Unfortunately, we could not find out which company is behind the acronym DMMFX. There are no documents on the site and the only sign for the company is the registration address in Saint Vincent and the Grenadines. So please be very careful if you decide to deal with DMMFX. Some sections of the website mention the name “DMM International“, so you can suggest that this is the name of the company. We couldn’t find any information about licensing and authorizing, so this is a typical offshore brokerage firm that is not licensed and authorized by any financial body. In addition, most of the hyperlinks on the webpage do not work at all. The “Protection of funds” paragraph says “We isolate the client’s funds and deposit them in separate banking institutions. We never utilize the funds for any investment or other purpose. DMM International has also entered into partnership with several banks for smooth functioning.” Although the company claims that you are in a safe and secure place, do not believe it!
DMMFX claims to offer CFDs on currency pairs, commodities, indices, shares, and cryptocurrencies. However, the links in each asset class section do not work, and you will not be able to see any type of instrument list. There is also a discrepancy in the “Account” section, where each click on a link leads to the same place:
Even the link for opening a demo account does not work and opens an error page, so you cannot see the real set of instruments.
The only section that works correctly is the “Trading Platforms Overview”. It shows that potential customers can trade via two of the most used terminals worldwide – MetaTrader 4 (MT4), and MetaTrader 5 (MT5). MT4 provides a wide range of management tools, advanced charts, many indicators, and technical analysis tools. MetaTrader 5 (MT5) is the next-generation trading platform. You get faster processing times, the ability to hedge positions, advanced pending order functionality, and more tools and indicators. MetaTrader platforms are available as a desktop version and as a web version.
The FAQ section shows that payment methods include debit card, credit card, bank wire transfers, e-wallets, and local payment solutions. Nothing more is said, so you cannot be informed of any specific fee or processing times. There are more discrepancies as well:
As we mentioned several times, no documents are uploaded on the web page, so the only thing we found about the customer’s money was in the “Risk Warning” paragraph. The company warns that there is a possibility that you might end up losing more than your initial capital investment. Obviously, you are not covered by the negative balance protection policy. Nothing is mentioned about the slippage and the stop loss orders. Most probably they are subject to slippage and stop loss orders are not guaranteed. In addition, DMMFX says nothing about how it executes these orders. Most probably it is the counterparty to each client transaction and acts as a market maker, which leads to a conflict of interest.
We can conclude that DMMFX is a typical offshore company that is not regulated and authorized by any serious financial institution. Although the company may claim that customers’ money is protected, there is no institution to monitor and regulate it. Keep in mind you may never have a chance to withdraw.
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