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DPS Global Markets Review - is it scam or safe?

DPS Global Markets Review - is dpsmarkets.com scam or good forex broker?

RATING: 1 / 0 REVIEWS DPS Global Markets
DPS Global Markets is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Account type Min. deposit Min. trade size Max. leverage Average spreads
Standard $1 0.01 1:400 1.6 pips
ECN $20 000 0.1 1:200 0.2 pips + commission

 

DPS Global Markets is an Australian forex and CFD broker that offers two account types. The Standard account is commission-free and has no minimum initial deposit requirement, but the spreads are slightly high. The ECN account, on the other hand, requires a significant investment, but offers raw spreads.

 

Although DPS Global Markets' trading conditions might seem good, we don't reccomend doing business with this broker, as we suspect it is a clone firm. Read on to get all the details.



DPS GLobal Markets Advanatges:

 

- MT4 available

DPS Global Markets uses the most popular forex trading platform, Metatrader 4 (MT4). The MT4 offers superior charting and wide range of professional trading tools and features, such as technical analysis indicators, automated strategies (Expert Advisors), and more. Additionally, through the MQL Marketplace one could get a lot of newly developed technical indicators or automated trading systems.

 

 

>> Top MT4 brokers <<

 

 

- No minimum initial deposit

Another thing we like about Global Markets is that it has not set a minimum initial investment requirement. This means that you can open an account by depositing small amount of money.

 

- Leverage up to 1:400

DPS Global Markets offers high leverage ratios, reaching 1:400. This is a nice option, yet trading on margin involves risk of losses, exceeding the initial investments. That is why we advise our readers to be very careful when using leverage levels that high.

 

Those willing to take the risk, may also take a look at a list of brokers offering even higher leverage ratios.

 

 

>> Brokers offering leverage of 1:500 or higher <<

 

 

DPS Global Markets Disdvantages:

 

- A clone firm

The most obvious disadvantage of DPS Global Markets is that it it seems to use the name of a wealth management company that is not related to this broker. While the broker's website mentions nothing about regulation, those who check the name in the ASIC register will probably come accross this (the below image) and believe that DPS Global Markets is indeed regulated by the Australian Securities and Investments Commission (ASIC). 

 

 

Click on the image to zoom in.

 

Spreads slightly above the average

We tried out this broker’s platform in demo mode and the spreads are as announced on their website, averaged 1.6 pips on EUR/USD.

 

 

Such spread is slightly above the average. Most brokers offer spread in the range of 1.0 – 1.5 pips for this pair. For example, the typical spread offered by FP Markets, another Australian broker, is 1.45 pips for the EUR/USD pair. For further information and comparison of spreads, check out our dedicated page.

 

 

>> Real-time spreads of tier-top FX brokers <<

 

 

- Limited CFD offering

DPS Global Markets offers trading in around 30 currency pairs and several CFDs. Its CFD portfolio is rather limited – there are no CFDs on stocks, nor ctryptocurrencies. The latter are very popular lately, so if you are interested in BTC trades, check out our list of tightly regulated brokers that offer Bitcoin CFDs.

 

Conclusion

 

DPS Global Markets is an Australian broker that also targets Chinese customers, as its website is also available in Chinese and it also offers Chinese customer support and market analysis. The broker uses the renown MetaTrader 4 platform, provides high leverage levels, and does not require any specific initial investment amount. 

 

Yet, we believe that DPS Global Markets is trying to mislead investors that it is regulated by ASIC, while in fact it has nothing to to with DPS Wealth Management ltd. This is what is commonly referred to as ä "clone firm'- a popular tactic used by scam brokers to attract clients. 

 

Considering the above said, you'd better avoid DPS Global Markets and choose  abroker that is indeed licensed byauthorized to provide financial services by the Australian Securities and Investments Commission (ASIC). Brokers licensed by it must possess net tangible assets amounting to at least $1 million. Besides, they are required to keep customer funds in segregated accounts, separated from the company’s operating funds.

 

 

>> Top ASIC-regulated brokers <<

 

 

Here is our summary with regards to DPS GLobal Markets:

 

Pros

Cons

MT4 available

A clone firm
High leverage levels offered

Limited CFD offering

No minimum initial investment required

Spreads slightly above the average

 

 

 

Latest news about DPS Global Markets
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Traders` reviews for DPS Global Markets

Spread

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Slippage

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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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