Overview of DMM
DMM FX is a Japanese-based forex broker that was founded in 2006 and has its headquarters in Tokyo, Japan. The broker is regulated by the Japan Financial Services Agency and is a member of several financial associations such as the Japan Securities Dealers Association, Japan Financial Futures Trading Association, Japan Investor Protection Fund, and Japan Commodity Futures Trading Association.
DMM FX provides a range of financial products and services, including over-the-counter derivatives trading and investment-related business. The minimum deposit requirement is not specified, and account opening is free of charge, with a cashback program of up to 204,000 JPY. The maximum leverage available is 1:25 for forex trading, and spreads are quite competitive, with the USD/JPY pair starting from 0.5 pips.
DMM FX offers a range of trading platforms, including DMMFX PLUS, DMMFX Standard, Superchart, Smartphone App DMMFX, and more. The broker partners with approximately 340 affiliated financial institutions, making deposit and withdrawal services fast and easy. However, DMM FX has been associated with some negative reviews regarding difficulties in withdrawing funds, fraudulent money, and poor customer support, as reported by some clients.
In summary, DMM FX is a regulated forex broker that offers competitive spreads, a range of trading platforms, and fast deposit and withdrawal services. However, investors should be aware of the negative reviews concerning fund withdrawals and poor customer support.
Pros and Cons
Is DMM FX Legit or a Scam？
Based on the information provided by DMM FX, it appears that they are a legitimate forex broker and take measures to protect their customers' funds. They state that they segregate customer funds from their own assets and entrust them to trusted banks, including 日証金信託銀行 (Japan Securities Depository Center Trust Co., Ltd.), 株式会社SMBC信託銀行 (SMBC Trust Bank Ltd.), and SBIクリアリング信託株式会社 (SBI Clearing Trust Co., Ltd.). They also mention that these funds are protected by trust law and will remain separate from the banks' own assets, even if the banks themselves were to face financial difficulties.
Overall, based on the information provided, it appears that DMM FX is a legitimate forex broker that takes steps to protect their customers' funds. However, as with any investment, it is important to do your own research and exercise caution.
Markets Instruments
The market instruments of DMM FX include several forex currency pairs and CFDs:
Forex Currency Pairs:
· USD/JPY
· EUR/JPY
· GBP/JPY
· AUD/JPY
CFDs:
· Crude Oil
· Gold Spot
· Japan 225
· US Dow Jones 30
For each instrument, the bid and ask prices are provided, along with the current spread and the previous day's change. High and low prices for the day are also given, as well as the buying and selling swaps. Note that the spreads are not fixed and can widen during times of market stress, low liquidity, or around the announcement of economic indicators. Slippage may also occur with order fulfillment, where the execution price differs from the displayed price at the time of ordering.
DMM FX offers a variety of market instruments for trading, allowing customers to diversify their portfolio and take advantage of various market opportunities.
Products and Service
DMM offers a range of products and services in various industries, including financial services, e-commerce, and entertainment.
In terms of financial services, DMM provides a forex trading service called DMM FX. This service allows customers to trade 21 different currency pairs through an OTC trading system using the internet. The transaction unit is 10,000 currency units for each currency pair, and the maximum order quantity is 100 lots (1 million currency units). The leverage offered is up to 25x, and there are no transaction fees. DMM also offers deposits and withdrawals in JPY and provides various trading rules, such as loss cut rules and maintenance rules.
DMM also offers a cryptocurrency trading service called DMM Bitcoin. This service allows customers to trade Bitcoin, Litecoin, and Ethereum, among other cryptocurrencies, using the internet. The transaction unit is one unit of each cryptocurrency, and there are no transaction fees.
Overall, DMM offers a diverse range of products and services in various industries, catering to the needs and interests of a wide range of customers.
Minimum Deposit
The minimum deposit for DMM payment depends on the payment method used. For quick deposit, there is no minimum deposit required. However, the maximum deposit amount for quick deposit is 500,000 JPY per transaction.
For bank transfer deposit, the minimum deposit amount is 10,000 JPY, and there is no maximum deposit amount.
It's important to note that the deposit amount required to open a DMM FX trading account may vary depending on the account type and country of residence. Customers should check the website or contact customer support for more information.
Spreads & Fees
DMM FX offers customers a trading environment with uniquely generated rates based on the rates received from multiple cover destinations. The standard spreads for various currency pairs are presented to customers, with fixed spreads starting from 0.2 sen. However, it's important to note that spreads are not always fixed and may widen due to sudden events, declining market liquidity, and other factors. Slippage may also occur with order fulfillment. DMM FX also provides offer rates, which are the actual values of rates delivered within the range of the standard spread offered to customers during a given period.
Leverage
DMM FX is a forex trading platform that offers a maximum leverage of 1:25 for forex trading. Leverage is a tool used in trading that allows traders to control a large amount of currency with a smaller amount of funds. In other words, leverage enables traders to open larger positions with a smaller amount of capital.
