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DMA Brokers Review - is it scam or safe?

DMA Brokers Review - is dmabrokers.com scam or good forex broker?

RATING: 2 / 1 REVIEWS ForexBrokerz DMA Brokers
DMA Brokers is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage verage Spreads
Standard Undisclosed 0.01 1:100 0.4 pips + $8 / lot (round trip)

 

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, 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.

 

>>Compare the real-time spreads of top brokers<<

 

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. If you are sure you understand the risks involved in margin trading, check out our

 

>>List of brokers offering leverage of 1:500 or higher<<

 

Conclusion

 

DMA Brokers offers online trading in around 60 currency pairs, as well as CFDs on commodities and precious metals on the popular MT4 platform. Although its forex instrument portfolio is rather rich, popular products, such as CFDs on indices, stocks and cryptocurrencies, are not available for trade with this broker.

 

What we like best with DMA Brokers is its tight spreads and pure NDD execution. On the other hand, we cannot say that this broker is properly regulated, as DMA Brokers OÜ is only registered with the Estonian Ministry of Finance. Forex brokers in Estonia are supposed to be licensed by the Estonian Financial Supervision Authority, which is independent from the Ministry of Finance.

 

Even if you are based in Estonia, as it is part of the EU, you can also do business with well-regulated forex brokerages licensed in the UK or Cyprus. Both jurisdictions have set certain requirements for brokergaes and the respective governmental agencies see to their complience.

 

>>Trade with a forex broker regulated in Cyprus<<

 

Pros Cons
Tight spreads, competitive trading fees Only registered with the Estonian Ministry of Finance
Pure NDD execution Initial deposit required not specified, nor deposit/withdrawal methods

MT4 available

No choice of trading platforms and account
  No indices, stocks and Bitcoin CFD
  Mediocre leverage

 

Latest news about DMA Brokers
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Traders` reviews for DMA Brokers

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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Cons

 

 

Customer service

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Summary

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