For those thinking of investing with DCFX (dcfx.com). The Thailand-based forex trading platform is a fluke. Those who have invested with DC FX are now ruing the decision. Withdrawing funds from the platform have now become a problem. Here’s our candid DCFX REVIEW for more.
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There are several reasons why we had to red-flag the platform. Top among them is the withdrawal issues. Others are trade-related such as failure to offer negative balance protection and security.
Little is available regarding ownership of dcfx.com. What we know are the harsh trading conditions set by the broker. User engagement is another reason to avoid this harsh trading platform.
You won’t get far as the platform also avails a terrible trading terminal. Instead of using a world-class trading platform, members get a half-baked web platform. It’s not easy to use as the tools are dismal at best.
Before engaging in any platform, experts recommend doing due diligence. It would be best to look out for when engaging with any broker. Our dcfx.com review will help highlight the issues found.
From our experience and most members, DC FX is rated 1/10. No member hails the platform for offering any tangible trading services. Most members lose their investment as the trading services are below par.
A low rating means members are far from satisfied with the conditions set by the broker. Please avoid such platforms that fail to offer reasonable trading conditions. Next, we will examine the broker's account types and trading features.
Let’s take a closer look at the set conditions. These include account types, leverage, and spreads. The broker does a terrible job or rather hides this information from members. You have to sign up to know the conditions.
As a trader, you must know the set conditions before signing up. Even signing up with the platform is a risk. The platform is asking you to verify your account using crucial banking documents. Why can’t they use a two-factor authentication method?
We indicated earlier that the platform uses a mediocre trading platform. Instead of offering MT4 and MT5 trading terminals, traders get a web-based platform. There are several risks with their custom-made platform.
It lacks advanced tools and technical analysis. Despite claiming to have stop/limit and stop loss, that’s not the case. Even the trailing stop feature doesn’t work on most assets. And that’s why we insist DC FX is a risky trading platform.
There are two account plans on offer. These include standard and zero account. Each of the accounts targets a different class of investors. Here’s a closer look at each of these accounts and what they offer;
Standard
The account claims to offer members a chance to trade with competitive spreads. Maximum leverage is 1000:1, with the minimum deposit set at $30. Members use fixed spreads which are set at 1.2 pips.
There are two platforms on offer, the mobile trading platform, and MT5. The maximum account open orders available are 200. There are no commissions with the base currency set at USD. Margin call and stop-out level is 100 and 50 percent, respectively.
Zero
For the zero account holder, maximum leverage remains the same, 1000:1. Members use variable spreads with offers of superior market execution. Traders get raw spreads for forex from 0 pips. There are five trading assets available for the two accounts.
The minimum amount a trader can deposit to start using this account is $1,000. Maximum account open orders remain the same at 200. Margin call and stop-out levels are also 100 and 50 percent, respectively.
We have to expose the high leverage set by the broker. Regulators have put a cap on leverage at 1:100 on all assets. So any broker offering higher leverage puts your trading position at risk. That’s why we insist DC FX is a terrible liquidity provider.
There’s also the issue of harsh trading conditions for the standard account holder. Why wouldn’t the platform offer better spreads? The broker wants all the action thanks to the commissions they are to earn.
There are five trading instruments available on the platform. These include commodities, cryptos, forex, indices, and stocks. You get to trade commodities such as crude oil and natural gas.
Cryptos are a volatile market, with the platform offering a range of crypto coins. These include Bitcoin. Ethereum, and Ripple. Forex trading happens to be the center of attraction. The platform pairs minor currency pairs only.
Indices available include those from the United States. These include DAX, Dow Jones, and NASDAQ. You also get to trade stocks from leading companies from all sectors. That includes stocks from the aviation and manufacturing industries.
DCFX is not a licensed or regulated broker. Therefore, there are no documents to support any compliance from a regulator. We also checked with several regulators and found none with corresponding license claims.
An unregulated broker tends to offer harsh trading conditions, as is the case. The broker in question fails to value the legal framework. Make sure to check with official regulatory bodies and check if the platform is compliant.
Some regulatory bodies include ASIC, BaFIN, CFTC, CNMV, CONSOB, and CySEC. Others include FCA, FINRA, FMA, NFA, and the SEC. Regulators work to ensure all parties adhere to trading rules.
Most experts don’t even want to touch on the subject. An unregulated broker is out of the question for experts. Without a legal framework to follow, there’s no stopping the broker from introducing harsh conditions.
Clients have also expressed their disbelief after trading with the broker. Of course, none of them is happy with the outcome. But unfortunately, the broker has been taking them for a ride. And that’s why we have to expose dcfx.com.
Your funds are far from safe or secure from the broker. The broker fails to offer insurance cover as dictated by trading regulations. You also find a broker who is hell-bent on blocking withdrawals.
The broker fails to offer DDoS protection and SSL encryption. DCFX.COM doesn’t protect the interests of members. There’s no segregation of accounts funds as dictated by law. And that means no compensation from members.
Their mobile trading app is not working and is slow at executing trades. You have to refresh the page to get all features available. In addition, some of the clients are complaining of compatibility issues with the app.
Don’t expect any negative balance protection from the platform. There’s none as the platform fails to follow the rules, such as the segregation of accounts.
There’s no support despite the platform claiming to offer live chat. The broker wants to limit communication to emails only.
After going through the pros and cons of dcfx.com, you must avoid the broker.
PS: Use reliable investment platforms geared to offer users the best in terms of reliability.
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