By Bentley Kapoor (India)
DeltinFX Review
DeltinFX – It’s a Bit Disappointing
The Conflict – The first thing that will hurt your trust in this broker, before you even build it, is the conflict you will find in the information on its website. It seems as though the broker has not paid attention to anything that its content writers wrote for it. A lot of information on the website is in clash with statements made on other pages of the website. For example, the first thing you will notice as soon as you land on the home page of the website is 100+ investment products. This number shows you how many assets you can trade when you sign up with the broker.
However, right beneath this particular number, you have another number. Here, the broker makes the claim that it has more than 1000+ assets that you can trade with it. So, which one is true? At the same time, the broker is supposed to make things easy for its traders. However, it chooses to use “FD” instead of the full word “first deposit” on its website when talking about the bonus. New traders, who are just starting with trading, will not even know what FD really means.
The Boring Leverage
When you look at the account information on the website, you will see that there are four different types of accounts. The features associated with these accounts are quite varying. For example, if you go with the basic account, which is called the standard account, you will have to deposit only $200 in your account to start it. On the other hand, you will have to deposit around $2500 in your account to get to the next tier, called the premium account. The amount has to be doubled if you want to open the VIP account. So, you can see that the deposit amount is changing quite a lot as you jump from one account to another.
What about leverage? Well, if you sign up with the basic account, you can take advantage of 1:400 leverage. Sign up with any other account type and the leverage will remain the same for you. That can be quite boring. When you sign up with an account that requires more money from you for signing up, you expect some more perks. However, leverage remains the same across all the different account types with this broker.
The Subpar Website
You are going to go through a lot of pain as you browse on the website of this broker. A lot of things are still quite buggy on the website. That’s not something you expect from a broker that tells you that its traders come from 196 different countries. So, at times, when you open the top menu on the website, it freezes right there. It does not disappear unless you click on the website somewhere. In an attempt to get rid of that falling shade-like menu, you end up clicking on some other part of the website. This whole experience can be quite frustrating for any trader.
Unclear Information
At times, you will find yourself running into ambiguity on the website of the broker. When you sign up with a broker, you need as much information as possible so you can open your account with peace of mind. However, a lot of questions will remain unanswered when signing up with this broker. Some important pieces of information that the broker must make available on its website are not there. So, when you look at the account comparison page, you will see that there is a difference in spreads offered to different account holders.
For someone who signs up with the most basic account, the spreads are going to be a bit costly. On the other hand, if you sign up with a VIP account, your spreads will be pretty tight. But how tight will they be you might ask? There is no information about that. The broker just uses the terms “standard”, “low”, and “lowest” to describe the spreads that apply to different types of accounts.
Limited Banking Options
This is yet another area where the broker fails big time. You do not expect such a thing from modern brokers. So, even if you sign up with the newest and smallest broker on the internet, you will see that they have quite a few ways of banking available for their traders. In most of the cases, you are able to deposit money in your account using credit cards, bank wire transfers, and some internet payment method like Neteller or Skrill. However, the only method of transferring funds to your account with DeltinFX is credit cards.
If you are not comfortable with giving out your credit card information on the website, there is no other way for you to deposit funds in your account. However, you do have to admire that the broker does not charge you any commissions on any deposits you make through your credit card.
Final Thoughts
Trading can change your life if you do it the right way. However, it can change your life in the worst way if you choose the wrong broker. You should never hesitate from spending some time on research before you pick a broker and open an account with it. Keep in mind that making a return after you have made a wrong decision is quite difficult. In many cases, as per the reviews from traders, most of the scam and low-rated brokers make it nearly impossible for their traders to withdraw their deposited funds. You do not want to be in that situation, so pick your broker wisely.
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