Indigo DMA Review
Indigo DMA is an online forex broker which offers personal trading and investment services to their clients. If you’re interested in registering with them, take some time to read our Indigo DMA scam review before signing up.
Indigo DMA Regulation
Indigo DMA is the trading name of the company Indigo DMA Corp, located in the Marshall Islands. Due to their location, Indigo DMA does not have to register with any financial regulatory body such as FCA or CySEC. In fact, they operate under the Marshall Islands Business Corporation Act and have set up call centers in several countries such as Russia and Britain.
The call centers are used to cold call and attract new clientele. Their lack of supervision is a major red flag. Any nonregulated broker poses a threat to their clients because they have no outside governing body to protect the interests of the clients. And while a regulated broker is still capable of committing fraud or scamming clients, the clients of a regulated broker can be compensated as opposed to those of an unregulated broker.
Indigo DMA Trading Platform
Indigo DMA currently only offers the desktop version of the MT4 platform. While the MT4 platform is highly popular because of how easy it is to customize plus its small use of system resources as opposed to other platforms, there are several deficiencies. Therefore Indigo DMA’s use of only the MT4 platform offers limited options to clients. What makes this worse is the fact that only the desktop version of the platform is offered.
This provides little freedom and flexibility and shows Indigo DMA’s lack of awareness. Mobile is big right now and one way that brokers can truly assist clients is by offering mobile platforms. However, it is clear that Indigo DMA’s opinion is that they do not need to do this.
Indigo DMA Account Types
It seems Indigo DMA is sticking with its theme of rigidity. Unlike other brokers which offer multiple account options thus meeting the needs of a variety of clients, Indigo DMA only offers one account type which is their ECN account.
The only good thing about this account is its low minimum deposit which stands at $10. Islamic Account services are also offered. The minimum trade size for the ECN account is 0.01 and it has a maximum leverage of 1: 100. The spread average is a variable with 0.2 pips on USD/EUR plus $15 commission on each lot.
However, if a deposit of at least $100 is made then the account can be published as a trading signals provider. If you have this type of account, you can get $5 per lot of orders which are copied by investors.
The Islamic Accounts are swap-free in accordance with Sharia law. They have a commission which is increased by $3 however their spreads are not widened.
The lack of additional features and variety offered by the Indigo DMA is a major downfall. The low minimum deposit may appear to be inclusive of all traders but it, in fact, does the opposite.
Indigo DMA Deposit and Withdrawal
There are several ways you can deposit and withdraw money from the Indigo DMA broker. These payment methods include:
- Debit/credit cards
- Bank Transfer
- Web Money
- Contact transfers
- Perfect Money
- OK Pay
It is clear to see that there are numerous ways in which you can deposit and withdraw money from Indigo DMA.
Indigo DMA Bonus Offers
The Indigo DMA forex broker offers multiple contests and a single bonus.
$50 No Deposit Bonus
This is a no-deposit bonus available for new clients. It can only be received once and is deposited into your account after you have passed Indigo DMA’s verification process. While we have spoken about the numerous benefits of no deposit bonuses, we suggest you apply for one from a more reputable and versatile broker.
This contest spans 2-weeks. You start this contest at the same time as other participants, with a limited leverage of 1:10. However, you need a balance/deposit of $10,000 to qualify for this contest. The other conditions which apply to this are a maximum drawdown of 30% and a profit share of 50/50 each month. Coincidentally, the winner of this contest receives $10,000 in their live account. The other conditions of this account, are only available on clients’ personal pages and can be changed whenever Indigo DMA feels like it.
This contest requires an account balance of $100. You can have multiple accounts in the contest but each must have a $100 balance. The prizes are as follows:
- 1st Place – $3000
- 2nd Place – $2000
- 3rd Place – $1000
- 4th-6th Place – $500
- 7th-9th Place – $400
- 10th-12th Place – $300
- 13th-15th Place – $200
- 15th-20th Place – $100
This contest also spans 2 weeks. You have to have positive profitability in order to be considered a winner. You can use EAs as well. Those with maximum Equity shall be considered winners.
An interesting condition to note is that you cannot lose more than 30% of the money won. If you do then the Indigo DMA broker will withdraw the winnings from your account.
Indigo DMA Customer Support
For customer service support you can contact Indigo DMA via:
- Telephone (goes directly to their call centers)
The main issue we experienced with Indigo DMA’s customer service is tardy replies when it came to email and rude customer service agents at their call centers.
However, several Indigo DMA reviews spoke of their being a “former” employee who contacted prospective clients on behalf of Indigo DMA. The reviews spoke of the ex-employee scamming persons of their money by coaxing them into investing and running off with their funds. We are not sure how valid these reports are but they are very serious. And given Indigo DMA’s lack of regulation and inability to reimburse clients, we believe it is ill-advised to invest with them because there is absolutely no guarantee of compensation.
Indigo DMA Review Conclusion
Indigo DMA may offer direct market access but their poor customer service, lack of variety and lack of regulation provides little incentive to register with them and little security in regards to clients’ interests and funds. We recommend you find a broker that is not only regulated but also not plagued by reports of former employees defrauding people of their hard earned money.