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DMM FX broker

  • #1
  • First Post: Jan 19, 2015 8:17pm Jan 19, 2015 8:17pm
hello traders

I want to transfer my money to this broker 20k. this broker pretty new. any experience with this broker please give me feed back before i make a swicth. thanks
  • #2
  • Jan 21, 2015 11:24pm Jan 21, 2015 11:24pm
Hi

I am looking to join DMMFX forex broker , anybody have an account with them and how is their service dmmfx.com.au , request some honest feedback
  • #3
  • Jan 22, 2015 8:55am Jan 22, 2015 8:55am
I am on the same boat..

waiting to charge my account..

but need some review..
  • #4
  • Feb 3, 2015 5:11am Feb 3, 2015 5:11am
I want to join this broker too,seem they are one dmm branch.

In Japan dmm is very famous broker.I think their advantage is low spread of usdjpy pair.I trade this pair a lot so I think dmm is good choice.

From demo mt4 usdjpy spread are lower than 0.5pip.I think no broker can beat it.Hey you say lmax excelmarket(dead) can,but they have commission and dmm does not.

I sent a email to Japan dmm to confirm dmmau is real branch of dmm. wait answer now.
  • #5
  • Feb 14, 2015 6:53am Feb 14, 2015 6:53am
Quoting ForexDao
any experience with this broker please give me feed back before i make a swicth. thanks
3 years - 3 comments
  • #6
  • Feb 14, 2015 7:34am Feb 14, 2015 7:34am
DMM FX is number 1 or 2 in the world by volume.
Spreads are very low.
You think they can have poor services?
  • #7
  • Feb 16, 2015 12:33am Feb 16, 2015 12:33am
Be good to have feedback around execution, or stop hunting if any. They are market maker as disclosed in their agreements
Reminds me of MahiFX, but their execution was terrible for me
  • #8
  • Feb 17, 2015 6:04am Feb 17, 2015 6:04am
Quoting kirito
I want to join this broker too,seem they are one dmm branch. In Japan dmm is very famous broker
Quoting ForexDao
hello traders I want to transfer my money to this broker 20k. this broker pretty new.
Yes, as far as i know, DMM FX have a nice base in Japan. But with not much feedback or review about them i would advise against investing 20k at a time with them. Try with a smaller amount and see how their services and support is.
  • #9
  • Feb 17, 2015 6:31am Feb 17, 2015 6:31am
Quoting Ashtalak
{quote} {quote} Yes, as far as i know, DMM FX have a nice base in Japan. But with not much feedback or review about them i would advise against investing 20k at a time with them. Try with a smaller amount and see how their services and support is.
Do you think the second largest retail forex broker in the world will run off with $20K?

Their volume is one trillion per month, that is more than most of the other bucket shops combined!

http://forexmagnates.com/tag/dmm-volume/
  • #10
  • Feb 23, 2015 8:31am Feb 23, 2015 8:31am
As expected too good to be true. The lowest spreads my @$$, gold is 12 pips yeah good but open a demo account and compare the Bid/Ask prices with other brokers and watch it, if you still don't see it then open a trade on dmm and another on broker x and see which makes more profit/loss. What do you expect from a MM.
  • #11
  • Edited 9:20am Feb 23, 2015 9:09am | Edited 9:20am
Just had a chat with them and their people don't understand a thing. Their 1 lot of gold = 1 ounce so if you compare it with a 100 ounce contract and a spread of 30 pips then dmm's 1.2 spread = 120 pips

BTW the max allowed lots for metals is 300 so its like max of 3 standard lots with other brokers. Too bad i was satisfied with their currencies but when it comes to metals it's the worst.
  • #12
  • Feb 23, 2015 10:38am Feb 23, 2015 10:38am
Agree with DreamR, DMM have high spreads for metals, but not bad for currencies though. Good execution except around news the spreads seem to either go up (eg GbpAud from 2 to 9 pips for about a 30 - 60 secs then drops back down) or big gap when news comes on. So, I could not trade news events or Gold on this broker (a pity). That's why I have several different brokers. I am yet to find a good all round broker (that can be trusted, knowing they all want to abscond with your money). I have been looking at Activtrades, anyone had experience with them? cheers
  • #13
  • Feb 23, 2015 4:57pm Feb 23, 2015 4:57pm
iv been using DMM for 3 weeks now and im moving away, their execution speed is horrible and they say they have fixed spreads but, when i was trading one night and the USDJPY spread moved from 5 points to 15.

