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The Australian retail forex and CFD broker DMM FX announced the pending introduction of new trading conditions for its clients. Among them are new spreads for 27 popular currency pairs and Negative Balance Protection.
The new, higher, spreads are coming into effect on February 22, Australian Eastern Daylight Time (AEDT), as is the Negative Balance Protection.
More details on the new spreads can be found in the table below:
For comparison, the current fixed spreads, offered by DMM FX on the most popular currency pairs are as follows: EUR/USD 0.7 pips, USD/JPY 0.5 pips, GBP/USD 1.1 pips, AUD/USD 0.7 pips, NZD/USD 1.7 pips, USD/CAD 1.2 pips, USD/CHF 1.8 pips, AUD/JPY 1.8 pips, AUD/NZD 4.2 pips, AUD/CAD 3.7 pips, etc.
More details on the new conditions regarding the Negative Balance Protection will be published with the updates of the broker’s Product Disclosure Statements and Account Terms next week. The company points out that the main goal of the new feature is to protect its clients from trading losses that can occur as a result of insufficient margin.
Other major brokers, offering some form of negative balance protection are FxPro, Oanda, FXCM, Gain, Exness, RoboForex, eToro, etc.
Recently DMM FX said it waives the withdrawal fees for transactions of 1000 base account currency units (100 000 JPY) and above. The company noted that hose must be carried out in one transaction and is not cumulative. At the same time the fees for smaller transactionsremain.
The minimum deposit DMM FX requires of its clients an initial deposit of minimum 200 units of AUD, USD, EUR, GBP, NZD or 20 000 JPY. DMM FX offers forex and CFD trade. The maximum leverage is 1:600.
DMM FX is regulated by Australia’s Securities and Investments Commission (ASIC) and is part of the Japanese conglomerate DMM.com Group.