DMM FX forex broker based in Australia. They are also a CFD broker as well. The company is owned by DMM FX Australia Pty Limited and their regulation is done by ASIC. Read our DMM FX review to find out why this broker is illegitimate and really the DMM FX scam.
DMM FX Review
DMM FX Customer Support
Customer support is essential to a business’ success no matter the field. DMM FX’s opinion is the complete opposite of this.
Their customer service is atrocious and insulting.
We have searched and found numerous DMM FX reviews from past and present clients..
There are reports of customer service agents ignoring and outright lying to clients.
Clients can contact DMM FX using email, fax, telephone and live chat. However their customer service is poor no matter how you contact them.
The most notable problem with their customer service is their agents’ ignorance about trading, basic trading terms and how to solve their clients’ problems.
Customer support is extremely important because it is how your broker ensures you have a wonderful experience and can use their services without any problems. It is also how they rectify any issues you may be having.
The DMM FX broker is not going to provide you with quality customer support. They will outright lie to you and leave you wondering what is happening with your money.
This is of course if you receive a response from their customer service team.
The DMM FX forex broker is untrustworthy and should be avoided.
DMM FX Accounts
The DMM FX broker only offers one type of account and that is their Forex account.
The contract size of DMM FX’s Forex account is 100,000 base currency units. The minimum order of lots is 0.1 and it goes up to a maximum of 20.0 lots. There is an unlimited amount of open positions and orders. The leverage ranges from 1:1 all the to 1:600.
There are 27 trade symbols along with alert email and a stop out level of 70%.
The minimum deposit is 200 AUD/USD/EUR/GBP/NZD or 20,000JPY. There are no commissions and you have the ability to hedge funds, granted you actually receive them.
DMM FX has number of ways for you to deposit funds, which includes debits card, credit cards,l UnionPay cards, Wire transfer and more.
While all of this may seem alluring, this broker should really be known as the DMM FX scam!
Their so called “fixed” spreads have been increasing for years. In December of 2015, their EUR/USD used to be 0.7 pips, now it is 1.7.
This may not seem like a big deal to some but when a broker in essence lies to you about something such as this, it is a sign that something is wrong.
Not only are their claims false but they also keep any profits you make.
Numerous complaints have come from their clients who say they have not been able to actually get any of the money they made while trading with DMM FX.
You should also be aware that the awards and many of the other claims on their website are absolutely FALSE!
Again, this company should truly be known as the DMM FX scam.
DMM FX Platform Review
The DMM FX broker uses three different platforms:
- MT4 Platform
- WebTrader Platform
- MetaQuotes Smart Phone Applications
The MT4 platform is undoubtedly the best one in the financial world however the version used by the DMM FX broker is riddled with problems primarily in terms of connectivity. Many users have reported suffering constant connection problems with the DMM FX version of the MT4 platform.
Their WebTrader seems to suffer the same issue. You are also given woefully inaccurate data which significantly reduces your chances of making any profitable trades.
Their smartphone applications which should help you perform trades on the go are more likely to cause you a raging migraine than anything else. The applications are riddled with bugs, often times freezing and crashing.
This is extremely frustrating and costs you dearly.
DMM FX needs to be avoided at all costs.
DMM FX Review Conclusion
The DMM FX forex broker is painting itself a leader in online forex trading. When in reality, they are really out to take your money and leave you with nothing. Do yourself a favor and avoid the DMM FX scam and pick a broker from our list.