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DigitalTradeFX Review - is it scam or safe?

DigitalTradeFX review - Is digitaltradefx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz DigitalTradeFX
DigitalTradeFX is not regulated. We cannot guarantee your money is safe.

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DigitalTradeFX is a binary options broker, which basically acts as a portal website for another broker - Pocket Option. The two brokers are owned by the same company - Gembell Limited., which is registered offshore on the Marshal Islands. If you consider trading with them be sure to read this review first.

 

Account type Min. deposit Max Payout
Standard Account $400 95%

 

DigitalTradeFX

 

Attractive payout

 

As advertised on their website the maximum payout with DigitalTradeFX is as high as 95%, which is attractive compared to the usual payout of about 85%, which is considered standard with the benchmark EURUSD pair. In any case, you may also want to check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Lots of crypto coins and currency pairs

 

In the list of available instruments we counted over 60 crypto coins like Zcash, EOS, Ripple, Monero, Ethereum Classic, Stellar, Dash, NEM, Lisk, Litecoin, Bitcoin, Bitcoin Cash and Ethereum, and that is impressive.  

 

Apart form that there are about 30 major forex pairs with some exotic currencies like Mexican Peso, Hong Kong Dollar, Singapore Dollar, South African Rand, Russian Ruble and  Polish Zloty. 

 

If you are tempted by the idea of trading crypto, you can always check our list of brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Over 50 payment methods

 

DigitalTradeFX offers an impressive list of payment methods as well. We should note NetellerSkrill, OK Pay, QIWI, Perfect Money, Payeer, Payza, Alipay, GiroPay, AdvCash, CashU and Sofort, FasaPay, WebMoney, ePay and UnionPay, as well as all major credit cards like VISA and MasterCard, bank wire and even crypto coins – Bitcoin, Ethereum, Litecoin, Monero, Zcash, Ripple, Dash and Bitcoin Cash. And if you like the idea of paying with crypto, here you may check our list of brokers, also accept bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

DigitalTradeFX Disadvantages:

 

No legit license

 

We noted that DigitalTradeFX acts as a white label for  Pocket Option and that both brokers are owned and operated by the Marshal Islands based Gembell Limited. What is more interesting, however is that while filling their registration form you are asked to agree with some Terms and Conditions the link to which is missing and basically you are agreeing with clauses that you are not acquainted with.

 

 

On top of that neither of the brokers nor the company behind them is regulated. Actually Gembell Limited.  say they hold a license by an entity called the International Financial Market Relations Regulation Center (IFMRRC). That, however, is nothing more than an anonymous website issuing certificates to offshore brokers, which are not comparable to the licenses of official and well respected authorities such as the he Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).

 

Besides, all binary options bets are prohibited in EU since July 2018, so basically all operations of DigitalTradeFX or Pocket Option there are totally illegal.

 

Keep in mind that your money will be safe only with properly licensed brokers, because of the strict regulations they are subject to.

 

On top of that all brokers regulated in EU are obliged to participate in traders compensation schemes – for example if you trade with a CySEC broker your money will be insured up to 20 000 EUR, while with a FCA broker your insurance will cover up to 50 000 GBP.

 

Here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

High minimum deposit requirement 

 

To start trading with them DigitalTradeFX asks you for 300 USD and that is higher than the usual deposit requirement most brokers have – about 250 USD. And besides, with some well established brokers like FBS and IG you can star trading with just 5 USD or so.

 

Conclusion:

 

DigitalTradeFX and the company behind it are not authorized to offer financial services on regulated markets like the USA, EU, Japan or Australia. That said, we will repeat our usual advise to deal only with brokers holding legit licenses by respectable institutions, such as CySEC in Cyprus, FCA in the UK or ASIC in Australia - this is the only way the safety of your funds can be guaranteed.

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Traders` reviews for DigitalTradeFX

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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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