 decision fining Gain Capital Group USD 700,000 for improperly adjusting customer accounts after a platform malfunction on 31 March and 1 April 2021, its treatment of the affected customers, submitting inaccurate information to the NFA and failing to supervise. The firm reduced 17 customer accounts by about USD 2.84 million and credited 33 accounts with about USD 35,000.
FinanceFeedsSecondary reportingPublished 10 Aug 2019Checked 4 Oct 2026United States
Reports on 10 August 2019 that the NFA fined Gain Capital Group USD 50,000 because, after a malfunction on its MT4 platform between April 2016 and August 2017 that affected orders of more than 7,400 customers, it failed to take timely steps to assess the extent of customer harm, although it later adjusted the affected accounts.
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