A DomusFX review has revealed that DomusFX offers an array of tradable financial instruments which are spread across several asset classes. DomusFX also offers traders with the use of the popular and reliable MetaTrader 4, through which trades can be executed seamlessly across a multitude of devices.
Choose your quick section of our DomusFX review below.
A Quick Overview of our DomusFX Review:
DomusFX at a glance |
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| Broker’s Name | DomusFX |
| Headquartered | Marshall Islands |
| Year Founded | Unknown |
| Regulating Authorities | None |
| Countries not accepted for trade | United States |
| Islamic Account (Swap Free) | Yes |
| Demo Account | Yes |
| Institutional Accounts | No |
| Managed Accounts | No |
| Maximum Leverage | 1:500 |
| Minimum Deposit | $50 (713 ZAR) |
| Deposit Options | · Debit/Credit Card
· Bank Wire Transfer · Crypto Wallet · Neteller · Skrill, and others |
| Withdrawal Options | · Debit/Credit Card
· Bank Wire Transfer · Crypto Wallet · Neteller · Skrill, and others |
| Platform Types | MetaTrader 4 |
| OS Compatibility | Browsers, Desktop, Mobile |
| Tradable Assets | · Forex
· Metals · Energies · Indices · Cryptocurrencies |
| Languages supported on Website | English |
| Customer Support Languages | Multilingual |
| Customer Service Hours | 24/7 |
Who is DomusFX?
According to research in South Africa, DomusFX is an unregulated STP broker which is headquartered in the Marshall Islands. DomusFX is owned and operated by DomusFX Ltd.
DomusFX claims to be a leading forex broker but there is no proof that supports these claims. According to the official website of DomusFX, the aim is to provide traders with easy access to a variety of financial markets, ensuring that they are granted with high liquidity and access to the best trading conditions.
DomusFX offers an array of tradable financial instruments which are spread across several asset classes. DomusFX also offers traders with the use of the popular and reliable MetaTrader 4, through which trades can be executed seamlessly across a multitude of devices.
In addition to this, DomusFX also offers traders with a choice in trading accounts, each catered to the varying needs of traders based on their trading experience, knowledge, skills, and objectives. Traders can also expect 24/7 customer support through live chat, email, and telephone.
Safe or scam
When traders evaluate brokers, regulation is one of the most crucial components that must be considered. Regulated brokers are required to comply with stringent rules and regulations set by regulatory entities and through this, client fund security can be ensured.
The activities of regulated brokers are also overseen by such entities to ensure that there is no fraud or foul play, and to ensure that traders are always protected against such activities.
DomusFX is not regulated by any known regulatory entities, and this makes it an unsafe broker. As a result of the lack of information on the official DomusFX website, traders and their funds are at risk.
Without regulation and authorization, there is no watchdog to ensure that DomusFX operates in a fair and transparent manner. There is also no guarantee that DomusFX keeps client funds in segregated accounts away from its own, and that funds are only used towards trading activities.
Without regulation, there is no way that traders will know whether DomusFX will fulfill its financial obligations.
Pros and cons
| PROS | CONS |
| Range of markets offered for trade | DomusFX is not regulated |
| Low minimum deposit on entry-level account | Spreads offered are not the tightest |
| Demo account and Islamic account option provided | There is no information on the commissions charged |
| MetaTrader 4 supported | There is no transparency in trading conditions or pricing |
| Variety of payment methods supported | United States traders are not accepted |
| The choice between different account types | Limited deposit currencies |
| Deposit and withdrawal fees are not charged | Limited deposit methods |
| There is truly little information on the broker |
Leverage
Leverage is a tool that is offered by numerous brokers to traders. With leverage, traders can open larger positions, allowing traders more exposures to the market in which they are trading despite their initial deposit.
The leverage that traders can expect from DomusFX goes up to a maximum of 1:200 for VIP Accounts and up to 1:500 for both Standard and Premium Accounts. The leverage that DomusFX offers will depend on the financial instrument being traded and the account type chosen.
Accounts
A Forex account is a trading account that traders hold with a specific broker with the purpose of trading financial instruments. Brokers may offer traders either with a variety of accounts, with each catering for varying levels of skill, knowledge, and experience, or a single account that can be used.
The number of accounts along with the features offered will vary from one broker to the next. For this reason, it is imperative that traders evaluate brokers and make use of the demo accounts offered to explore the broker’s offering.
