The so-called “social trading” is growing in popularity, and this methodology is making the process of trading currency pairs even more profitable and more efficient. The concept of this system is borrowed from the social media, and when it comes to the foreign exchange market – you can follow the successful traders and “copy” their activities. However, not all brokers are reliable and trustworthy, and that is why our reviews are there to guide you into the right direction. For instance, our MyDigiTrade review will shed some more light on this particular company, and you will be able to make an informed decision once you go through this article.
MyDigiTrade – general overview
Larmont Capital Ltd. is the corporation that owns and operates this broker house, and MyDigiTrade has been in the business ever since 2010. But, even with all those years of experience, it seems that certain traces of a potential MyDigiTrade scam are flying around in the air, and that is why we urge our readers to be very careful when approaching this trading provider. One of the reasons for our fears is the fact that MyDigiTrade is registered in the British Virgin Islands, which is a well-known offshore destination. If a company does not have a global presence and it operates from a shady location – you should be highly cautious with you hard-earned funds.
Types of accounts
MyDigiTrade reviews usually focus on general facts about the broker, but our article will cover all you need to know about the features and characteristics of this company. For instance, before you start the actual trading process, you will be required to create an account. Novice traders can opt for a demo version at first, and this service will allow them to become acquainted with all elements of the site. Also, traders receive $25.000 “play money” for these purposes. On the other hand, you can create a Live account, which has to be connected with one of the brokerages in the Forex trading world. Currently, MyDigiTrade has 15 official partners that you can work with and place your investments.
Even though MyDigiTrade broker does not charge a fee for their services, this does not mean that you should rush to their website and sign up immediately. For example, you should inspect the quality of their platform before doing anything else, and when it comes to this area – MyDigiTrade is using a WebTrader software package. What this platform does is that it mirrors the services of a signal provider, and you will have access to 89 different trading strategies. However, these pre-arranged strategies are highly unreliable and even misleading, and traders should be very careful when engaging in any contact with these elements.
Promotions and rewards
For a website that promotes social trading, the lack of communication with clients is something that MyDigiTrade needs to repair as soon as possible. In other words, our MyDigiTrade opinion would be significantly better if this broker offered various trading incentives and bonuses. Forex world has always relied on different bonuses and rewards to make the players eager to join a particular site, and MyDigiTrade should follow the same principle. Unfortunately, this trading company is taking a role of a “medium” or a “middle-man” when investments are in question, and that is perhaps the reason for the lack of promotional activities on the website.
As we already said, MyDigiTrade is just a medium towards the Forex market and other brokerages, and that is why most MyDigiTrade opinions are confused with the purpose of this company. When it comes to banking options, they depend on the broker in question, i.e. the broker determines which payment methods you can use. However, most brokers support bank wire transfers and credit cards, and there are usually other solutions as well.
With a poor FAQ section and a website that contains very little information, MyDigiTrade Forex broker can not receive the highest grades for client satisfaction levels. Their customer support can be reached 24/5, and you could use e-mail or phone to get in contact with the staff at MyDigiTrade. Whether that communication will be fruitful and successful, remains to be seen.
The final word
After reading our MyDigiTrade FX broker review, you can see that this unusual company is trying to offer something new and different into the Forex world. However, social trading is growing in popularity because of some other specialized companies, and they can provide you with far superior services and higher quality than MyDigiTrade can.