DiamondFX is among the newer Forex brokers to open their doors to traders, but when examining their website and platform, one would certainly not be able to instantly recognize this. In fact, it would become quite clear during the course of this DiamondFX review that lots of thought and planning went into the overall site, back-office and platform designs and structures. Does this mean that you should look no further because they are the perfect broker for you? Let’s find out.
There are five account types made available to DiamondFX clients, each offering its own distinct level of trade requirements and perks. Account types are offered for a reason, with that being to reward traders who are loyal and active. While this may be disheartening to the first-time trader, it’s important to understand that with time and experience, most all who trade become more comfortable with increasing their trade numbers and in doing so, will automatically climb to higher account levels.
Below is an overview of each of the account types, along with the requirements and benefits associated with each:
Bronze: The Bronze account is designed for the beginner level trader and requires zero traded lots to qualify and zero traded lots to maintain. There are no rebates, bonuses, or rewards at this level, which means that one would only want to remain at this level temporarily, whist testing out the platform, customer service, withdrawal process, etc.
Silver: A total of 10 traded lots are needed to reach this level, with 5 traded lots needed to maintain. While there are no bonuses awarded at this level, a rebate of $1 per lot is offered. Most who trade Forex, even those who are just getting started, should easily be able to reach this level and in doing so take advantage of the rebates offered.
Gold: It is at the Gold level that one can request their very own DiamondFX debit card. The card allows the holder to spend their account balance (including profits) using the card, with no need to go through the “official” withdrawal process. This is a massive benefit and one that very few FX brokers are able to offer. The maximum account balance is set at $10,000, with the POS & ePOS spending limit being set at $1,000 per day. The ATM daily limit is $250. Additionally, this level offers a $1.25 per lot rebate. To reach Gold level, one would need to trade 25 lots in a calendar month and then 12.5 lots per subsequent month in order to remain there.
Platinum: At the Platinum level, a monthly loyalty bonus in the amount of $10 is offered, along with the aforementioned debit card and per lot rebates in the amount of $1.50 per lot. In order to become a Platinum level trader, 100 lots would need to be traded. To remain at the Platinum level, 50 lots per subsequent month would need to be traded. Here, the debit card limits are increased, with the maximum card balance reaching $25,000, the POS & ePOS spending limits increasing to $2,500 daily and the daily ATM limit climbing to $750. Additionally, a cross border refund fee of 3% is provided.
Diamond: To Diamond account is the best of the best, designed to offer the maximum perks to those who actively trade FX. To qualify, 500 lots would need to be traded. To remain at this level, 250 lots will need to be traded each subsequent month. At Diamond level, a $100 monthly loyalty bonus is paid out, along with a per lot rebate of $3. The provided DiamondFX debit card carries a maximum balance of $500,000 at this level, with the daily POS and ePOS daily spending limit being set at $10,000. The daily limit for ATM withdrawal is $1,500 and a cross border refund fee of 5% is offered.
DiamondFX offers the MetaTrader 4 trading platform, which of course is the preferred platform of many. They do offer this platform in software, browser (Web Trader), and application formats. The app is available for all system types. Here, we could sing the praises of MT4, by listing all of the analytical tools and extras that this platform provides, but there truly is no need. Anyone who has ever traded Forex (even once) fully understands that it is the most intuitive and user-friendly of all of the platforms available today. Many brokers have designed and launched their own platforms, but most will agree that nothing tops MT4, not even MT5.
DiamondFX offers leverage of up to 1:500 on all trading accounts, regardless of account type. There are a few FX brokers offering 1:1000, but this is rather rare and honestly, rather high-risk on the part of the trader. In most cases, we see 1:500 being offered as the maximum level by most brokerages today. Your leverage preference can be selected at the point of live account creation and can be altered at any point after that. Should you need assistance with making changes to your leverage setting, reach out to one of the support team members for help. Do note that Margin Call occurs at 100% and Stop Out occurs at 70%. If you are new to trading, please take some time to learn how to avoid having your trades closed out.
Those who choose to trade with DiamondFX will be allowed to trade micro lots. The smallest allowed trade size is 0.01 lot, with the largest allowed being 1,000 lots. The ability to trade in micro lots is most definitely beneficial for those who wish to keep their financial risk to a minimum, as well as for those who are beginning their journey into Forex trading with very little funds to trade with. This brokerages does provide quite a few cryptocurrencies for trading and the entry costs on those trades can be substantial. Here again, the ability to trade in micro lots can be quite beneficial.
The commission cost is $4 per trade, round turn. This means that there will be a charge of $2 when the trade is first opened and then another $2 charge when the trade is closed. In comparison, most brokers charging commission ask for this same amount. There are, of course, brokerages who charge zero commissions and if you’re new to trading you may assume that they are the better option. The truth is that these brokers earn money through higher spreads and swap fees. Every Forex broker is in business with the goal to generate profits, but what we know is that some are simply okay with earning less than others.
As for swap fees, DiamondFX is very competitive in this area. While randomly selecting assets to view the associated swaps, it quickly became clear that the DFX rates were overall lower than that of competitor rates. This is most definitely an advantage for those who regularly choose to leave positions open overnight. Feel free to create a demo account in order to view the swap fees on any or all of the available underlying assets.
Speaking of underlying assets, there are currently over 200 made available to DiamondFX clients. The list is made up of currency pairs (including digital assets), metals, indices, stocks, futures and energies. The currency pairs list does include an assortment of majors, crosses and exotics. The asset list is solid and definitely among the better lists that we’ve seen. Advanced level FX traders should be pleased with this list and the unlimited number of trade possibilities that it offers. To view the complete list, visit: https://www.diamondfx.com/assets.
