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Discovery FX foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://apply.discovery-forex.com/account/client-individual/, about the company's legal and temporary regulatory information, the company's address Room 613A, 6/F, Ocean Centre, 5 Canton Road, Tsim Sha Tsui, Kowloon , Hong Kong.

Discovery FX Forex Broker

Basic Information

Registered Region

Hong Kong

Operating Period

Company Name

Discovery Forex Limited

Abbreviation

Discovery FX

Company employee

Customer Service Email Address

info@discovery-forex.com

Contact Number

+85231071208

Company Website

http://www.discovery-forex.com/

Company address

Room 613A, 6/F, Ocean Centre, 5 Canton Road, Tsim Sha Tsui, Kowloon , Hong Kong

Facebook

https://www.facebook.com/discoveryforexlimited/

Keywords

5-10 years

Suspicious Regulatory License

Suspicious Scope of Business

Australia Appointed Representative(AR) Revoked

High potential risk

Company profile

Discovery FX Review SummaryFounded2018Registered Country/RegionHong KongRegulationNot regulatedMarket InstrumentsSpot Rolling FX, Precious MetalsDemo Account✅($10,000 in virtual fund)Leverage1:1 - 1:1000EUR/USD Spread1.0 - 3.0 pipsTrading PlatformMT4, MT5Copy Trading✅Min Deposit$200Customer SupportTel: +852 6889 6237Email: info@discovery-forex.comSocial media: X, Facebook and Instagram Discovery Forex Limited founded Discovery FX in 2018 in Hong Kong. It provides two trading asset classes: Spot Rolling FX and Precious Metals. Besides, it also offers demo accounts and high leverage of 1:1000. However, it is not regulated and its minimum deposit is as high as $200.Pros and ConsPros Cons Demo accounts offeredNot regulatedFlexible leverage ratiosLimited trading assetsMT4 and MT5 offeredHigh minimum depositCopy tradingLimited payment optionsNo fees for deposits and withdrawalsIs Discovery FX Legit? No, Discovery FX operates without regulation. Traders should be cautious because Discovery FX is not supervised by any financial authorities.What Can I Trade on Discovery FX?Tradable Instruments Supported Spot Rolling FX✔Precious Metals✔Commodities❌Indices❌Stocks❌Cryptocurrencies❌Bonds❌Options ❌ETFs❌Account Type/Fees Discovery FX offers two account types: Standard and Nano spread. It also offers demo accounts.Account TypeAccount CurrencyMin DepositMin WithdrawalSpreadTransaction FeeOpening/Maintenance FeeStandardUSD, JPY$200$US100, JPY10,000/❌❌Nano spread$200Nearly 0$3/lot❌Leverage Discovery-FX provides flexible leverage from 1:1 to 1000:1. Note that the higher the leverage, the more profits and losses.Leverage Total Effective Margin1:1 to 1:1000USD 5 - USD 20,000 / JPY 500 - JPY 2,000,0001:1 to 1:200USD 20,001 ~ USD 100,000 / JPY 2,000,001 ~ JPY 10,000,0001:1 to 1:100USD 100,001 ~ USD 200,000 / JPY 10,000,001 ~ JPY 20,000,0001:1 to 1:50200,001 USD or more / 20,000,001 JPY or moreTrading PlatformTrading PlatformSupported Available Devices Suitable for MT4✔Web, Desktop, MobileBeginnersMT5✔Web, Desktop, MobileExperienced tradersDeposit and Withdrawal Discovery-FX supports deposits and withdrawals via bitwallet, overseas remittance and bank transfer. No fees for deposits and withdrawals.

Discovery FX broker review

Is Discovery FX safe or scam

Rating Index

How to login to Discovery FX?

discovery fx Complete Account Guide: Registration, Account Opening, and Login Processes Part One: Account Registration Process How to Register a discovery fx Account Registering for a discovery fx account is a straightforward process that can be completed in just a few minutes. Below are the detaile

Discovery FX Forex Broker - Complete Information Guide

1. Broker Overview

Discovery FX, officially known as Discovery Forex Limited, was established in 2018. The broker is headquartered in Hong Kong, with its primary office located at P.O. Box 3269, Apia, Samoa. As a private entity, Discovery FX operates in the retail forex and CFD trading markets, targeting a diverse clientele that includes both novice and experienced traders.

Since its inception, Discovery FX has aimed to provide a user-friendly trading environment, offering various trading instruments and leveraging advanced trading platforms. The company focuses primarily on forex trading, with a particular emphasis on spot rolling FX and precious metals. Over the years, Discovery FX has sought to establish a presence in the competitive forex market, but it faces challenges due to its unregulated status.

The business model of Discovery FX is primarily centered on retail forex trading, allowing individual traders to access the global forex market through its trading platforms. The broker claims to offer high leverage and competitive trading conditions, catering to traders looking for flexible trading options.

2. Regulatory and Compliance Information

Discovery FX operates without regulation from any major financial authority, which raises significant concerns for potential clients. The broker was previously associated with an ASIC-regulated entity, but that license has been revoked. Currently, there is no regulatory license number available for Discovery FX, and it is not listed under any recognized regulatory body.

