Discovery FX Review
Headquartered in Apia, Samoa, Discovery FX is an online trading broker that operates the Straight-Through Processing (STP) execution model, offering rapid trade execution with minimal slippage and requotes. They provide traders with a range of trading platforms, including MetaTrader 4 (MT4), to enable them to trade different financial instruments online. There are multiple account options available to clients with a required minimum deposit of $200, tight spreads, and flexible leverage of up to 1:1000.
Discovery FX Review, Pros & Cons
- MetaTrader 4 trading platforms for multiple devices
- Educational resources & trading tools
- Various trading instruments
- Unregulated broker
- Located offshore
- Limited account funding options
- No live chat support
- No USA clients
In this detailed Discovery FX review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Discovery FX Overview
Discovery FX is a forex and CFD retail broker that is committed to providing traders with access to easy-to-use trading and unique copy-trading apps for trading multiple financial markets, including forex, stock indices, commodities, cryptocurrency, and CFDs. They offer a range of competitive trading conditions, such as negative balance protection, multiple account options, tight spreads, and leverage of up to 1:1000. Traders are also provided with some useful trading tools while a customer support team is on hand to assist them.
Discovery FX Regulation
Discovery Forex is registered with Money Services Businesses (MSBs) with the registration: ID.31000159574899 issued by the United States.
However, there is no regulatory information on the broker’s website presently. Many experts and professionals would not trade with an unregulated broker as they cannot offer the same protection to investors that a regulated brokerage firm can. Please see our trading broker reviews for alternative regulated brokers.
Discovery FX Countries
The broker’s services are not aimed at or intended for residents of the United States of America, Canada, Australia, Japan, or the Republic of South Africa; or at or for a resident of any country where the receipt of such services would be unlawful.
Some Discovery FX features and products mentioned within this Discovery FX review may not be available to traders from certain countries because of legal restrictions.
Discovery FX Platforms
Traders are allowed to trade the numerous financial products using a range of intuitive trading platforms, including MetaTrader 4 (MT4), which has a user-friendly interface to suit all levels of traders. MT4 is packed with a range of useful features and capabilities, including the one-click functionality, trade automation using expert advisors, multiple charts, reasonable order execution ability (about 99.84% execution rate) with direct access to the interbank market, and more. The MT4 trading platform is available in the desktop, web, and mobile versions.
There is also the Copy-Trading App, which is a mobile app that lets you chat and trade on the same platform, ask the crowd, learn from other traders, share ideas and more. It is designed for smartphone devices running on Android and iOS.
Discovery FX Trading Tools
Traders can benefit from some useful trading tools that help to enhance their trading experience, and they include the Market Reviews and Economic Calendar.
Discovery FX Education
There is a selection of educational materials on the broker’s website, such as a manual that contains trading guides and articles, and an FAQ section that offers quick answers to some of clients’ most common questions.
Discovery FX Instruments
Trading instruments such as forex, stock indices, commodities, cryptocurrency, and CFDs are available at Discovery FX.
Discovery FX Accounts & Fees
The broker offers a choice of two trading account types, the Nano Spread Account and Standard Accounts, with a required minimum deposit of $200. While the Standard Account is offering tighter spreads without fee, the Nano Spread Account provides you even tighter spreads with a small fee. Demo accounts are also available for practice purposes.
As broker fees can vary and change, there may be additional fees that are not listed in this Discovery FX review. It is imperative to ensure that you check and understand all of the latest information before you open a Discovery FX broker account for online trading.
Discovery FX Support
Discovery FX has a knowledgeable client support team that is on hand to respond swiftly to clients’ inquiries, and they can be reached via email, social media, or by filling an inquiry form on the broker’s website.
Discovery FX Deposit & Withdrawal
The following payment methods are accepted at Discovery FX for both account deposits and withdrawals:
- Bank transfer
Discovery FX Account Opening
To open an account, simply click on the ‘Create Live Account’ button on the homepage, choose whether to create an Individual or Corporate account, and fill the account application form.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the broker’s terms, conditions, and policies. Only proceed if you fully understand and agree to them.
Discovery FX Summary
Discovery FX is an online financial services provider that operates from Samoa, offering multiple trading instruments for trading online via a range of intuitive trading platforms, along with a number of useful trading tools and educational resources. There are two account options to choose from. Traders benefit from several favorable trading conditions, such as negative balance protection, low spreads, and high leverage. However, the broker is not unregulated which can pose as a red flag for some potential traders.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. Before deciding to trade these or any other financial instruments offered by Discovery Forex, you should carefully consider your objectives, financial situation, needs, and level of experience. The possibility exists that you could sustain a loss more than your deposited funds. You should therefore always be aware of all the risks associated with foreign exchange trading and derivative products in general.