DirectFX Review 2024

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1.3 / 5
DirectFX is #108 in our CFD broker rankings.

DirectFX is an offshore online forex broker offering MT4 trading.

$100
MT4
Forex, futures, indices, shares, metals
-

Forex Trading

Trade on dozens of forex pairs with high leverage.

Stock Trading

Trade over 140 shares in US, UK, French and German Markets.

CFD Trading

Trade leveraged CFDs across multiple markets.

DirectFX is a forex and CFD broker that works with the MetaTrader 4 trading platform. This review of Direct FX explores any forex signals, account options and tradeable instruments offered. Read on to find out key information regarding the broker’s licensing, payment options and security measures.

DirectFX Company Details

Established in 2019, DirectFX is a forex broker with headquarters in St. Vincent and the Grenadines. The broker follows a straight-through processing (STP) model, rather than direct market access (DMA). As a result, Direct FX has price quotes in real-time, though less depth and traders cannot deal directly with liquidity providers.

Unfortunately, the broker is unregulated, which isn’t a good sign for the security of client funds.

MetaTrader 4 Platform

DirectFX provides access to MetaTrader 4, one of the industry’s top trading platforms. MT4 supports 40 languages and offers over 50 technical indicators, 30 charting tools and nine timeframes. There is also the capability to create custom indicators and analysis tools.

DirectFX mt4
MT4 trading platform

The platform can be downloaded from the DirectFX website for both Windows and Mac computers.

Assets

DirectFX offers a range of tradeable instruments, including 68 forex pairs, of which 7 are majors, 21 are minors and 40 are exotic. Clients can also trade futures, 24 global indices, 7 precious metals and 140 stock CFDs from the US, UK, French and German markets.

Spreads & Commission

The spreads offered by Direct FX are not very competitive. The Standard account has variable spreads that average 2.39 pips for GBP/USD, 1.58 pips for EUR/USD and 1.74 pips for EUR/GBP.

The Premium account offers fixed spreads that are the minimum possible value of the Standard account’s spreads. These are 1.6 pips for GBP/USD, 1.4 pips for EUR/USD and 1.3 pips for EUR/GBP.

Commissions aren’t charged, but the broker isn’t transparent about additional trading fees, so it’s worth checking with the customer support team when registering for an account.

Leverage

Leverage rates for DirectFX clients reach a maximum of 1:400. However, the top cap does not need to be applied and traders should fully understand the risks that come with using leverage in forex trading.

Mobile Apps

There are dedicated mobile versions of the MetaTrader 4 platform, designed for both iOS and Android devices. The MT4 app requires login credentials and has excellent ratings and reviews on both the App Store and the Play Store. The app offers every order type and tradeable asset available through the desktop client, though with only three chart types and a limited selection of indicators and analysis tools.

DirectFX mobile trading app
MT4 mobile app

Deposits & Withdrawals

DirectFX gives no information regarding the payment options that can be used to fund and empty trading accounts. This is not a good sign, particularly from a safety point of view, as there are security requirements that need to be met for a broker to list and use a payment method. In our reviews, we do not recommend brokers unable to provide clear information on deposits and withdrawals.

Demo Account

DirectFX does not offer clients the opportunity to trial their services with a demo account. This is a big downside as demo accounts are a great way to familiarise yourself with the MT4 trading platform, test strategies and explore new markets.

Deals & Bonuses

At the time of writing, there are no deposit bonuses or welcome deals offered. Even though EU brokers cannot offer bonuses, DirectFX loses some competitive edge against non-EU brokers that do offer deals.

Regulation

There is no mention of any legal authorisation or regulation on the Prodirect FX broker’s website and it is not listed in the local Financial Service Authority’s (FSA) database.

Regulation is an important factor when choosing a forex provider as it helps to protect against scams and broker bankruptcy. Without regulation, clients have very little legal recourse.

Additional Tools

This review was disappointed by the extra features available. Most brokers offer educational resources and market analysis, but DirectFX provides nothing more than raw forex and CFD trading.

Accounts

There are two Direct FX trading accounts. The Standard account is aimed at less experienced traders while the Premium account offers lower fees in return for larger deposits and trading volumes.

Standard Account

Premium Account

Islamic swap-free accounts are available through the customer support team.

Benefits

Despite the limited time it’s been around, the broker provides a competitive service in some areas, notably:

Drawbacks

ProdirectFX could improve in several areas:

Trading Hours

Forex markets are open 24 hours a day, 5 days a week. They open at 09:00 GMT on Mondays and close at 21:00 GMT on Fridays. Other instruments have different trading hours, especially stocks and indices, which follow local market opening times.

