Darwinex Review

Darwinex is a brokerage firm and a financial technology services provider. The broker offers tradable instruments based on forex, CFDs, stock, and futures. Their range of products, services, and tech products cater to the needs of retail, professional, and institutional traders. 

Some key features of DarwInex forex trading services include fast order execution, tight spreads, and competitive trading encoding. The broker supports MetaTrader 4 and MetaTrader 5 platforms and offers in-house automated tools to help traders who want to automate their trades.

This Darwinex broker review further explains all you need to know about this broker. Make sure you also check out our XM broker review.

Supported Countries

Darwinex offers trading services to clients from counties in the European Economic Area and the United Kingdom. Residents of over 100 countries, such as Spain, South Africa, Colombia, Mexico, India, Argentina, Germany, Peru, Malaysia, Brazil, Chile, Taiwan, Turkey, and China, may access the broker's trading services and products.

However, there are many counties that the broker does not advertise their services to due to legal and regulatory requirements. These include the United States, American Samoa, Samoa, Bahrain, Belarus, Benin, Bolivia, Bosnia And Herzegovina, Burkina Faso, Burundi, Cambodia, Cape Verde, Central African Republic, Congo, Côte D'Ivoire, Cuba, Congo DR, Egypt, Eritrea, Ethiopia, Grenada, Guam, Guinea, Guinea-Bissau, Haiti, Iran, Iraq, Japan, Kenya, Laos, Lebanon, Lesotho, Liberia, Libya, Macao, Macedonia, Mali, Maldives, Marshall Islands, Mongolia, Montenegro, Mozambique, Myanmar, Namibia, Nepal, Niger, Korea, Northern Mariana Islands, Pakistan, Palau, Palestine, Panama, Paraguay, Puerto Rico, Saint Lucia, Sao Tome And Principe, Sierra Leone, Somalia, Sudan, Sri Lanka, Syria, Tajikistan, Tanzania, Trinidad And Tobago, Tunisia, Uganda, Virgin Islands, Vanuatu, Venezuela, Yemen, Zambia, Zimbabwe.

That said, citizens from those countries can access Darwinex services if they move to a supported region such as any European country.

Customer Service Rating

Darwinex has a 3.8-star rating based on 24 ratings on Trustpilot. The positive reviews highlight that the broker has been offering trading services for over a decade and is regulated by the FCA (UK). Reviewers also lauded the broker for providing trading technology that makes their trading efficient. 

Critical reviews focus on the completed sign-up process each client has to go through before they open an account. This lengthy process is typical because of the stiff regulation the broker must comply with to maintain its trading licenses in the United Kingdom and Spain. 

Darwinex Trading Platforms

Darwinex supports two trading platforms: the MetaTrader 4 and the MetaTrader 5. They also offer software that traders can use to enhance the functionalities of these trading platforms.

• MetaTrader 4: The MetaTrader 4 trading platform allows clients to analyze, link and migrate accounts. It comes with Darwinex and MetaTrader backtesting features. It has 9-time frames, offers 4 types of pending orders, and allows hedging.

• MetaTrader 5: The MetaTrader 5 platform is an upgrade on the MetaTrader 4. The platform allows users to analyze accounts and backtest using the MetaTrader backtesting feature. It features 21-time frames (as opposed to MT4's 9-time frames and offers 6 types of pending orders (compared to only 4 types offered by MT4). It also supports hedging and depth of market displays.

Type of Trading Accounts on Darwinex

Darwinex offers regular and professional trading accounts for eligible traders. The regular trading account can be individual, joint, or corporate.

• Individual account: Individuals looking to trade on their own should go for the individual account. This account grants access to one user and is available on both the MT4 and MT5 trading platforms. This account's minimum individual deposit requirement is 500 EUR/USD/GBP. The minimum for subsequent deposits is 100 EUR/USD/GBP.

• Joint account: The joint account has the same trading conditions and requirements as the individual account. The only difference is that the individual account is restricted to one user, while the joint account grants access to multiple users. All parties to the joint account share responsibility and privileges of the account equally.

• Corporate account: The corporate account is for financial services firms and clients who want to trade with their brand name. The same trading conditions of the individual account apply to the corporate account. However, the minimum initial deposit requirement for the corporate Darwinex accounts is 10,000 EUR/USD/GBP.

• Professional account: Clients with a professional account have access to a dedicated account manager, monthly volume-based rebates, and leverage above retail leverage restrictions. Professional clients can also apply to be recategorized as retail clients at any time. The downside to being a professional client is that you are no longer protected by the Financial Services Compensation Scheme (FSCS). To become a professional client, you must meet at least two of these three criteria: trade an average of 10 large transactions per quarter over four previous quarters, have a portfolio worth over 500,000EUR, or work or have worked in a professional position for at least one year.