DomusFX offers traders with three distinct account types. These are:
- Standard Account
- Premium Account
- VIP Account
Standard Account
The Standard Account is the entry-level account that can be used by most traders. This account type has the following features:
- Variable spreads which start from 1.2 pips EUR/USD
- Access to all tradable financial instruments
- A minimum deposit which starts from 50 USD (713 ZAR)
- Minimum trading size from 0.01 lots
- Contract size of 100,000
- Access to fifth decimal pricing
- Leverage of a maximum 1:500
- Access to market execution
- The option to convert the account into an Islamic Account
- EUR, USD, or GBP as the account currency
- Commissions that are charged on indices
- 50% margin offered on hedged positions
- Triple swaps which are applied on Wednesdays on non-Islamic Account
Premium Account
This account type is for more experienced traders and offers the following:
- Variable spreads which start from 1.0 pip EUR/USD
- Access to all tradable financial instruments
- A minimum deposit which starts from 1500 USD (21 403 ZAR)
- Minimum trading size from 0.01 lots
- Contract size of 100,000
- Access to fifth decimal pricing
- Leverage of a maximum 1:500
- Access to market execution
- The option to convert the account into an Islamic Account
- EUR, USD, or GBP as the account currency
- Commissions which are charged on indices
- 50% margin offered on hedged positions
- Triple swaps which are applied on Wednesdays on non-Islamic Account
VIP Account
The VIP Account caters for professional traders who trade higher volumes than others. The features of the VIP Account are as follows:
- Variable spreads which start from 0.8 pips EUR/USD
- Access to all tradable financial instruments
- A minimum deposit which starts from 10 000 USD (142 686 ZAR)
- Minimum trading size from 0.1 lots
- Contract size of 100,000
- Access to fifth decimal pricing
- Leverage of a maximum 1:200
- Access to market execution
- The option to convert the account into an Islamic Account
- EUR, USD, or GBP as the account currency
- Commissions which are charged on indices
- 50% margin offered on hedged positions
- Triple swaps which are applied on Wednesdays on non-Islamic Account
Demo Account
DomusFX offers traders the option of registering a demo account on either of the three live trading accounts offered. The demo account can be used by beginner traders to practice trading or by more experienced traders who wish to test out their trading strategies.
Islamic Account Option
The purpose of an Islamic Account is that it caters specifically to Muslim traders who follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.
Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees, or interest, should they hold positions open for longer.
DomusFX offers Muslim Traders with the advantage that they can convert any of the three live trading accounts into that of an Islamic Account, exempting them from overnight fees and swaps.
Market instruments
DomusFX offers the trade in the following financial asset classes:
- Forex
- Metals
- Energies
- Indices
- Cryptocurrencies
Fees
Another crucial factor that traders must consider when evaluating a broker is the fees that they will incur. These fees relate to both trading and non-trading activities and actions.
Trading Fees
One of the first fees that traders will encounter concerns a minimum deposit fee which is paid after the trader has completed account registration. DomusFX charges a minimum deposit depending on the type of account that traders register.
The minimum deposit fees that traders can expect with DomusFX are as follows:
- Standard Account – 50 USD (713 ZAR)
- Premium Account – 1500 USD (21 403 ZAR)
- VIP Account – 10 000 USD (142 686 ZAR)
According to the official DomusFX website, commissions are charged on indices on all three trading accounts. The precise amounts, however, are not indicated per lot or per side when trading with DomusFX.
The spreads that traders can expect will depend on the account type, the instrument being traded, and the market conditions on the day of trading. Typical spreads that traders can expect are as follows:
- Standard Account – 1.2 pips EUR/USD
- Premium Account – 1.0 pip EUR/USD
- VIP Account – 0.8 pips EUR/USD
DomusFX also charges overnight fees on certain instruments and traders can expect that a triple swap will be debited/credited every Wednesday to account for the weekend rollover, depending on the position that the trader holds, whether long or short.
Non-trading fees
Where non-trading fees are considered, traders must consider fees relating to account inactivity, deposit and withdrawal fees, account management and maintenance fees, currency conversion fees, and others.
DomusFX does not charge deposit or withdrawal fees and there is no indication of whether inactivity fees, account management fees, or conversion fees are charged.
Deposit and withdrawal
When evaluating brokers, the ease with which deposits and withdrawals can be made is another imperative factor to consider.
DomusFX offers traders with a variety of ways through which deposits and withdrawals can be made, including:
- Credit/Debit Cards
- Bank Wire Transfer
- Crypto Wallet
- Neteller
- Skrill
Trading platforms
DomusFX offers the use of MetaTrader 4 through which trades can be executed. Traders can also use the MetaTrader 4 trading platform to develop and test strategies, perform technical and fundamental analysis, and several other useful functions.
