Forex broker | |
---|---|
Official website | |
Social network | |
Date of foundation | 2024 |
Head Office | Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia |
Company owner | The Defcofx Ltd. |
Types of support | |
Languages | English, Arabic, German, French, Spanish, Italian, Chinese, Dutch, Greek, Norwegian, Etc. |
Terminals | MetaTrader 5 |
Min. first deposit | From 50 USD |
Brokerage commission | No |
Lot size | From 0.01 |
Bonuses | Until 40 % Bonus on deposits over $1000 |
Leverage | Until 1:2000 |
Spreads | From 0.3 points |
Free demo account | |
Adjustable | Yes |
Regulators | FSRAFinancial Services Regulatory Authority |
Licenses | Licensed License № 2024-00205 (Active) |
Types of accounts | Demo, Silver, Gold |
Margin call / Stop out | 100% / 20% |
Methods of replenishment | Cryptocurrencies |
Withdrawal methods | Bitcoin, Tether |
Number of assets | 200+ |
Types of assets | Currency pairs61+ currency pairs Stocks55+ stock CFDs of major US companies Indices11 Index CFDs based on baskets of different blue-chip stocks Precious metalsGold, silver, platinum, palladium CryptocurrenciesBTC Energy CFDsCrude Oil (WTI, Brent) |
Account Currencies | USD, GBP, EUR |
Mobile apps | No mobile apps available |
Weekend trading | Only on cryptocurrencies |
Tournaments/competitions | No |
Trader training | Daily Technical Analysis, Market Heat Maps, Market Data Watchlist, Economic Calendar, Market News |
Contract Difference Commission | No |
Swaps | Yes |
PAMM trading | No |
Analytics | No |
Margin trading | No |
Affiliate Program | No |
Advantages | Low spreads, no swaps Fast order execution Simple registration and verification process Easy withdrawal of funds Professional support 24/5 License and Demo Account Educational services Cryptocurrency payments |
Disadvantages | New broker, founded in 2024 Only 1 trading platform Only 2 account types |
Company requisites | Legal name: The Defcofx Limited Legal address: Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia |
Trading robots | Yes, on Gold account |
Negative balance protection | Yes |
Trading ideas | Free trade ideas from the team of analysts |
Markets | DefcoFX accepts clients from all over the world, excluding USA, Canada, China, Romania, Singapore and most countries present on the FATF and EU/UN sanctioned lists |
Scalping | Yes |
Trading on the news | Yes |
Expert Advisors | Yes |
Date of update | October 7, 2024 |
Overall assessment | 8.4/10 |
Is Defcofx a scam? Complete Review and Real Customer Feedback
Contents
Defcofx is considered one of the most promising new online forex CFD brokers by several popular websites and a number of pro traders. This forex trading broker was launched in 2024 and is owned by a company registered in Saint Lucіa. It offers its services globally through the website Defcofx.com. It is translated into 20+ languages and is catering to a wide international audience.
We offer you our detailed review of Defcofx, from which you will learn about the advantages of the company, bonuses, features of the trading platform, ways of profit withdrawal, current reviews about the broker, and much more. Is Defcofx a scam or a forex CFD broker worthy of your attention? Let’s answer these and other questions in our detailed review.
Defcofx Brokerage Services
Defcofx is a comparatively new forex trading broker and CFDs brokerage service, established in 2024 and registered at the jurisdiction of Saint Lucia. The company gives its traders the possibility of using one of the highest leverages in the industry, in some cases reaching up to 1:2000 for major FX pairs, and accepts clients from most countries in the world, with the exception of the US, Romania, China, Canada, and a few other countries.
One of the advantages of Defcofx is the user-friendly and intuitive design of its website. The platform also has over two hundred assets, including 61+ currency pairs, indices, commodities, more 50 single stocks listed in the US, and some cryptocurrencies for weekend trading.
Defcofx offers:
- Trading servers in NY and London
- Raw spreads on MetaTrader 5 platform
- No swaps on open positions
- Zero commissions while trading
- Leverage of up to 1:2000 on FX pairs
Defcofx also has promotions and bonuses for new customers, as well as trading signals that attract traders’ attention. The broker has a big education platform which can be especially useful for beginners.Each signal is developed using technical analysis, based either on elementary calculations, or statistical equations. For example, some signals with specific entry points and direction of a trade are based on the use of oscillators.
Defcofx offers PC, Mac, iOS, Android, and Web versions of the MT5 trading platform — for comfortable access to financial markets with any device. After the trader downloads the free app on their smartphone or tablet, they can take full advantage of the Defcofx services anywhere, at any time. All that is required is Internet access. Overall, Defcofx is one of the most popular new platforms for CFD trading. Its simple interface, wide selection of assets, generous promotional program, and the presence of a demo account make it an attractive choice for traders of different experience levels.