For example, if a trader has $1,000 and a leverage of 1:30, they can control a position of up to $30,000. The trader is essentially borrowing money from the broker to increase their trading potential. However, while leverage can magnify profits, it can also magnify losses, and traders need to be cautious when using leverage.
DMM FX's maximum leverage of 1:30 is lower than the maximum leverage offered by some other forex brokers, which can be as high as 1:500 or more. This lower leverage may appeal to more conservative traders who want to limit their risk exposure.
Trading Tools
DMM FX offers a range of trading tools to assist traders in their activities. These tools include:
1. DMMFX PLUS: This is a PC version trading tool that allows traders to customize the layout, technical settings, and other features to suit their trading style. It comes with a pop-out function that displays necessary items in a separate window.
2. DMMFX STANDARD: This is a smartphone version trading tool that offers a smart operation screen for transactions, information collection, and analysis. It features a FIFO order function and payment simultaneous order function, making it ideal for those who want to trade in their own style.
3. Premier Chart: This is a computer-based trading aid tool that comes equipped with 29 technical tools. It also has convenient functions that support customer transactions, making it ideal for traders who make more strategic transactions.
4. Transaction Report: This is an analysis tool that allows traders to graph and analyze their trading results in an easy-to-understand manner. It visualizes a wide variety of transaction data, making problems obvious at a glance.
These trading tools are accompanied by quick guides and operation manuals to help traders learn how to use them effectively.
Deposit and Withdrawal
DMM FX offers several deposit and withdrawal methods to its clients. The following is an overview of the deposit and withdrawal options:
Deposit Options:
· Quick Deposit: This service allows for instant deposit reflection using internet banking. It has 24-hour real-time deposit reflection, no fees, and can be done through a PC or smartphone.
· Transfer Deposit: This is a bank transfer method of depositing money to the DMM FX account. In general, it takes about 30 minutes to 1 hour to reflect the deposit in the account.
Withdrawal Options:
· Withdrawal Account: Funds deposited in the DMM FX account can be withdrawn to a registered “withdrawal account” using the trading tool. There are no withdrawal fees, and the fees are paid by the company.
· Fund Transfer: Funds can be transferred between services provided by DMM FX, DMM CFD, DMM Bannussi, and DMM Stock.
Customer Service
In terms of customer service, DMM FX offers various support options to their clients. Here are some details:
· Customer Support: DMM FX provides customer support services 24 hours a day, 5 days a week (Monday to Friday) in multiple languages, including Japanese, English, and Chinese. Traders can contact the support team via phone, email, or live chat on the company's website.
· Educational Materials: DMM FX offers a range of educational materials to help traders improve their skills and knowledge of the financial markets. These resources include webinars, video tutorials, and market analysis.
· Trading Tools: DMM FX provides its clients with various trading tools to help them make informed trading decisions. These tools include charting software, economic calendars, and real-time news updates.
· Trading Hours: DMM FX allows traders to access the market 24 hours a day, 5 days a week. However, there are times when the platform is not available, such as during system maintenance or when the markets are closed.
Overall, DMM FX appears to offer a robust customer service experience with multiple support options and educational resources to help traders improve their skills and knowledge. The availability of 24/5 trading hours is also a plus for traders who want to take advantage of global market opportunities.
Conclusion:
DMM FX is a reputable broker that offers a diverse selection of financial instruments for trading. Their user-friendly and feature-rich trading platforms cater to the needs of both novice and experienced traders. One of the notable advantages of DMM FX is their policy of not charging fees for deposit and withdrawal transactions, which is highly beneficial for traders. Additionally, the ability to transfer funds between their services adds flexibility in managing clients' funds. The leverage and margin maintenance rate provided by DMM FX enable traders to effectively manage their risk. Overall, DMM FX is a reliable brokerage firm that offers excellent trading conditions and customer support services. However, it is important to note that DMM FX does not provide Islamic accounts, which may be a drawback for traders seeking Sharia-compliant trading options.
Frequently Asked Questions
Q: How can I open an account with DMM FX？
A: To open an account with DMM FX, you can apply online by filling out the registration form on their website. You will need to provide personal information, such as your name, address, contact details, and some identification documents, such as a passport or driver's license.
Q: What is the trading hours for DMM FX？
A:DMM FX provides trading services 24 hours a day, 5 days a week, from Monday to Friday. The trading hours vary for each financial product, and it is important to check the trading hours for each product before placing any trades.
Q: What types of financial products can I trade with DMM FX？
A: DMM FX offers a wide range of financial products that can be traded, including forex, indices, commodities, and cryptocurrencies.
