FXDM Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this FXDM Review.
Clients of FXDM are offered a choice of 3 account types, depending on the initial investment. All of them offer the same maximum leverage levels, variable spreads and the option to use micro tradeable lots on the MetaTrader 4 platform.
While a minimum deposit of $50 and leverage up to 1:200 are average for the forex industry, spreads above 2.5 pips for the EUR/USD are very wide. Most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair. Trading costs with FXDM are high even on the Platinum account, because if we add the commission applicable to the spread of 0.8 pips, costs amount to around 2.4 pips on EUR/USD per standard lot.
The Company. Security of Funds
FXDM offers online trading in more than 30 currency pairs, as well as precious metals. According to the information on its website, the broker is regulated in New Zealand. However, when we checked the name of the company behind the brand in the Financial Services Providers Register, it turned out that it was deregistered in March 2015.
Besides, when we downloaded the broker’s MT4, the name of another company appeared: FXDM (West Africa) limited. Obviously, FXDM currently operates in West Africa, as it also maintains a Facebook page called “FXDM Nigeria”.
So, FXDM makes false claims which automatically reduces its level of credibility. The broker used to be licensed in New Zealand, but currently it is not regulated by any authority. We advise traders to stay away from unregulated (and offshore) brokers, as there are many risks when doing business with such. When trading with an unregulated firm, you are essentially taking their word, for the security of your funds. Besides, there are many scam brokerages, most of which are not regulated or registered offshore.
As we have already mentioned, FXDM supports the good old MetaTrader 4 platform. MT4 is globally popular for it offers a number of technical indicators, extensive back-testing environment, advanced charting tools and trading automatization options with the most commonly used Expert Advisers (EAs).
Methods of Payment
FXDM offers payments via bank wire transfer, credit/debit cards, as well as popular e-wallets Skrill, and Neteller.
FXDM is a formerly regulated in New Zealand forex broker, that currently operates without a license. Apart from that, it offers very high spreads and its product portfolio is somewhat limited.
FXDM Review Conclusion
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