May 2011: dbFX seems to have gotten out of the retail forex business. Some clients have been sent over to Forex.com.
I previously wrote a review and thought I had rated them. I rate dbFX a 4 star. Why? Because I don't think there's a 5 star out there yet. But they have great customer service, and they are mostly honest.
2010-10-05 No Rating dbFX is a better broker than FXCM, FX SOL, and a few others I tried. The previous brokers took my money. FXCM refunded, although just the loss, not the gain I should have had. FX SOL had ridiculous spreads.
FXCM was stopping me out of trades. However, I find that dbFX is also stopping me out on trades.
In my opinion, if you read anything regarding Boston Technologies, and their "Biz Plan" to be a broker, you'll quickly realize all brokers are essentially licensed to steal.
And most do. dbFX, although I get slippage, I get it both ways. They ALWAYS answer the phone, nicest people on the planet, no voicemail, no press this button - straight through every time unless something disastrous happened in the market or the platform, like crashing, and everyone is calling.
ALSO, I can set my stops and profits before I ever execute. Ever seen 100 pips go in 1 sec? Well, take a trade, and watch how before you set a stop, one time you'll get your butt chewed by a spike, because some of these brokers make you trade and then set your stops.
Also, I watch dbFX against other bank and broker prices, and theirs are always more balanced, the others higher than the ask, lower than the bid.
Software? I use teletrader and Leverage FX out of Florida. They give me all the info I need to execute at 85-90% rate of wins. But I had the same with the other brokers and dbFX outshines in every area.
Are they perfect? When someone gives me the funds, I'll start the perfect brokerage, until then - I'll take dbFX as the lesser of all evils. After all, broker or banker, no matter who you trade with, you are at their mercy - at least right now.
I really like dbfx. I have not had any of the problems most people mention. I did at one time see some slippage, but that happens when there are tons of activity and sometimes i will not be able to close out my position during those very active periods. This can be a problem, if i am scalping or have put in a very tight stop loss and am trying to snatch a couple of pips. But otherwise, i have not had any other problems. I have made money and lost money.
I have been with dbfx for now a bit over two years.
The other issue of fxcm versus dbfx, i am not concerned. I am concerned about reputation, stability and security. Nothing is granted in life, especially forex, but having the queen mary of the forex industry is better than some tugboat out there.
This is stupid
They recommend me to join FXCM.
I think the rumor is so true.They are white label for FXCM
Dear Dexxx xxxxx,
We have received and reviewed your dbFX account opening form. dbFX's corporate policies and procedures maintain that clients must meet certain requirements in order to fund and trade in margined FX. Your Account Opening Form did not meet these requirements for the following reason(s):
- The net worth specified is lower than the amount required by dbFX.
- The liquid assets specified are lower than the amount required by dbFX.
However, if you are still interested in opening a margined FX trading account, Deutsche Bank can forward on your behalf, your name and contact details to Forex Capital Markets LLC (FXCM), who may be able to accommodate your application. (FXCM is an independent FX dealer that is not affiliated with or guaranteed by Deutsche Bank.) If you would like us to pass your information to FXCM, please reply to this email giving us consent to provide your details to FXCM. A representative of FXCM will contact you directly to discuss opening a trading account.
If you have any questions, please contact us via e-mail at email@example.com or at 1 (212) 710-9000 begin_of_the_skype_highlighting
Sure, DBFX probably has some of the highest retail liquidity in the business, but the so-called "Bank" lies to you BEFORE you open an account about anything they want to lie to you about.
I spent a lot of time researching FX intermediaries and was told by DBFX that it was "No One" in the industry, having actually "won awards" for being "Number One" in the industry. Well, what does "Number One" mean, when you lie to people?
I was told by DBFX representatives, that I could trade on the MT4 Platform AND use my MT4 EAs. I was also told that I could TEST my MT4 EAs BEFORE depositing any funds. Not until AFTER I deposited my funds and opened an account, did anyone at DBFX bother to tell me that:
1) They host their MT4 Servers at Boston Technologies - Not at a real DBFX location.
2) The Boston Technologies MT4 Demo account was a "shared log-in" account. Meaning, everyone in the world could see your trades and more importantly, ALTER your trades in-progress.
