I recently downloaded the demo platform from dbfx.com. I downloaded it because I saw the name Deutsche Bank and figured the biggest player on the foreign exchange interbank market level would have to be running a legitimate and trustworthy enterprise; and with my concerns about FXCM, I would be happy if I came across a more reputable broker before going forward and signing up with FXCM.
But when I tried to launch the dbFX platform today I was surpised to discover that they are using the exact same trading platform as FXCM. Theirs just uses a different skin. One the one hand this is good because it means I am already familiar with the dbFX trading platform; but on the other hand, how come Deutsche Bank is using the very same trading platform as FXCM? I was curious so I did some checking and came across an interesting discussion about Deutsche Bank’s dbFX.
I guess different brokers can use the same platform. It might just mean that the brokers didn’t bother to go and design their own platform that’s specific to their service but they might be using a third party platform, in which case it doesn’t necessarily mean that Deutsche Bank and FXCM are in any way affiliated. The trading station is a nice platform. Some of the platforms I’ve tried, like CitiFX Pro would probably benefit from using the trading station themselves. They’d get more of what brokers want: fools like me.
I found some of the comments left on the message board discussion about Deutsche Bank and FXCM pretty interesting, but I think possibly this might just be a harmless case of dbFX and FXCm using the same platform rather than that there’s something sinister at hand whereby the two brokers are connected but pretending not to be affiliated.
I am starting to think that much of the fuss over forex brokers being underhanded is arising out of failure on the part of traders to understand just how forex trading works in the retail sector. Not that I am some expert who can tell you how it works, but it just seems to me as if traders think brokers are supposed to be out to help them make money. But from what I can tell the brokers are only providing the medium through which retail traders can participate in the forex market. You go in, you accept everything that comes with being part of the world of online currency trading. Everyone’s in there to make money and no one is going to make it a concern much less a priority to try to help you make money. That’s why they tell you play at your own risk.
As for opening an account with Deutsche Bank’s dbFX instead of Forex Capital Market’s FXCM, I’m not sure Deutsche Bank will work. Their minimum deposit is $5000 and I’ve decided I won’t deposit the full $5000 I’ve borrowed all at once. This way if things prove disastrous I will not have lost the whole thing. I’ll make deposits in stages based on how things turn out.