DGXLTD – Is This Broker Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
DGXLTD - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2020
DGXLTD claims to be a world-renowned forex and CFD broker that offers its clients 6 different types of trading accounts:
- Basic: The minimum deposit requirement for a Basic account is $250, and the maximum leverage offered is 1:400.
- Bronze: The minimum deposit requirement for a Bronze account is $5,000, and the maximum leverage ratio is 1:200.
- Silver: The minimum deposit requirement for a Silver account is $50,000, and the maximum leverage offered is 1:200.
- Gold: The Gold account minimum deposit requirement to start trading is $100,000, and the leverage levels offered are 1:200.
- Platinum: The Platinum account minimum deposit requirement is $500,000, and the maximum leverage level is 1:200.
Black: we do not know what the minimum deposit requirement for the Black account is. The maximum leverage offered is 1:200.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://www.dgxltd.com/
Founded: N/A
Regulations: Unregulated
Languages: English, German, Italian
Deposit Methods: BPay, Visa, MasterCard, Wire Transfer through Bank
Minimum Deposit: $250
Free Demo Account: No
Number of Assets: 1000+
Types of Assets: Currencies, CFDs on Stocks, Indices, Cryptocurrencies and Commodities
Trading Accounts and Conditions
DGXLTD claims to be a world-renowned forex and CFD broker that offers its clients 6 different types of trading accounts:
- Basic: The minimum deposit requirement for a Basic account is $250, and the maximum leverage offered is 1:400.
- Bronze: The minimum deposit requirement for a Bronze account is $5,000, and the maximum leverage ratio is 1:200.
- Silver: The minimum deposit requirement for a Silver account is $50,000, and the maximum leverage offered is 1:200.
- Gold: The Gold account minimum deposit requirement to start trading is $100,000, and the leverage levels offered are 1:200.
- Platinum: The Platinum account minimum deposit requirement is $500,000, and the maximum leverage level is 1:200.
- Black: we do not know what the minimum deposit requirement for the Black account is. The maximum leverage offered is 1:200.
There is no information given on the spreads for any of these accounts.
DGXLTD – Advantages
Here are the advantages of trading with DGXLTD:
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Wide Range of Assets
DGXLTD states that it has more than 1000 assets on offer for its clients. These assets range from foreign currencies pairs to CFDs (Contracts for Difference) in world stocks, top indices, a range of commodities and a large number of cryptocurrencies.
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Generous Levels of Leverage
On its website, the broker states that if offers maximum leverage levels of 1:200. However, when we registered for an account and access their platform, we found that the leverage levels were actually at 1:400.
This is quite a generous leverage ratio offered by DGXLTD, because this means that traders will all types of trading strategies will be able to contract with this broker.
Having said that, we also need to highlight the fact that high leverage levels also come with a much higher risk of traders losing their investments. And this is the reason why many financial authorities have put a limit on the amount of leverage a regulated broker can offer.
DGXLTD – Disadvantages
Here are the disadvantages of trading with this broker:
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Unregulated Broker
DGXLTD claims that it is owned and operated by a Bulgaria-based company called Securex Plus Solutions EOOD. Bulgaria is a part of the European Union and so is required to be regulated either by the Bulgarian Financial Supervision Authority (FSA) or by another regulator within the EU.
However, upon checking, we found out that neither DGXLTD nor its parent company were registered with either the Bulgarian FSA or any other financial authority in the EU.
This means that this broker is offering its financial services illegally, and that your funds are not safe with such a broker.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Blacklisted by Austrian FMA
While checking on DGXLTD’s regulation status, we found out that this broker is actually blacklisted by the Austrian Financial Markets Authority (FMA).
The FMA has clearly stated that this broker is not authorized to offer financial services in its jurisdiction, and that this broker is most probably a scammer.
Traders cannot get a clearer warning than this that they need to stay as far away as possible for this broker and its parent company.
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Unclear Trading Conditions
DGXLTD has informed its clients of the 6 different account types that it offers, and the leverage ratios for each of those accounts. However, we have no information about other trading conditions such as spreads and other trading costs.
Such a lack of transparency once again is indicative of this broker’s questionable intentions.
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No MetaTrader 4 Platform
This one is big disadvantage as far as we are concerned. The MT4 interface is the world’s leading trading platform and not offering support for it is a black mark against any trader.
This is because the MT4 platform offers traders the best features to enhance the trading experience – charting options, market indicators, trading bots – all of which can be customized by traders to suit their needs.
What DGXLTD does offer its clients instead is a strange looking web-based trading platform which does not have any added tools to help with trade executions.
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High Spreads
While we did state that this broker did not give any information about the spreads it offered, we were able to find out for ourselves by opening a basic account with them.
When we access DGXLTD’s platform, we found that the spread for the EURUSD was very high at a fixed 3 pips. This spread is almost 3 times the market average, which ranges between 1 and 2.5 pips.
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Extra Fees
When we went through DGXLTD’s FAQ page, we found that this broker was charging some really strange fees, all of which only added further to trading costs.
Traders are being charged a Profit Clearance Fee, which can range between $1.50 and $5 for every single trade executed. And then there’s a maintenance fee of $7.50 per month. And not to forget the withdrawal fee of either 3.5% of the total withdrawal amount or $30 – whichever is higher!
These fees are unfair and most legitimate brokers would never charge their customers these extra fees.
Conclusion
We would like to warn all traders that DGXLTD is a broker that cannot be trusted. If you invest your money with this broker, the chances of you losing all your funds to these scammers are extremely high.
Instead, we would recommend that you look for a broker that is properly regulated by a strong financial authority and whose operations are legitimate and transparent.
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.