Customer Support

The DirectFX customer support team can be contacted via telephone or email, though no details of office hours are given on the website.

Unfortunately Direct FX doesn’t provide live chat support. This is a major drawback as a reliable chat service is often praised in customer reviews.

Client Safety

The transfer of data through the website is not protected via Hypertext Transfer Protocol Secure (HTTPS) or Secure Sockets Layer (SSL) encryptions. The site also doesn’t have a validated certificate and is therefore branded ‘not secure’ by internet browsers. In addition, the lack of any payment methods, even bank transfers and payment cards, is indicative of poor security measures.

For security and regulation reasons, many brokers segregate their own capital from client funds. Direct FX keeps all capital together, reducing the safeguards between the company and trader capital.

DirectFX Verdict

DirectFX is an unregulated broker with limited information available around payments and client security. So despite a good product range and the MT4 platform, we’re not comfortable that DirectFX is safe to trade with. Instead, we’d recommend considering more trustworthy and regulated providers.

Top 3 Alternatives to DirectFX

Compare DirectFX with the top 3 similar brokers that accept traders from your location.

  1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
    Go to IG
  2. AvaTrade – AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.
    Go to AvaTrade
  3. Swissquote – Swissquote is a Switzerland-based bank and broker that offers online trading and investing. The company has a high safety score and is listed on the Swiss stock exchange. The firm offers a huge range of products, from stocks, ETFs, bonds and futures to 400+ forex and CFD assets. Hundreds of thousands of traders have opened an account with the multi-regulated brokerage. Clients can get started in three easy steps while 24/7 customer support is available to assist new users.
    Go to Swissquote

DirectFX Comparison Table

Compare DirectFX With Similar Brokers
DirectFX IG AvaTrade Swissquote
Rating 1.3 4.4 4.9 4
Markets Forex, futures, indices, shares, metals CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures Forex, CFDs, Indices, Stocks, ETFs, Bonds, Options, Futures, Cryptos (location dependent)
Demo Account No Yes Yes Yes
Minimum Deposit $100 $0 $1000
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots 0.01 Lots
Regulators FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM FCA, FINMA, DFSA, SFC
Bonus
Education No Yes Yes No
Platforms MT4 Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade MT4, MT5, AutoChartist, TradingCentral
Leverage 1:400 1:30 (Retail), 1:250 (Pro) 1:30 (Retail) 1:400 (Pro) 1:30
Payment Methods 6 13 5
Visit Visit Visit Visit Visit
Review IG
Review
AvaTrade
Review
Swissquote
Review

Compare Trading Instruments

Compare the markets and instruments offered by DirectFX and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare DirectFX Trading Instruments
DirectFX IG AvaTrade Swissquote
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil No Yes Yes Yes
Gold Yes Yes Yes Yes
Copper No Yes Yes No
Silver Yes Yes Yes Yes
Corn No No Yes No
Crypto No Yes Yes Yes
Futures Yes Yes Yes Yes
Options No Yes Yes Yes
ETFs No Yes Yes Yes
Bonds No Yes Yes Yes
Warrants No Yes No No
Spreadbetting No Yes Yes No
Volatility Index No Yes Yes No

DirectFX vs Other Brokers

Compare DirectFX with any other broker by selecting the other broker below.

 

The most popular DirectFX comparisons:

  1. DirectFX vs Coinbase

Customer Reviews

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DirectFX is an offshore online forex broker offering MT4 trading.

FAQ

Can you trade with DirectFX in New Zealand?

The broker is unlicensed, this means there are no regulations blocking certain jurisdictions. You can open an account with DirectFX in New Zealand, Australia, the UK, Kenya and more. It should be noted, however, that a lack of regulation reduces traders’ legal protection.

What instruments can be traded with DirectFX?

The broker offers forex and CFD trading in a large number of markets. There are 68 forex pairs, 140 stock CFDs, 24 indices and 7 precious metals to be traded.

How much leverage does DirectFX offer?

The broker offers leverage rates of up to 1:400 across all asset types. However, trading with leverage magnifies the risks as well as profit potential, so it should be approached with caution.

Does DirectFX have Islamic accounts?

Even though the standard accounts come with overnight swap charges, there is the possibility to open an Islamic account, which waives these fees.

Can you open more than one DirectFX account?

Clients can have several trading accounts open simultaneously with DirectFX. To do this, though, you need to contact the broker using the details provided in this review.

What trading platforms does DirectFX provide?

MetaTrader 4, a strong, well-rounded platform is available through DirectFX. The platform has a range of capabilities and customisation options.