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DirectFX.com Review MT4 - MetaTrader Platform

Overall Rating: (1.500)
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Total Reviews: 5
Last Updated: 2014-03-25
Description: DirectFX are forex brokers. DirectFX offers the MetaTrader 4 and MT Mobile global forex trading top platforms. DirectFX.com offers over 30 of the most traded currency pairs, cfds, metals, and binary options for your personal investment and trading options.
Special Notes:

 

April 25, 2012:  Numerous fake and suspicious reviews submitted.  Direct Fx has told the FPA that most of these were due to an intern requesting that friends leave fake reviews.

The FPA advises caution dealing with this company.

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FPA Review Moderation Team, , USA

Rating: No Rating
Date of Post:2012-02-21
Review: We haven't tried a forex trading account with DirectFX. If you've traded forex with this broker, please leave a review here.

Matthew, Perth, WA, Australia

Rating:
Date of Post:2013-10-22
Review: Hello all,
I thought I would include a correspondence I just had with a DirectFx representative. To make a long story short their brokers platform does not show the true entry or exit due to an invisible 1 pip commission they charge but it does not enter 1 pip difference, it makes no sense . Additionally their recent advertisement of "Aqua" spreads is a hoax and does not exist. Watch how the representative changes his story. There was no response from last email (no surprise). The emails start from most recent down. (start at bottom)
_________________________________________________

An additional note to my previous message. You said quote “In the Aqua email we do advertise 0-2 pips spread. This is the spread that you will generally see on our other platform offering.” The link in the promotional email says: “Learn more about AQUA http://www.directfx.com/en/aqua/” takes you to your site to the page that says this “The Aqua price aggregation is also standard on our Metatrader 4 platform. “
At the bottom of the same page is this: “
Want To Experience AQUA?
Open a Live Account or Try our Demo, Now!



OPEN A LIVE ACCOUNTTRY A DEMO ACCOUNT”

That takes you to the MT4 sign up page. So when you say “other platform” it appears to be just a huge case of false advertising which is just an added red flag to a broker that already has strikes against its name.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Hi,

Thank you for your offer however I will have to decline. Having no visual certainty of where my trades will be bought/sold (aside from going cross-eyed staring at the numbers) creates a further risk in a market that is already highly volatile. The brokers method of charging 1 pip commission screams red flags of dishonesty to me. The only possible reason I can see for this method is to make the spread to appear to be less than it really is. The ask line has no relation what-so-ever to the price of the spread and for people unaware or inexperienced maybe fooled. The honest way is to have the 1 pip commission listed in the platforms terminal and the ask price set at the correct level or to just have the spread include the brokers price. I am aware of the backend of a brokers mt4 capabilities (ref. google/youtube) and combined with an invisible entry/exit also with the attitude of the setup I could not be sure that I wouldn’t be stop hunted etc. As I said in my earlier email I am not saying this is deliberate on your brokers behalf but this is my experience as a trader. The added risk of a brokers set up is not something I want to concentrate on while trying to analyse the market.

These are just a few reasons and I can think of more without going into them here. Even with a lowered rate the risk would be evident.

Thanks for your time,
Matthew.


From: Michael Soderlund
Sent: Tuesday, October 22, 2013 3:21 AM
To: Matt
Subject: Re: Welcome! To directFX

Matthew,

Let me explain a little about how our bridge works. We receive our pricing from MetaQuotes. Once we have those prices we can decide how much we as a company want to make. So in the case of dFX that is 1 pip. Unfortunately, that 1 pip is not reflected in our charting, and this is what you're seeing with the discrepancy in your bid/ask quotes. We have considered adding that to our charting but it may not be in the near future. We can, however, program reasonably tighter spreads to your liking that is similar to what we do with our partnerships.

Additionally, let me clarify what spreads you will see or have been seeing right now on MT4. In the Aqua email we do advertise 0-2 pips spread. This is the spread that you will generally see on our other platform offering. On our MT4 platform, you can expect to see 1.6-1.8 pips on EUR/USD and USD/JPY. I think we can find a middle ground where we can work together and would like to continue pursuing this conversation.

Best,
Mike



On Mon, Oct 21, 2013 at 1:19 PM, Matt <###########@hotmail.com> wrote:

Hi,
OK I was just looking at the demo. Strange. My Spread on the EA is reading 1.8pips, the ask line is about .6 pips above the bid on the chart, when a long is entered it is about .6 above ask line and the listed bid/ask is about the 1.8. There is no set rate of commission listed in the terminal. In other words there is no clear spread. It is not at the quoted ask price on the market watch nor is it entering at the ask price on the chart. I know I don’t want to trade where I can not see where my trades may or may not buy and sell. I’m not saying that anything is wrong with your broker but I am saying that I have experienced too many brokers that would take advantage of an invisible ask line. It would be too east to spike a trade 1 pip to capture a sl and I would be none the wiser.
I think I see the theory behind platform but the invisible pip commission isn’t a risk I wouldn’t like to wager.

