DMM FX Review
DMM FX is an online Forex broker headquartered in Sydney, Australia. DMM FX was established in 2013 and is registered with Australian Securities and Investments Commission (ASIC). It is one of the fastest growing Forex brokers, ranking second for trading volume in 2014. DMM FX is supported by DMM Group, a premier Forex broker with $1,097 billion in global trading volume, 360,000 client accounts and 32,000 real time active traders.
DMM FX has been chosen as the Most Innovative Broker and Best Forex Broker 2014 by FXEmpire and Best Value Broker at the Shanghai Expo 2014.
There is only one standard account at DMM FX which offers traders the opportunity to trade 27 symbols with ultra-low fixed spreads of USD/JPY 0.5 EUR/USD 0.7 AUD/USD 0.7 with 1:200 or 1:600 leverage. There are no limits on the number of open positions or pending orders and there are no commissions or account fees.
The minimum deposit to the account is $200 and deposits can be made in AUD, USD, EUR, GBP and NZD. Hedging is permitted and the use of EAs is available to clients who deposit 10,000 or more of their account base currency. Email alerts are sent out to all account holders.
Traders can choose to trade zero limit on stop/limit level and all accounts are segregated.
I was pleased to see that a demo account is made available at DMM FX but no details were provided on the site.
Applications to open accounts from outside Australia are accepted but those from the U.S. are not.
Aside from Forex, DMM FX also offers traders the opportunity to trade CFDs with very competitive spreads. It is the first major Australian broker to offer No Limits on the number of Stop Loss or Take Profit Orders which give the client greater control over how they trade as well as an increased level of flexibility features. DMM FX is also the first major Australian broker to offer zero minimum distance on Limit & Stop Level.
DMM FX Spreads
DMM FX has trading restrictions around scalping.
DMM FX offers clients the opportunity to trade commodities including precious metals with maximum leverage. Commodities are attractive to investors who expect dramatic price movements. Trading commodities such as spot Gold and Silver is very similar to trading currencies. There are no fees or commissions charged for trading commodities with DMM FX.
DMM FX now offers traders the opportunity to trade oil on the following indices: JPN 225, US30, NAS100 and SPX500.
Since trading hours in Australia differ from those in other parts of the world, DMM FX provides a convenient chart with trading hours during summer and winter months.
One of the bonuses at DMM FX is a $50 welcome bonus for new traders opening an account. The leverage for this campaign is a maximum of 1:200.
Traders receive 100% up to $500 and 30% up to $4,500 when they fund their Standard Trading account which can attract up to $5,000 on top of the investment amount. Real Cash can be redeemed for each closed trade and the bonus is available to both new and existing clients who deposit funds into their Standard Trading account.
A deposit entitles traders to an automatic enrolment in DMM FX Loyalty Rewards Campaign, a unique promotion where Bronze, Silver and Gold DMM FX Loyalty Rewards Program clients accrue points that can be redeemed for Cash.
DMM FX Loyalty Rewards Program members can earn up to 40 points by entering one Forex position. Ten standard CFD lots traded as a DMM FX Loyalty Rewards Program member earns up to 60 points. DMM FX Loyalty Rewards Program account rankings are automatically updated at the end of each month. One Point is equivalent to One Australian Cent or equivalent in your account’s base currency and a minimum of 1,000 Points is required for each cash redemption.
A recent promotion has been added for all DMM FX traders for the month of April. Both new and existing clients can enter a draw to win one of ten USD $500 Amazon gift cards. The DMM FX website has all the registration, funding and trade requirements for the Amazon gift card campaign.
DMM FX offers a host of tutorial videos that cover basic topics as well as on leverage trading. There are also several videos that provide instruction on the MT4 platform and its uses.
DMM FX Educational Videos
Traders can keep track of global economic news events and their expected volatility in the broker’s simple, easy to use Forex economic calendar.
There is also a lengthy and user friendly glossary of terms and a more than adequate FAQ page.
Deposits can be made to a DMM FX account using China UnionPay Cards, Skrill, Neteller, Fasapay, POLipay, Wire Transfers and BPAY. I was surprised when doing this review to find that deposits are not accepted via standard credit or debit cards.
There are no commissions, deposit or withdrawal fees or account fees on any of the CFD accounts. DMM FX has waived all fees for single withdrawal requests, of 1000 base account currency units (100,000 units for JPY) and above.
All withdrawal requests are processed according to the funding source of origination. DMM FX does not charge wire transfer fees for withdrawal requests to domestic bank accounts. For withdrawals to an overseas bank account there is an AUD $20 bank handling fee or equivalent in base account currency.
DMM FX gives unrestricted account access, 24 hours a day, 7 days a week and provide dedicated 24/6 Customer Support.
A toll free number to their Sydney office is available to clients 24/6 and email can be accessed at all times. Chat is also offered 24/6 during working hours in Australia.
The webpage is available in an incredible amount of different languages.
Traders are especially drawn to DMMFX by its ultra-low spreads. Frequently traded majors such as the EUR/USD and AUD/USD only cost as little as 0.7 pips to trade with. These spreads could widen during periods of high volatility or when the markets are illiquid but together with the broker’s no fees/no commission stance, DMM FX is very appealing indeed. Add to this the use of the MetaTrader4 platform, the most popular platform in the Forex industry, and this broker is in a great position to satisfy its existing clients while attracting new ones.
- Demo Account
- Multi-Lingual Website
- Only One Trading Account
Review info: DMM FX
Review Date: 2016-05-01
Rating : 2
Reviewed By : Sara Patterson (Google+)