The lack of regulation means that client funds are not guaranteed or protected under any investor compensation schemes. Discovery FX does not provide information on client fund segregation, which is a common practice among regulated brokers to protect clients' assets in case of insolvency.

In terms of compliance, Discovery FX claims to implement KYC (Know Your Customer) and AML (Anti-Money Laundering) measures. These include verifying the identity of clients and monitoring transactions for suspicious activities. However, without regulatory oversight, the effectiveness and enforcement of these measures remain questionable.

3. Trading Products and Services

Discovery FX offers a limited range of trading products primarily focused on forex and precious metals. The broker provides access to:

Forex Currency Pairs: A selection of major and minor currency pairs, although the exact number is not specified in available data.
CFD Products: Discovery FX does not appear to offer a wide variety of CFDs, with a focus mainly on forex and precious metals like gold and silver. Other asset classes, such as indices, commodities, stocks, cryptocurrencies, and bonds, are not available for trading on the platform.
Unique Products: No unique or proprietary trading products have been mentioned in the available information.

The trading services are primarily directed towards retail clients, with an emphasis on providing a straightforward trading experience. The broker does not appear to cater to institutional clients or offer white-label solutions at this time.

4. Trading Platforms and Technology

Discovery FX supports the widely used MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. These platforms are known for their advanced charting capabilities, technical analysis tools, and support for automated trading through expert advisors (EAs).

MT4 and MT5 Support: Both platforms are available for web, desktop, and mobile devices, catering to traders of all experience levels. MT4 is favored by beginners for its user-friendly interface, while MT5 offers enhanced features for more experienced traders.
Execution Model: The broker's execution model is not explicitly detailed, but it is implied that they may operate on a market-making basis given their unregulated status.
Server Location: The exact location of the trading servers is not disclosed, which is a critical factor for latency and execution speed.
API Access: There is no specific information available regarding API access or support for automated trading strategies outside of the standard features provided by MT4 and MT5.

5. Account Types and Trading Conditions

Discovery FX offers two main types of trading accounts:

Standard Account:

Minimum Deposit: $200 (or JPY 20,000)
Spreads: Variable spreads ranging from 1.0 to 3.0 pips.
Commission: No commission on trades.

Nano Spread Account:

Minimum Deposit: $200 (or JPY 20,000)
Spreads: Nearly zero spreads, with a transaction fee of $3 per lot.
Commission: $3 per lot for trades.

Both account types allow for a minimum trading size of 0.01 lots. The leverage offered by Discovery FX is flexible, ranging up to 1:1000, which can amplify both potential profits and losses. However, the high leverage also increases the risk of significant losses, particularly for inexperienced traders.

Discovery FX does not mention any specific policies regarding overnight fees or swap rates, which are typically important considerations for traders holding positions overnight.

6. Fund Management

Discovery FX supports various methods for depositing and withdrawing funds, although specific details are somewhat limited:

Deposit Methods: The broker accepts bank transfers, credit/debit cards, and some electronic wallets. However, the specific e-wallet providers are not disclosed.
Minimum Deposit Requirement: The minimum deposit is set at $200 for both account types.
Deposit Processing Time: The exact processing times for deposits are not specified, which may vary depending on the payment method used.
Deposit Fees: Discovery FX does not charge fees for deposits, but third-party payment providers may impose their own charges.
Withdrawal Methods: Withdrawal options are similarly limited, and specific methods are not detailed.
Withdrawal Processing Time: The time taken to process withdrawals is not disclosed, which could raise concerns for clients looking for timely access to their funds.
Withdrawal Fees: No specific withdrawal fees are mentioned, but clients should be cautious of potential hidden costs.

7. Customer Support and Educational Resources

Discovery FX provides several channels for customer support:

Support Channels: Clients can reach out via email, live chat, and phone. However, the availability of these services may vary based on time zones.
Service Hours: The exact service hours are not clearly stated, which may impact response times for clients in different regions.
Language Support: The broker appears to offer support in multiple languages, although the specific languages supported are not listed.
Educational Resources: Limited educational resources are available on the platform. The broker does not provide extensive training materials, webinars, or tutorials, which may hinder new traders looking for guidance.
Market Analysis Services: Discovery FX does not appear to offer comprehensive market analysis services, such as daily insights or research reports, which are beneficial for informed trading decisions.
Trading Tools: Basic trading tools like calculators or economic calendars are not explicitly mentioned, indicating a lack of additional resources for traders.

8. Regional Coverage and Restrictions

Discovery FX primarily serves clients in Asia, particularly in Hong Kong. However, the broker does not provide detailed information about its regional offices or specific market coverage.

Main Service Markets: The broker focuses on the Asian market, with particular emphasis on Hong Kong-based clients.
Regions Not Accepted: Discovery FX explicitly states that it does not accept clients from the United States, Canada, Australia, Japan, or South Africa.
Special Restrictions: Clients should be aware of the potential risks associated with trading through an unregulated broker, as they may not have recourse in case of disputes or financial losses.

In conclusion, while Discovery FX offers a range of forex trading services and platforms, the lack of regulation and transparency raises significant concerns for potential clients. It is crucial for traders to carefully consider these factors before engaging with the broker.

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