A CNMV warning is enough to know that DealFX is a scam. The platform tries to hide behind false claims that industry regulators fully endorse. Residing in Lithuania, Deal FX is trying to penetrate the European market, but their steps have been halted. The broker claims to offer 0 percent in commission with a 100 percent welcome bonus. Before signing up with them, there are a few things to consider. Learn more in this vivid DEALFX Review.
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On their about us page, we get to learn what the broker claims to offer. You should note that the default language is Spanish hence the CNMV intervention. Most of the victims are from Spain, and thus, the regulator had to step in.
The broker claims that the goal is to provide the best trading experience for clients. It would be nice if this were true, considering how well they have designed the website.
It’s one of those good-looking websites that easily entices the eye. Apart from the well-designed website, there’s nothing good about the platform. Empty claims and features are what these scam artists are using to attract newbie traders.
Claims such as having a financial team behind your trading and high liquid assets are what you find. The team behind this platform has been trading for a while.
Assets and trading instruments
Four assets are found on the platform, including CFD commodities, forex, indices, and shares. You can trade CFDs with spreads from 1 pip with gold and oil being their top-seller. The broker claims to have 50 currency pairs with and offer leverage of 1:500. That’s another red flag as the leverage this high leverage is a risk.
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Most regulators in Europe have set 1:30 as the preferred maximum leverage. You get 20 indices with a maximum leverage of 1:125. Get stocks from FAANG companies with maximum leverage set at 1:10.
Awards the broker claims to have
Just above their disclaimer, you get to see various accolades the broker claims to have won. The accolades date back to 2015 all the way to 2017. Evidence will show that these are false claims meant to entice newbie traders.
None of the accolades has the name of this broker. You can clearly see that these are award logos that you can download easily from the web. The broker tries to make themselves look prestigious in the eyes of investors.
Details on who operates and runs this website remain a mystery as this is an anonymous website. Claims that the broker resides in New South Wales, Australia, is nothing but lies. We don’t believe it, as the default language is set in Spanish.
These are clearly offshore brokers trying to penetrate the Spanish investor market. The broker would easily have gotten away with it, but the CNMV had other things in mind.
DealFX License and Registration Status
DealFX is by far an unregulated entity, with the CNMV confirming this case scenario. The regulator issued a stern warning to investors who sign up with the platform. Due to the numerous cases lodged against it, there’s no safety of funds.
Even their terms and conditions do not indicate whether the platform is legit. The broker clearly hides this vital information from investors. You will be joining a platform that has not complied with trading regulations.
We expect a broker to be transparent with their license status. It helps to know whether a broker is valid or not.
These brokers will openly show you the progress and send copies of their license documents. DealFX clearly fails to inform users of their status, which is undermining the investor. Members are left at the mercy of these scam artists who do as they please.
Domain background and history (dealfx.net)
According to domain checker tools, the platform is barely a year old. As of publishing this post, the website was 298 days old. The exact date the platform went live was June 10, 2020. What this means is that there’s no way the broker received any award.
All of their awards date back to when the platform was not available. That’s one of the many red flags that we spot with the broker. We will also raise other concerns regarding this broker.
Features of DealFX
DealFX is furnishing users with four account types to choose from. The accounts include Gold, Silver, Diamond, and Standard account. For standard account holders, they must deposit $500 to start trading.
This is double the amount set by industry regulators. Most of the account features are similar except for the welcome bonus. Everyone gets a personal assistant, which is another scam plot. None of these assistants have any trading expertise, and they are call agents.
The regulators are against brokers who offer bonuses for one simple reason. These brokers will use the bonus as leverage to block attempts for withdrawal. You will have to pay back the amount of the deposit on your account.
These brokers want a new deposit, and your account won’t be used to offset the balance. That’s why you get calls urging you to deposit so that they can allow withdrawals.
Although the broker offers a demo account, it’s of no use. The demo account seems to make 90 percent of the trades work in favor of the user. Scam artists rig the results by programming the results to favor the user.
Those using the demo account are led to believe that they can actually win with the platform. It’s all a hoax that is meant to drive more and more users into the fray. Be on the lookout for such demo accounts with an over 90 percent success rate.
Deposit and withdrawal
Depositing funds with any online investment is easy and fast. The entire process takes less than five minutes to complete. You will find that almost every channel is possible, bank and wire transfer, Bitcoin, and others.
Withdrawing funds with this broker remains to be the biggest hurdle facing members. For the past few months, no one has come out with proof of withdrawing funds from the platform.
Safety of funds with DealFX
There’s no safety of funds with a broker that is already on the blacklist of CNMV. The warning is as a result of several complaints lodged against the broker. You better stay away from this platform.
Scam or Legit DealFX
DealFX is a scam that is waiting to pounce on unsuspecting investors. These are scam artists who will do or say anything to make you believe their shenanigans. Please stay away or else risk becoming the next victim.
With the broker already on the blacklist of a trusted regulator, we won’t be recommending them.
Instead, we urge you to use reliable experts who have years of experience. These brokers offer fairness and transparency in all their services.
We wish everyone a happy and prosperous trading experience.