DefcoFX Forex Review

Read our full DefcoFX review to get exact details about their safety, accounts, spreads, platforms, assets, support, and many more. Our unbiased DefcoFX opinion allows our readers to decide whether DefcoFX is a reliable broker.

DefcoFX Forex Broker History

DefcoFX is an unregulated Forex and CFDs broker. It offers traders access to diverse markets such as indices, currencies, commodities, and cryptos. The unregulated nature of the broker makes it very unreliable, as regulations are crucial for safety. The broker advertises itself as an innovative company that ensures its clients avoid extensive KYC checks and documentation, which is a major red flag for its safety and reliability. Trustworthy brokers are typically regulated and follow very strict ethical practices to ensure no money laundering and other criminal activities are conducted through their services, and DefcoFX falls short in this aspect.

The broker is registered in Saint Lucia and is not overseen by any authorities. There is no negative balance protection, which is a big downside for the broker’s safety.

The leverage is also high, which is very risky when there is no negative balance protection provided. Overall, the DefcoFX scam has a high probability as the broker is unregulated and has light KYC policies.

DefcoFX Broker Review of Accounts

When it comes to trading account types, DefcoFX offers two different types of accounts, Silver, and Gold. There is almost no difference between the two accounts, and it makes very little sense to select one over another. For example, both accounts have zero commissions and the broker claims to have 0.5 pips spreads. Both accounts have markup spreads, and the floating type is not fixed. The leverage is higher on the Silver account with 1:2000 while the gold account only allows for 1:500. The minimum deposit is also lower on the silver account, starting at 50 dollars, while the gold requires at least 1000. The minimum lot size starts from 0.01 lots on both of them. The silver account does not allow stock trading, while the gold account offers several US stocks. Traders are allowed to deploy Expert Advisors (EAs) on both accounts, and the programming language is MQL5 (MT5).

Overall, there is almost no differencebetween the DefcoFX Silver and Gold trading accounts, which is a downside. There is no possibility of accessing 0 pip spread accounts.

DefcoFX Reviews of Trading Platforms

DefcoFX only provides access to MetaTrader 5 (MT5) advanced trading platform, which is very capable software. It is available on both mobile and desktop devices. DefcoFX MT5 allows both custom indicators and Expert Advisors (EAs), which is flexible. However, the broker does not offer any other trading platforms, which is a huge downside as some traders might prefer MT4 or cTrader. The Mobile MT5 app can be downloaded on both Android and iOS phones. Expert Advisors are allowed and traders can use algorithmic trading systems using MQL5 or MT5 EAs.

DefcoFX Forex Review of Extra Features

The broker offers several features such as bonuses, trading education, and tools. DefcoFX promotion is a deposit bonus that offers a 40% increase in trading balance. Traders need to create an account, and deposit funds to be eligible for this bonus. However, the minimum deposit required is 1000 dollars, which is very high. The deposit bonus is only available for new customers and when traders withdraw profits, the bonus is canceled.

DefcoFX education and tools

The broker offers blogs, market news, and daily financial news. This content is not very useful to learn FX trading from zero, which makes the broker’s offerings not very attractive. When it comes to tools, the broker offers an economic calendar, calculators, and various other tools. Traders can buy VPS from DefcoFX to use it for their trading robots.

DefcoFX Reviews of Customer Support

Customer support is critical in online financial trading. DefcoFX offers live chat which is built into website and email support options. There is no phone support available, which is a major red flag. Hiding phone numbers is often associated with scam brokers, and DefcoFX is also unregulated, which makes it very risky. The broker does not offer multiple languages and both the website and support are only available in the English language.

There is an FAQ section available to find quick answers to general questions, which is useful.

Overall, DefcoFX lacks robust support channels and multilingual capabilities, together with the absence of phone support.

DefcoFX Deposit and Withdrawal

Deposits and withdrawals at DefcoFX are only supported via popular crypto coins such as Bitcoin, Tether, and several others. The lack of conventional payment methods is yet another red flag for this broker. There are no bank cards, wire transfers, or online wallets available, which is a serious downside. The broker only allows Bitcoin and Tether for withdrawals which is not convenient. The processing times are promised to be around 3 hours for all withdrawals, but we could not check these claims.

DefcoFX Review Conclusion

DefcoFX presents itself as an innovative Forex and CFDs broker, but lacks regulations, offers high leverage, and has minimal KYC requirements, making it very risky to sign up for its accounts. While the broker offers an advanced MT5 platform together with additional features such as VPS and bonuses, the absence of phone support, conventional payment methods, and negative balance protection are serious drawbacks. The two account types, silver and gold, provide very little differentiation, and the overall trading conditions lack transparency. Given these red flags, traders should approach DefcoFX very carefully.

Overall, DefcoFX needs to get regulated, provide smaller leverage, and stricter KYC policies, to make it a legit and reliable broker.