RECOMMENDED FOREX BROKERS

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

DBG Markets is a broker regulated in multiple jurisdictions that seems to provide both access to multiple great trading platforms and to a decent range of instruments. The trading accounts the broker offers also seem to be very affordable. However, this brokerage was not completely problem-free and there were a few things in their offer that bothered us. While this seems to be a fairly safe investment option, we believe it is still worth considering some better alternatives.

DBG Markets Regulation and Safety of Funds

DBG Markets is a multi-regulated international brokerage. The broker has offices all over the world – in the UK, Australia, South Africa, Hong Kong, Vanuatu, Seychelles, etc. They are also licensed by two respected financial authorities – the Australian Securities and Investments Commission (ASIC) and the South Africa Financial Sector Conduct Authority (FSCA).

The broker is also registered in a few offshore jurisdictions, as well as in the UK. However, they do not have a UK license which is quite problematic – each broker that wants to operate in the country has to have a valid license issued by the local regulator, the FCA.

Still, the fact that DBG Markets is licensed by both ASIC and FSCA makes the broker a safe investment choice. Each Australian broker has to prove its financial stability by maintaining a minimum capital of A$1 million. Such brokers also have to provide Negative Balance Protections – so you can never lose more money than you have in your account – and keep client money in segregated bank accounts.

South African brokers also have to maintain a minimum capital but the exact sum is determined on a case-by-case basis. They also have a local office and undergo certain checks to prove their good reputation and the qualifications of their employees.

Although DBG Markets is a thoroughly regulated broker, it is still worth it to consider multiple alternatives before settling on a certain company. This way, you can be sure that the broker is the right fit for your specific needs.

DBG Markets Trading Software

Analytical toolsAuto tradingCustom indicatorsMobile apps
DBG Markets MT4/MT530/50+ indicatorsAndroid and iOS
MT430+ indicatorsAndroid and iOS
MT550+ indicatorsAndroid and iOS
cTrader40+ indicatorsAndroid and iOS

DBG Markets offers access to both MetaTrader 4 and MetaTrader 5 – the two leading platforms in the world of trading. However, in order to open an account and access the platforms, we were asked to provide a lot of sensitive personal information – copies of ID, ID number, bank account number, etc.

Each and every legitimate broker would ask you to verify your account by providing this information at some point. However, that point is rarely right away. Most brokers offer demo accounts that take minutes to open. Those that do not usually require this information a bit later – when you try to deposit or withdraw, for example. All in all, few brokers would prevent you from checking out their platforms as DBG Markets did.

Definitely give MT4 and MT5 a try but prioritize safety. There are plenty of brokerages that offer these well-known platforms. There is a reason why the MT software has remained so popular for decades – both platforms offer outstanding charting and analysis possibilities, as well as many additional tools and features.

DBG Markets Trading instruments

CurrencyStocksIndicesCryptoCommodities
DBG Markets
XMYesYesYesNoYes
FBSYesYesYesYesYes
FXTMYesYesYesYesYes

DBG Markets offers access to a decent range of instruments and markets – Forex, Commodities, Metals, Shares, Indices, and possibly Crypto. These are generally the same markets most legitimate brokers provide access. However, some of the more established brokerages in the industry have a little more up their sleeve and can also offer instruments such as ETFs, Futures, Bonds, and some types of Options.

DBG Markets Spreads and Cost of Trading

DBG MarketsXMFBSFXTM
Spread EURUSD0.50.611.1
Spread GBPUSD0.51.31.21.4
Spread USDJPY0.51.31.21.4

DBG Markets advertises great spreads on the website – starting from 0.5 pips on major currency pairs. Since we were unable to access a trading platform, however, we were also unable to confirm the accuracy of these claims.

DBG Markets Maximum leverage

ForexStocksCryptoGoldIndices
DBG Markets broker500:1Not disclosedNot disclosedNot disclosedNot disclosed:1
UK regulated brokers30:15:110:110:1
EU regulated brokers30:15:12:110:110:1
AU regulated brokers30:15:12:110:110:1
US regulated brokers50:1

The maximum leverage DBG Markets offers on forex majors is 1:500. The offshore and South African branches of the broker are free to offer any leverage they see fit since no leverage restrictions exist in these jurisdictions. The Australian branch, on the other hand, can offer no more than 1:30 to retail clients since leverage restrictions exist in Australia.

It might be tempting to start trading with such high rates – after all, trading with higher leverage can result in bigger profits – but we always advise caution when it comes to leverage. You might end up losing a lot more money if you do not have the knowledge and experience to handle such rates.

DBG Markets Deposit and withdrawal methods

Deposit timeWithdrawal timeFee
Bank wire1-3 business days1 business daysFree (banking fees apply)
Credit cardInstantInstantFree
China UnionPayInstantInstantFree
SkrillInstantInstantFree
WebMoneyInstantInstantFree
CryptoInstantInstantFree (blockchain fees apply)

DBG Markets supports a wide variety of payment solutions – credit/debit card (Visa only), wire transfer, e-wallets like Skrill, WebMoney, and China UnionPay as well as crypto. Deposits and withdrawals are supposedly processed quite fast and are supposedly not subject to fees by the broker itself. You should keep in mind, however, that your bank, card provide, or payment system might still charge some transaction fees independently.

DBG Markets Minimum deposit

DBG MarketsXMFBSFXTM
Minimum deposit$100$5$10$5

Opening a standard account with DBG Markets requires a minimum deposit of $100 which is in line with the prices of many established brokers.

We would still recommend checking out a few other regulated brokerages before choosing who to open an account with. In fact, trading could be even more affordable – a large number of brokers offer Micro accounts for as little as $5.

DBG Markets Withdrawal requirements

DBG Markets did not seem to have any weird withdrawal requirements but then again, the broker’s Terms and Conditions were extremely brief. That is quite bothersome since additional conditions might be introduced at a later point. Our advice is to make sure you are not expected to pay large withdrawal fees or withdraw a certain minimum of funds – two common conditions among smaller, less established brokerages.

Trading volumeFee/Tax on withdrawalMinimum withdrawal
DBG Markets / offshore brokersNo informationNo informationNo information
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

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