3) If you ran an EA while testing your MT4 DBFX/Boston Tech demo account, anyone having logged on to that same "shared account" could close any position that your EA opened - thus destroying the purpose behind testing an EA in the FIRST PLACE!
Thanks for letting me know BEFORE I opened my account, DBFX. You are behaving exactly like FXCM - a run of the mill Retail Forex Broker. Not like the up-scale BANK you are supposed to be.
Did not a single person at DBFX have the slightest problem with giving Trader's a "shared login" to test Expert Advisors with? You can't get accurate trade performance with people tampering with your open positions! Hello???
You are a Bank, for goodness sakes - certainly you could have afforded to get this one right the first time.
After trading with DBFX for 5 month. They "Cash In" my account in open positions, without any explanation or phone calls.
After review of your dbFX account (the "Account"), we have decided to exercise our right to terminate the Account effective at 8AM New York time on August 09, 2010. You will not be able to enter into trades for the Account after that time.
At the time we terminate the Account, we will close-out any open positions that you have in the account and transfer any remaining funds in the Account to your bank account on file with us.
If you have any questions, please contact us via e-mail at firstname.lastname@example.org or at 1 (212) 710-9000.
dbFX Sales and Client Services
yeah dbfx is using the fxcm platform tech, and that's it. fxcm is the white label for dbfx if anything at all.
the spreads are lower at dbfx.
people who are giving misleading info on the dbfx/fxcm relationship can stop and go back on reading how market structure works.
banks provide prices, then the broker gets them. not the other way around! how can the #1 bank in the world be a white label for a broker that isn't even as big as the 11th biggest player in the market (bank of America)?! when someone can answer that I'll shut my mouth! or do i have the wrong market structure flow charts!? lol
a 1-2 pip difference higher at fxcm mt4 than dbfx mt4 and I have screen shots to prove that. don't believe me, download both dbfx and fxcm mt4 for yourself...THEY ARE DIFFERENT! i can't stand people who think they know what they're talking about. dbfx is a great choice and when i account gets bigger, that';s where I will go. also i like dukas mt4 beta as well. they need to get it done.
For the most part, DB is THE # 1 BANK I TRY TO STAY AWAY FROM in this country. Its Germanys biggest. Big bank & retail (anything) almost never go together. DBs European retail/branch banking is decidedly unspectacular, for example.
Reason being: DB doesnt really care about "regular people." They make their money with investment banking, interbank forex - they are indeed # 1 by ms with the numbers provided by my swedish friend on target - & high net worth individuals. DB isnt far away from hitting a 25 % return on capital! That should give you an idea as far as priorities is concerned.
For just that reason I felt like trying out dbfx. Only been trading (demo) with them for a short while, yet so far Im pleasantly surprised. Stunned, rather : their spreads come REASONABLY CLOSE to Dukascopys but they dont charge comission. For some bizzare reason SCALPING DOES INDEEED WORK VERY WELL ON dbfxs platform. Havent seen much requoting & the like going on, even during high & low volume sessions.
Their minmum deposit is either 5 000 or 10 000. Granted thats towards the high end. Still, in the case of Dukascopy I would strongly advise everyone to put in 10 grand as well, simply to keep comission costs down.
Even though I like dbfxs platform & havent had any problems with it, I do find DCs to be more versatile if a bit more complicated.
The FXCM = dbfx thing is a perfectly pointless argument : with forex brokers the issue is almost NEVER the technology employed but the available liquidity pool. In that sense dbfxs position as a market maker rather than a DC like Interbank-Market-Access Provider becomes rather less interesting. If dbfx uses just a fraction of DBs liquidity volume, it probably exceeds every other MMs capacities by a vast multiple.
While I suspect that dbfx is a hybrid - MM at the receiving end of your trades while giving partial access to the interbank forex - even if they were a pure MM there is no way in hell dbfx could mess with you in the classical sense : the latter depends on MAN POWER!! In particular if dbfx shares office space with FXCM this suggests an unwillingness to be an ACTIVE MARKET MAKER. DB is not the company to move into labour intensive business models. Also, dbfx seems to PRIMARILY cater towards 50k+ customers & that group doesnt like to be messed with TOO BLATANTLY. For all intents & purposes dbfx can be regarded as a NDD & non interventionary MM at the least.
