What Account Types and Fees Does Discovery FX Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Standard Account |
All traders |
Flexible leverage, access to all trading instruments |
Suitable for various trading strategies |
| Nano Spread Account |
Experienced traders |
Low spreads, advanced trading options |
Ideal for high-frequency trading |
| Demo Account |
Beginners |
Practice trading with virtual funds |
Great for testing strategies without risk |
Account Opening Process
To open an account with Discovery FX, prospective traders must complete several steps. Initially, users need to provide personal information, including their name, contact details, and date of birth. Following this, employment and financial information must be submitted to assess the trader’s background. Identity verification is also required, typically involving the submission of a government-issued ID and proof of address. Account flexibility allows users to upgrade to a professional account later, should their trading needs change.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (Major Pairs) |
0.8 |
$0 |
Tight spreads for major pairs |
| Forex (Minor Pairs) |
1.5 |
$0 |
Wider spreads for minor pairs |
| CFDs (Stocks) |
1.0 |
$0 |
Variable spreads based on market conditions |
| CFDs (Indices) |
1.2 |
$0 |
Competitive spreads for indices |
| Cryptocurrencies (BTC/USD) |
1.0% |
0.1% |
Variable depending on volatility |
Other Fees
Additional costs associated with trading at Discovery FX may include deposit and withdrawal fees, though currently, there are no fees for these transactions. Inactivity fees may apply if an account remains dormant for an extended period. Platform usage fees are not specified; however, overnight interest, also known as swap rates, may be incurred for positions held overnight. Currency conversion fees may also apply depending on the transaction type and the currency involved.
