General Information
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.
Regulation
DirectFX was regulated by the Australian Securities and Investments Commission (ASIC) with the regulatory license number of 305539.
Market Instruments
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 & Commissions
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 accounts 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 its 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.
Deposit & Withdrawal
DirectFX gives no information regarding the payment options that can be used to fund and empty trading accounts.
Trading Platform
When it comes to trading platform supported, DirectFX offers the famous MetaTrader 4 Platform. This trading platform is quite powerful, equipped with a lot of advanced features, helping traders to hold favorable position in their trading environment.
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.