For dbfx to use FXCM structures & retail technology while employing their own - & TRULY hard to come by - asset (liquidity) strikes me as more sensible than I would have believed the bank to be capable of : Why waste time & money on sth readily available (business modell, structure & non-rocket -science-tech) when they dont have to put up the crown jewels for sale in return?
As far as worries in regard to the security of your funds & other scam issues are concerned, there wont be any. In relative terms DB came out of the financial crisis barely touched and much stronger than many of its competitors (unsure whether I like that or not, but thats the way it is). The federal government provides for a pretty generous deposit insurance and the chances of DB going bust are non existent to begin with. Their interbank forex market share makes the company so vital for the world wide monetary sytem that too big to fail doesnt even touch on it.
Cant say much about account opening procedure but I assume they would want pretty detailed info. Doesnt FXCM want net wort & Co as well, though? Dukascopy does. Maybe dbfx wants proof & not just a number. Yet, I remember that FXCM US wanted PROOF & that having been the reason I decided against them. From what Ive heard, US based fx brokers have some of the most stringent procedures out there, but I might be wrong.
Within the EU requirements vary & I would assume DB & Germany to be among the more annoying players. FXCM UK was less of a hassle than FCM US, but it was still bad. Nevertheless, if you are loooking at FXCM US & dbfx, dbfx SEEMS like a much better deal - assuming account opening hassle being equal.
Finally, while I hate providing personal information, I have noticed a clear correllation between trustworthyness & requirements. I assume that is because IT IS INCORRECT TO BELIEVE THAT YOU ARE NOT APPLYING FOR A LOAN! You are, its called leverage. The trustworthier a place the higher the chance they will NOT EMPLOY MEANS TO CURB YOUR PROFITS and actually pay them out on top. Latter case leverage is REAL leverage = real loan. In the former case I would indeed think of deposits as "giving THEM money." Caus the sketchy MM is free to alter trading conditions almost as they see fit, they are effectively in control of your credit line (even if it says 400:1). Reputable places dont have that option or chose not to act in this way. So THEIR 100:1 really must be considered a loan.
In summary, while DukasC remains my favourite for its unique business approach: Not at the receiving end of my trades, low spreads, fractional lots as small as 1000 currency units (essentially providing a micro account with the same great spreads for free), great customer support & min deposit of 1k; dbfx is the most interesting alternative Ive come across. The spreads are so good that trading with them might actuallly be a bit cheaper than in the DC case (no comission).Yet, there are fewer system options available, the min lot size is 10 000 units, the min deposit much higher and the account opening procedures apparently rather complicated. Nevertheless, spot # 2 & more interesting than FXCM, in my oppinion.
Should I find more flaws I will of course return here and let you know. dbfx gets a 5 star rating from (so far) because their performance is much better than EXPECTED on top of being great in absolute terms.
Db works only for big account, is a little bit beter that FXCM but they will keep your open positions is you are negative, however is you change or go near to positive suddenly, sometimes they will close you position by themself.tha's not fair....
I have been using DBFX for several days now. I do not see any slippage at all. Account balance previous to trade reflects down to cent level on executed trade (at best pricing order). Saw some large spikes that hit my stops and reverified with third party data feed and indeed all was correct. And while not a perfect world , software locked up couple times, note your funds are insured in unlikely event DB goes broke. Only Citifx offers similar protection (but to lower amount 100k) but with much worse spreads. DB has great spreads even on more unusual pairs. Overall best package I have seen in my research. I see a lot of notes about FXCM, they use software and data that is similar, I cannot complain about DB execution. People complain of repricing during rapid market movements but this is a reality of life. I use mostly at best execution and have not seen any adjustments of price. When comparing to peers probably deserves 5 stars, but only been using few days so will give 4.
Really I gave you 100 across the board Mr. Brian W, Troy, Michigan for what you said about dbfx and I really checked out
what you said an I typed the IP you provide and it was really true. and I just forward to them all my document which they asked me to open an account with them, but I'll not to do. for that you are the best.
thank you.. and wish to give me an ECN trusted broker who use the MT4 plz