The financial markets have given birth to many millionaires through the years and continue to provide a sustainable source of income.
For instance, with an estimated daily trading volume of around $5.1 trillion, the foreign currency exchange market (Forex) pits buyers and sellers of currencies together. At the same time, many cautious and experienced investors end up on the right side of traders with a substantial profit.
Meanwhile, in the middle of these trades are brokerage platforms. Many of them exist and offer similar services, a situation that makes it difficult for potential clients to separate the real ones from the fake.
However, as some experienced traders would agree, choosing the right broker for a trader can, at times, also be the difference between winning or losing in the financial markets.
In case you’re wondering, here are some reasons why choosing the right broker is extremely crucial to success:
While many traders only trade in the Forex market, using the right brokerage platform unlocks access to other markets, including stocks, indices, commodities, and sometimes even cryptocurrencies.
On the other hand, choosing the wrong broker means that an investor has limited options to grow their capital and could remain stuck trading on a market where gains are hard to come by in difficult times.
There is no guarantee that even the most widely used trading platform will not experience glitches or other kinds of technical problems. It is at times like this that a trader requires prompt and efficient customer support to solve the challenge and move on with trading.
In the absence of such support, however, valuable time and profitable trading positions could be lost.
It is no longer new to hear reports investors losing their capital because they used dishonest brokerage platforms to trade.
Therefore, the right broker would give a trader unrivaled peace of mind and the ability to focus on maximizing their trading positions, instead of worrying about fund safety.
It is also vital to note that while most shady brokers hide under the umbrella of regulation, what matters most is that the broker has strong personnel and implements the best fund security measures behind the scenes.
Operating a segregated account separate from customers is a start, and there is no reason why a broker should hesitate to share with clients information about its fund management practices.
Fees and Transaction Costs
Each time you place a trade, make a deposit or withdrawal, there is usually a fee attached. Traders believe that this cost, although often small, could, in the long run, influence their return on investments.
Therefore, the goal is to find a broker that offers the cheapest rates and quick transaction settlements. At the same time, the challenge is that some brokers charge hidden fees for trades or cash transactions.
For instance, while some brokers claim to offer an Islamic account with no commissions on trades, they usually recoup the money by manipulating spreads on these accounts even though the trader does not know it.
Now that we’ve considered some of the areas where choosing the right brokerage platform is crucial, we will discuss next, DMX Markets, a fairly new broker offering the right blend of services and tools for traders.
What to Expect on DMX Markets
For one thing, we need to point out that DMX Markets is in the same category as any other reputable brokerage trading platform that you know.
Although vital, age is not a guarantee that a broker will not use false practices to take advantage of investors using their trading platform. This broker came onto the scene in 2019.
Let’s now dive into what to expect on DMX.
As noted earlier, the right brokerage platform does not restrict a trader but offers access to a diverse range of investable assets. Using DMX, you can trade Contracts for Differences (CFDs), forex, stocks, commodities, and some of the world’s most popular indices.
Therefore, instead of going on different brokers to trade these different markets, you can do it all from one place using a highly professional trading environment.
Multiple Account Types
Like many brokers, DMX Markets offers a variety of account types depending on the investor’s capital and portfolio. These accounts are named Green, Premium, Platinum, and DMX Markets Partners and offer a diverse range of functionalities.
For instance, while the Gold account grants access to daily market reviews and updates, traders using high-grade accounts receive daily or weekly trade recommendations. The highest account (Presidential) provides a live trade recommendation feed that traders can rely on to find the best profitable trading positions to take.
There are still some features that you can enjoy irrespective of the account level you register initially, namely, access to a Full Academy Pro and a Dedicated Personal Analyst. Note that not many brokers offer a dedicated personal analyst across all account types.
Meanwhile, account types on DMX Markets are spread with minimum deposits between €5,000 and €250,000. The deposit amount also decides the leverage or margin trading ratio that you can access.
High Leverage Trading
Even the most experienced traders would agree that leveraged or margin trading is extremely risky. Margin trading is the practice of trading with more money than you have on your trading account, with money borrowed from the brokerage platform.
In the event of a liquidation, the trader has to pay back the broker. If on the other hand, the trade turns out profitable, then the trader ends up with more profit than they usually will if they placed the trade with their capital only.