• Demo account: All clients can create a demo account from their account dashboard. Clients can also open it directly from the open demo trading account page. Demo accounts expire if you don't log into them for 20 days, and once they expire, they cannot be restored. However, the client can always create a new demo account.

Trading Denominations on Darwinex

Trading accounts can only be opened with one currency. Clients can choose either European Euro, British Pound Sterling, or United States Dollars. Note that you cannot change your account denomination after creating your account.

Company Structure

Darwinex is the trading name of Tradeslide Trading Tech Ltd., located in the UK, and Sapiens Markets, EU Sociedad de Valores SA., located in Spain. The broker launched in 2012 and became regulated by the Financial Conduct Authority. The broker also holds a MiFID passport to deliver services to all EU countries.

Darwinex offers financial services, tools, and trading platforms to retail, professional, and institutional clients in over 80 countries worldwide. However, legal restrictions restrict certain countries, such as the United States, from access to its services.

On many broker reviews, the broker ranks as one of the best 100 forex brokers. 

Darwinex Licenses and Regulatory Compliance

Darwinex holds trading licenses in the United Kingdom and Spain via its incorporated companies.

• Darwinex is UK regulated via Tradeslide Trading Tech LTD, a broker and asset manager authorized, supervised, and regulated by the Financial Conduct Authority (FCA) in the UK, with FRN 586466

• Darwinex is EU regulated via Sapiens Markets EU Sociedad de Valores SA, a company regulated by the Comisión Nacional del Mercado de Valores (CNMV) in Spain under the number 311, with CIF A10537348

Darwinex Customer Protection 

Darwinex protects clients' deposits by keeping them in segregated trust accounts with Tier 1 banks in the UK. They also comply with standard FSCS (GBP 85k) cover by insuring their retail customers registered with our FCA-regulated entity in the United Kingdom against their insolvency with extra Lloyd's coverage for up to GBP 5,000,000.

UK clients are also protected with up to 85,000 GBP provided by the UK Financial Services Compensation Scheme (FSCS).

The insurance and the UK Financial Services Compensation Scheme (FSCS) do not cover professional clients.

Trading Information

Darwinex offers specialized automated trading tools, a competitive trading environment, customer support, and various tradable instruments and investment portfolios.

Tradable Instruments

Tradable instruments on Darwinex trading platforms include

• 30+ currency pairs

• 10 indices

• 4 commodities

• 1000+ stocks and EFTs

• 50+ futures

Darwinex Leverage

Darwinex offers retail clients a maximum of 30:1 for major currency pairs and 20:1 for other pairs. Professional clients can get up to 200:1 for all currency pairs.

Deposits and Withdrawals on Darwinex

Deposits

The broker covers deposit costs for some deposit methods, such as card transfers.

Withdrawals

Darwinex requires that funds deposited via credit or debit cards or Skrill be withdrawn to the same card or account they came from.

Darwinex Trading Education and Training

Darwinex educational resources include a FAQ page, video tutorials, and a blog.

• FAQs Page: The FAQs and Docs section contains valuable information on trading and non-trading issues, such as account application, deposits/withdrawals, Darwinex brokerage, algorithmic trading, and Darwinex Pro.

• Video tutorial: The videos section will help clients understand the different types of trading assets and how to trade them. Topics include risk management, trading strategies, leverage, and automated trading.

• Blog: The blog section contains insightful information and updates on maximizing the use of Darwinex trading and investing products and recent development.

FAQs

Is Darwinex a Scam?

No. Darwinex is a legitimate forex trading platform with regulatory licenses from the UK's Financial Conduct Authority (FCA) and the Comisión Nacional del Mercado de Valores (CNMV) in Spain.

Can US residents open Darwinex trading accounts?

No. Due to legal and regulatory requirements, US residents may not open Darwinex trading accounts.

How do I open a Darwinex Forex trading account?

Visit Darwinex and select "Sign Up" at the top of the page. 

Conclusion

Darwinex is an excellent forex broker for many reasons. They offer a wide range of ratable assets, have licenses in the UK and EU, and provide trading tools that support automatic trading and hedging. They also provide educational resources and technical support that can be valuable to beginners and casual and professional traders.

On the downside, they require $/€/£500, which may be too high for casual and beginner traders. However, they make up for this with their vast selection of trading tools, tight spreads, and fast order execution. Clients' funds are also secure thanks to the broker's £5,000,000 insurance.