Traders can choose from a MetaTrader4 account or a CQG FX account each providing access to live forex markets, without any platform fees or monthly trading fees. Importantly, to open a trading account at Direct FX, customers must provide government issued ID and proof of residence to comply with AML regulations.
Direct FX MetaTrader 4 Live Trading Account
A minimum of $100, is required to open a live retail trading account with access to the MetaTrader4 forex platform. Customers can trade in 48 spot forex currency pairs, CFDs, gold, silver, US equities and futures with ‘superior trade execution and tight spreads’. Significantly, the regular MT4 trading account does not charge commissions on trades and the minimum lot size is 1,000 units (0.01). Nevertheless, Direct FX gets revenues from the spreads between bid and ask prices of financial instruments. We saw that spreads in the MT4 trading account are variable and start from 0.2 pips. The free demo account gives customers access to the market spreads at any time. Notably, whilst the default leverage in the MT4 trading account is set at 200:1, leverage up to 400:1 is available by completing the flexi leverage change form in the trading account. We saw that a demo account is available for risk-free trading on the MT4 platform. Moreover, traders can hedge their positions on the MT4, but scalping is only allowed in authorized accounts.
MetaTrader4 Demo Trading Account
Clients can open one or more, MT4 demo trading accounts for practice trading without depositing real money. The demo account expires after 30-60 days but new ones can be opened in parallel or every time an account expires. Importantly, the charts and news are updated in real time in the demo account giving traders an authentically replicated trading environment.
CQG FX Live Trading Account
To open a CQG FX trading account giving access to the platform built specially for Direct FX by CQG, clients must make a minimum initial deposit of $500. Currently, traders have access to only 40 FX currency pairs, gold and silver. However, we have seen that the company is preparing the platform for CFD trading. Importantly, the account provides clients with an exclusive trading platform boasting advanced features rarely seen in forex platforms. Nevertheless, we saw that all ‘1 lots’ in the CQG FX trading account are set at $10,000 to simplify the trading process and the minimum trade size is $10,000 or 10,000 units (compared to 1,000 units in the MT4 trading account). Moreover, traders pay commission of $7 per 100K round turn, for trades done from the CQG FX trading account. This is because Direct FX allows traders to see the raw rates from liquidity providers directly on the trading platform.
The CQG FX platform was custom built for forex trading at Direct FX, providing a reliable alternative to the popular MT4 forex platform. Historically, CQG only created trading platforms for futures and options traders, but in partnership with Direct FX, a forex platform was designed with a broad range of unusual tools and features. These include advanced charting and analytics, top tier level 2 liquidity and fast ECN/STP execution. Significantly, the order type selection is much bigger than that on the MT4. Traders have access to the usual Market, Limit, Stop and Stop Limit orders, as well as Bracket Orders, Trailing Limits, Trailing Stops and OCO amongst others. Nevertheless, it appears that the CQG FX platform is still a ‘work in progress,’ as at the time of writing this review, a limited range of financial instruments were listed on the platform. We saw around 40 currency pairs plus gold and silver, with CFD trading still in the development stage. Importantly, the CQG FX platform is designed to run on computers with Windows 10 or 64-bit Windows operating systems. Traders who download the CQG FX platform have access to a training library with training videos and online help, through live chat and remote PC support
