DiscountFX.Com Review Is Discount FX A Legit or Scam Broker

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DiscountFX.Com Review: Is Discount FX A Legit or Scam Broker?

DiscountFX Review: Discount Fx is a brand of CySEC regulated company, GBE Brokers Ltd. The presentation of the website is very creative and tries to put clients’ minds at rest. Offered are both demo and live accounts. A video is provided on the page for more information about the broker. It is stated that it is for traders who can trade on their own.

It is promised that the prices at DiscountFX are fixed with no hidden charges. There are several trading instruments available like: currency pairs, oil, natural gas, stocks, indices, precious metals, and many more. The broker has offices in Cyprus and Germany.

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DiscountFX Trading Platform

The DiscountFX trading software uses a MetaTrader4 trading platform. MT4 has proven to be one of the best trading platform and comes with a wide range of advantages. It offers a standard leverage of 1:30 that can improve to 1:200 for proven expert traders.

DiscountFX had stated that its only account type starts from zero pips and then a trading commission of $2 per standard traded lot. This means that only 0.2 pips will be added to the actual spread for every $2 standard lot.

The demo account however showed that the spread moved above 1 pip for EURUSD pair and it differs from the claims found on DiscountFX page.

Deposit and Withdrawal Methods

It is stated that DiscountFX accepts deposits that are made through MasterCard, Visa, American Express, bank wire transfer and probably other e-Wallets popular used.

A minimum deposit of $500 is demanded and since it states no hidden charges, it is likely that withdrawals do not incur charges.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is DiscountFX A Licensed Broker?

Discount FX is a brand of CySEC regulated company, GBE Brokers Ltd. The parent company holds a license from the Cyprus Securities and Exchange Commission. This is one of Europe’s top authorities and this license is a plus.

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The license places a mandate on brokers to compensate their clients up to 20,000 EUR if they go bankrupt.


To contact DiscountFX call: +357 2528 1727 (Cyprus) or +40 605 901 045 (Germany).


DiscountFx holds a license from CySEC and this proves it is a legit broker. The difference in its promised spread from what is seen in the demo account is a problem that should be fixed. Deposit minimum is higher than the standard $250. Generally, it seems to be a straightforward and transparent brokerage.



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DiscountFX Review – is scam or good forx broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Standard $500 1:200 from 0 pips + 2 /lot

Clients of Cypriot broker DiscountFX are offered a single account type and access to the MeatTrader4 platform. Read the full review to see both the strong and weak sides of this brokerage prior to investing.

DiscountFX Advantages

What we like most about DiscountFX is that unlike most entities operating on the forex market, its is a regulated and legitimate brokerage. More specifically. DiscountFX is a brand of GBE Brokers Ltd, a company regulated by the Cyprus Securities and Exchange Commission (CySEC). The company is headquartered in Limassol, Cyprus, and has established a branch in Hamburg, Germany. It also operates GBE Brokers.

CySEC regulation provides a decent level of security and reliability, as it involves a number of requirements to Cypriot Investment Firms (CIFs). They must meet solid capital adequacy requirements, to keep client funds separated from company assets, to report their transactions, and to provide negative balance protection, among other things. Besides, Cypriot brokers need to comply with all requirements introduced on a EU level, such as leverage restriction of 1:30, provision of negative balance protection to all account holders, disclosing the percentage of clients that lose money, and more.

Low trading cost

DiscountFX advertises a very low spread on its website, starting from 0 pips on majors. As it turns out, the cost of trading with this broker has to be around 0.4 pips on EUR/USD per standard lot, if we add the applicable commission of $2 round turn to the average spread of 0.2 pips. Such cost of trading is very low, as most brokers offers spreads within the range of 1.0 – 1.5 pips for this pair.

Access to MT4. good selection of assets

Like most than 80% of all brokerages, DiscountFX supports the MT4, which has proved its reliability over the years, and is highly praised in the trading world. There are various reasons for this, but mostly it’s the ease of use and the fact that the MT4 offers a full spectrum of trading tools and services: a number of built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options. Besides, traders can download ready-made or create their own EAs and let the program do all the work.

Furthermore, DiscountFX provides traders with a wide variety of CFDs – on currencies, commodities, indices, stocks, and the most popular digital assets.

Higher leverage provided to pros

Retail clients of DiscountFX are able to use higher leverage levels than 1:200. Of course, they have to pass an appropriateness test in order to be approved, as required by law.

We remind you that that in early August 2020 the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex trades on the European market at 1:30, while similar restrictions are already in place in the US, Japan, Turkey, and other jurisdictions.

