Forex Direct

Get an edge with our forex DMA service

What is Forex Direct?

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.

Forex Direct 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.

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), March 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

Web platform and apps
Trade with DMA on our web-based platform and iPad and iPhone apps

L2 – our free DMA platform

Download our DMA platform, designed for our traders and using algorithms created in Excel

Terminals and APIs

We provide full FIX API support for traders using their own front-end technology

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.

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