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Digital Dream Technology Review - is it scam or safe?

Digital Dream Technology review - Is ddreamtech.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Digital Dream Technology
Digital Dream Technology is an offshore broker. Your money is not safe.

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Digital Dream Technology is a forex and CFD broker, based in Ukraine. They offer all major currency pairs and even some crypto CFDs with the MetarTrader4 platform and leverage of up to 1:100. And although their spreads might look good, we have some serious issues about their regulatory status, so if you are thinking about opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account n/a 1:100 0,3 pips

 

Digital Dream Technology Advantages:

 

Competitive spreads

 

As tested with a demo account the benchmark EURUSD spread floated between 0,1 pip and 0,3 pip - basically a raw spread, which combined with the fact that trading commission was not taken, when we made a test trade, seems very attractive. Still, here you may check our list of brokers, offering tighter spreads as well:

 

>> Lowest spread forex brokers<<

 

A good selection of trading instruments

 

Digital Dream Technology offers 28 major currency pairs as well as CFDs on gold, silver, oil and some crypto coins – Bitcoin, Ethereum, Ripple, Litecoin and Dash. And if you are interested in trading crypto assets, here you may also check our list of brokers offering Bitcoin CFD:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:100

 

Higher leverage is associated with higher risk, but it might prove quite useful for experienced traders with a more aggressive trading style. Besides, in the past few year leverage levels were restricted through out a number of markets like the USA, the European Union and Japan, leaving Australia the only major regulatory hub where leverage is still not restricted. Besides here you may check our list of Australian brokers here:

 

>>Brokers regulated in Australia<<

 

Various payment methods available

 

Probably Digital Dream Technology is trying to set foot on the Chinese market, because part of their payment methods are exclusively used in China - Union Pay,  AliPay and several Chinese banks. Apart form that you can pay with MasterCard and VISA, but not Neteller and Skrill, which are probably the most popular e-wallets on the market.

 

And besides, since October last year Skrill adopted a new anti – scam policy, according which all brokers using its services are required to hold a legit financial license. Digital Dream Technology does not have a license to provide financial services and we will comment on that in detail in the following paragraphs.

 

Metatrader4 supported

 

This is a positive point for  Digital Dream Technology. MetaTrader4 is extremely reliable platform – light, with user friendly interface, excellent charting tools, numerous in build market indicators and the option to run automated trading sessions with the help of specially designed, customizable trading bots. Besides, here you may check our list of brokers trading with MetaTrader4: 

 

>>MT4 Brokers<<

 

Digital Dream Technology Disadvantages:

 

Digital Dream Technology falsely claims to be regulated in the USA

 

Digital Dream Technology claims to be a member of the National Futures Association (NFA) in the USA and to be licensed and authorized there.

 

 

That is not true. We diligently checked the NFA registers and were not able to find Digital Dream Technology there. 

 

Besides, acquiring a US license is one of the most challenging tacks for a forex broker. The minimum operational capital that a broker must keep at all times, if it wants to offer financial services on the US market is as high as 20 million USD. On top of that a US forex broker must be licensed as futures commission merchants (FCM) and must have retail foreign exchange dealer (RFED) license. FCM and RFED are provided by the Commodity Futures Trading Commission (CFTC) and will allow you to become a NFA member. Also, as we mentioned above, the maximum leverage allowed in the USA is caped at 1:50.

 

If that is not enough we came across a curious detail in the Disclaimer in the bottom of the web page of Digital Dream Technology. Here they state that they do not provide services to US citizens. Needles to say this statement proves by itself that Digital Dream Technology does not have a license in the US.

 

 

Managed account offered 

 

Digital Dream Technology offers something called EZ Trade AI Management. Be aware that legit brokers refrain form offering managed accounts, because such practices are inherently associated with a conflict of interest. Digital Dream Technology is a market maker, which basically means that when a customer looses money the broker profits and vice versa.

 

No minimum deposit requirement specified

 

There is no information about the minimum deposit requirement on the web site of Digital Dream Technology. Just have in mind that most brokers require about 250 USD, while some big well established names, such as FBS and IG will allow you to open a trading account with basically 1 USD.

 

Conclusion:

 

Digital Dream Technology has put a lot of effort to make their website look legit. Still, they are a unregulated broker with shady background and no credibility whatsoever. As always in such cases we will repeat our usual advise – trade only with properly regulated brokers.

 

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Traders` reviews for Digital Dream Technology

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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