Overall Rating: ★★☆☆☆ (2.3/5.0)

Direct FX was an Australian-based forex and CFD broker offering access to the MetaTrader 4 platform, ECN/STP execution, and a range of forex pairs and commodities. While previously registered with the Australian Securities and Investments Commission (ASIC), the broker’s AFSL licence was revoked, and the company was deregistered in 2019. This Direct FX review explores its past operations, reasons for closure, and whether traders should consider any involvement.

Key Features

At its peak, Direct FX catered to retail and institutional traders with ECN technology and tight spreads.

• Platforms Offered:
  • MetaTrader 4 (MT4)
  • Direct FIX API and Currenex (for institutional clients)
• Market Access:
  • Forex, commodities, and precious metals
• Account Types:
  • ECN and standard MT4 accounts with variable spreads
• Execution:
  • No dealing desk (NDD) model, STP and ECN liquidity

However, since 2019, none of these services remain operational, and the firm no longer accepts clients.

Regulation and Security

Direct FX was previously regulated in Australia, but lost its licence due to non-compliance issues.

• ASIC Regulation:
  • Held Australian Financial Services Licence (AFSL No. 305539)
  • Licence revoked in May 2019
• Client Safety:
  • Previously required to segregate client funds
  • No longer provides financial services legally
• Deregistration:
  • Officially removed from ASIC’s register and ceased operations

Pricing and Costs (Historical)

Direct FX was competitive for institutional-grade traders but lacked transparency for retail users.

• Spreads:
  • ECN accounts from 0.0 pips, variable depending on liquidity
• Commissions:
  • ECN model charged per lot (undisclosed structure)
• Minimum Deposit:
  • $250 for standard accounts, higher for ECN
• Withdrawal Issues:
  • Complaints were made about withdrawal delays prior to shutdown

Educational Resources and Customer Support

Before closure, Direct FX offered limited educational content and average support.

• Education:
  • Trading basics, platform guides, and market insights
• Customer Support:
  • Support via email and phone (no longer active)
• Global Access:
  • Aimed at clients from Asia-Pacific and the Middle East

Risk Management Tools

Risk management was based on standard MT4 functionality.

• Risk Features:
  • Stop-loss, take-profit, and margin monitoring on MT4
• Leverage:
  • Up to 1:200, depending on client classification and asset
• No proprietary risk tools or custom alerts

Pros and Cons

Pros

• Previously ASIC regulated
• Access to ECN/STP liquidity
• MetaTrader 4 and FIX API support
• Institutional account options

Cons

• Licence revoked by ASIC
• Broker is now deregistered
• No longer offers any trading services
• Past complaints about fund withdrawals
• No compensation scheme available

Conclusion: Is Direct FX the Right Choice?

No. Direct FX is no longer operational and should not be considered a viable trading option. The broker’s ASIC licence was cancelled, and it was formally deregistered in 2019. Traders seeking a secure and regulated experience should explore ASIC-regulated brokers like Pepperstone, IC Markets, or Eightcap.

For those with historical accounts, contacting ASIC or financial ombudsman services is advised to resolve any outstanding matters.