All of our Forex reviews are non-biased and all reviewers have had live accounts and personal experience with each broker listed.
Darwinex is an FCA regulated Forex STP broker based in the UK. Below is our review...
Darwniex Detailed Review
Currency Pairs
Darwinex offers a competitive range of currency pairs (around 40 pairs in total). These include all the major and minor Forex pairs, including some exotic pairs like EURMXN, EURNOK, EURTRY, GBPMXN and GBPTRY.
A range of the major global indices are also offered, as well as gold, silver, palladium, platinum, oil and natural gas.
Leverage
The margin offered by Darwinex is not as competitive as it could be. Leverage is around 1:30-1:100 dependant of the Forex pair traded. Leverage on other products ranges from 1:10-1:50. A quick review of Darwinex which compares the leverage offered by other Forex brokers will clearly show that Darwinex is below the crowd.
Spreads
As an STP broker, Darwinex has access to some of the tightest spreads in the non-ECN trading industry.
If tight spreads are at the top of your priority list, and you don't have access to an ECN broker, then Darwinex could be the broker for you. Spreads are variable but tight. They are currently showing as AUDUSD 0.5 pips, EURUSD 0.4 pips, GBPUSD 0.5 pips, USDCHF 0.7 pips and USDJPY 0.4 pips.
Spreads do increase during periods of high volatility but not as drastic as your typical market maker broker.
Commissions
Commissions are very competitive - around 2.50 USD per $100K traded. Swap rates are also very competitive and positive swap rates are available.
If you are a frequent trader, a fee rebate scheme is available. You will need to trade at lease £250/$350 in commission per month in order to feel the benefit though.
Customer Service
We have been in contact with their customer service team several times - questions, account changes, etc. They are not as quick as other Forex broker customer service teams when it comes to replying to emails but they have always been helpful and resolved any queries professionally. Darwinex do have a phone number for quick queries and technical issues.
Platforms
Darwinex offers MetaTrader 4. No other trading platform is offered.
Depositing and withdrawing funds
No fees on deposits and withdrawals. All major debit and credit cards are accepted for your first deposit only. Funds deposited by debit or credit card are shown in your account instantly and are available to trade. Bank transfers are the only deposit method after your first card deposit. Withdrawals are hassle-free but can take up to 3 working days to process.
Affiliate Program
Darwinex do offer a partner program. The program is not very generous though.
Regulation
This broker is based in the UK and is registered and regulated by the FCA - one of the most trusted financial regulators in the world.
Trading Execution
Great execution. Never had any issues. Some minor complaints about stop-losses not being executed.
Other
It would be a shame to review Darwinex without mentioning the investor platform...
Darwinex offer traders an extra source of income by allowing investors to copy their trades. On the flip side, you can view the results of other clients of Darwinex and invest/copy their trades. Full details about Darwinex's investor platform can be found here.
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Summary
If you are seeking a market maker or STP Fore broker, we believe that Darwinex is possibly one of the best options available to you.
We like
FCA regulation
STP brokerage
Quick deposits and withdrawals
Free deposits and withdrawals
Range of currency pairs
Investor features
We don't like
Minor issues with stop-losses
Low leverage
Fairly slow deposits and withdrawals
Open an Account...
If you would like to open a free Forex trading demo account with Darwinex, please click here to be directed to their website.
