The broker Digital Exchange Limited is also known as DGXLTD claims to offer many Financial Services. However, we haven’t heard about them still we came across the red flag issued by the Austrian financial markets authority. The broker offers 6 trading accounts with higher leverages. However, the information on spreads is completely missing from the broker’s presentation. Whatever the case may be the broker is unregulated and it’s our primary concern. In this Digital Exchange Limited review, we will discuss all the necessary information about this broker and give a detailed analysis of the same. Don’t miss any line given below.
About Digital Exchange Limited:
The broker offers 6 different trading accounts namely Basic, Bronze, Silver, Gold, Platinum and Black. The minimum initial investment required to these accounts are $250; $5,000; $50,000; $100,000; and $500000 respectively. However, the minimum deposit required for the Black account is unknown. The leverages of 1:400 and 1:200 is offered on different account types. Unfortunately, the broker does not show the spread provided on these accounts. To make an unprejudiced and valuable review we shall discuss all the possible merits and demerits of Digital Exchange Limited. First, we will do a thorough analysis of all the possible merits of this broker. The offered leverages of 1:400 and 1:200 is very generous. These leverages are very attractive and can make more profit. Also, the broker has a wide selection of tradable assets including indexes, commodities, precious metals, stocks, cryptocurrencies and foreign exchange pairs. There are several demerits of this broker and in this section, we will talk about them. Foremost the brand DGXLTD is owned by Security Plus Solutions EOOD company situated in Bulgaria. The forex and CFD brokers operational from Bulgaria must be licensed by the Financial Supervision Commission or any other EU member set based financial regulator. Sadly, Digital Exchange Limited is neither regulated by the Financial Supervision Commission or by any other regulator therefore this broker poses a high scam risk to the safety of the trader’s funds. Nevertheless, the brokers Digital Exchange Limited is blacklisted by the Austrian Financial Market Authority as a potential scam broker. The broker fails to disclose its trading conditions completely. The spreads we saw while testing out the provided trading platform was 3 pips on the eurodollar foreign exchange pair. Mostly acknowledged trading platform MetaTrader is not offered by this broker. The broker applies a clearance fee of dollar 1.50 to dollar 5. Also, a monthly maintenance charge of dollar 7.50 is applied on month. The withdrawal fee of 3.5 % or not less than $30 is charged.
Is Digital Exchange Limited scam or legit?
The broker is not regulated and applies salty fees on the traders. The trading condition is poor and the MetaTrader platform is not offered. Considering all these facts we call Digital Exchange Limited a potential scam broker 2020.