Big words and nothing to show for it. This best describes the next broker we are about to review, DsTradesFX.com. The broker is interesting in that it combines a lot of flash and colorful material with basic and boring interface choices, which results in one rather strange package. The visual choices were the first issue we had with the broker. Next, we felt that there wasn’t enough information laid on the website. It’s limited and does not cover nearly enough as it should. Read the review for more points of interest.
The account creation process can easily be completed in a manner of seconds. What bugged us was that we never received a confirmation email from the broker, and we were thusly unable to fully create an account.
This happens quite often, especially with unregulated brokers, who block access to us because we are not sure depositors.
We will have to take all the trading details from the website, a source of information that we do not trust entirely!
The site reveals that the leverage is capped at 1:500. The alleged tradeable asset categories are forex currency pairs, commodities, and stock indices. We find no trace of a spread anywhere.
The website of the company seems to be available only to English speakers.
DSTRADESFX.COM REGULATION AND SAFETY OF FUNDS
DsTradesFX.com is allegedly regulated by the Cayman Islands Monetary Authority and by the Australian Securities and Investments Commission (ASIC). The home page also claism the broker to be licensed by the FCA, an equally laughable allegation. Now, we have absolutely no proof of any of this.
The Cayman Islands regulator shows no result of a DsTradesFX.com in its online database of regulated entities, and neither does ASIC. The same is applied to the false FCA license. In simple, terms DsTradesFX.com is licensed by neither of these agencies.
Moreover, the terms and conditions turned out to be quite useless, as they extensively covered the usage of user data by the broker. More than 20 pages of ways that the broker uses the user’s data. Not that we read it, but such an extensive account of how DsTradesFX.com uses personal user data is a clear sign that this broker is up to something shady.
In the legal docs, we find no confirmation of the aforementioned licensing claims. This just gives to show that the broker is not licensed by these two FX regulators.
The verdict is obvious: DsTradesFX.com is NOT REGULATED and thus the firm is a risk to all investors. Also, any personal data provided can be used against the user.
Never rely on unlicensed brokers. They are scams and will steal from you! Put your money where the real FX trading happens, with any FCA or CySEC regulated broker, or any other brokerage licensed by a legit overseer. All watchdogs demand safe and integral conduct and do not tolerate unlawful behavior. Moreover, the FCA and CySEC offer compensation schemes applied to users whose brokers cannot pay them back. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000.
DSTRADESFX.COM TRADING SOFTWARE
There is no solid proof that there exists a trading software. Yes, there are claims that one exists somewhere, but we find no links to it, either direct or download ones.
The way we have always thought, there are two options here. Either there is no trading software here, or there is the inclusion of one very simple and boring one that will get irrelevant in minutes.
DSTRADESFX.COM DEPOSIT/WITHDRAW METHODS AND FEES
The bottom of the home page claims that the payment methods are credit cards, debit cards, a bitcoin wallet, and Skrill. This is pretty much all the payment details that we were able to trace down. The following will be based on our own generalizations.
The most common minimum deposit requirement is $250. There are withdrawal fees especially with unregulated brokers, while other commissions may also appear.
The lack of payment details is a typical example of how scammer brokers function. Moreover, we cannot say that the aforementioned payment systems are in fact accurate. The broker might as well be offering only crypto payment methods!
DsTradesFX.com is a common unlicensed broker and a risk to all investments! Do not invest here!
How does the scam work?
The scam really works when the reps of the broker contact the user, either through a phone call or an email address. They will start asking for deposits all the while promising super profit gains. Those that deposit might even get a taste of false gains, whose true purpose is to compel the client to deposit more. These scammers know very well how to manipulate users. Their catalog of psychological trickery is vast, and their patience is unbreakable.
An initial deposit leads to a second one, a third one and so forth.
As for the methods of these fraudsters getting a hold of your phone numbers or email addresses, they are many, and most of them follow simple steps. It takes a false ad to convince a user to give her contact details. These false ads are very promising but ultimately misleading and very manipulative. You might have already seen them: luxurious cars and villas, carefree lifestyles, expensive items, and beautiful vistas. All are stock images to start your imagination and propel you to give away your contact address, and in the perfect scenario, to invest.
Once the client wishes to withdraw, either because she feels suspicious, or because she wishes to take out some cash from her profit, the broker will apply a number of very cheap techniques to make withdrawals impossible. For one, the scammer will close down the account, shut the entire website, or just not return phone calls and emails.
What to do if scammed?
If a user has lost funds by means of a credit or debit card, then the first thing to do is file for a chargeback. MasterCard and VISA have a chargeback period of 540 days.
Bank account swindles are harder to get bank but not impossible. First of all, change your bank account user name and password, and then call the bank to find a plan of action together.
Never invest with cryptocurrencies sin an unregulated broker. All such deposits are lost, and cannot be recuperated.
Also, don’t trust the self-proclaimed recovery agents. These are also scammers, and will ask you for a fee, and in return they promise to recover all your lost funds. Obviously, once this commission is paid you will never hear from them again!
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