Editor’s Verdict
Overview
Review
Headquarters | Australia |
|---|---|
Regulators | ASIC |
Year Established | 2013 |
Execution Type(s) | Market Maker |
Minimum Deposit | $200 |
Trading Platform(s) | MetaTrader 4 |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
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.
Accounts
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 1:30 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.
Features
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.
Bonuses/Promotions
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 1:30.
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.
Education
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/Withdrawals
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.
Customer Support
Customer Support Methods |   |
|---|---|
Support Hours | 24/6 |
Website Languages |  |
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.
Conclusion
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.
Features
The DMM FX website is user-friendly and extremely easy to navigate. I found almost all the information I needed by simply scrolling down the landing page without having to click on any tabs. I was also impressed with the index at the bottom of the page which covered all the topics I needed in a well- organized manner. Although DMM FX is relatively new to the Forex line-up, the fact that it offers the MetaTrader4 platform in all its forms is highly commendable.
Platforms
MetaTrader 4
DMM FX offers traders the use of the MetaTrader 4 Terminal, which has a complete set of valuable and convenient 24/6 trading tools. Metatrader 4 offers real-time quotes on currencies and commodities, comprehensive charting and technical tools, economic news and the use of Expert Advisors.
ChartIQ WebTrader
DMM FX clients now have access to the ChartIQ WebTrader platform. This platform provides a seamless transition for traders with no additional software download requirements or change to their current login details as well as cutting edge charting, technical analysis tools, and rapid order execution.
The DMM FX ChartIQ WebTrader platform provides a wide array of advanced charting tools, with extensive trading performance statistics, aggregated position control and a single click ‘close all’ transaction button.
The ChartIQ is free of charge to all traders.
MT4 for Mac
It is available for different devices, including the MetaTrader 4 (MT4) for Mac with the same high performance as MT4 for Windows and all the features. you want. Traders can customize the display of tables and charts and use a simple and friendly interface to trade.
MT4 for iPhone
The MT4 can also be used as with the MetaQuotes iPhone application, delivering all the power and functionality of the MetaTrader 4 system, together with all the at-your-fingertips convenience of the iPhone.
MT4 for Androids and Tablets
The MetaQuote app is also available for Android devices (both phone and tablet). It serves up all available market data in a single view, enabling traders to make trading decisions very quickly anytime, anywhere. The powerful yet user-friendly app allows traders to customize their layout with indicators, or utilize chart expansion for a closer look at the changing market.
DMM FX MT4 Platform for Tablets
Trading Platform
MT4 | |
|---|---|
MT5 | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
OCO Orders | |
Interest on Margin |