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Discovery FX -

Score

1.53 /10
Danger

Discovery FX

Hong Kong

5-10 years

Suspicious Regulatory License

High potential risk

http://www.discovery-forex.com

Influence

B

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Comparison

Quantity 4

Exposure

Open Account
Website

Score

Regulatory Index0.00

Business Index7.17

Risk Management Index0.00

Software Index4.00

License Index0.00

The WikiFX Score of this broker is reduced because of too many complaints!
Open Account
Website

Licenses

No valid regulatory information, please be aware of the risk

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

open now

Broker Information

More

Company Name

Discovery Forex Limited

Company Abbreviation

Discovery FX

Platform registered country and region

Hong Kong

Company website

X

Facebook

Instagram

Company summary

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

Warning: Low score, please stay away! 2
Previous Detection : 2025-01-13
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 4 for this broker in the past 3 months. Please be aware of the risk!

WikiFX Verification

Exposure

4 pieces of exposure in total
Pyramid scheme complaint
Expose
Others

Scammer

A scammer on Instagram sent me messages but I ignored him. Then he told me to give him 500 euros and he would give me 1000 euros. I sent him 800 euros. But it was a scam a year ago.

FX3241871283
2021-08-19 09:56
Unable to Withdraw

Bad service

I want to officially denounce this supposedly financial endeavor that is taking advantage of people like me, investment was 2,500 Mexican pesos and after that I see my dashboard and it has not been accredited, and to date neither, they scammed me and they didn't even let me operate.

FX4066036111
2021-10-06 22:39
Scam

I just invest my own wallet into there own wallet!

I started to transfer some money out of my accounts in Discovery FX and got into real withdraw problems. I'm trying to get 20,000p from one of my accounts there since 22-Feb-2021. So far my so called "account manager" is giving me some vague explanation of delays in the payment systems. He called very often months ago to urge me to put more money in the broker - since end of Feb-2019 I did not heard from him - neither call nor e-mails. I've sent 2 e-mails to my account manager, and 1 e-mail to the funding department at Discovery FX - no response. My account is in "waiting for processing" for over 20 business days with no explanation why the bank wire transfer is not happening. I will soon contact the regulatory authorities in Cyprus and seek for legal options to get my money back. I've never

FX3028049359
2021-09-09 19:25
Unable to Withdraw

[Help] I have not been able to make a withdrawal that I applied for more than 2 months ago.

I have not yet been able to withdraw 72,000 yen of my profits, which I applied for withdrawal on November 13th, more than two months ago. Originally, this company seemed to have a habit of delaying withdrawals, and it was initially reported that it would take 5 business days for the money to arrive, but it gradually increased to 10 business days, then 30 business days (it is abnormal in itself that it takes 30 business days). I went. Until now, I have been able to withdraw money, albeit with a delay, but it has already been 30 business days since I withdrew money in November, and I have contacted them many times. The response I receive is always a standard message that says, "I'm checking with the department in charge." Although there are few cases due to the truth being disclosed, is there anyone who has suffered similar damage? The IB called FX Selection, which introduced me to this broker, can no longer be contacted. Maybe it's a guru. This time, I am applying for a small withdrawal of my profits, but I have deposited about 3.6 million yen here. I'm afraid that I won't get my money back. Does anyone with knowledge of the industry have a solution? Thank you.

mna2024
2024-01-19 17:29
Discovery FX · Company summary
Discovery FX Review Summary
Founded2018
Registered Country/RegionHong Kong
RegulationNot regulated
Market InstrumentsSpot Rolling FX, Precious Metals
Demo Account✅($10,000 in virtual fund)
Leverage1:1 - 1:1000
EUR/USD Spread1.0 - 3.0 pips
Trading PlatformMT4, MT5
Copy Trading✅
Min Deposit$200
Customer SupportTel: +852 6889 6237
Email: info@discovery-forex.com
Social media: X, Facebook and Instagram

Discovery Forex Limited founded Discovery FX in 2018 in Hong Kong. It provides two trading asset classes: Spot Rolling FX and Precious Metals. Besides, it also offers demo accounts and high leverage of 1:1000. However, it is not regulated and its minimum deposit is as high as $200.

Discovery Forex's homepage

Pros and Cons

Pros Cons
Demo accounts offeredNot regulated
Flexible leverage ratiosLimited trading assets
MT4 and MT5 offeredHigh minimum deposit
Copy tradingLimited payment options
No fees for deposits and withdrawals

Is Discovery FX Legit?

No, Discovery FX operates without regulation. Traders should be cautious because Discovery FX is not supervised by any financial authorities.

No license

What Can I Trade on Discovery FX?

Tradable Instruments Supported
Spot Rolling FX✔
Precious Metals✔
Commodities❌
Indices❌
Stocks❌
Cryptocurrencies❌
Bonds❌
Options ❌
ETFs❌

Account Type/Fees

Discovery FX offers two account types: Standard and Nano spread. It also offers demo accounts.

Account TypeAccount CurrencyMin DepositMin WithdrawalSpreadTransaction FeeOpening/Maintenance Fee
StandardUSD, JPY$200$US100, JPY10,000/❌❌
Nano spread$200Nearly 0$3/lot❌
Account comparison

Leverage

Discovery-FX provides flexible leverage from 1:1 to 1000:1. Note that the higher the leverage, the more profits and losses.

Leverage Total Effective Margin
1:1 to 1:1000USD 5 - USD 20,000 / JPY 500 - JPY 2,000,000
1:1 to 1:200USD 20,001 ~ USD 100,000 / JPY 2,000,001 ~ JPY 10,000,000
1:1 to 1:100USD 100,001 ~ USD 200,000 / JPY 10,000,001 ~ JPY 20,000,000
1:1 to 1:50200,001 USD or more / 20,000,001 JPY or more
Leverage
Spread

Trading Platform

Trading PlatformSupported Available Devices Suitable for
MT4✔Web, Desktop, MobileBeginners
MT5✔Web, Desktop, MobileExperienced traders
MT4 vs MT5

Deposit and Withdrawal

Discovery-FX supports deposits and withdrawals via bitwallet, overseas remittance and bank transfer. No fees for deposits and withdrawals.

Funding methods

User Reviews

More

User comment

6

Comments

Write a review

Dreman
more than one year
"Discovery FX is amazing! They offer a wide range of market instruments and flexible payment methods. Super convenient and easy to use.
"Discovery FX is amazing! They offer a wide range of market instruments and flexible payment methods. Super convenient and easy to use.
Translate to English
2024-07-29 18:47
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FX1495783622
more than one year
Love their low spreads on the Nano Spread Account and the MT5 platform is crisp and efficient.
Love their low spreads on the Nano Spread Account and the MT5 platform is crisp and efficient.
Translate to English
2024-06-18 10:25
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4