DMM FX Australia — Forex Broker Rating and Review 2020

Well, here is my review on this firm. It's relatively new Australian broker. Providing access to most demanded services and platforms. I’ve traded on MT4 and tested two different types of accounts - demo and ECN. The most interesting part is that I found no big difference. My transition from demo to real account was without any troubles and surprises. I believe it to be important for all kinds of traders, especially for new traders.

I'm an advanced level trader and find myself trading more often than 50 trades a day so I thought this broker could help me decrease commissions and costs. I watched through all of their webinars and realized I need to stop scalping because reading price action is no easy as I thought. Broker has provided me with information and variations of trading strategies with which to trade. But the complexity of variations and the speed at which I need to be able to identify the patterns is far beyond my current experience. However, they gave me much better commissions and costs are more competitive than my previous broker has.

I'm not surprised why people don't leave comments on DMM FX. I had a conversation recently with managers about my current situation of improperly canceled limit orders. Let me explain, several buy limit orders were placed on gbpusd and usdchf. As result, there was no expiration time or something like that, but they were canceled. Price has moved to my direction and I lost opportunities to get profit. Broker can't explain how it happened and doesn't recover positions. It's very disappointing because I trade on daily bars and need to wait for long time to get new opportunities. BTW, it's enough time to change broker and transfer funds. The question which one is better?

Man! I tried this broker for the first time and believed in forex, you know. all my friends say that trading is scam but I’ve just withdrawn my first money here. I took the advantage of its NoDepositBonus and that works too! Just read the rules they specify carefully! Really satisfied with its service.

Only one platform – MT 4! Actually, why bother and offer something else when there is MT4 with its standard options and reliable operation. I agree with that, though ECN will be an advantage. But as for the rest – the broker is the worst I’ve ever trade with. Minimum initial deposit is rather high - $200. The declared low spreads are in word only. The widening is huge and unpredictable while other brokers sin by it during new release only. The fixed spreads just doubled within 3 months of my trading here. And that is not the only reasons to quit DMM FX. I am disappointed.