If you are willing to find out more about the peculiarities of online trading, you’ve made the right call. Here, in this short review, we are going to tell you more about this popular way of making money and explain what the advantages and disadvantages are.
Today, we will focus on the key benefits of the DotBig forex broker, which has its headquarters in the USA and Germany. We will try to explain why DotBig is profitable to work with and what the drawbacks might be. We will try to cover all the key characteristics of the company to provide a complete review, because it’s vital for you, as for beginner, to be aware of all the features of this company and their potential impact on your trading performance on the financial markets.
Before we start, however, you should realize that even the highest-standard security measures of DotBig don’t make trading there completely risk-free. Any trading involves risk, so you should be attentive and non-hesitant when making important decisions. Let’s start!
Benefits of the broker
- Extensive diversity of tradable assets. on the whole, the company displays over 1,000 financial instruments from different financial markets. DotBig also enables CFD trading and has crypto-to-fiat currency pairs. You should understand that CFDs are complex instruments, and you shouldn’t trade them without the necessary knowledge and experience;
- Robust features for better performance in technical trading. DotBig has advanced charting features, top-notch indicators, and an economic calendar to follow financial events.
- Automated trading enabled. You can try automated trading with the help of special trade signals. It’s also possible to use a social trading platform, where you just follow successful participants and copy their deals.
- Stop-loss feature. With this feature activated, clients cannot lose more money than they have deposited in their trading accounts.
- Los trading costs. DotBig doesn’t have separate account or monthly fees. Trading fees are included in different spreads. There are no fixed spread accounts here so spreads are varying. However, on the whole, they are lower than the market average. For majors, the spread is around 1.2 points.
- Support services. From DotBig testimonials, we know that even if clients have some issues with the broker, they are quickly resolved by the highly-proficient support teams.
- Demo account. It provides users with an essential experience in forex trading for free.
- Security. The DotBig forex broker stores clients’ funds in special segregated accounts of the reliable European banks. This means that only owners of assets can access and operate them.
Drawbacks of trading with DotBig
- Too high account minimum. When looking for a broker to start trading, beginners try to find the option that allows minimum expenditures because they don’t want to risk high amounts at the very beginning. DotBig doesn’t suit such clients. To activate its real account, the user must deposit at least $250. This is the account minimum for the Basic account type.
- Commissions on withdrawals. Similar to high deposits, withdrawal fees increase non-trading costs, which is not beneficial in terms of saving as much money as possible. The broker charges a 3,5% commission for withdrawals and this feature can be switched off only for traders with bigger deposits.
- A cent account is not available. Similar to demo accounts, cent accounts help users to gain experience without putting at risk too much money. However, unlike demo ones, cent accounts are real and here traders can make small but real profits. DotBig doesn’t have this feature, so to try real market conditions you have to activate a Basic account, at least.
- Binary options aren’t listed. Despite the extensive selection of tradable instruments, not all the possible assets are available. If you have experience in trading options, this knowledge will be useless with DotBig because binary options aren’t listed there. Choose different assets.
- Support works 24/5. The support team is very qualified and professional. However, unfortunately, it doesn’t provide help constantly. You won’t be able to contact them on weekends if you need. If you are a part-time trader and trade mainly on weekends, this might be a considerable disadvantage.
- No news. The trading platform doesn’t display a news feed. Clients have to look for updated information from financial markets elsewhere.
Verdict
We’ve studied a lot of DotBig testimonials from real clients and for now, we might conclude that there are more satisfied reviews than disappointed ones. We also admit that the broker features more benefits than drawbacks, which makes it a good option to start your trading career.
Note:- We are not financial advisors, please consult your advisor before following any guide. The above article is for information purposes only.