On DMX Markets, leverage trading functions do not vary across the account types. Across all lower grade accounts, the broker offers 1:2 leverage on USD pairs and then 1:4 across other markets. Presidential Account holders, however, can enjoy tailored leverage on other customized turnover milestones.
The ability to trade the market at any time using any device is one that most traders cherish and one that DMX Markets satisfies.
The broker offers a web and mobile trading interface, as well as MetaTrader 4 (MT4), which is the most popular amongst financial market traders with instant response to trading alert and signals.
Therefore, whether you’re on a business trip, holiday, or waiting in a queue, there’s no need to miss out on profitable traders. You can enjoy the same powerful chart-based trading cross multiple devices only by signing in your DMX Markets trading app.
If you are just learning to trade, there’s no doubt that you need a demo account to learn how to read charts, catch market movements, and generally improve your trading skills.
A demo account allows you to place trades and monitor their outcome without putting any real money on them. Everything is virtual, and you can still do with leveraged positions to weigh your risk appetite.
When using DMX Markets for the first time, you can choose whether to create a real or demo account with both account types requiring that you sign up with the broker. If you’re satisfied with the demo experience (you likely will), you may decide to start your trading journey with DMX Markets by creating a real account.
For beginners, you can still find a range of educational materials on DMX markets to kickstart your trading journey and get the best results. You will find a beginner’s guide to Forex, learn about technical analysis and economic calendars, and frequently asked questions (FAQs) page to guide you through the site.
Live Prices and Market News
There is no overemphasizing how access to the real-time market price for different assets and market news can influence your decision on trading positions.
With DMX Markets, there’s little to no need for news aggregator sites since you can find the latest news items on the same website. Aside from news pieces, you can also find insightful articles published by analysts and traders regarding the financial market, digital transformation, etc.
Although not fully accessible at the time of writing this report, a message on the broker’s website suggests that it will at some point introduce social trading.
In case you don’t know what that is, social trading provides the opportunity for traders on the platform to communicate in real-time about their next market moves, and share other insightful data that could benefit themselves.
More notably, social trading allows you to copy the most profitable traders by placing exactly the same trades they do. This strategy has proven beneficial, especially to new traders but usually comes at a cost.
No Hidden Fees
Using a MultiCalculator, traders can calculate the required margin, one pip value, ECN commission, rollovers, etc. That the broker also believes in fair business trading is the reason why it discloses all charges and fees beforehand.
Signing Up on DMX Markets
The signup process is as simple as you’d expect, albeit with slight differences if you’re setting up a demo account.
To create a real account, you’ll need to supply the following information and accept the broker’s terms of service:
- Full Name
- Phone Number
- Date of Birth (DOB) and
- The currency of choice (USD, EUR, GBP)
For a Demo account, however, you need to supply the following information and accept the terms of service:
- Full Name
- Phone Number
- The currency of choice (USD, EUR)
What is Missing on DMX Markets?
At this time, the broker does not offer access to the crypto markets. Therefore, if you’re looking to trade cryptocurrencies or cryptocurrency-based derivatives such as Bitcoin futures contracts, you’ll have to look for another trading platform.
On the other hand, being a fairly new broker means that we do not rule out the chance of DMX Markets going on to offer access to the crypto markets. Of course, this would be based on client demand.
At this time, the broker doesn’t provide a LiveChat option on its website. Usually, such a feature makes it easier to get customer support when you need it most. However, you can still reach out to DMX Markets via email or phone support, which is available on all weekdays.
Meanwhile, as their client base grows, a LiveChat option and 24/7 support will likely become available.
As mentioned at the onset of this DMX Markets review article, DMX Markets is as reputable and efficient as most Forex and financial market brokerage platforms today.
Based on the features that we covered in this review, you already know what to expect while using their service. The signup process is easy, and there are no hidden fees or charges for the excellent plethora of tools and functionalities that they offer.
Certainly, there are still areas where DMX Markets can improve its offerings, such as adding cryptocurrencies and live chat support. In the meantime, though, you can find on their platform the right tools you need to succeed either as a beginner or an expert trader making it a top brokerage service to check out.