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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.
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.
Size (millions of USD)
Commission (USD per million)
Minimum commission per order: $3
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), March 2016.
Trade with DMA on our web-based platform and iPad and iPhone apps
Download our DMA platform, designed for our traders and using algorithms created in Excel
We provide full FIX API support for traders using their own front-end technology
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:
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.
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