Note: DCFXs official website - https://www.dcfx.com/ is currently inaccessible normally.
DCFX is a financial broker registered in Indonesia in 1997. It offers access to a wide range of products, including Forex pairs, Commodities, Shares, Indices, and Cryptocurrencies. It has a minimum deposit requirement of $30, with leverage capped at 1:1000. Additionally, DCFX holds a regulated license from JFX (Indonesia) and possesses three cloned licenses from other regulatory bodies.
Pros and Cons
Is DCFX Legit?
DCFX claims to hold four regulatory licenses. However, upon investigation, we found that only one of these licenses is legal and official, while the other three are suspicious clones of other legitimate companies' licenses.
The legitimate license issued by the Jakarta Futures Exchange (JFX) is a retail forex license with the license number SPAB-064/BBJ/04/04.
The other three licenses are all cloned from other companies: the Straight Through Processing (STP) license issued by the Financial Conduct Authority is cloned from Dupoin UK Ltd., the Retail Forex License issued by Badan Pengawas Perdagangan Berjangka Komoditi Kementerian Perdagangan is cloned from PT DUPOIN FUTURES INDONESIA, and the last license from the Monetary Authority of Singapore is cloned from DUPOIN SINGAPORE PTE. LTD.
In conclusion, the regulatory status of DCFX is quite suspicious, and caution should be exercised.
What Can I Trade on DCFX?
DCFX offers various types of tradable instruments, including stocks, indices, forex, commodities, and cryptocurrencies. DCFX provides opportunities to trade over 25 major and minor currency pairs, commodities like gold and silver, international stocks such as Facebook, Amazon, and Apple, as well as CFDs on Bitcoin, Ethereum, and other leading cryptocurrencies.
Account Type
There are two real trading accounts offered by DCFX, namely Standard and Zero accounts. To open a Standard account, you need to fund at least $30. While traders who want to try Zero accounts need to fund at least $3,000. The broker also offers demo accounts.
Leverage
The leverage offered by DCFX is limited to a maximum of 1:1000 for both account types, which is considered quite high and poses a significant risk to you. Many countries have already banned such high levels of leverage due to the associated risks.
Spread and Commission
Spreads are influenced by what type of accounts traders are holding. The Standard account offers spreads from 1.2 pips, with no commissions charged on forex, commodities, and indices, 0.4% per lot on stocks and cryptos trading. The Zero Accounts provides raw spread from 0 pips on forex, with a commission of $7 per lot on forex and commodities, indices, and 0.4% per lot on stock and cryptos trading.
Trading Platform
When it comes to trading platforms available, DCFX gives traders two choices: DCFX Mobile App and MetaTrader5. The MT5 is known as the most successful, efficient, and competent forex trading software, offering automated trading through the use of Expert Advisors and a selection of order types, allowing traders to execute trades on different financial markets through a single account and there is a hedging option. While with the mobile app, trading can be done on the go through the right terminals.
2023-03-02 16:12
2023-02-21 15:22