Established in 1974
Clients across 156 countries
Over 15,000 markets

Forex Direct

Get an edge with our forex DMA service

What is Forex Direct?

  1. Institutional grade FX with liquidity from 12 of the world’s biggest banks from as little as $10 per million
  2. Low latency pricing with IG’s own infrastructure in Equinix’s LD4 facility connecting to the world’s deepest pools of FX liquidity
  3. Automate your trading using our FIX API or our new web-based trading API
  4. The choice is yours – trade with IG to benefit from the flexibility of OTC stops and limits or advanced FX traders can trade directly in the interbank market with no dealing desk intervention

Forex Direct provides DMA execution with full market transparency, offers prices from a wide selection of global banks and liquidity providers, and lets users view extended data on currency pairs and act as a market maker.

Forex Direct is recommended only for advanced FX traders.

What are the costs?

Commission

Unlike OTC trading, there is no IG spread to pay. Instead we charge a variable commission – as low as USD10 per USD million worth of the currency traded. This charge is based on the volume you traded in the preceding month.

If your account is not denominated in USD, the commission will be converted into your base currency (at current exchange rates) before being deducted.

Commission example

Size (millions of USD)

Commission (USD per million)

1500+ 10
<1500 20
<500 30
<100 60


Minimum commission per order: $3

Average spreads

There are no IG spreads with Forex Direct – instead you are trading on buy and sell prices provided by major banks and currency providers.

* Time-weighted (22:00-20:00 GMT) average spread by trade (quoted to three decimal places), October 2016.

  Average FX Direct spread*
AUD/USD 0.512
EUR/JPY 0.702
EUR/USD 0.263
GBP/USD 0.992
USD/JPY 0.293

Forex Direct platforms

Getting started with Forex Direct

  1. To trade DMA with IG you need to open an account and activate DMA within our web-based dealer.
  2. You can then choose to activate the data feeds you need.
  3. Then choose which platform you’d like to trade on: our web-based dealer and iPhone/iPad apps, the specialised L2 Dealer, or your own front-end technology.

Open an account now

There's no minimum balance to open an account, it takes less than five minutes, and there's no obligation to fund or trade.

DMA with IG

Our pricing technology is engineered to find the best available prices on both OTC (over-the-counter) and DMA. This means that DMA prices are not necessarily better than OTC, but direct access to the markets can give you greater visibility and flexibility as a trader.

There are many added complexities to the trading environment and there can be an increased risk. As we take a parallel position in the underlying market, DMA traders need to be aware that once an order has been executed we are unable to change or reverse the position.

It is important to note that while you are trading based on underlying market prices and depth, what you actually receive on placing a trade is a CFD from us. It works like this:

  • DMA displays the best bid and offer price available for a particular market, plus further prices on either side of the order book
  • You place an order, and we instantaneously conduct a margin check to ensure you have sufficient funds to cover the margin on your proposed trade
  • If the margin check is satisfied we place an order in the market and, at the same time, create a parallel CFD between you and us

So while you are trading at market prices, you do not gain any ownership rights over the currencies which form the subject of your CFD.

More about DMA

Example: Forex Direct commission

Forex Direct commission

Commission on Forex Direct positions is charged in USD. We will calculate your commission based on the total value of your trade in USD using current exchange rates.

For example, you buy 50 EUR/USD contracts when the spot rate is at 1.3332.

Total value of your trade in USD = Number of contracts x contract size x EUR/USD spot rate 50 X €100,000 X 1.3332 = $6,666,000 

Commission charged (assuming you traded USD 1000 million worth of contracts in the previous month and have a commission rate of USD 20 per million) = Variable charge x value of position in USD (20 / 1,000,000 = 0.00002) * ($6,666,000) = $133.32

You might be interested in...

  • Platforms and apps

    Browser-based desktop trading and native apps for all devices.

  • Execution and pricing

    Our technology is engineered for speed, stability and better prices.

  • 24-hour support

    We're here 24 hours a day Monday to Friday, and 9am to 5pm (UK time) Saturday and Sunday.

* Time-weighted (22:00-20:00 GMT) average spread by trade (quoted to three decimal places), March 2016.

Contact us

We're here 24hrs a day from 7pm Saturday to 9am Saturday (AEDT).

1800 601 734

You can also call +61 (3) 9860 1734, email helpdesk.au@ig.com or tweet us at @IGClientHelp