Binary options are prohibited in the European Economic Area. Between 74-89 % of retail investor accounts lose money when trading CFDs.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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DirectFX Broker Review

  1. Established in 2006, Direct FX is a regulated Australian forex broker providing a broad range of forex trading services with fast STP/ECN execution and direct access to global futures markets. Significantly, Direct FX connects with many top-tier liquidity providers, providing traders with tight flexible spreads from 0.2 pips. Clients at Direct FX can choose from several account types, to trade forex currency pairs, CFDs, precious metals, oils and futures. We saw that Direct FX provides customers with a choice of three reliable trading platforms, the MT4, CGQ FX and the newly added, multi-asset CGQ ONE platform with HTML5 technology. Direct FX Trading Pty Ltd, referred to as Direct FX, is an Australian financial services company headquartered at Level 11, 10 Bridge Street, Suite 2, Sidney NSW 2000. The company is regulated by ASIC with the registration number 120189424 and the Australian Financial Services Licence number 305539.  We saw that Direct FX is a member of the ‘Financial Ombudsman Service’ that provides external dispute resolution in the event of complaints against the company.

  2. Account Features

    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

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  5. Trading Software & Assets

    The CQG ONE trading platform offers traders the diversity of assets lacking in the CQG FX platform. We saw that traders can include forex, equities and futures in their trading portfolios and get access to live market data, tight spreads and rapid execution through Direct FX. Whilst commission is not payable on forex trading, we saw that a commission of $5.98 per round turn + exchange fees is payable on futures. Importantly, the CQG ONE allows traders to place and manage orders from mobile phones, PCs, Macs and tablets. Moreover, traders can easily add automated trading strategies to the CQG FX by using a programming language called ‘common sense’. We were pleased to see that the process of adding automated strategies is clearly explained in a video tutorial accessible on the FAQ page at Direct FX.

    Direct FX Traders Education

    Traders can find guides and tutorials within their chosen trading platform when they open a trading account at Direct FX. We saw that other types of educational resources are limited to an economic calendar and several basic forex questions with answers on the ‘Training’ page.

     

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    Between 74-89 % of retail investor accounts lose money when trading CFDs

  7. Support Information

    Customer support is provided in English and Portuguese through live chat on the interface, Email or telephone. We saw that a convenient contact form is included on the contact page for rapid enquiries, and the company address in Sidney is also provided for postal communications. Direct FX business hours are from 10 am to 10 pm GMT, Sunday to Friday

  8. Try trading with an award-winning broker like IQ Option

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  9. Banking & Company Information

    Customers with live trading accounts at Direct FX can deposit using a limited number of payment methods. Currently, they include UAE Exchange, Skrill, Neteller, Credit cards and Bank wire. Importantly, we saw a deposit tip from Direct FX, stating that deposits take 1-2 business days to be credited to customers’ accounts. From what we could see on the Deposit Funds page at Direct FX, the base currency for a live trading account can be either in AUD, USD, JPY, EUR or GBP. Moreover, from the scant information available at Direct FX, we concluded that deposit and withdrawal fees are not charged by Direct FX. However, fees may be charged by the payment providers for their services as intermediaries in the payment process. Withdrawal requests must be made on a Withdrawal Request Form, downloadable on the Withdrawal Funds page, under the Resources tab on the dashboard. We saw that clients must type in their details and send the form by Email to the customer support team at Direct FX. Subsequently, it takes 2-3 days for the withdrawal process to be completed, after which the funds are sent by the same method used to deposit by the customer.

  10. Conclusion:

    We make it our mission to not recommend anything but the best – which, according to industry experts, is IQ Option, the top regulated broker for your country with a minimum deposit of ONLY $10!

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    Trade with an
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    like IQ Option

     

     

    Between 74-89 % of retail investor accounts lose money when trading CFDs
    11. Your capital is at risk

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