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Established in 2023, Daily FX Markets is a forex broker registered in the United Kingdom. The broker primarily focuses on forex trading and offers its clients access to the MT5 trading platform, which is known for its advanced analytical tools and user-friendly interface. However, it notably lacks a diverse range of tradable assets, as it primarily focuses on forex pairs. As of now, Daily FX Markets does not hold any valid regulatory licenses, which raises significant concerns regarding its operational legitimacy and client fund protection.
Regulatory Regions:
Daily FX Markets operates without any regulatory oversight, which is a major red flag for potential investors. According to various sources, including WikiFX, the broker has received a low trust score of 1.27 out of 10, indicating high risk and concerns about its legitimacy (WikiFX). The absence of regulatory supervision means that clients may have limited recourse in case of disputes or issues related to fund withdrawals.
Deposit/Withdrawal Currencies/Cryptocurrencies:
The broker accepts deposits through various channels, including Visa, Mastercard, and American Express. However, specific details regarding withdrawal methods remain vague, which can create uncertainty for users. Notably, Daily FX Markets does not currently support cryptocurrency trading, further limiting its appeal to a broader range of investors.
Minimum Deposit:
Daily FX Markets offers tiered account types with a remarkably low minimum deposit requirement starting at $100 for its mini account. This feature is particularly appealing for beginner traders looking to enter the forex market without a significant financial commitment. However, the standard and pro accounts require higher minimum deposits of $1,000 and $5,000, respectively (WikiFX).
Bonuses/Promotions:
The broker provides welcome bonuses that range from 100% to 150% of the initial deposit, contingent on specific conditions. While this may entice new traders, it is important to approach such offers with caution, especially given the broker's unregulated status.
Tradable Asset Categories:
Daily FX Markets primarily focuses on forex trading, offering a limited selection of currency pairs. It does not provide access to commodities, indices, cryptocurrencies, or shares, which restricts traders' ability to diversify their portfolios effectively. This lack of product variety is a significant drawback for those looking to spread their risk across multiple asset classes.
Costs (Spreads, Fees, Commissions):
The broker claims to offer competitive trading costs with spreads starting from 0.1 pips and no commission fees. While this structure can be appealing to traders, the lack of transparency regarding specific spread details for different account types raises questions about the reliability of these claims. Additionally, the absence of a demo account limits traders' ability to test the platform before committing funds.
Leverage:
Daily FX Markets offers leverage of up to 1:1000, which can be attractive for experienced traders seeking to maximize their potential returns. However, such high leverage also comes with increased risk, making it crucial for traders to use it judiciously.
Allowed Trading Platforms:
The broker exclusively utilizes the MT5 platform, which is well-regarded for its advanced features and analytical tools. However, the lack of support for other popular platforms, such as MT4, may deter some traders who prefer those environments.
Restricted Regions:
There is limited information on specific regions where Daily FX Markets operates, but the absence of regulation suggests that traders from high-regulation jurisdictions may be wary of engaging with this broker.
Available Customer Service Languages:
Customer support is available in English, and users can reach out via email, phone, or live chat. However, the overall rating for customer service is low, with many users reporting difficulties in obtaining timely support.
Revised Rating Overview:
In summary, while Daily FX Markets presents some attractive features like low minimum deposits and commission-free trading, its unregulated status and negative user experiences raise significant concerns. Potential traders are strongly advised to conduct thorough research and consider the risks involved before engaging with this broker.