Trading Conditions with Defcofx
The Defcofx platform provides its clients with access to Raw Spread accounts, ensuring a pleasant trading environment without any requotes, price manipulations and additional restrictions. To help its traders, the broker also invests into free additional services in the form of market news, daily technical signals and various Forex calculators. The user-friendly MT5, including MT5 WebTrader, allows people free access to global financial markets without the need to study its functionality in advance. As a prominent Forex broker platform, Defcofx aims to enhance the trading experience with these features.
Minimum deposit size with Defcofx forex broker platform is currently at $50. Minimum transaction size during trades is at 0.01 lot. The company has a diverse portfolio of assets available for trade through its platform, including:
- Forex pairs such as EUR/CHF, GBP/JPY, CAD/NZD, AUD/USD, USD/CAD, CHF/PLN, EUR/TRY, AUD/NZD, GBP/DKK, and over 50 others.
- Commodities and metals: USOIL, UKOIL, Sіlver, Gold, Palladium, Platinum.
- Stock CFDs: Microsoft, Google, Nvidia, Netflix, Intel, Exxon, Citigroup, Bank of America, Johnson & Johnson, VISA, Pfizer, American Express, Teva Pharmaceutical, Cisco Systems & many others.
- Cryptocurrencies: Bitcoin.
- Indices: US30, EUSTX50, ESP35, FRA40, HKG50, JPN225, SPX500, NAS100, UK100 & many more.
Defcofx places great emphasis on trading quality within its forex trading platform. This includes:
- Very low spreads, from 0.3 to 0.5 pips for major currency pairs.
- Quick order fulfillment. Defcofx servers are located in LD5 and NY4 centers close to the exchange offices in London and New York, allowing orders to be executed on the market within microseconds. This makes Defcofx attractive for scalpers, news traders, and for EA usage.
- One-click trading in the custom MT5, various risk calculators, depth-of-market, and several advanced order types on offer.
- Leverage up to 1:2000 for Silver accounts.
- Zero commissions, including for overnight swaps.
For its clients, the brokerage provides an unlіmiіted number of demonstration accounts, which allow the users to try most features of the trading platform without investing any real money. Trading tips and training courses are available for free, without the need to have real money on the account.
Types of Accounts with Defcofx
In terms of account types, Defcofx, a forex trading broker, has a fairly basic offering. The broker provides a regular Silver Account for customers with deposits starting from $50 and a more elite Gold Account for traders with deposits starting from $1,000.
Both account types give essentially the same trading conditions, with the Silver Account having more leverage for FX pairs (1:2000 vs 1:500), but Gold Account allowing for trading much larger volume, with Silver Account being capped at 2 lots per order.
Both accounts have no swap or interest rates, no commissions for trading except spread, and the exact same stop out level at 20%. Gold Account, according to the broker, is better suited for use of EAs, which Defcofx is very much in favor of. It is also currently the only one which has Stock CFDs.
Defcofx Deposit and Withdrawal
Trading accounts with DefcoFX are funded primarily through crypto, with the broker accepting:
- Bitcoin (BTC)
- Solana (SOL)
- Ethereum (ETH)
- Ripple (XRP)
- Tether (USDT)
Many other cryptocurrencies can also be deposited through Instacoins and Confirmo payment gateways.
Because of operating exclusively with crypto payments, no documentation is required for depositing, withdrawals, and trading. Defcofx, as a forex broker platform, is one of the very few online brokers that adheres to a no KYC policy. Customers are not required to complete a verification process to start trading with Defcofx.
Funds are deposited automatically and are credited instantly. Withdrawals are normally processed within 1-2 hours, with a maximum of 12 hours, excluding Sunday and Saturday. Any withdrawal requests made on Friday are processed the following Monday.
Deposits and withdrawal are processed without extra charges. However, if the account has not traded before making a withdrawal request, a processing fee may be imposed on such a withdrawal. To initiate a withdrawal, a client must maintain a minimum of 250% free margin.
Defcofx Funds Security
Defcofx takes many measures to protect clients’ accounts:
- Personal data is secured with SSL and is inaccessible to any third parties
- Two Factor Verification is available, using Google Authenticator app for iOS or Android
- Accounts are segregated in accordance with international standards.
- Optional account verification is possible, with traders being able to upload personal documents to verify an account
- Withdrawal from a real account is possible only after receiving email confirmation, ensuring any withdrawal can be done only by the account owner themselves.
- Withdrawals are done through the same payment details used for deposit. Thus, under no circumstances can Defcofx withdrawal be made to an unauthorized third party.
