Direct FX Broker Review
Direct FX Trading Pty Ltd. was founded in 2006 and has been in business for over a decade. The company is located in Australia and is registered with the Australian Securities and Investment Commission (ASIC).
Direct FX also has an Australian Financial Services License, which gives the company the authority and legitimacy to offer financial services in Australia. Direct FX offers both forex and binary options and is backed by the ASIC and AFS regulations, making it one of the best licensed and regulated binary brokers.
Direct FX Specials
- ASIC license
- MT4 platform
- Payouts up to 90%
- $100 minimum deposit
The trading platform is Meta Trader 4, which allows traders to use a large number of indicators and robots. To enable binary options trading, you need to download and install an additional binary app. Note that MT4 works on Windows or macOS and is not browser based. Direct FX also does not have a mobile app.
Once the binary file is installed, you can start the MT4 platform, click on Market Watch and select “Show All”. This will open a custom set of instruments with the suffix bo (example: USDJPYbo); these forex pairs are available for binary trading.
The terminal is easy to use. Once you select an expiry time and amount to invest, it shows you the potential return. You simply press Up or Down to choose a direction.
You can trade 60 second, 5 minute, 10 minute, 15 minute, 30 minute and 60 minute expiries. Daily and weekly options are not available. The 60 second and 5 minute expiries have a maximum trade size of $1,000, while the other longer-term expiring contracts have a maximum trade size of $2,000.
You can trade for as little as $1, and your payout is from 70% up to 90% on successful trades. There are limits to the total open positions you can have: $10,000 for all opened binary options contracts.
Traders can use the technical indicators available with MT4 and even add their own indicators to the charts and analyze the markets.
You can trade major forex currency pairs and some cross pairs. Commodities and stocks are not available.
You can test drive the Direct FX binary options platform on MT4 with a free demo account that is valid for 30 days. All trading features are available in the demo as the account completely replicates the live environment. You can choose up to $100,000 in virtual funds and have some fun on the charts.
To create a live account with Direct FX, you will go through a three-step registration process. You need to provide some basic information about your current occupation and experience in trading. It will take you no more than 5 minutes to complete the registration.
Once all the details are entered, you will have to verify your account by uploading a photo ID and a proof of address document for regulatory purposes. After the account is verified, you can start to fund your account and begin trading binary options with real money.
Traders can have a live account in US dollars only.
Having MT4 opens up many possibilities for traders who can build and use their own trading strategies in real time on the chart. Many traders are using MT4 to follow price action and place trades on a different binary platform.
Direct FX allows you to directly trade binary options on Meta Trader 4, which of course saves you time. The best part is that you can put some custom indicators into action, which will help you in your trading strategy.
For your money management, you need to consider the minimum trade amount is $1 and the average payout is 80%.
Deposits and Withdrawals
Direct FX does not accept credit cards for deposits and withdrawals. You can deposit funds using e-wallets, such as Neteller and Skrill, or use a bank transfer or the UAE Exchange. If your account is in a different currency, funds will be automatically converted into US dollars.
The minimum deposit amount is $100, and if you use wire transfer, it will take some time before funds are at your disposal.
Withdrawals can be done via Skrill or Neteller and take up to one business day. With banks, fees may apply, and transactions usually take longer, up to 3 business days.
Customer support cares about traders’ performance. The team of analysts monitors the market 24 hours a day to provide the most in depth daily reports. These reports include economic snapshots and brief analyses on the major currency pairs; they will also update you on major economic events.
The Direct FX team works quickly and openly shares information with clients concerning price quotes, platform installation, withdrawals, and banking options. The support is available via online chat, phone and e-mail. There is also a direct phone line, based in Australia, which operates 24 hours a day from Sunday through Friday.
Pros and Cons
- Trade binary options on MT4
- Reliable broker backed by ASIC
- Over a decade in the business
- Excellent client support
- Missing mobile app
- Only Forex pairs available
- Limited expiry times
- Limited banking methods
Currently, Direct FX does not accept customers from the following countries: USA