DiscountFX Disadvantages

Spreads on paper and platform don’t match

The trading costs announced on DiscountFX ’ website actually seem too good to be true, so we weren’t very surprised that when we tried out its MT4 in demo mode, the situation appeared quite different. The EUR/USD spread floated around 1 pips, and no commission whatsoever applied.

DiscountFX’ demo MT4. Click on the image to view larger.

This means that the broker is not transparent about its pricing, which leaves a very bad impression, especially on the part of a licensed CFD provider. For further information and comparison on spreads, check out our dedicated page.

High initial deposit

Furthermore, DiscountFX requires an initial deposit of at least $500 for its most basic account type, which is a bit too high, especially given the broker’s missing regulation. Most financial services providers, including major forex brokers, require something in the range of $100- $250 as a start.

Click on the image to view larger.

We also found out that all payment and transfer charges are borne by clients of DiscountFX, while most brokers cover deposit fees. Besides, the amounts of these transfer charges are not specified on the broker’s website.

This is not a major flaw, yet we decided to mention it. It appears that DiscountFX has not bothered to spend much money on its website – it seems very basic, and uses comics, which would better suit a forex educational site.


The main benefit of trading with DiscountFX, of course, its legit forex broker license. The firm is overseen by the Cyprus Securities and Exchange Commission (CySEC), one of the most famous European financial watchdogs. Besides, the broker supports the ever popular MT4, its trading conditions seem good, and there are many financial instruments.

Of course, we also highlighted several negatives of DiscountFX, which are not to be underestimated. And finally, here are the main points of our review of this broker:

Pros Cons
CySEC license Spreads on paper and platform don’t match
Low trading costs High initial deposit
MT4 available, good selection of assets
Wide range of financial instruments
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

DiscountFX Review – 5 things you should know about

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

DiscountFX is a Cyprus forex and CFD broker, licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC), which, along with the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) is one of three most popular regulators in the industry – a CySEC license means that DiscountFX is a trusted broker.

The list of trading instruments with DiscountFX range form currency pairs and commodities like oil and natural gas, to precious metals, stocks and indices.

The maximum leverage DiscountFX offers to retail clients is in line with the guidelines of the European Securities and Markets Authority (ESMA), according which brokers can not offer leverage that exceeds 30:1.

If you can prove that you are a professional trader however, you might be offered a much higher leverage of up to 200:1

DiscountFX regulation & safety of funds

DiscountFX is one of the brand names of the Cyprus based company GBE Brokers Ltd, which also operates GBE Brokers. The broker has offices in Limassol, Cyprus and Hamburg, Germany, and as we already noted it is licensed and authorized by the Cyprus Securities and Exchange Commission (CySEC).

The rules adopted by CySEC are shared with most other regulators throughout Europe – brokers are obliged to keep their clients funds in a segregated, from the broker’s own, trust account, to provide traders with a negative balance protection, to maintain at all times no less than 750 000 EUR in operational capital, to file regular reports, to allow external audits, and even to insure the trading capital by participation in a client compensation scheme.

For example, if by any chance your broker files for bankruptcy, your funds will be guaranteed for up to 20 000 EUR.

And besides, a CySEC license authorizes brokers to offer their services in any EU member state after going through a formal process of passportization.

DiscountFX trading conditions

As for the trading conditions there were some discrepancies between what DiscountFX tells us in their presentation and what we actually saw on their trading platform, when we opened a demo account.

There is just one account type and spreads are advertised to start virtually from zero pips with a trading commission of just 2 USD per standard lot traded, round trip. And that actually sounds too good to be true, as 2 USD per standard lot, round trip, add just 0,2 pips to the actual spread.

On the other hand with a demo account the benchmark EURUSD spread appeared to float over 1 pip and that is more or less what we would have expected.

Bear in mind that spreads starting below 1,5 pips are generally considered good.

DiscountFX trading platforms

DiscountFX offers MetaTrader4 – no doubt the most widely used trading platform on the market. MT4 is a highly reliable platform that has been around for over 15 years.

MetaTrader4 is even equipped with a proprietary programming tool – the MQL4 object- oriented programming language for trading strategy development, with which you can easily modify the numerous market indicators and trading robots, designed to help you run algorithmic trading sessions.

And we should mention as well the fine set of advanced charting tools – not surprisingly MT4 remains the most popular trading platform, preferred by beginner and professional traders alike.

DiscountFX deposit/withdrawal methods and fees

DiscountFX accepts payments with probably of the best know e-wallet on the European market – Skrill, as well as with major credit or debit cards like VISA, MasterCard and American Express and bank wire.

The minimum deposit requirement – 500 USD – is somewhat higher for our taste, as usually brokers require no more than 250 USD as an initial deposit.

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