DiscountFX Review: Discount Fx is a brand of CySEC regulated company, GBE Brokers Ltd. The presentation of the website is very creative and tries to put clients’ minds at rest. Offered are both demo and live accounts. A video is provided on the page for more information about the broker. It is stated that it is for traders who can trade on their own.
It is promised that the prices at DiscountFX are fixed with no hidden charges. There are several trading instruments available like: currency pairs, oil, natural gas, stocks, indices, precious metals, and many more. The broker has offices in Cyprus and Germany.
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DiscountFX Trading Platform
The DiscountFX trading software uses a MetaTrader4 trading platform. MT4 has proven to be one of the best trading platform and comes with a wide range of advantages. It offers a standard leverage of 1:30 that can improve to 1:200 for proven expert traders.
DiscountFX had stated that its only account type starts from zero pips and then a trading commission of $2 per standard traded lot. This means that only 0.2 pips will be added to the actual spread for every $2 standard lot.
The demo account however showed that the spread moved above 1 pip for EURUSD pair and it differs from the claims found on DiscountFX page.
Deposit and Withdrawal Methods
It is stated that DiscountFX accepts deposits that are made through MasterCard, Visa, American Express, bank wire transfer and probably other e-Wallets popular used.
A minimum deposit of $500 is demanded and since it states no hidden charges, it is likely that withdrawals do not incur charges.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is DiscountFX A Licensed Broker?
Discount FX is a brand of CySEC regulated company, GBE Brokers Ltd. The parent company holds a license from the Cyprus Securities and Exchange Commission. This is one of Europe’s top authorities and this license is a plus.
The license places a mandate on brokers to compensate their clients up to 20,000 EUR if they go bankrupt.
To contact DiscountFX call: +357 2528 1727 (Cyprus) or +40 605 901 045 (Germany).
DiscountFx holds a license from CySEC and this proves it is a legit broker. The difference in its promised spread from what is seen in the demo account is a problem that should be fixed. Deposit minimum is higher than the standard $250. Generally, it seems to be a straightforward and transparent brokerage.
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