Discover Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-11-28 18:59

Abstract：　Discover, founded in Japan in 2023, offers a platform for trading various assets including forex, commodities, indices, and options. Its advantages lie in competitive spreads, fee-free trading, and compatibility across multiple devices, enhancing accessibility for traders. 　　However, limited customer support in Japanese only and a lack of regulatory authorization from NFA pose challenges. The company's relatively recent establishment in 2023 indicates a potential for growth, yet its regulatory status requires scrutiny to ensure compliance with industry standards.

　　Note: Discover's official website: https://www.discoveripfx.com/ is currently inaccessible normally.

DiscoverReview Summary
Founded	2023
Registered Country/Region	Japan
Regulation	No regulation
Market Instruments	ForexCommoditiesIndicesOptions
Demo Account	❌
Leverage	Up to 1:400
Spread	/
Trading Platform	Discover FX
Min Deposit	/
Customer Support	Phone: +81 04-2000-2818

Discover Information

　　Discover is a broker incorporated in Japan in 2023, offering Forex, Commodities, Indices, Options to traders, and providing its own trading platform Discover FX. In addition, it says it offers low spreads and supports fee waivers. As of now, Discover is unregulated and contains too little information.

Is Discover Legit?

　　Discover is currently unregulated and its website is inaccessible.

Pros and Cons

Pros	Cons
Low spreads	Serve Japanese traders only
Fee-free trading	No regulatory authorization from NFA
Trading platform is compatible with various devices	Limited educational resources
	Limited research tools

Market Instruments

　　Discover offers a wide array of trading assets accessible through a single account. These include commodities, forex, indices, and options, among others.

Tradable Instruments	Supported
Forex	✔
Commodities	✔
Indices	✔
Options	✔
Stocks	❌
Bonds	❌
ETF	❌

Leverage

　　Discover JFX offers a maximum leverage of 1:400 on major currency pairs, which means that you can control up to $400,000 for every $1,000 you deposit. This can be a great way to amplify your profits, but it is also important to remember that it can also amplify your losses. For example, if you lose 1% of your account balance with a leverage of 1:400, you will lose 40% of your deposit.

Discover Fees

　　Discover says it offers a low-spread and fee-free environment for forex trading. It does not charge any fees for foreign exchange transactions.