DMM FX Review 2022
DMM FX is a forex broker offering a variety of instruments on the MT4 and MT5 platforms, including CFDs and cryptocurrencies such as Bitcoin. This review explores the broker’s line-up of features and conditions, including demo and standard accounts. There are a lot of factors to consider before you login – find out if DMM FX is a safe choice.
DMM FX Headlines
DMM FX is based in Dubai and provides forex, CFD, and cryptocurrency trading on the MetaTrader platforms. The broker also offers some additional tools including Bitcoin mining and investment planning solutions, as well as competitive trading conditions.
MT4 is a popular favourite among brokers, as it offers everything traders need, regardless of experience level.
The user interface is slick and comes with real-time quotes and a full set of tools for trading analysis, including 30 technical indicators such as MACD and Moving Averages. Traders can also access full account history and a useful news feed.
The MT5 system is ideal for more advanced traders and comes with over 80 charting and analysis tools, as well as 6 pending order varieties. There’s also an integrated economic calendar, Depth of Market, and an improved strategy tester.
DMM FX offers the MetaTrader WebTrader solution for those who don’t want to install any software, or for those using MacOS. The WebTrader is highly functional and comes with the same powerful tools available in the desktop apps.
Traders can analyse the markets using dozens of charting tools, news feeds, live pricing, and more. As with the desktop platforms, traders can also access Expert Advisors (EAs) within the marketplace.
DMM FX offers over 300 trading instruments including currency pairs such as EUR/USD, as well as CFDs on commodities, indices, shares, and cryptocurrencies. You can also trade spot gold (XAUUSD) and spot silver (XAGUSD).
The broker also claims to offer bitcoin mining, though details are limited.
DMM FX Fees
Unfortunately, we encountered several transparency issues in this review, starting with pricing. Not only is the ‘Commission’ page insubstantial but the ‘Contract Specifications’ section only takes you to an error page. We have to flag this as a concern, as this is the first place most traders will look to get an idea of pip spreads, commissions and swaps.
Similarly, DMM FX does not provide details on available leverage rates. It’s hard to open an account with a broker to utilise leveraged trading products when zero information is provided.
Mobile Trading Review
DMM FX offers the MetaTrader smartphone and tablet mobile apps. Mobile trading with MT4 or MT5 apps is ideal for those who wish to trade from anywhere and at any time.
The apps are fully featured, containing much of the same functionality as the desktop platforms. Users can execute fundamental and technical analysis with a wide selection of indicators, interactive charts, and order types.
The apps are suitable for iOS and Android devices, including iPhones, Samsungs, and standard iPads, and can be downloaded from the App Store or Google Play.
DMM FX offers funding via debit/credit card, bank wire transfers, e-wallets, and local payment solutions. However, the broker isn’t transparent about minimum deposits, payment times and associated fees. This is certainly a red flag and our review was disappointed with the limited details provided.
DMM FX does offer a demo account. Practice accounts are a good way to test out the platforms if you’re a new trader, or to brush up on your trading skills if you’re more experienced. Demo accounts allow you to place simulated trades using virtual money, so there’s no risk to your own capital.
DMM FX Bonuses
At the time of writing, DMM FX does not offer any promotional deals. Check the broker’s website for any future deals.
DMM FX is an unregulated broker and is not open about its background or registration. This is rather concerning and we would warn potential traders to be careful if considering opening an account with this broker.
DMM FX has a Market Analysis section which doesn’t contain any useful or up to date information. There is apparently a news portal, but it did not work when we tested it. The broker also claims to offer a VPS, though there are no details on how much the service costs or how to access it.
Another pitfall this review found was the lack of information surrounding live trading accounts. DMM FX does not provide clarity around account specifications, such as the product range, fees and useful features. As a result, we would not recommend opening an account with this broker.
Given the lack of information, we can only identify one real benefit of trading with this broker:
- Access to MT4 and MT5 platforms
We have raised several concerns in this review:
- No terms and conditions
- Unclear fee structure
- No live chat
Typically, trading hours can be accessed from within the MT4 or MT5 platforms, by clicking on the instrument you wish to trade.
As there is no live chat service, DMM FX can only be contacted via email, at email@example.com, or via telephone, at +91 564 548 4854. The website is provided in English, French, and German. We struggled to get the help we needed when testing the customer support service.
The MetaTrader platforms are safe to use, with SSL encryption protocols in place. However, the safety of this broker in general, as well as the level of safety provided to client funds, is questionable.
DMM FX Verdict
DMM FX has not scored highly in this review. A lot of the pages on the website are of no real value to customers, containing page-filling wording that bears no purpose. Transparency is also severely lacking, with virtually no information provided around deposits, fees, demo and standard accounts. With this in mind, we have to flag this broker as a potential scam.
DMM FX accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Alternatives to DMM FX
If you are looking for alternatives to DMM FX we have compiled a list of the top 5 brokers that are similar to DMM FX below. This list of brokers like DMM FX is in order of similarity and only includes companies that accept traders from your location.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- AAAFx – AAAFx offers CFD trading in forex, commodities, indices and cryptocurrencies.
- IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
- Uphold – Trading in the Uphold environment offers a one-stop-shop for all your crypto requirements.
Is DMM FX regulated?
DMM FX is unregulated. Interested traders should be cautious if considering this broker, as funds will be unprotected.
Does DMM FX offer a no deposit bonus?
No, DMM FX does not currently offer any deposit bonus deals.
What platforms are available at DMM FX?
DMM FX offers the MetaTrader 4 and MetaTrader 5 platforms on desktop, web, and mobile.
What can I trade at DMM FX?
You can trade currency pairs, as well as CFDs on indices, commodities, shares, and cryptocurrencies.
Does DMM FX offer a demo account?
Yes, DMM FX offers a demo account, which you can sign up for on the main website page.
|Trade a range of products on the MetaTrader platforms at DMM FX.|
DMM FX vs Other Brokers
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