DDMarkets claims to be a top-rated signal service. According to the vendor, it provides accurate and transparent signals based on extensive experience, analysis, and research. However, since vendors often make false claims, we must analyze the different aspects of the service to gauge its reliability.
How DDMarkets EA works
On the official website, the vendor makes a detailed presentation, detailing how the system functions and explaining the signal methodology. We also have the details of the pricing plans, but noticeably, there are no links to verified live trading accounts. There are separate tabs containing contact information and strategy insight.
There is very little information on the parent company apart from the year of foundation. We don’t know where the headquarters of DDMarkets is located or who are the developers and traders working for the company. Thus, we are not at all impressed when it comes to vendor transparency.
With all signals, DDMarkets includes take profits and stop losses. It calculates risk/reward ratios and trading duration after conducting market analysis. It aims for a risk-reward ratio of 1:3. The take profits and stop losses are wider for relatively volatile pairs such as GBP/NZD.
DDMarkets only provides a single take profit order. Depending on the circumstances, it may advise exiting the trade prior to the take profit point. In case there are consecutive profitable signals, the system alerts traders against over-leveraging. The vendor recommends trading on longer timeframes and claims that they are more accurate since fluctuating market conditions affect intraday trading.
For day trading, DDMarkets uses the Moving Average (MA) indicator. It uses 21MA and 100MA and once the former crosses the latter from above, a sell signal is generated. DDMarkets generates a buy signal when 21MA crosses the 100MA from the bottom. Now, Moving Averages can be profitable in certain types of markets and lead to disastrous results in others.
Another strategy applied by this signal is price action. It looks for bearish and bullish engulfing patterns on the trading charts. Sometimes it also applies to fixed strategies when the financial institutions announce price changes for currencies. Since DDMarkets is not an automated trading system, the vendor has not shared the backtesting results.
DDMarkets trading results
The vendor has not shared the verified live trading results on the official website. Hence, we had to conduct our own research to find this trading account. As you can see, the trading results have been discontinued since August 20, 2016. During its short stint in the live market, DDMarkets performed horribly, suffering a total loss of $37061.96.
It placed only 204 trades through this account, managing a win rate of 8%. Thus, it does not come as a surprise that the vendor chose to discontinue trading through this account. It has an extremely high drawdown of 99.91%, and thus it is evident that the system was trading with high risk. The daily and monthly gains for this account were -0.29% and -95.57%, respectively, while the profit factor was 0.06.
Pricing & refund
There are two main pricing plans DDMarkets. The first one has a duration of 30 days and it costs $138.70 per month. For the second plan, you have to pay $392.40 per quarter. Both of these plans are quite expensive and both of them offer global trade alerts and intraday strategies. You also get instant notifications via email.
If you only need the global trade alert, you can choose between the 14-day, 30-day, and 90-day plans which are priced at $59.90, $87.40, and $230.60, respectively. There are 14-day and 30-day plans for intraday strategies as well. The vendor does not offer a money-back guarantee for these plans.
On the Trustpilot website, we came across several customer reviews on DDMarkets. One user claims that their first 5 trades with this signal provider ended in losses. They also claim to have suffered a loss of 500 Euros and have expressed their displeasure at the response provided by the customer service team. It seems like this signal provider does not have a stellar reputation among Forex traders.