Online foreign exchange and CFDs brokerage DMM FX has announced that starting from Monday (February 8th, 2016) it is waiving all fees on deposits and withdrawals. The policy will take effect from 10:00PM (GMT). The new fees structure includes all deposits and withdrawals for transactions above 1000 units of base currency (or 100,000 units when in Japanese yen).
In the terms and conditions of the offering we find that DMM FX reserves the right to refuse the payment of funds if it would lead to a negative balance on the client’s account after the payment order is processed. Should the withdrawal be unsuccessful due to incorrect banking or payment details provided by the client, the brokerage will charge the standard fee when processing the new payment request.
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As for the new DMM FX withdrawals policy, we are seeing the offering as a response to an ongoing trend. While more and more brokers choose to lower their commissions and fees charged on deposits and withdrawals, peers in the industry have little choice but to follow through in a market which is already highly competitive.
The change comes after DMM FX’s has been introducing upgrades to its offering during last few months. In December 2015, the Australian branch of DMM FX introduced the MT4 WebTrader, joining IC Markets as the second brokerage to deliver the product in the region. The step was taken due to increasing customer demand and has since grown into a full blown trend for all MT4 brokers.