DMM FX Review
Overview
Company Information DMMFX is an Australian Forex and CFD’s online broker who started its operation in 2013. Their headquarters are located in Sydney, Australia. The brand is the property of… more
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| Broker | DMM FX |
|---|---|
| Website URL | http://www.dmmfx.com.au/ |
| Founded | 2013 |
| Headquarters | Sydney, Australia |
| Support Number | +61 2 8039 1800 |
| Support Email | au-support@dmmfx.com.au |
| Support Types | Phone, Live Chat, E-mail, Call Back |
| Languages | English, Afrikaans, Albanian, Arabic, Armenian, Azerbaijani, Basque, Belarussian, Bengali, Bosnian, Bulgarian, Catalan, Cebuano, Chichewa, Croatian, Czech, Danish, Dutch, Esperanto, Estonian, Filipino, Finnish, French, Galician, Georgian, German, Greek, Gujarati, Haitian Creole, Hausa, Hebrew, Hindi, Hmong, Hungarian, Icelandic, Igbo, Indonesian, Irish, Italian, Japanese, Kannada, Kazakh, Khmer, Korean, Lao, Latin, Latvian, Lithuanian, Macedonian, Malagasy, Malay, Malayalam, Maltese, Maori, Marathi, Mongolian, Myanmari (Burmese), Norwegian, Polish, Persian, Punjabi, Portuguese, Romanian, Russian, Serbian, Sinhala, Slovak, Slovene, Spanish, Somali, Sundanese, Swahili, Swedish, Tajik, Tamil, Telugu, Thai, Turkish, Ukrainian, Urdu, Uzbek, Vietnamese, Welsh, Yiddish, Zoruba, Zulu |
| Minimum Trade Amount | 0.01 lot |
| Free Demo Account |  |
| Regulated | |
| Regulation | Australian Securities and Investments Commission |
| Deposit Methods | Visa, MasterCard, UnionPay, Skrill, Neteller, FasaPay, BPay, Poli, Bank Wire |
| Withdrawal Methods | Visa, MasterCard, UnionPay, Skrill, Neteller, FasaPay, Bank Wire |
| Types of Assets | Forex, CFDs, Commodities, Indices |
| Account Currency | AUD, USD, EUR, GBP, JPY, NZD |
| US Traders Allowed |  |
| Mobile Trading | |
| Tablet Trading | |
Full Review
Company Information
DMMFX is an Australian Forex and CFD’s online broker who started its operation in 2013. Their headquarters are located in Sydney, Australia. The brand is the property of the DMM Group. The company took advantage of the rising interest of Australians towards the online trading business. They are regulated by ASIC in Australia and the FSA in Japan. Providing fast execution and very competitive spreads DMMFX has quickly earned the reputation of an innovative broker and even won some quality service awards (most innovative broker 2014, Best Mobile Platform 2015). DMMFX has become a name that symbolizes reliable and secure online trading experience. Like most of the online broker, the company doesn’t allow US traders to register but otherwise has an unlimited registration policy. With most of the currency pairs available and tons of other trading, instruments provided this broker is a safe choice for beginner and expert traders. Let’s see what makes DMMFX the choice of many traders around the world.
Trading Information
DMMFX offers only one type of Forex trading account (Standard) and it requires a minimum deposit of $200. The good thing about the lack of other types of accounts is that all you need is provided in a single account, and you don’t have to pay extra for more features or trading instruments. Spreads are most important in this business and DMMFX offers some of the best in the industry. Major spreads like USD/JPY start from as low as 0.5 pips and EUR/USD cost only 0.7 pips. This is quite an offer from this otherwise young online broker. Leverage is set to 1:600 and minimum lot size is 0.01. There are over 27 currency pairs available for the platform. Other trading instruments are indices, commodities and CFD’s. The platform supports features as one-click execution, limit order, market orders, and stop-loss orders. Hedging is allowed, but sadly there is no scalping. Other features like mobile alerts, automated trading, phone trading and OCO orders are also missing but are soon to be available. Streaming news feed and trading from charts is also supported and can be used by all registered traders.
Trading Platforms
The trading platform offered by DMMFX is the famous Metatrader4. It’s a reasonable choice as most of the online brokers nowadays still use it as their main trading platform. It’s safe, stable and comfortable to use. Beginners and experts can take advantage of tons of features without sacrificing performance. This platform is multi-functional as it works both on MAC and Windows devices. It also has the optional applications for iPhone and Android mobile phones and tablets. It’s easy to download and install it, and it has excellent language support. DMMFX think about all of their clients and have made available an MT4 Webtrader platform. It allows you to trade hassle-free (without downloading anything on your device) and offers all the features and tools of the original platform. This is very useful for people who are not using their desktop computer and want to stay connected all the time. Last but not least DMMFX offer the ChartiQ Webtrader charting tool. It gives you the flexibility to trade from a simple interface and directly from the charts.
Security and Customer Services
Online security nowadays is most important with the protection of personal data becoming a vital element in online platforms. The people from DMMFX have installed an SSL encryption on their “Open Account” page which means that all of your personal data is protected and available only to the company’s employees. Having a “segregated” account means that your funds are separate from the company’s and are deposited in top tier banks. As far as customer support is concerned there are no flaws whatsoever. There is a 24/6 support team ready to answer all of your questions. The site is translated into over 30 languages which are way above the industry standard. There are many ways to contact the customer support including toll-free phones and a Live Chat option. Additionally, you can send them an email or visit their offices in Australia and New Zealand. They also have their Facebook, Twitter, and Instagram account where you can find them. Educational resources for beginners are also available, and we exceptionally liked the video tutorials.
Deposits and Withdraws
DMMFX provides a lot of different banking methods for their clients which are quite helpful. Everything like the usual credit and debit card options is available, along with bank wire and digital wallets. The whole process of depositing money into your DMMFX account is easy, and there are no deposit fees. Withdrawing money can be done the same way you deposited them. On their site, it states that there are “0% handling fees” which sounds great but is not the entire truth. There are some fees for bank transfer that is not done through domestic banks and from withdrawals of under 1000 units of the base currency (JPY). I give them credit, however, for explaining everything on their page and not hiding this information as some of the brokers.
Deposit Bonus and Loyalty Programs
Promotional offers are most important for brokers that haven’t been in the industry for that long. And DMMFX has several. All new clients who register with DMMFX have a $50 welcome bonus. You just need to make an account, and the money will be credited automatically. The other bonus they offer is for a regular deposit which is a 100% bonus up to $500 for deposits up to $500. And a 30% bonus for up to $30 000 for deposits over $500.
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