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DMM FX Account Types

DMM FX Account Types

 

Overall Rating

4.3/5

Rated #370 of 
Recommended FX Brokers

💰Minimum Deposit

USD 200

🌐 Regulators

ASIC, FSA

📱 Trading Desk

MetaTrader 4 

Crypto

Yes

📈 Total Pairs

21

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

DMM FX account types include only a standard account and no option for Muslim traders to open an Islamic or swap-free account.

 

Finding a reputable list about DMM FX account types local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth account types Review regarding this regulated Forex company, which will assist traders to make an informed decision when it comes to the various Forex trading accounts made available.

 

Overview

DMM FX is an Australian forex broker company.

A Forex broker like DMM FX provides traders with access to one or more platforms that will allow them to buy and sell foreign currencies. Forex brokers are also known as retail or currency trading brokers. Retail currency traders in turn use these broker companies to gain access to the 24-hour currency market for speculation purposes.

Forex broker services can also be provided for institutional clients and large companies such as investment banks.

DMM FX was established in 2013 and has its headquarters in Sydney, Australia.

DMM FX is supported by the DMM Group, a leading Japanese Forex broker with more than 32 000 real-time active traders and 360 000 client accounts.

The DMM Group provides online trading services all over the world and its members are regulated by the Australian Securities and Investments Commission (ASIC) in Australia and the Financial Services Agency (FSA) in Japan.

DMM FX offers trading in currency pairs and CFDs through the standard MT4 platform. The broker no longer provides binary options services.

DMM FX offers the use of the popular MetaTrader4 platform, and low spreads, especially on frequently traded majors such as the EUR/USD and AUD/USD.

DMM FX offers traders the trading of CFDs and Forex and is known for its no fees and no commission stance.

Although DMM FX is regulated by ASIC, it has no compensation scheme. Traders can open a demo account to practice and test new strategies.

The customer support team of DMM FX can be reached 24 hours per day, six days per week. A toll-free number to the Sydney office can be used and email support are always available. A chat option is offered during working hours in Australia.

The webpage and customer support are available in many different languages.

 

Account Types and account features

DMM FX offers traders one standard account only and no option for Muslim traders to open an Islamic or swap-free account.

The broker’s standard account gives traders access to about 27 symbols for trading, with low fixed spreads of USD/JPY 0.5, EUR/USD 0.7, and AUD/USD 0.7. There are no further commissions or account fees charged.

The minimum deposit required to open the standard account is $200 and deposits can be made by means of many payment methods in currencies like AUD, USD, EUR, GBP, and NZD.

Accounts are available for any clients from outside Australia except the United States.

A demo account is available for new traders or those that want to test new strategies.

 

Islamic Account

DMM FX does not offer Muslim traders who follow Sharia law the option of an Islamic Account.

 

Overall Rating

4.3/5

Rated #370 of 
Recommended FX Brokers

💰Minimum Deposit

USD 200

🌐 Regulators

ASIC, FSA

📱 Trading Desk

MetaTrader 4 

Crypto

Yes

📈 Total Pairs

21

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Demo Account

DMM FX offers traders the option of opening a Demo Account which can be utilized in many ways, including, but not limited to the following:

  • A practice account for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.
  • Traders who are evaluating and comparing brokers who would like to explore DMM FX’s trading conditions in a risk-free environment, and
  • Traders who wish to test their trading strategies in a mimicked live trading environment without risking their capital.

 

What is an Islamic Account?

The purpose of an Islamic Account is that it caters specifically to Muslim traders who follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which are seen as wasteful or exploitive.

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

DMM FX unfortunately does not offer an Islamic Account. Brokers usually offer such an account only to Muslim traders who follow Sharia law. Traders must, however, take note that there are certain features indicated on the Islamic account which differ vastly from the individual account such as minimum deposit, spreads, and more.

Traders who are interested in registering for an Islamic account must contact this, or any other broker’s customer support to verify the option and details of such an account as conditions may have changed from the time of writing.

These changes are as per the broker’s discretion and/or changes in market conditions.

 

Pros and Cons

✔️PROS ❌CONS
Demo account can be opened Although regulated, no compensation scheme is available
MetaTrader platform available to traders Only one trading account available to traders
Regulated by the Australian Securities and Investments Commission (ASIC) in Australia and the Financial Services Agency (FSA) in Japan. No option to open an Islamic or swap-free account
The broker offers tight spreads
The web interface is user-friendly.