The MetaTrader 4 trading platform is available across several devices, allowing for seamless trading account integration and access. This allows for traders to access a plethora of trading opportunities across several markets.
How to open an account
To register for a DomusFX account, traders can visit the official website and select the option from the homepage. Traders must complete a comprehensive online account application that requires personal information, financial and employment details, and a questionnaire regarding trading knowledge and experience.
Traders must provide proof of ID along with proof of address and complete their economic profile before their registration can be completed. This forms part of a ‘Know Your Client’ (KYC) process as part of Anti-Money Laundering (AML) procedures with which brokers must comply to ensure the safety and security of traders.
Customer support
DomusFX customer support is available 24/7 through these communication channels:
- Live chat
- Telephone
Education
DomusFX does not offer a comprehensive education section on the official website. There is one online webpage that provides truly little information on some basic principles.
Research
DomusFX does not offer any research tools, materials, or resources on the official website. Traders can, however, make use of the research provided on the MetaTrader 4 trading platform to assist in their trading.
Awards
DomusFX does not list any awards or recognition on the official website.
Conclusion
DomusFX is not a regulated broker, making them an unsafe option for traders. There is truly little information on the website to help identify whether the broker is scam or legit.
The trading and non-trading fees that traders can expect when dealing with DomusFX is not clearly indicated and there is a lot of missing information on other crucial components.
Even though customer support is available 24/7, live chat is not always responsive to questions and queries.
Disclaimer
DomusFX warns potential customers that Forex and CFDs trading carries a substantial risk and may not be suitable for all investors.
Before deciding to trade with DomusFX, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.
DomusFX warns that margin trading involves the potential for profit as well as the risk of loss.
Movements in the price of foreign exchange and commodities are very unpredictable, hence DomusFX cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.
You might also like: DomusFX Account Types Overview
You might also like: DomusFX Demo Account – Step by Step
You might also like: DomusFX Fees and Spreads
You might also like: DomusFX Islamic Account Overview
You might also like: DomusFX Minimum Deposit
You might also like: DomusFX Sign up Bonus
FAQ
Trading environment
How many instruments can I trade with DomusFX?
You can trade any of the following instruments:
- Forex
- Metals
- Energies
- Indices
- Cryptocurrencies
Which platforms are supported by DomusFX?
DomusFX only supports the use of MetaTrader 4 on the following:
- Web browsers
- Desktop (Linux, MacOS, Windows)
- Mobile (Android, iOS)
Does DomusFX offer leverage?
Yes, DomusFX offers leverage up to a maximum of 1:500.
What spreads can I expect with DomusFX?
You can expect the following spreads according to the trading account you choose:
- Standard Account – 1.2 pips EUR/USD
- Premium Account – 1.0 pip EUR/USD
- VIP Account – 0.8 pips EUR/USD
Does DomusFX charge commission?
Yes. According to the official website, commissions are charged on indices. The amount that traders can expect is not provided.
Are there additional charges on the Islamic account?
There is no indication of whether additional charges are applied on the Islamic Account.
Is DomusFX regulated and by whom?
No, DomusFX is not regulated.
Is DomusFX a recommended forex trading broker for experts and beginners?
No, DomusFX is not a recommended forex trading broker due to the lack of regulation.
What is the overall rating out of 10 for DomusFX?
3/10.
Accounts
What is the difference between a demo and live trading account?
A demo account is a practice account that can be used by both beginner and professional traders. Beginners can use a demo account to practice their trading while more advanced traders can use it to test their trading strategies.
Alternatively, traders can also use a demo account to explore what a broker has to offer. Demo accounts are known for the risk-free environment that they offer along with the virtual funds which are used to trade.
Does DomusFX offer a demo account?
Yes, DomusFX offers a demo account.
How long is the demo account valid?
30 days.
Which live trading accounts does DomusFX offer?
- Standard Account
- Premium Account
- VIP Account
Does DomusFX offer an Islamic Account?
Yes, DomusFX offers traders with the option of converting any of the three live trading accounts.
What are the available deposit currencies for a live trading account?
- EUR
- USD
- GBP
Deposits and withdrawals
What is the minimum deposit required to open an account with DomusFX?
50 USD (713 ZAR).
How do you make a deposit and withdraw money with DomusFX?
- Credit/Debit Cards
- Bank Wire Transfer
- Crypto Wallet
- Neteller
- Skrill
Does DomusFX charge withdrawal fees?
No, DomusFX does not charge any commissions or fees on withdrawals.
How long does it take to make a withdrawal?
This will depend on the payment method used. Credit/Debit card withdrawals are processed immediately whereas bank wire transfers take up to five business days.
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