Discovery FX is an online financial services provider that offers traders access to the global financial markets with transparency and no conflict of interest. The broker provides traders with the MT4 platform for trading forex, stocks, indices, commodities, cryptocurrency, CFDs, and other financial assets. Traders benefit from trading tools, educational resources, and a client support team. There is a choice of two trading account types, with the minimum deposit requirement of $200, tight spreads, and leverage of up to 1:1000.
Discovery FX Review Introduction
In this Discovery FX review, we will take a look at some of the most important factors worth considering when choosing a forex broker for your online trading needs. This includes trading platforms, trading tools, research and education, account funding options, customer support, and broker regulation.
You may also wish to view my best forex brokers based on countless hours that I have spent researching and testing hundreds of brokers, all of which you can see in my forex broker reviews. You can also use my free trading tool to compare forex brokers including Discovery FX.
Discovery FX Platforms & Tools
Discovery FX provides traders with the MetaTrader 4 trading platform, which is a widely used platform for online forex and CFD trading. The was launched in 2005 by MetaQuotes and is packed with a vast array of useful trading tools. It is user-friendly, fully customizable, and offers reasonable order execution ability (about 99.84% execution rate) with direct access to the interbank market. The platform also features expert advisors and a range of interactive charts in multiple timeframes. The broker presents the MT4 trading platform as a desktop application for Windows and Mac computers, a WebTrader that can run directly on most modern web browsers, and a mobile app that is compatible with Android and iOS devices and can be freely downloaded from the respective app stores.
Traders can also use the Copy-Trading App that allows them to chat and trade on the same platform, learn and share ideas with other traders, and more. It is available as a mobile app that is compatible with Android and iOS devices and can be freely downloaded from the respective app stores.
There are some standalone trading tools on the broker’s website that are designed to enhance clients’ trading experience. They include Market Reviews, an Economic Calendar, and more.
Discovery FX Research & Education
Clients are provided with a selection of educational resources to help them in making knowledgeable trading decisions. These include a manual that contains trading guides and articles and an FAQ section that answers some of the most common questions that traders may have.
Discovery FX Trading Accounts
The broker offers a choice of two trading accounts: the Nano Spread Account and the Standard Accounts. The minimum deposit required to operate a live account is $200. There is also the demo account for practice purposes.
Discovery FX Account Funding
Account deposit and withdrawal requests at Discovery FX are processed using any of the following payment methods: bank transfer and bitcoin wallet.
Discovery FX Customer Service
The broker provides traders with a customer support team that is polite and prompt in response. They can be reached through email, social media, or by filling the inquiry form on the broker’s website.
Discovery FX Regulation
Discovery FX is registered with Money Services Businesses (MSBs) with the registration number: 31000159574899 issued by the United States. But the broker is not regulated by any well-known financial authority at present.
Discovery FX Review Summary
Discovery FX is an online trading broker that operates from Samoa, offering multiple financial instruments for trading on the MT4 and a Copy-Trading platform. Clients benefit from several favourable trading conditions, such as negative balance protection, low spreads, and high leverage. There are trading tools, educational resources, and a client support team available to assist traders. However, there is no regulatory information on the broker’s website at the moment.
It is worth mentioning that some of the trading products and services in this Discovery FX review may differ or not be available to traders in some countries due to regulations. As brokers’ terms can change over time, please verify all information is up to date directly from the Discovery FX broker website which you can visit by using the link below.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A large percentage of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.