Thinking of getting into business with Dmax Trade? Here is what you must know about this broker. Carefully read this review to find out if dmaxtrade.com is the trading platform you will want to trade with.
Table of Contents
About Dmax Trade Broker
Dmax Trade is an offshore brokerage company with a lot of promises for traders. The broker provides us with an address Tower 42, 25 Old Broad St, London EC2N 1HN, UK.
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Here, the broker claims it takes no commission and offers 24/7 client support to account holders.
The broker also presents zero spreads in the market, while offering leverage of up to 1:1000.
In spite the trading instruments Dmax Trade claims to offer, traders must know they are dealing with an unknown broker whose regulation claims are false.
dmaxtrade.com: Reasons to Avoid This Broker
dmaxtrade.com is a platform with no financial authority overseeing its financial services. Its regulation claim is not legit as Financial Conduct Authority, UK does not recognize Dmax Trade.
Another red flag we noticed on dmaxtrade.com is that there is no demo account for traders. If traders can’t test Dmax Trade broker on a free account, how then can we know its viability in the forex market.
Again this broker does not offer money back guarantee. Trading with this broker is clearly a risk. This is a big warning for forex traders to avoid losing money with this broker.
Withdrawal and Deposit
Withdrawal process
The withdrawal process and fees Dmax Trade charges forex traders. See below.
The broker charges an inactive fee within six months. It deducts 10% from an inactive account on a monthly basis.
This is just a way to reap you of your money and also frustrate the withdrawal process.
Minimum Deposit
Dmax Trade does not mention the minimum deposit forex traders must deposit.
The broker presents payment methods with Credit card and Wire transfer. You should not consider making any payment with this broker in the first place because it is a risk. So beware!
Dmax Trade Platform
Dmax Trade operates a Web based trading platform.
The broker provides a leverage of 1:1 and a higher ratio of 1:1000. Although it is a low ratio, broker like this one with license claims from UK should know the required ratio accepted by UK FCA.
Dmax Trade Pro Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its licensed and regulation claims are false and must be avoided.
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Conclusion: Is dmaxtrade.com a Reliable Broker?
No, dmaxtrade.com is not a reliable broker for forex traders and because of that, you are advised to stay away from this broker.
The scam is on the wall for you to avoid crossing path with dmaxtrade.com because its claimed license and lack of transparency are red flags.
Therefore, we do not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
