DMA Brokers Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
DMA Brokers Review – is it scam or safe?
The website of DMA Brokers provides no indications that the broker offers different account types with different trading conditions. Nonetheless, the spreads of DMA Brokers seem attractively low, with a commission for the NDD environment added to them. Micro tradeable lots are available for trade to those unwilling to use large volumes, and leverage levels provided are not high.
In addition, DMA Brokers also offers Managed accounts.
DMA Brokers Advanatges:
– MT4 available
Now, this is not surprising – like more than 80% of the brokers we are reviewing, DMA Brokers also offers its services via the MetaTrader 4 platform, simply known as MT4. It is preferred by most traders and therefore most brokers support it, even is they have developed their own proprietary trading terminals. The MT4 is easy to use, fast and reliable. Also, it has great charting and automated trading options, and if you are good with coding, you can create your own indicators, EAs, EAs, etc.
– Tight spreads
First and foremost, this broker’s spreads are really good: starting out at 0.2 pips on EUR/USD, and average ones floating around 0.4 pips. Even if we add the applicable commission of $8 per standard lot, the trading costs of DMA Brokers are not high (around 1.2 pips on EUR/USD). Of course, there are brokers, with which the cost of trading is lower than this.
Many brokers claim to provide tight spreads or commission-free trading, but when we test their platforms, the situation appears rather different and not so appealing. However, this is not the case with DMA Brokers. See for yourselves:
DMA Brokers` demo MT4.
– Pure No-Dealing-Desk execution (Allegedly)
This broker says it provides 100% NDD execution. Judging by the tight spread it offers, this might be true, however, we cannot say for sure.
DMA Brokers disdvantages:
– Not properly regulated
The company owning and operating this brokerage, DMA Brokers OÜ, is headquartered in Estonia. It is registered with the Estonian Ministry of Economic Affairs, which in fact does not mean that DMA Brokers is properly licensed.
– Undisclosed minimum deposit requirement, payment methods
Another thing that bothers us with this broker is that it has not disclosed on its website the minimum deposit it requires for users to open a live account. Most similar companies indicate that on their websites, as it is a part of their pricing and it should be transparent.
– Mediocre leverage
A maximum of 1:100 may be considered an average leverage rate, yet most forex brokers provide higher levels.
DMA Brokers Review – is it scam or safe? Conclusion
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