DMM FX Review 2024

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1.5 / 5
DMM FX is #108 in our CFD broker rankings.

Trade a range of products on the MetaTrader platforms at DMM FX.

$200
MT4, MT5
Forex, CFDs, indices, shares, commodities, cryptocurrencies
-
Visa

Forex Trading

Trade majors, minors and exotics.

Stock Trading

Trade in stocks and shares on top global companies.

CFD Trading

Trade flexible CFDs on the financial markets.

Crypto Trading

Trade on top cryptocurrency assets.

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.

Trading Platforms

MetaTrader 4

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.

DMM FX MetaTrader
DMM FX MetaTrader

MetaTrader 5

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.

WebTrader

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.

Markets

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).

DMM FX crypto trading
DMM FX crypto trading

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.

Leverage

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.

desktop platforms

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.

Payment Methods

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.

Demo Account

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.

Regulation

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.

Additional Features

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.

Trading Accounts

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.

Benefits

Given the lack of information, we can only identify one real benefit of trading with this broker:

Drawbacks

We have raised several concerns in this review:

Trading Hours

Typically, trading hours can be accessed from within the MT4 or MT5 platforms, by clicking on the instrument you wish to trade.

Customer Support

As there is no live chat service, DMM FX can only be contacted via email, at sales@dmmfx.net, 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.

Security

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.

Top 3 Alternatives to DMM FX

Compare DMM FX with the top 3 similar brokers that accept traders from your location.

  1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
    Go to IG
  2. AvaTrade – AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.
    Go to AvaTrade
  3. Swissquote – Swissquote is a Switzerland-based bank and broker that offers online trading and investing. The company has a high safety score and is listed on the Swiss stock exchange. The firm offers a huge range of products, from stocks, ETFs, bonds and futures to 400+ forex and CFD assets. Hundreds of thousands of traders have opened an account with the multi-regulated brokerage. Clients can get started in three easy steps while 24/7 customer support is available to assist new users.
    Go to Swissquote

DMM FX Comparison Table

Compare DMM FX With Similar Brokers
DMM FX IG AvaTrade Swissquote
Rating 1.5 4.4 4.9 4
Markets Forex, CFDs, indices, shares, commodities, cryptocurrencies CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures Forex, CFDs, Indices, Stocks, ETFs, Bonds, Options, Futures, Cryptos (location dependent)
Demo Account Yes Yes Yes Yes
Minimum Deposit $200 $0 $1000
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots 0.01 Lots
Regulators FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM FCA, FINMA, DFSA, SFC
Bonus
Education No Yes Yes No
Platforms MT4, MT5 Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade MT4, MT5, AutoChartist, TradingCentral
Leverage 1:30 (Retail), 1:250 (Pro) 1:30 (Retail) 1:400 (Pro) 1:30
Payment Methods 1 6 13 5
Visit Visit Visit Visit Visit
Review IG
Review
AvaTrade
Review
Swissquote
Review

Compare Trading Instruments

Compare the markets and instruments offered by DMM FX and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare DMM FX Trading Instruments
DMM FX IG AvaTrade Swissquote
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil No Yes Yes Yes
Gold Yes Yes Yes Yes
Copper No Yes Yes No
Silver Yes Yes Yes Yes
Corn No No Yes No
Crypto Yes Yes Yes Yes
Futures No Yes Yes Yes
Options No Yes Yes Yes
ETFs No Yes Yes Yes
Bonds No Yes Yes Yes
Warrants No Yes No No
Spreadbetting No Yes Yes No
Volatility Index No Yes Yes No

DMM FX vs Other Brokers

Compare DMM FX with any other broker by selecting the other broker below.

 

Customer Reviews

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Trade a range of products on the MetaTrader platforms at DMM FX.

FAQ

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.