Defcofx Promotion
The company’s clients can receive an additional 40% on top of their first deposit before they start trading real money with Defcofx. To receive this bonus, you need to create a Silver or Gold real account with Defcofx, and deposit at least 1000 USD. A few select countries are excluded from this promotion. The bonus is only currently offered to customers who make a deposіt with Defcofx for the first time.
Defcofx Trading Platform
The only trading platform currently supported by Defcofx is MetaTrader 5 (MT5) developed by MetaQuotes Software. This is a strong successor to the wildly popular MetaTrader 4 (MT4) platform. MT5 can be accessed via a standard desktop platform for Windows or Mac computers, as a web version for use on any type of computer, or as a mobile app for Android and iOS devices.
The custom versіon of Defcofx MT5 can be downloaded from the broker’s website after registration. It weighs around 270 MB when downloaded on a PC. This MT5 has 107 advanced indicators pre-installed in it, with additional indicators being available for download from the MetaQuotes website.
Everything is available here: from simple horizontal lines and regular Bollinger Bands to Fibonacci levels and Keltner channel. The charting tools for MT5 are one of the best in the business. However, only 9 timeframes are present, from M1 to MN. To trade in seconds, you need to use a special expert advisor. It can be downloaded for free from the MT5 market inside the platform window. For example, you can search for “Candle by Seconds” from and install it into your MT5.
Other small restrictions of the trading platform can be easily avoided in a similar manner. Expert advisors for MT5 are very deep and varied, and can help you conduct both technical and fundamental analysis. You can use various methods and strategies for successful intraday and positional trading using the platform provided by the broker. MT5 works very well for both begіnners and experts in CFD trading, and the quality of the platform provіded is one of the highlights of Defcofx, even though there is presently only one option available here.
Trader Education at Defcofx
One of the notable features of Defcofx is the very large section of its website dedicated to market analysis. There are quite a few buy and sell recommendations based on specific technical indicators. Using oscillators and moving averages taken from the charting platform TradingView, Defcofx analysts tell clients about potential openings in the market.
All of these are tailored to each trader’s preferred time frame and asset type. In addition, the website also includes things like market heat maps and watch lists to make traders’ jobs easier. The signal analyzer compares the situation with the strategy, determines the possibility of a rebound or reversal, and gives ready-made advice to brokers’ clients.
For example, the M1 chart for GBP/JPY can show a “strong buy” signal, while the M15 and M30 charts indicate “strong sell”. Depending on your preferred time in the market, you can choose either option. The signals seem quite interesting and accurate. This daily technical analysis section on the Defcofx website is quite unique.
Defcofx Support Team
Defcofx support is available from Monday to Friday, from 7AM to 2PM UTC.
There are several ways to contact the Defcofx team, including:
- Live chat
- E-mail: [email protected]
- Іnstagram: www.instagram.com/defcofxofficial/
- Facebook: www.facebook.com/Defcofx/
- Skype: join.skype.com/invite/HaIGNqdwbeCF
- X: x.com/DefcoFx/
As of writing of this review, the company has not yet publіshed any phone numbers for contact with its support services. Most of the support is offloaded to the live chat.
User Complaints Against Defcofx
After conducting a thorough web-search for complaints, we found no substantive negative reviews or accusatіons leveled against Defcofx. Most traders on reputable websites give this broker a 4/5 or 5/5 rating, citing the fast withdrawals, quality support team, tight spread, and generally favorable trading conditions. Therefore, it can be said that Defcofx has garnered very positive reviews online. Although the number of reviews is currently very small, as the broker is relatively new to the market.
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Is Defcofx a Scam?
One of the actual questions on the mind of any potential customer is whether Defcofx, as a forex broker, is a fraudulent and deceptive platform or a reliable one. Judging from the reviews and our own experiences, it seems that for now Defcofx fulfills all of its obligations to users and provides ample opportunities for profit on the financial markets.
There are a lot of scam brokers on the Internet, and we get complaints from traders on such companies on a regular basis. They use various methods to deceive their customers: managers stop communicating immediately after a real transfer of money, problems arise with the withdrawal of funds. So far, nothing of the sort has been reported about Defcofx.
The evidence points to the fact that thіs forex broker is not fraudulent, but instead is a relіable, serious company that aims to provіde its clients with a full package of trading services. It doesn’t randomly disappear after receiving funds, the support service managers are happy to answer questions, and the broker’s website functions very well, without any widespread bugs and issues. Currently, we see no indication that Defcofx.com is a scam.
Overall, we believe this forex trading broker has an іnteresting offering that is worth considering for traders looking to get very high leverage on the MT5 platform and do withdrawals/deposits via cryptocurrency sources. It’s important to note here that tradіng in the financial markets is іnherently rіsky and volatile, and can result in the loss of funds for many first-time investors. We advise you to first familiarize yourself with the rules and conditions of the platform, as well as trade on its demo account, before committing any real money to trading.
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