DecFin review – 5 things you should know about decfin.io

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Beware! DecFin is an offshore broker! Your investment may be at risk.

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DecFin is not without a certain allure, albeit made for a purpose that serves only it and the people behind it. We are of course referring to the shady nature of this seemingly innocent broker. To play the innocent is not the oldest trick in the book, but is a trick nonetheless, whose main gain is users’ investments. Overall, we do not expect to e blown away by DecFin, or even slightly moved by it. What it is is your common shady broker, accompanied by most of the common scammer firm elements. Please read on to find out more.

It did not take too long to reach a point of no return. And this early in the review! We are referring to the broken registration page, which forces us to rely on the website for all the trading and payment conditions. Seeing that the broker is definitely not licensed, we cannot fully put our trust in the information that it provides.

Nevertheless, we read that the available tradeable assets are forex currency pairs, commodities, stock indices, and bonds. The leverage is capped at 1:100 for all currency pairs, and unfortunately, we were unable to find a EUR/USD spread.

The official language of the website is English, and there is no way of changing it.

DECFIN REGULATION AND SAFETY OF FUNDS

The supposed company behind the broker, a.k.a parent firm, named FENIX GROUP LLC, is abiding by the laws of Saint Vincent and the Grenadines. At this point, we wonder how it is possible for such a small nation, a cluster of islands at that, to be the world’s leading host of unlicensed brokers. The answers lie deep within its lack of an FX regulator. What our readers must know, is that DecFin is not licensed there. So if the firm truly operates from Saint Vincent and the Grenadines rest assured that it does so without an FX license!

A very noteworthy addition to this section of the review is the fact that the broker is blacklisted by Spain’s Comisión Nacional del Mercado de Valores, the country’s FX regulator. We must trust this regulator, and proclaim once and for all that this broker is definitely a scam!

One thing that we must mention is what we discovered while writing the review. It’s the website’s length, or rather its limited capacity to deliver information. This is a definite sign that carries the weight of illegitimacy.

Without a second’s doubt, DecFin is UNREGULATED, and a risk to all investors.

To deposit in an unlicensed broker is the equivalent of throwing your money away for no reason. We always say that the first thing to do when dealing with any broker is to check for a license; this should be your priority! Usually, we would go for either an FCA or CySEC regulated brokers or other respected overseers. These regulators all employ harsh rules and impose very severe penalties on those brokerages that do not abide by the scrupulous rules. Furthermore, some agencies, like the FCA and CySEC, include reimbursement schemes to all users of brokers under their wings. These compensation funds schemes, as they are called, are put into action once broker cannot pay their clients back to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.

DECFIN TRADING SOFTWARE

The proprietary platform that DecFin promotes is not available. For one, the link to a web trader is broken, while the download link for its desktop counterpart does not come with servers belonging to the broker.

We think that registered users will find either a third-party chart or a very limited web trader that does nothing.

DECFIN DEPOSIT/WITHDRAW METHODS AND FEES

The payment information is as vague as it gets. The broker mentions in the terms and conditions that it can add or remove payment gateways at its own discretion. The stable payment methods seem to be cards and bank transfers, although we cannot vouch for these either. The worst part of it all is that we were unable to find a minimum deposit value.

All clients who have carried a transaction are eligible for fees, which have not been disclosed but only hinted at, in typical scammer broker style. According to the terms and conditions, the minimum withdrawal is $50. There is also a 5% charge that is applied to all users who have made less than 5 trades, but it too is covered in ambiguity.

DecFin is nothing more than your average scammer broker that is after as much as it can grab. Do not invest here!

How does the scam work?

The straightforward way into an investment scam is through the thousands of online ads that flood our browsers and social media sites. These are those familiar ads that promise impossible returns and luxurious lifestyles as a result of investing.

Succumbing to such ads will lead to either the scammer investment site, or to an intermediary source with close ties to this and other fraudulent websites.

In either case, the user will be asked to provide a phone number and probably an email address. The purpose of these is for the reps of the scam to be able to contact the client and push for initial investments. This is the first wave of the fraud, and is usually done by the rookie team.

The second wave is the pros, sometimes those behind the whole scam. These are charming and cunning individuals, whose communication skills can potentially result in the users to invest a second, or third, or even fourth time.

Basically, the scam continuous until the client realizes that she is being scammed. At that moment, when she wishes to withdraw or has questions for the scammer, it is already too late.

The culprits will easily ignore all requests or stall them. There are times when unlicensed brokers even terminate entire accounts, and on rare occasions entire websites are closed!

What to do if scammed?

The safest way to get your money back is to file for a chargeback using your credit or debit card provider. MasterCard and VISA have a chargeback period of 540 days. However, this only applies if you have deposited through a card.

Wire transfers are more difficult to reimburse, although some banks may have a specific plan for such times, so we advise users to directly contact their banks and ask them for help. What’s crucial is for users to change their bank account user names and passwords as soon as possible.

As for any funds invested through a cryptocurrency wallet, be sure that they are lost! Crypto transfers are untraceable!

And finally: never trust recovery agents or agencies. These are fraudsters who will ask for money in return for nothing. Do not trust these!

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-13

Reviewed Broker

DecFin

Broker Rating

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