The broker Digital Marker Xchange is also known as DMX claims to be the world leader in cryptocurrency CFDs and foreign exchange trading. It also promises its clients the ultimate online trading experience and out of the class customer support services. The broker is based on the Marshall Islands and operational from the United Kingdom. However, the broker is not licenced in this Digital Marker Xchange review, we will shed light on other issues of this broker. Please stay with us till the end.
About Digital Marker Xchange:
The broker Digital Marker Xchange is owned by the company that is registered overseas on the Marshall Islands. It also claims to have its corporate office in the United Kingdom. According to United Kingdom law, the brokers operational from its territory must be registered by its local financial authority called Financial Conduct Authority. While cross-checking the broker’s claim we search the registry of FCA and found that the broker is not regulated with FCA. Moreover, it is neither regulated by any other EU based financial watchdog. The registration of any broker at the Marshall Islands is done by paying very minimum fees and the territory does not come under the jurisdiction of any financial authorities. It means we are dealing with an unregulated broker. Instead of MetaTrader, the broker provides a web-based trading platform. It has several beneficial features like expert advice, automatic trading, market indicators, multiple account management systems and much more. The broker does not charge any commission on trade but it applies 15% of performance fees on every trade. Furthermore, there is no information about the leverages offered to its clients. The minimum deposit required to start trading with Digital Marker Xchange needs 250 euros. This required minimum deposit is according to the current market situation and is acceptable to many traders. However other legitimate broker provides trading at 10 euros or so. The payments at Digital Marker Xchange can be done via bank wire transfer, credit or debit card, Skrill, Neteller, also Bitcoin.
Is Digital Marker Xchange scam or legit?
The broker Digital Marker Xchange is operational from the Marshall Islands and its corporate office is situated in the United Kingdom. The broker is not regulated by any of the financial watchdogs across the world. 15% of commission on every trade is excessive. The broker is anonymous and does not share many details. In our view, Digital Marker Xchange is a potential scam broker 2020.