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Direct FX
Rating:
Binary Option Programs Award
Min. Deposit
$100
Min. Investment
Regulated Broker
No

DirectFX Broker Review

  1. Direct FX

    Founded in 2006, Direct FX is a licensed Australian STP broker providing Forex services to traders all over the globe, including South Africa. Through connections to top-tier liquidity providers, customers at FX Direct benefit from competitive spreads and direct access to financial markets all over the world.  Direct FX offers trading in currency pairs, metals, energy and futures contracts, on several web-based trading platforms from multiple trading accounts.

    Direct FX Trading Account Types

    Customers at Direct FX living in South Africa and elsewhere, have the choice of setting up a MetaTrader4 account or a CQG FX account. Both give instant access to global forex markets and traders are not charged monthly trading fees for using either of them. All clients opening an account with Direct FX, need to comply with KYC and AML policies enforced by the company. Importantly, a colour copy of an official ID with a photo and a document showing the clients name and address, such as recent utility bill, must be sent to Direct FX for approval and account verification.

    Next Generation MetaTrader 4 Trading Account Features

    • Minimum initial deposit $100
    • Access to Next Generation MetaTrader4 Forex trading platform
    • Free Demo account
    • Multi-lingual support built in
    • Trade in 48 spot currency pairs, gold, silver, US equities, futures
    • Superior trade execution
    • Variable spreads from 0.2 pips
    • 01 minimum lot size
    • Maximum leverage 1:400
    • Hedging allowed
    • 0% trading commissions

    MetaTrader4 Demo Account

    Customers who opt for an MT4 trading account are entitled to set up a risk-free demo account, without making a real money deposit to the account. Whilst the Demo account is valid for between 30 and 60 days, new accounts can be set up whenever an existing account expires, or even in parallel to an active demo account. We are firm believers in using demo accounts for practice trading and becoming familiar with the features of the trading platform. At Direct FX, the MT4 demo account authentically replicates the real market trading environment by giving clients in South Africa access to live updated financial news and economic data.

    CQG FX Trading Account Features

    • Minimum initial deposit $500
    • Access to CQG trading platform exclusively available at Direct FX
    • Minimum trade size is $10,000
    • $7 commission per 100,000 round turn
    • Direct access to raw rates from liquidity providers
    • SnapTrader for one-click trading

    Direct FX MetaTrader4 Software Features

    • Next Generation MT4 trading platform for download to desktops
    • Available as a WebTrader for all internet connected devices
    • Dedicated mobile trading app for Android and iOS phones and tablets
    • Trade in futures, CFDs, exchange listed equities, gold, silver
    • 9 time frames
    • Multi-lingual trading platform
    • User-friendly, customisable interface
    • Automated trading strategies with Expert Advisors
    • Integrated support
    • Multiple interactive charts
    • 30+ technical indicators and analytical objects
    • Stable and secure trading software

    CQG FX Platform Features

    • Proprietary Forex platform created for Direct FX customers only
    • Reliable alternative to MT4 software
    • Tailored for professional FX traders
    • Runs with Windows 10 and 64-bit Windows operating systems
    • Available as mobile trading app with 1-click trading
    • Requires software download to desktop
    • Customisable platform
    • Access to top-tier level II liquidity
    • 5 prices deep on both the bid and ask
    • Unusual trading tools and features
    • Real time market data
    • Advanced charting and analytics
    • More order types than are available on the MT4
    • Usual Market, Limit, Stop and limit orders
    • Plus, bracket orders, trailing limits, trailing stops and OCO
    • Fast ECN/STP execution
    • Access to training library with videos
    • Trades can get remote PC support directly from the platform

    CQG ONE Trading Platform Features

    • Access to Forex currency pairs, equities and futures
    • Live streamed market data
    • Delivers efficient order management and electronic trading
    • Tight spreads
    • Efficient trade execution through Direct FX
    • Browser based trading platform with no software download
    • Accessible from any internet connected desktop, phone or tablet
    • High quality data, coverage and reliability
    • ‘Common sense’ programming language exclusive to CQG ONE
    • Automated trading strategies created using ‘common sense’ language
    • $15 per month exchange fees
    • Trading commission of $5.98 per round turn on futures
    • No Forex trading fees
    • Tutorials and guidance available from the trading platform

    Direct FX Customer Support

    Traders can contact the customer services team between 10 am and 10 pm (GMT S-F) from Monday to Friday, over the live chat help line on the interface, by email or by telephone. A contact form can be submitted conveniently from the contact page and anybody who wants to write a traditional letter can send it to the postal address in Sidney. Whilst FX Direct is available in English and Portuguese, we don’t know if the customer support is offered in both languages.

    Further support to clients is given through the comprehensive educational resources provided by Direct FX. We saw free trading guides and video tutorials conveniently integrated into the trading platform directly. Subsequently, traders can consult the educational material without quitting the platform, something that we found especially useful. Additional resources include an economic calendar, and a training section with a number of questions and answers about Forex trading.

    Direct FX Payment Methods

    Customers are provided with a good choice of funding methods at Direct FX, including local payment methods available in different regions of the world such as South Africa. Popular credit and debit cards can be used, also bank wire transfer, Neteller, Skrill and the UAE Exchange. Whilst information about funding fees charged by Direct FX is vague, we understood that deposits and withdrawals are free of fees and commissions. Clearly, any fees charged by the payment providers are not the responsibility of Direct FX and must be covered by the clients. However, it’s worth noting that it can take 3-5 business days for deposits by credit card, to be processed and appear in clients’ accounts.

    Unusually, the number of base currencies for operating trading accounts at Direct FX are numerous with customers able to choose between AUD, USD, JPY, EUR or GBP.

    Withdrawal requests at Direct FX involve a lengthy process requiring customers to print out the completed withdrawal form from the ‘Withdraw Funds’ page, located on the FX Direct dashboard under the ‘Resources’ tab. After signing the form by hand, the form must be scanned and sent by email to the customer support team at Direct FX where it takes 2-3 days to be processed, and several more days for the money to arrive in the customers’ accounts. Notably, all withdrawals must be sent via the payment method used to deposit to Direct FX, or by a bank transfer, due to international anti-money laundering regulations.

    The online financial services broker referred to as Direct FX is owned by FX Trading Pty Ltd, a licensed Australian company headquartered at Level 11, 10 Bridge Street, Suite 2, Sidney NSW 2000. Regulated by ASIC with the registration number 120189424 and the Australian Financial Services Licence number 305539, Direct FX subscribes to the ‘Financial Ombudsman Service’ providing external dispute resolution for complaints made against the company.

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