thats when i decided to move brokers.
  • #14
  • Jun 1, 2015 5:42pm Jun 1, 2015 5:42pm
^
i decided to move broker too coz DMM FX:

- Live chat is disappointed
- My withdrawal from 12 May has not entered to my bank account.
  • #15
  • Jun 29, 2015 10:28pm Jun 29, 2015 10:28pm
I have an account with this dmm fx au for a month now. I haven't tried to withdraw fund yet. One big complaint is market gap. I have two buy limit orders on gbpjpy with entry price set at 193.5 and 194 and one sell order (already open at 192.7) with tp at 192.6. This is all set before market closed on 26 June, closed price was 195

On 29 June, market opens with gap down, at the time dmm fx opens for trading, my sell order is closed at 192.6 , my buy limit orders were filled at the exact price they were set (193.5 and 194).

I am currently asking them to follow up the case. I think it is just daylight robbery.
Apart from customer support (which sucks), and compliance officer (hopefully they have one), who should I contact next? Is there anything similar to this http://www.financial-ombudsman.org.u...er-leaflet.htm in Australia?
  • #16
  • Jul 11, 2015 1:48am Jul 11, 2015 1:48am
Quoting sagion7
^ i decided to move broker too coz DMM FX: - Live chat is disappointed - My withdrawal from 12 May has not entered to my bank account.
Hi Sagion, Have you received your funds yet??? was it a bank wire transfer??? Please would like to know cause i just open an acct with them with a substantial amount
  • #17
  • Sep 3, 2015 2:02am Sep 3, 2015 2:02am
ngson99, any update on this? I am anticipating how DMMFX handle these issues... I am very curious as well.

Quoting ngson99
I have an account with this dmm fx au for a month now. I haven't tried to withdraw fund yet. One big complaint is market gap. I have two buy limit orders on gbpjpy with entry price set at 193.5 and 194 and one sell order (already open at 192.7) with tp at 192.6. This is all set before market closed on 26 June, closed price was 195 On 29 June, market opens with gap down, at the time dmm fx opens for trading, my sell order is closed at 192.6 , my buy limit orders were filled at the exact price they were set (193.5 and 194). I am currently asking them...
  • #18
  • Sep 3, 2015 3:07am Sep 3, 2015 3:07am
I went through standard procedures:
filed a complaint with customer service - they said "We would like to inform you that we do not accept market gaps for TP and Buy Limit Orders. Orders will be executed at specified price even if market opens at gap."
filed a complaint with Compliance officer - He said "A little reminder as DMM FX do not accept market gaps for Take Profit and or Buy Limit Orders."
Filed a complaint with FOS AU - FOS gave dmm fx a month to response and to contact me to resolve the case
Dmm fx took another look at the case and agreed to compensate for the gap and sorry for the inconvenience caused
I would have accepted the good will offer if they gave it to me before going to FOS, but after going to FOS. I don't think it's right, I think it should cost them more if they want the issue to go away. I request for a bigger compensation amount (15 times of the amount I lost due to market gap)
Dmm fx kept silence
FOS is now following it up.
I asked the FOS to look into the malpractice of dmm fx and to compensate myself and other clients that suffered from this gap and to stop such practice in the future. I hope other clients would do the same if they suffered from market gap. I hope the FOS can issue a regulatory fine or something similar to dmm fx if dmm fx is proven to have broken rules.
I think this will be a long battle but I am willing to go along to see how far I can go.
I of course have taken out my fund from dmm fx. It doesn't suit my trading strategy.
Hope this helps.
  • #19
  • Sep 14, 2015 4:02pm Sep 14, 2015 4:02pm
they are just japanese big scam broker.
tight fixed spread???
ultra execution???
lol
  • #20
  • Sep 14, 2015 11:31pm Sep 14, 2015 11:31pm
Quoting entheos
they are just japanese big scam broker. tight fixed spread??? ultra execution??? lol
hi entheos, do you have an account with them currently or traded with them in the past? If you havent then its very wrong and unethical to call a broker of dmmfx size a scam.
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