DiamondFX does provide live spreads on a number of popular assets on their website, but in order to view spreads for other assets, you’ll need to create either a demo or live account. Spreads do start as low as 0.2, which is excellent. As mentioned above, this broker does charge a commission on trades and therefore has no need for not offering the most competitive spreads possible. Connections matter in the FX industry and its clear that DFX has been able to team up with some of the best liquidity providers so as to offer ultra-tight spreads to their clients.
The minimum deposit amount is set at $10. Do note that while the provided account tiers are not based upon deposit amount (as we often see with other brokers), you are likely to need more than a $10 deposit to reach the trade volume required for some of the higher tier accounts. Even when trading micro lots, it would be extremely challenging to meet the requirements of the higher levels. We’re not saying that it’s impossible, of course, just not likely. With that being said, it’s always nice to see brokers accepting small minimums which allow individuals to test their trading platform without taking on substantial financial risk. This is the type of good faith that we like to see in a FX broker.
Deposit Methods & Costs
Bitcoin and credit/debit cards are the accepted deposit methods and there are no fees charged on deposits. It would be nice to see wire transfers added to this list, but the fact is that most find this method of deposit to be too slow for their liking. When preparing to trade, most want to get started straight away, not a week or longer from the time the decision is made. Some brokers do accept e-payments from online payment processors such as Skrill, but these offer little protection or recourse should there be a problem. So what are we saying here? That there are two sides to every coin. While additional methods would be nice, it’s not the end of the world that they are not accepted.
Withdrawal Methods & Costs
Withdrawals are typically paid back using the method which was used to fund the account. There is no minimum withdrawal amount in place and DiamondFX charges no fees on withdrawals. It is possible that you may encounter fees from your payment processors, but DFX has no control over this. Note also that if you have one of the higher tier accounts, you’ll be able to access your funds using the DiamondFX debit card. You can use the card to make an ATM withdrawal should you need cash, or use it to shop or pay bills either online or in-store. The debit card is a MasterCard and therefore accepted at millions of locations worldwide.
Withdrawal Processing & Wait Time
Every withdrawal request is reviewed within 24-48 hours. If all is well, the requested payment will then be paid out. Withdrawal wait times are always based upon the chosen payment method. Card payments generally arrive within a few days, but in rare cases could take longer. Bitcoin payments typically arrive within an hour or less, but it can take longer for the payment to clear the chain. Here again, the DiamondFX MasterCard is worth mentioning, as it eliminates any wait time or payment processing fees charged by your card company or e-wallet service provider.
Bonuses & Promotions
There are no deposit or re-deposit bonuses offered, but it is possible to collect a monthly loyalty bonus if you have one of the higher level accounts. In addition, per lot rebates are offered on most of the account types, with amounts ranging from $1 per lot to as high as $3 per lot. Seeing as DiamondFX already charges a reasonable commission, it’s actually quite amazing that they are willing to offer rebates at all. At the time of this writing, no contests or promotions were being offered, but this could always change in the future, so do create an account if you’d like to be alerted via email of future offers.
Educational & Trading Tools
DiamondFX offers nothing in the way of education, but does offer ongoing live price trend alerts on their website. There are plenty of trading tools provided with MT4, all of which can be used to trade more effectively. DFX does allow for all types of trading, even scalping, and also allows the use of outside EAs and other trading systems. If it’s education that you need, you will need to look elsewhere. Then again, the internet is loaded with experienced Forex traders who are willing to teach you how to trade via articles, tutorials, videos, courses and more.
The word ‘impressive’ comes to mind when speaking of DiamondFX’s customer service team. This is not only due to the fact that they offer several contact methods, but also because their response time is extremely fast and every agent that we’ve spoken to was extremely helpful. It seems their support staff is quite large, as in over ten attempts at contact, we never spoke to the same agent twice. This is an excellent sign that DFX is prepared to handle the success that it will sure attain. The provided contact methods are phone, live chat and email. To send an email, us the provided form. Live chat is available on the site and a callback can be requested at any time (also using the provided form).
Although they do not advertise it prominently on their website, demo accounts are available. A separate sign up is not required, but you will need to select the demo platform when accessing MT4 for the first time. Selections such as desired leverage and mock balance can be selected at the time you open the demo account. DiamondFX demo accounts never expire and there is no pressure to change over to a live account. As always, we recommend a demo account for first-time traders who are just learning the basics of trading and still need to learn how to fully use the platform.
Being that DiamondFX is based out of St. Vincent and the Grenadines, they are able to accept clients from most locations. This is subject to change, however, so you may want to reach out to their support team if you have any questions. U.S. traders, who often find it quite challenging to locate a home for trading Forex, can use the platform at this time. This broker does adhere to laws surrounding money laundering, so do be prepared to supply your legal identification and proof of residence prior to being allowed to fund and trade with a live account. These documents are reviewed within 15-minutes, which is among the fastest review times in the industry.
It’s actually quite easy to pinpoint the advantages of trading with DiamondFX – tight spreads, fast execution, reasonable commission, quick payment processing, great platform, excellent customer service, low minimum deposit, zero banking fees, plenty of assets and more. Potential negatives include a lack of education resources and smaller than average number of banking methods. Those who are not fans of account tiers may also consider that a drawback. Then again, those who are receive the offered rebates and bonuses would likely beg to differ. To bottom line is that DiamondFX is the creation of a team of expert financial minds who seem to clearly understand what traders want the most from a broker and platform.