Q: What are the fees and charges for trading with DMM FX？
A: DMM FX does not charge any commission fees for trading. Instead, they earn revenue from the difference between the bid and ask prices, which is called the spread. There may be other fees, such as rollover fees and overnight swap fees, depending on the trading conditions and the financial products traded.
Q: What is the maximum leverage ratio offered by DMM FX？
A: The maximum leverage ratio offered by DMM FX is 25:1 for forex trading. The leverage ratios for other financial products, such as indices and commodities, may vary.
Q: How can I contact DMM FX customer support？
A: DMM FX provides customer support services through various channels, including phone, email, and live chat. The customer support team is available 24 hours a day, 5 days a week, from Monday to Friday. The contact details for customer support can be found on the DMM FX website.
Q: Does DMM FX provide educational resources for traders？
A: Yes, DMM FX offers a range of educational resources for traders, including webinars, seminars, e-books, and video tutorials. These resources cover a variety of topics, such as market analysis, trading strategies, and risk management.
United States
Cicciolin0
Australia
After several attempts to withdraw my money from DMM FX, I can tell you they are a fraud platform. I made an initial deposit of 90000 yuan which yielded profits over time. When I tried to withdraw, it was denied and they blamed the Restrictions on technical problems. Later, a 10% tax was requested to allow my withdrawal The fee was so much for me at that time and they froze my account for delayed payment. I didn't get a response from them since I asked to liquidate my account, I implore other investors to stay clear of DMM FX, they have nothing to offer.
Exposure
2021-04-16
FX3876302499
United States
My experience with this company has been quite unfortunate. I heard about them in December 2020 when i made an initial deposit of CNY 71000 (about £8000) into my trading account which yielded good profits. I became more interested and made another CNY 90000 (£10000) to make better returns. Late last year, after Christmas, i tried to make a withdrawal which was denied. I reached out to Chris from their support who claimed withdrawals were a bit delayed due to an End of year system upgrade. Up till Last week, i didn't have access to my money and they stopped responding to my complaints. Like many other traders i spoke to, tech some sort of experts and they were able to get my money including my accruals. This awful situation with DMM FX prevented me from enjoying the holidays with my family as i would have loved but i learnt a key lesson, Always test the waters before committing. I implore other investors to stay clear of DMM FX, they have nothing to offer.
Exposure
2021-04-16
无名96986
Hong Kong
I have a WeChat friend who is a salesman, making Short term foreign exchange. This guiy sent me a QR code and asked me to invest. Then I began to invest with a teacher he recommended. But I always made mistakes even if I was so careful. Then they induced me and threatened me to add money to keep investing. In fact, the data was manipulated by them. After the three-round operations, I applied for withdrawal. The withdrawal hasn’t arrived. I was told to pay taxes. It has been a month and no one replied to me. They keep cheating others via other platforms. I hope investors can stay away from these frauds!
Exposure
2021-04-16
江亚
Hong Kong
Ask us to add more but we are still unable to withdraw funds.
Exposure
2021-04-13
FX1950301999
Japan
The way this platform works, you make an order and someone else on the platform manipulates the trend to ensure that you lose money and cannot close the position, I called the attention of financialrecovery.tech by submitting a complaint to them in a feat to get my investment back because I also noticed that in situations when the big market comes, you make the right order but you are unable to open the position again. You often lose money and end up closing the position because that is the only working option however, my complaints sparked up a chain of reactions that resulted in a refund.
Exposure
2021-04-12
农村小伙
Hong Kong
Deny my withdrawal on grounds of wrong bank card. Margin and personal income tax are needed. But the staff disappeared and my money was gone! I hope you can expose them
Exposure
2021-04-12
无名96986
Hong Kong
I've invested with this broker for over 20 days. Can anyone help me?
Exposure
2021-04-11
无名96986
Hong Kong
I've been cheated of over 200,000
Exposure
2021-04-10
FX3876302499
Singapore
I started trading with DMM in February, I was told to make a minimum deposit of 3000, then I had to deposit another 5000 which wasn't stated initially. I tried to withdraw my money but they insisted I must pay tax to them. The fee was so much for me at that time and they froze my account for delayed payment. I didn't get a response from them since I asked to liquidate my account
Exposure
2021-04-09
无名96986
Hong Kong
The so-called teacher and agent are belong to this broker.
Exposure
2021-04-09
无名96986
Hong Kong
After I applied for withdrawal, I was told to pay tax. After payment, they verified that it was not paid from my account, and the third-party bank froze the money. I asked the customer service. They made up and didn't reply directly. I contacted the so-called trading teacher and their team salesman, and they didn’t reply.
Exposure
2021-04-08
农村小伙
Hong Kong
The platform customer service said that you need to pay a deposit to get the account, and then say that you can pay directly to the account, and you have to pay the personal income tax, and it is a third party. This is a fraud, and the personal income tax is personal. Go to the local tax department
Exposure
2021-04-05