Thanks anyway,
Matthew.

From: Michael Soderlund
Sent: Tuesday, October 22, 2013 1:39 AM
To: Matt
Subject: Re: Welcome! To directFX

Matthew,

We do support EAs with our platform, however we will not do any programming or implement them for you. Our spreads generally do not spike in either direction during normal market conditions, only rarely will you see this during an economic release or other volatile conditions. I think once you get deeper into your demo trading you will see spreads similar to what you are getting. We do have a 1 pip commission built into the demo as well.

Best,
Mike



On Mon, Oct 21, 2013 at 11:50 AM, Matt <############@hotmail.com> wrote:

Hi,

I use (Live): IC Markets 0 – .02 (.7 comm,), AxiTrader 1.3-1.4, Axi pro .4 (.7 comm.), GoMarkets 1.6 –1.8 (not that great except lack of slippage to date) to name a few.
Providing you would allow EA’s (didn’t check) I use a couple to compliment my manual trading. When you say 0-2 pips it creates too much volatility in the spread to make my main EA work. It needs to know a steady spread (even a fixed high spread works) for the entry of the trade to be accurate.

Thanks,
Matthew.

From: Michael Soderlund
Sent: Tuesday, October 22, 2013 12:34 AM
To: Matt
Subject: Re: Welcome! To directFX

Matthew,

What brokers are you currently working with? Our spreads are very competitive.

Thanks,
Mike



On Mon, Oct 21, 2013 at 11:30 AM, Matt <############@hotmail.com> wrote:

Hi,

Thanks for your time. I am live with multiple other brokers with lower spreads I think I will leave it.

Thanks,
Matthew.

From: Michael Soderlund
Sent: Tuesday, October 22, 2013 12:25 AM
To: Matt
Subject: Re: Welcome! To directFX

Matthew,

The email advertises 0-2 pips on the majors. You will generally see spreads between 1-2 pips during normal market hours and will frequently drop below 1 depending on volume and volatility. Are you planning on running any EAs with us?

Best,
Mike



On Mon, Oct 21, 2013 at 11:12 AM, Matt <###########@hotmail.com> wrote:

Hi,

I am getting around 1.8 pip spread. Will just start off testing eurusd at start but am looking at all majors and few of the others later.

Thanks,
Matthew.

From: Michael Soderlund
Sent: Tuesday, October 22, 2013 12:04 AM
To: Matt
Subject: Re: Welcome! To directFX

Matthew,

Our Aqua spreads are already live and will appear as they do on our Live environment. If you are not seeing the spreads that were advertised please let me know. What pairs are you looking at?

Best,
Mike



On Mon, Oct 21, 2013 at 10:55 AM, Matt <############@hotmail.com> wrote:

Hello Michael,

Thank you this link worked. Now I have the platform downloaded I was wondering how to get the Aqua spreads that were advertised.

Thanks,
Matthew.

Alan Prothero, Melbourne, Australia

Rating:
Date of Post:2013-06-03
Review: I don't normally leave broker reviews. However, I am so disappointed with DirectFX that I had to write this. I opened an account with them in Australia. I was led to believe that I could fund my account with Australian Dollars, but my funds were converted to US dollars. When I closed my account I received a less than favourable rate to convert back to AUD.

I trade around news times and I found that trading with them was a nightmare with spreads sometimes reaching 30+ pips, early stopouts within a few seconds (probably due to high spreads or yo-yo prices). I have an example during NFP where the bid price went down and stayed down and the ask price went down a bit but then spiked up by 20 pips taking me out around break-even but showing how dodgy trading conditions are with them.

They never sent me Daily or Monthly Confirmations and now I have stopped trading with them, I am trying to get them to send me a statement. Even this is too difficult as they sent me an email asking me to login to my account to download it. But my account has been closed and disabled.

So to sum up then. Misleading account opening information, awful trading conditions, appalling customer service.

JoeCFD, Budapest, Hungary

Rating:
Date of Post:2013-04-04
Review: Hello All,

Due to the current European situation, I decided to search for a non-European broker and have found Direct FX. They have a partner in Hungary who has translated their website, so I contacted them in order to open an account. So far I am quite satisfied with the services of Direct FX and also the Hungarian company. I opened my account with just 1k to test them out first. Spreads are quite competitive compared to other brokers, and I am also happy with the execution.
I plan to try them out for a few more months, do also a withdrawal, and if I am still satisfied, I'll probably increase the funds on my account.

I really am hoping that this time I won't be disappointed as in the past with other brokers I had accounts with.

I'll keep you all posted.

Avery M, , Virgin Islands, British

Rating:
Date of Post:2012-04-25
Review: Fast execution, tight spreads, no commission and great customer service.+++

FPA Review Moderation Team Note: This review did not come from the British Virgin Islands. It came from the offices used by DirectFx and several other brokers in Australia.

Per FPA policy, the 5 star rating on this review has been changed to Zero stars.

the FPA does not appreciate review spammers.

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