When encountering DBFX for the first time, I was immediately taken aback by what seemed to be a serious and established brokerage. Their site is well organized and their offering is quite broad. The site is available in three languages Arabic, Chinese, and English, which is a relatively small number of languages compared to other brokers.
What is most attractive about DBFX is of course the fact that they are backed by Deutsche bank, which gives them a lot of flexibility when it comes to liquidity. Their platform and entire infrastructure is owned and maintained by Deutsche bank. DBFX's registration process is easy and straight forward, but their deposit process is a very big down side. The only payment method available is wire transfer or online checks. They do not support the very basic Paypal and the even more standard credit card payment method.
Once you manage to deposit your money, the withdrawal process is seamless and takes 2-5 business days. Their platform is user-friendly and includes all the market standard features including stop losses, trading history, detailed and precise charts and graphs, as well as the ability to trade commodities. DBFX's platform is downloadable to the trader's PC and includes built-in risk management and account maintenance. They do NOT offer a Web-based trading platform, which will be problematic for many Forex traders not interested in downloading a platform to their PC.
The real time market information available in their platform is of course supplied by Deutsche bank, which makes it extremely accurate and precise information. In terms of the actual trading, they offer an impressive 34 pairs at a low spread of as low as 2 pips. In addition, DBFX offers you a free demo account, which of course is a very useful tool to get to know their trading environment before risking actual money. However, the biggest down side of DBFX is the lack of a mini account. They do not support positions with less than a minimum deposit of $5,000. This is a very missing feature, as many traders do not want to jump in and open such large positions before they have traded smaller sums of money. Their leverage was also not competitive enough. They offer a maximum 100:1 leverage, while many brokers now offer up to a 400:1 leverage. Not to say that higher leverage always works to the advantage of the trader, but most people want that option and with DBFX, it is absent. DBFX invests a lot of resources in their customer support.
They offer many forms of communication including a real time chat with their representatives, which turned out to be a very useful and easy-to-use tool, as they were very responsive to my questions. In addition you can contact them by phone or email and expect a prompt response. You can also learn about their service using a very easy to use product preview on their site. The presentation they offer is very helpful and walks you through the process of trading with their platform.
In addition to the product preview, they offer a very detailed user guide, which is a long and informative document, covering any and all questions you might have about their service. Between the customer support, the product preview, and the user guide, you are sure to get the information you need from their site before trading. DBFX is based in the UK, FSA regulated, backed and owned by Deutsche bank, and have a long list of past awards, so in terms of reliability, you should not be concerned.
However, between the $5,000 minimum deposit, the maximum 100:1 leverage, the lack of a Web-based platform, and most importantly, the inability to pay using Paypal or credit card, DBFX is a broker for only a very specific and exclusive type of Forex trader.
Review info: DBFX
Review Date: 2012-10-10
Rating : 1
Reviewed By : Sara Patterson (Google+)
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