Thinking of getting into business with DMA Capitals? Here is what you must know about this broker. Carefully read this review to find out if dmacapitals.com is the trading platform you will want to trade with.
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About DMA Capitals
DMA Capitals is an offshore brokerage company with a lot of promises for traders. The address of the broker shows Saint Vincent and Grenadines.
There are several claims of regulation from known financial regulators such as Financial Conduct Authority (FCA) , Australian Securities and Investments Commission(ASIC) and Financial Sector Conduct Authority of South Africa(FSCA).
Added, it trades on the following instruments like forex, stocks, commodities, crypto, bonds and indices.
To clarify, regardless of the trading instruments DMA Capitals claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
dmacapitals.com: Reasons to Avoid This Broker
Firstly, dmacapitals.com is a platform with no financial authority overseeing its financial services. We discover this broker is not worth your money as Financial Services Authority St Vincent and the Grenadines has warned against brokers claiming regulation and license. See below.
Secondly, we noticed dmacapitals.com has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
DMA Capitals withdrawal process takes 24 hrs with a minimum withdrawal amount of $50. The broker charges a withdrawal fee of 10%.
Minimum Deposit
DMA Capitals minimum deposit is not available.
As for the payment methods, the broker mentions Credit / Debit cards, Bank Wire, Perfect Money and Crypto currency. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
DMA Capitals Platform
DMA Capitals claims to offer MT5 (Industry standard trading platform), however, the option of MT5 platform doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, the broker discusses 1:500. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
DMA Capitals Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
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Conclusion: Is dmacapitals.com a Reliable Broker?
No, dmacapitals.com is not a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
We owe our readers the duty to fish out scam forex brokers as well as share reasons to avoid fraudulent schemes. Meanwhile, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.