 

You might also like: DMM FX Sign-Up Bonus

You might also like: DMM FX Minimum Deposit

You might also like: DMM FX Brokers Fees And Spreads

You might also like: Open a DMM FX Demo Account

 

DMM FX at a Glance

Broker’s name DMM FX
Headquarters Sydney, Australia
Year founded 2013
Regulating authorities Australian Securities and Investments Commission (ASIC) in Australia and the Financial Services Agency (FSA) in Japan.
Countries not accepted for trade United States
Demo account Yes
Islamic account (swap-free) No
Institutional accounts No
Managed accounts No
Maximum leverage 1:600
Minimum deposit $ 200
Deposit options China UnionPay Cards, Skrill, Neteller, Fasapay, POLipay, Wire Transfers, and BPAY.
Withdrawal options China UnionPay Cards, Skrill, Neteller, Fasapay, POLipay, Wire Transfers, and BPAY.
Platform(s) provided MetaTrader 4, ChartIQ WebTrader.
OS compatibility Mac, Windows, Linux, Web, Mobile for Android, iPhone, and iPad.
Tradable assets offered CFDs, Commodities, Metals, and Gold
Languages supported on the website English, Chinese, French, Russian, Spanish, Malay, Arabic, German, Italian, Japanese, Korean, Norwegian, Polish, Czech, Danish, Estonian, Maltese, Portuguese, Slovak, Slovenian, Turkish, Indonesian, Thai, Urdu, and Vietnamese
Customer support languages Multilingual – English, Chinese, Arabic, Japanese, Nepali Hindi, and more.
Customer service hours 24 hours per day, six days per week

 

FAQ

 

Trading Environment

 

How many instruments can I trade with DMM FX?

You can trade several different instruments with DMM FX, which include the following:

  • Commodities
  • Precious metals
  • Oil
  • Indices

 

Which platforms are supported by DMM FX?

DMM FX provides the following popular trading platforms:

  • MetaTrader 4
  • ChartIQ
  • WebTrader

 

Does DMM FX offer leverage?

Yes, DMM FX offers maximum leverage of up to 1: 600.

 

What spreads can I expect with DMM FX?

DMM FX offers spreads of 1.7 pips on EUR/USD, 0.5 on USD/JPY, 0.7 on EUR/USD, and 0.7 on AUD/USD.

 

Does DMM FX charge commission?

No commission is charged.

 

Are there additional charges on the Islamic account?

DMM FX does not offer an Islamic Account. Some brokers charge extra fees on Islamic accounts – are either in wider spreads, additional commissions, or administration fees to make up for money that they lose with not charging overnight fees.

New Islamic traders should enquire about these special conditions or extra fees before joining, because it is often overlooked or not indicated on the account features pages.

 

Is DMM FX regulated and by whom?

DMM FX is regulated by the Australian Securities and Investments Commission (ASIC) in Australia and the Financial Services Agency (FSA) in Japan.

 

Is DMM FX a recommended forex trading broker for experts and beginners?

DMM FX offers the best trading environment for most types of traders, from new to experienced traders.

 

What is the overall rating out of 10 for DMM FX?

7/10.

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account as is offered by broker companies like DMM FX is usually funded with virtual money.

It gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features, before setting up a real account that needs to be funded with the customer’s own real money.

 

Does DMM FX offer a demo account?

Yes, you can open a demo account with this broker.

 

Can I convert my demo account to a live trading account with DMM FX?

This is not clear from the information on the company homepage.

 

Which live trading accounts does DMM FX offer?

The broker only offers a standard type of account.

 

Does DMM FX offer an Islamic Account?

No, you cannot open an Islamic or swap-free account with this broker.

 

What are the available deposit currencies for a live trading account?

  • USD
  • AUD
  • EUR
  • GBP
  • NZD

 

Deposits and Withdrawals

 

What is the minimum deposit required to open an account with DMM FX?

$ 200.

 

How do you make a deposit and withdraw money with DMM FX?

DMM FX offers the following deposit and withdrawal methods:

  • China UnionPay Cards
  • Skrill
  • Neteller
  • Fasapay
  • POLipay
  • Wire Transfers
  • BPAY

 

The same method that was used to fund an account must normally be used to withdraw money. Also, monies will usually only be refunded to accounts in the same name as the trading account.

 

Does DMM FX charge withdrawal fees?

Withdrawals to overseas bank accounts incur an AUD $20 bank handling fee.

Fees from financial institutions may also be applicable.

 

How long does it take to make a withdrawal?

Usually, withdrawals take one to two business days but depending on bank services it may take several days longer for the money to be available in a customer’s bank account.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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