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Indigo DMA Review - Is it scam or safe?

IndigoDMA Review - Is it scam or safe?

RATING: 3 / 0 REVIEWS Indigo DMA
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Trading Accounts

 

Account type Minimum deposit Minimum trade size  Maximum leverage Average Spreads 
ECN  $10 0.01 1:100 Variable, 0.2 pips on EUR/USD + $ 15 commission per lot


Unlike most forex brokers, which try to suit the needs of traders of all preferences and levels of experience, Indigo DMA offers its clients one basic account type, providing DMA-access.


Any real trading account with a deposit of at least $100 can be published as a trading signals provider. Traders get $ 5 per 1 lot of orders, copied by investors.


In addition, swap-free (Islamic) services are available, tailored at clients who are not willing to earn interest for religious reasons. Such Sharia complaint accounts involve commission increased by $3, spread is not widened.


The Company. Security of Funds


Indigo DMA is an offshore broker founded in 2004 by automated trading experts. It offers online trading in a wide range of currency pairs and stock, indices and oil CFDs on MetaTrader 4.


Indigo DMA is the trading name of Indigo DMA Corp., registered in the Marshall Islands, providing financial services under the laws of the Marshall Islands Business Corporation Act. The broker has set up call-centers in Russia, Great Britain, Germany and Sweden.


Due to its location, this forex broker is not under any regulation. Brokers based in Marshall Islands don’t face any of the stringent requirements US or UK-based brokerages do: they are not obliged to report regularly to any authority, nor to conduct external audits; companies registered in Marshall Islands are not required to hold clients’ funds in segregated accounts, to possess certain minimum capital in order to prove their financial stability, nor to arrange a compensation scheme in the event of insolvency or default.


In other words, if you intend to invest a large amount of money, we would advise you to select among FCA-regulated brokerages, US-based ones or Swiss brokers, where the respective financial watchdogs are always on alert and where your money will be safe.


Trading Conditions


Minimum Initial Deposit

The minimal amount required to open an account with Indigo DMA is $10, which reasonably low, considering the lack of regulation. In comparison, LiteForex, also registered on the Marshall Islands, requires $10, and SuperForex, headquartered in Belize, demands as little as $1 initial deposit.


Average Spreads & Commissions

This broker offers tight variable spreads, starting at 0.0 pips for major currency pairs. The average ones on EUR/USD amount to 0.2 pips. However, all trades are subject to costly commission of $ 15 per traded lot, which in fact means that the minimum spread offered is comparatively high, starting at 1.5 pips.


In comparison, Belize-based ForexBrokerInc offers variable spreads from 1 pips on its commission-free accounts and Fort provides spreads from 0.1 pips, plus commission ranging from $1.5-$9 per lot.


Real-time spreads of 15 leading brokers can be checked out here


As we have already mentioned, Indigo DMA specializes in copy trading. Traders, who have deposited at least $100, are able to publish his trading account and earn extra money with each order, copied by investors ($ 5 per lot).


Maximum Leverage
The maximum leverage level at Indigo DMA is 1:100, which is a comparatively low ratio. In comparison, SVG-based OctaFX and ForexBrokerInc both offer leverage up to 1:500. More forex brokers offering leverage equal to or exceeding 1:500 can be viewed here.


Trading Platforms 


Currently, Indigo DMA supports just one trading platform - the famous MetaTrader 4 (only desktop version available). The broker says on its website that it plans to create its own user-friendly platform in 2016 that will allow trading within any market (including NYSE, CME, NASDAQ).


Anyway, MetaTrader 4 is preferred by most experienced users, because this professional, fully-featured software provides everything a trader needs: fast order execution, a variety of technical indicators, linear instruments, advanced charting package and the ability to develop and to use Expert Advisors (EA). More brokers using the MT4 can be viewed here


In addition, VPS is available to any Indigo DMA account holder whose deposit exceeds $10,000. And the broker offers two colocations: Equinix data-centre and Amazon.


As regards execution speed, Indigo DMA says on its website that it is less than 0.2-0.4 second. Speaking of Indigo DMA’s website, we would like to mention that we found it quite poor in terms of content, design and functionalities.


Methods of Payment


Clients of Indigo DMA are offered a variety of ways to deposit to and withdraw from their accounts: credit/debit cards, bank transfer, contact transfers and the following e-wallets: Skrill, Perfect Money, WebMoney, QIWI, OK PAY, Payza, Payeer, WalletOne and others.


Conclusion


Indigo DMA is an offshore broker trading in various currency pairs and CFDs on the MT4 platform. Its main disadvantage is lack of regulation. To sum up the above:


Pros  Cons
MT4 available Not regulated
  No choice of trading platforms
  Comparatively high spreads

 

 

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Traders` reviews for Indigo DMA

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