Note: DuxMarkets official site - http://www.duxmarket.com/en is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information
What is DuxMarket？
DuxMarket is headquartered in London, England, and its business scope covers Europe, Asia, the Middle East, North America and other places. The products they provide cover the entire financial investment field, and provide online trading of diversified global financial products such as forex, precious metals, crude oil, and indices through the leading MT4 platform. While it is important to note that DuxMarket is an unregulated broker and there have been reports of issues with withdrawals and scam allegations, traders should exercise caution and thoroughly research before engaging with this platform.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.
Pros & Cons
DuxMarket Alternative Brokers
There are many alternative brokers to DuxMarket depending on the specific needs and preferences of the trader. Some popular options include:
Admiral Markets - A reputable and regulated broker offering a wide range of trading instruments and competitive trading conditions.
TD Ameritrade - A well-established broker with a comprehensive suite of investment and trading services, particularly suitable for US-based clients.
FXOpen - A reliable broker known for its diverse range of trading accounts, competitive spreads, and innovative trading technologies.
Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.
Is DuxMarket Safe or Scam？
As an unregulated broker with an unauthorized National Futures Association (NFA, License No. 0524124) license, DuxMarket raises concerns about its reliability and legitimacy. Regulatory oversight is an essential factor for ensuring the safety and security of traders' funds and maintaining fair trading practices. Without proper regulation, there may be an increased risk of fraudulent activities or unethical behavior by the broker. Therefore, it is advisable for traders to exercise caution and consider alternative regulated brokers that provide a more secure trading environment.
Market Instruments
DuxMarket provides investors with CFD trading of more than one hundred rich investment products including forex, precious metals, crude oil, and indices.
Forex: Provides as many as 43 currency pairs including Euro/U.S. Dollar (EUR/USD), U.S. Dollar/Japanese Yen (USD/JPY), British Pound/U.S. Dollar (GBP/USD), etc.
Precious metals: international gold and silver.
Crude oil: Provide trading of US crude oil (USOIL) and British crude oil (UKOIL).
Indexes: 15 kinds of indexes are provided, including multinational stock market indexes and US dollar indexes.
Accounts
DuxMarket offers a straightforward account structure to its clients. Traders have the option to start with a demo account, allowing them to practice and familiarize themselves with the trading platform and strategies before committing real funds. For live trading, DuxMarket offers a single account type known as the Ordinary account. This account type requires a minimum deposit of $500 to get started. While the account type is referred to as “Ordinary,” it is important to note that it may offer standard trading conditions and access to a range of trading instruments. Traders should carefully review the terms and conditions associated with the Ordinary account to ensure it aligns with their trading preferences and objectives.
Leverage
DuxMarket provides its clients with leverage of up to 1:400. Leverage allows traders to control a larger position in the market with a smaller amount of capital. With a leverage ratio of 1:400, traders can potentially amplify their profits or losses by 400 times.
It is important to note that while leverage can enhance potential gains, it also carries increased risk. Traders should exercise caution and ensure they have a clear understanding of leverage and its implications before utilizing higher leverage ratios. It is advisable to use leverage responsibly and consider risk management strategies to protect their trading capital.
Spreads & Commissions
DuxMarket offers competitive spreads starting from 1.6 pips. The spread is the difference between the buy and sell price of a trading instrument and represents the cost of trading. With lower spreads, traders can potentially maximize their profits as they have smaller price differentials to overcome. However, it's important to note that spreads may vary depending on market conditions and the specific trading instrument. As for commissions, there is no information available regarding commission charges. It's recommended for traders to refer to the broker's official documentation or contact their customer support for detailed information regarding commissions and any other applicable fees.
Below is a comparison table about spreads and commissions charged by different brokers:
Please note that the spreads and commissions may vary and it's always recommended to check the latest information directly with the brokers.
Trading Platforms
DuxMarket provides traders with the popular and widely-used MetaTrader4 (MT4) trading platform. MT4 is a robust and user-friendly platform that offers a comprehensive set of tools and features for efficient and effective trading. With MT4, traders can access real-time market quotes, analyze price charts, place trades, and manage their positions with ease.
The platform is known for its advanced charting capabilities, customizable indicators, and a wide range of order types, allowing traders to implement various trading strategies. Additionally, MT4 supports automated trading through the use of expert advisors (EAs) which can execute trades based on predefined rules.
See the trading platform comparison table below:
Deposits & Withdrawals
DuxMarket supports several deposit and withdrawal methods, including Visa, MasterCard, Visa Debit, Visa Electron, MasterCard Debit Skrill, NETELLER, Master Card Secure Code and Verified by Visa. These methods provide flexibility and ease of use, allowing traders to securely deposit funds into their trading accounts.
DuxMarket minimum deposit vs other brokers
Customer Service
DuxMarket places a strong emphasis on providing reliable customer service to its clients. Traders can reach out to the support team via phone or email for assistance with their inquiries or concerns. The dedicated phone line, accessible at (784) 456-2577, allows traders to directly speak with a representative and receive real-time support. Additionally, the provided email address, service@duxmarkets.com, offers a convenient channel for communication, allowing traders to send detailed queries and receive prompt responses from the customer service team.
Note: These pros and cons are subjective and may vary depending on the individual's experience with DuxMarket's customer service.
User Exposure on WikiFX
On our website, you can see that some reports of unable to withdraw and scam. Traders are encouraged to carefully review the available information and consider the risks associated with trading on an unregulated platform. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.
Conclusion
In conclusion, DuxMarket offers a variety of financial instruments for trading and provides access to the popular MT4 platform, which can be appealing to traders. The availability of multiple deposit and withdrawal methods, as well as demo accounts for practice, are additional advantages.
However, the major drawback is that DuxMarket operates as an unregulated broker, lacking the necessary authorization and oversight. Reports of issues with withdrawals and scam allegations raise concerns about the reliability and integrity of the platform. Traders should exercise caution and consider the associated risks before engaging with DuxMarket.
Frequently Asked Questions (FAQs)
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