DomiFX Forex Broker

General Information & Regulation DomiFX is a broker offering forex and spot metals trading with a focus on the Chinese market and “social trading”, a website offering social trading solutions similar to ZuluTrade (an online social and replication trading platform that allows traders to replicate the investment strategies of “experts” in the forex market). DomiFX is currently regulated by the Vanuatu Financial Services Commission, however, this license is suspected to be a clone one. Market Instruments DomiFX offers investors access to the most popular currency pairs in the financial markets, spot metals, indices, CFDs, stocks, and commodities. Minimum Deposit DomiFX offers two types of trading accounts: Standard (minimum deposit of $25) and VIP (minimum deposit of $5,000). Although it should be obvious that no serious trading can be done with $25, this measure is applied in order to attract a bigger number of clients. DomiFX Leverage Leverage at DomiFX is capped at 1:100. This is basically the standard, or some will say even conservative level, when it comes to forex trading. Spreads & Commissions The spreads on the DomiFX website start at 1 pip for standard accounts and 0.5 pips for VIP accounts, but after testing the demo account, we learned that the spreads for EURUSD start at 2 pips, which is clearly higher than the industry standard. Trading Platform DomiFX offers traders the market-leading and highly popular MT4 trading platform, which is currently the most popular forex trading platform in the world and is highly respected by many technical traders, with top-notch MT4 charting tools, the ability to create multiple custom technical indicators, and an automated trading system (Expert Advisor). Deposit & Withdrawal DomiFX only supports China UnionPay, as DomiFX is focused on the Chinese market and does not accept clients from the Eurozone, USA, Japan, British Columbia, and Iran. DomiFX Pros & cons Domifx advantages Include： 1. Availability of MT4 trading platform 2. Two types of trading accounts available 3. Low minimum deposit requirement Domifx disadvantages include： 1. Offshore regulation by VFSC 2. High spreads, different from spreads shown on the official website 3. Not accept many clients from e.g. Eurozone, USA, Japan 4. Only one way of deposit & withdrawal only