DMX Markets Review: Legit or Scam Broker?
DMX Markets is an online broker for the European markets. You can choose to sign up directly with it, but many automatic trading robots use brokers like this one to collect money for them.
Through an auto-trading bot, you can often trade one cryptocurrency – Bitcoin. However, others might be available, such as stocks, indices, and others. Many users of this broker have claimed that it is best to use it with a trading bot.
TrustPedia worked hard on this in-depth review and have found that DMX Markets might not be a trustworthy or legitimate broker.
From the information we’ve currently gathered, we do not believe that DMX Markets is legit. We’re going to cover all of the points and considerations in this review. Then, we are going to talk about alternatives so that you are prepared to trade cryptocurrency with legitimate bots and brokers.
What Is DMX Markets?
It allows users to trade CFDs for indices, commodities, and much more. Also, it claims that it offers innovative trading technology, but we haven’t found anything of the sort.
What You Should Get from DMX Markets and Why You Don’t
However, we do not find that to be the case. Instead, you learn nothing if you sign up directly on the website. You’re left with confusion and worry that you’ve made a bad decision.
Many auto-trading platforms utilize this company as a broker. However, they are often scam websites themselves, which means the money that you add to your account is stolen from you.
Regulations and Safety of Your Funds
Therefore, we feel that this broker is being shady because it lists the UK address, but we couldn’t find Digital C Media information from the FCA.
We also find that DMX Markets is incorporated and registered in Belize. The IFSC (International Financial Services Commission) regulates any Belize companies and also has strict guidelines for brokers. Again, we couldn’t find anything listed for Digital C Media from here.
The broker needs a Payment Service Provider, which is usually licensed with the same name as the overall company (Digital C Media). However, this provider was different and called LLC IC Prime Broker and was licensed through the Central Bank of Russian Federation. We could find no explanation between LC IC Prime Broker, Digital C Media, or DMX Markets, so there is only speculation here. Plus, we researched the internet thoroughly and found no correlations. Therefore, we have to say this sounds very shady.
Of course, the company claims that there aren’t any brokerage fees, and it gets compensated for services through commissions, ask spreads, and bids. However, we find later that this broker reserves the right to add withdrawal fees and limits to your funds. Based on all of this, we don’t believe this broker is legitimate.
DMX Markets Scam: The Software
Remember, though, most people who use brokers tend to prefer to use auto-trading software. DMX Markets doesn’t allow for automatic trades, so you have to go through everything yourself. You can find auto traders that use this brokerage, but we have established that it might be a scam website.
Why Use Auto-trading Websites
If you don’t know how to trade CFDs or any commodity online, you are going to take significant time to learn the process. This means many mistakes that can cost you a lot of money.
The auto-trading website you use can handle everything for you. Add your funds, set your trading criteria, and select automation. You get connected automatically with a broker near you. It takes your funds, and the software with the algorithm makes trades on your behalf through the broker.
Many auto-traders that use DMX Markets aren’t legitimate. In fact, none of them are. We have found that they claim to use an algorithm, but no live trades ever happen. This indicates that the wins are pre-determined. You may win one or two of the trades to get you to invest more, but there’s no way to withdraw your funds. In fact, when you ask for a withdrawal, you find no way to do so. If you ask the company through live chat or email, you never get a response and might even get kicked off of the platform permanently.
What to Do Instead
The first thing to do is to find a legitimate robot. We’ve reviewed many of them that are considered to be legitimate. These include Bitcoin Pro, Crypto Engine, and CFD Trader. Read more about these legit auto-trader bots and learn why you should utilize them along with their brokers. In fact, we urge you to read the reviews about the legitimate brokers. That way, you know that CPL One, InvCenter, and Midaswms are all suitable with which to work.
Why Work with a Legit Broker and Auto-trader Robot?
Bitcoin Pro is one of many legit automated trading bots, and it can analyze the crypto market for you. Allegedly, it can place profitable trades for you based on the market conditions. It has a high accuracy rating, which means it generates higher returns for its members. You can adjust your trade settings so that the software starts the process for you based on what you desire.
It’s easy to register for Bitcoin Pro so that you can trade with a legit broker, such as Midaswms:
The first thing you’ve got to do is register. However, the process is simple. All you require is your email address, phone number, and basic personal information. Enter all of that, confirm the email you receive, and gain access to the trader.
You’re automatically directed to an appropriate broker within your region.
Now, you’re going to deposit your funds. You can spend some time navigating the site to learn more about it. We recommend that you do this. That way, you feel more comfortable with everything. To deposit your money, you are redirected to the broker’s website to complete everything. Then, you can start trading. There are many payment options here, such as MasterCard and Visa, as well as Skrill and more. You can be sure that your payment information is kept safe and secure. The padlock at the top of the page shows you that the info is encrypted. Plus, everything is run through antivirus software, as well.
The trading platform of Bitcoin Pro is so easy to use, and it’s easy to set up your account, too. You can now modify your trading settings if you prefer and start auto-trading.
You can choose to change the leverage ratio, the risk level of the trades, which crypto pairs you want to trade, and so much more.
Those who aren’t sure if auto-trading robots are right for them might like the demo feature of Bitcoin Pro. You can test the waters, so to speak, by pretending that you’re doing live trades. The platform gives you credits, which you can use to see how the auto-trader is going to work when you’re live. We like this feature because you get to see everything in action and feel more comfortable with the auto-trading robot.
Signing Up with DMX Markets (NOT RECOMMENDED)
You can choose between a demo and real account with DMX Markets. If you decide to do this, please make sure it’s a demo account so that you don’t lose real money. Enter your name, country, phone number, email, and pick a password. You also have to add your birthdate and preferred currency for the account.
There are multiple types of accounts available. The Green one is the basic and features review and market updates. The loyalty points are floating, and you’ve got access of up to 1:50 for the ratio. This starts at 5,000 euros.
You’ve also got Premium, Platinum, Executive, and Presidential options. Each one features better and better perks, but you also pay more.
Again, we do not recommend that you sign up for DMX Markets or any auto-trading software that uses this broker.
Signing Up with Other Brokers
Just note that you can’t automate the trading process through the broker. This means having the necessary experience and skills to handle trades on your own.
The signup process is similar here as with auto-trading bots and the scam site DMX Markets. Just go to the broker’s website, fill out the form for registration, deposit your funds, and begin trading.
We also question its security and safety in terms of funds and withdrawals. Of course, it does claim regulation, but we couldn’t confirm any of it. Plus, the information we did find was all over the place, listing multiple addresses and companies. When we checked with the regulatory agencies, Digital C Media and DMX Markets were NOT listed.
We encourage you to utilize a different broker, such as Midaswms or InvCenter. However, you should be aware that neither of these allows for auto-trading. If that is your goal, it’s best to work with a legitimate auto-trading software, such as Bitcoin Pro. That way, you are going to ensure that your funds are safe, the platform is easy to use, and the money you deposit is still yours to do with as you please.