DGXLTD Review Scam or Legit Broker Expert Findings!

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DGXLTD Review: Scam or Legit Broker? Expert Findings!

Digital Exchange Limited Review: DGXLTD is the name of a Forex broker that claims to be located in 132 Lui Aier Street, Sofia, Bulgaria. Is this broker legit or an online scammer.

We noticed the rising number of complaints from traders who had fallen victim to this broker and were compelled to investigate on the nature of DGXLTD. Read our review to find out more.

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What is DGXLTD?

DGXLTD is owned by Securex Plus Solutions EOOD. Its domain name was registered on 16 th of September 2020. Not much information on the background or owners of this brokerage is provided on the website. It is as if they are carefully trying to conceal their identities. This leads us to believe that DGXLTD is an anonymous online investment platform.

What DGXLTD Say They Offer?

dgxltd.com claims to offer over 1000 trade instruments, tools, currency pairs and CFDs on cryptocurrency, commodities,stocks and indices. They offer the MetaTader 4 trading platform, a leverage of 1:400, six different account types and many amazing bonuses.

DGXLTD Trading Platform

Contrary to DGXLTD’s claim to have MetaTrader 4 trading platfom, what they actually have is a custom-made trading platform which we believe has not been tested by experts. It lacks stability and compatibility.

DGXLTD Withdrawal and Deposit Methods/Fees

For both deposit and withdrawal, DGXLTD only accepts transactions through VISA , MasterCard, bank wire and BPay. Its minimum deposit amount is $250.

DGXLTD has a list of fees it charges its users. There is monthly maintenance fee of $50, profit clearance fee, dormant account administrative fee and 3,5% service fee charged on all withdrawals.

Unlike other legit brokers who take 24 hours to process withdrawal request, DGXLTD takes 7 business days.

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Is DGXLTD Licensed?

This brokerage’s website does not provide any information or document with regards to licensing. Its name does not appear in the Bulgarian regulatory body (BFSC) register.

DGXLTD is neither regulated nor licensed.

Support

To reach a customer representative of the brokerage:

Phone: +442037695928; +442037696044; +390240042166.

Conclusion on DGXLTD

We do not advise traders to invest with this broker.

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Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

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DGXLTD

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DGXLTD Review – is it scam or safe?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Basic $250 1:400 N/A
Bronze $5 000 1:200 N/A
Silver $50 000 1:200 N/A
Gold $100 000 1:200 N/A
Platinum $500 000 1:200 N/A
Black N/A 1:200 N/A

Digital Exchange Limited (DGXLTD) presents itself as a world renown financial services provider. Yet, we haven’t heard of them until we saw the warning issued by the Austrian Financial Markets Authority.

As you can see in the table above, the broker offers as many as six account types, but further trading conditions remain unclear. This review will shed some light on DGXLTD’s services, so make sure you read it before opening an account with them.

DGXLTD Advantages

Generous leverage, huge selection of assets

Despite the bad signs that we see on DGXLTD’s website, there are still a few supposed benefits that this broker is promising traders. Whether these benefits will be helpful to you or not is the main question, as the reputation of this broker is already questionable.

On its website, DGXLTD says it offers leverage of up to 1:200, but on their platform we saw that the ratio is higher, reaching 1:400. We generally consider the availability of high leverage as a plus in any broker’s offer, yet it should be mentioned that this also involves greater risk of loss.

Furthermore, DGXLTD’s offer seems quite broad in terms of assets available for trade – there are many forex pairs, as well as good variety of CFDs – on indices, commodities, precious metals, stocks, and even cryptocurrencies like Bitcoin.

DGXLTD Disadvantages

No regulatory oversight

DGXLTD is allegedly owned and operated by Securex Plus Solutions EOOD, a company allegedly based in Sofia, Bulgaria.

However, we did not come across any explicitly-stated regulation on the broker’s website, which is quite disturbing. CFD providers in Bulgaria have to be licensed either by the local Financial Supervision Commission, or by the relevant authorities in another EU Member state. Unfortunately, this is not the case with DGXLTD.

The lack of financial regulation brings together with it uncertainty regarding the most important aspect of a forex brokerage – the safety of clients’ funds.

Blacklisted by the Austrian financial watchdog

Although DGXLTD isn’t authorized to provide financial services on any regulated market, it obviously targets European investors. Its website is available in English, Italian, and German, so no wonder the Austrian Financial Markets Authority (FMA) has blacklisted it as a potential scammer.

This is another major red flag regarding this broker.

Trading conditions not fully disclosed

As was noted above, this broker hasn’t revealed in full its trading conditions. Its website only mentions the maximum leverage levels provided and the minimum investments required for each account type. Such a lack of clarity regarding the costs of trading is quite likely an indicator of the ill-minded intentions of DGXLTD.

No MetaTrader, high fixed spreads

We signed up with DGXLTD (of course, without depositing any money) in order to sneak peek into its platform and take a look at what it actually offers. As a result, we got access to some unproven web interface, which didn’t impress us, to say the least.

Furthermore, the broker’s spreads don’t appear attractive at all – the benchmark EUR/USD spread being fixed at 3 pips. By comparison, most fixed-spread brokers offer a spread of 2 pips for this pair.

Here, we should note that most forex traders prefer using the good old MetaTrader4 (MT4). It feels easy enough for a new trader to learn, yet the charts are so good, experienced technical analysts love them. Furthermore, the platform allows easy customization, so lots of user-created tools can be applied to it.

Unusual extra fees

The further we dig, the more problems reveal themselves. In this broker’s FAQ section, we read that DGXLTD applies several unusual fees, which make the costs of trading even higher than they already are.

Click to zoom in.

For example, clients of this broker are subjected to a profit clearance fee, ranging between a minimum of $1.50 and maximum of $5.00 per trade, as well as to a monthly maintenance fee of $7.50. Besides, the broker also has a withdrawal fee of 3.5% (but not less than $30).

Conclusion

dgxltd.com is an unregulated website, which was most likely created with the sole purpose to swindle investors out of their money. And as we noted, this has not gone unnoticed by the financial authorities in Austria, who have blacklisted Digital Exchange Limited (DGXLTD) as a potential scam.

So, be sure to stay away from unregulated websites like them and trade only with legit and properly regulated brokers, like those licensed by the UK’s Financial Conduct Authority and the Cyprus Securities and Exchange Commission (CySEC).

To sum up the above:

Pros Cons
Comprehensive selection of assets No regulatory oversight
Up to 1:200 in leverage Blacklisted by the Austrian FMA
Spreads not disclosed
MT4 not supported, high spreads
Unusual extra fees
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

DGXLTD Review

In this review, we will describe why your funds are not safe with DGXLTD.

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Is DGXLTD Legit ?

DGXLTD is an offshore broker owned by Securex Plus Solutions EOOD. This broker is based in Sofia, Bulgaria, a popular offshore zone. Problem with offshore brokers is that they are not reliable and abuse the regulations. Make sure to stay away from this broker as they are anonymous and that they can disappear any time without notice.

To make sure you are dealing with a regulated and known broker, you should be able to find easily who is the CEO of this brokerage firm, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why your funds are not safe with DGXLTD.

Are Funds Safe with DGXLTD ?

With such lack of information and DGXLTD being offshore, funds are not safe. Security of funds is a huge problem with offshore brokers. A red flag that we noticed is DGXLTD is withholding vital information to users.

DGXLTD could go bankrupt from one day to another since there are no banking information about this broker.

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DGXLTD Review: our Conclusion!

DGXLTD is an offshore broker. If you have been scammed, check out our ChargeBack process here or get a Free Consultation by a team of expert by clicking here.

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