Dutchrate review – 5 things you should know about dutchrate.com

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

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Dutchrate claims to be the most trusted fintech company of the year 2021, a claim that is beyond bold. Yet, it does seem like Dutchrate still holds on to its FX trading services very tightly. So much so, that is seems to be a broker and not a fintech company. Does it even know what finctech stands for? And if so, is it ware of the hardships and challenges faced by such companies. No! Despite the ultra slick look, Dutchrate remains nothing more that a shady brokerage, probably offshore, backed by a couple of dubious individuals whose goal is to steal money. It’s the same old story told once more.

Unfortunately, Dutchrate is one of those broker that we just couldn’t get into. The signup process was easy to fill, but for some reason the broker never allowed us to go forward. The “complete” button was always blocked to us. We can speculate on and on as to why that is, with the main theory that Dutchrate just doesn’t want to waste its time with non-depositors. In other words, it accepts only those that it deems worthy, i.e those with money to spend.

Without accessing the user area, we have no choice but to rely on the website for all of the trading and payment conditions. Please note: the website of Dutchrate, although elegant, is not to be trusted with sensitive info. What we are about to reveal may not be true!

The website alleges that users can trade with forex currency pairs, commodities, stocks, ETFs, and cryptocurrencies. The EUR/USD spread, as per the relevant sub-section of the broker’s site, is said to be 3.1 pips. This is way too high to be of any profit. The leverage’s value was at a very high rate of 1:1000, making it very dangerous.

The website of the company is available exclusively in English.

DUTCHRATE REGULATION AND SAFETY OF FUNDS

Dutchrate falls into a category of offshore brokers whose shared characteristics as anonymous is their biggest thing in common.

Yes, the terms and conditions mention the Arab Emirates as a potential address, but this country is a serious FX trading center, and all brokers have to pass through the scrupulous process of being licensed by the Central Bank of the United Arab Emirates (CBUAE). Safe to say, there is no mention of the broker is the registry of the CBUAE. Thus the broker is not regulated there!

And we come back to the anonymous nuisance. Dutchrate does not hint at any other location, and to speak of a potential license at this point is just laughable.

There isn’t a moment’s doubt in the following assertion: Dutchrate is NOT LICENSED and is thus a risk to all!

Always go for FCA or CySEC regulated entities when you have the chance. On the other side of the spectrum, never invest in unregulated brokers, for they will take all your money and never return it. License issuers employ an array of rules and restrictions to keep all their brokers docile. Moreover, overseers are capable of penalizing brokers by applying a plethora of different fines. Moreover, some regulators, most notably the FCA and CySEC, offer compensation schemes applicable to users whose regulated brokers cannot pay them back. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000.

DUTCHRATE TRADING SOFTWARE

The broker reveals two trading platforms: the MT5 and Heatbeat, a social trading software. However, it does nothing to actually showcase these terminals. There are no direct download links, nor are these browser versions of them anywhere.

As far as we’re concerned, Dutchrate offers neither of these. Instead, we believe it comes with some very sloppy web trader. As most unregulated brokers do.

DUTCHRATE DEPOSIT/WITHDRAW METHODS AND FEES

There is no payment information disclosed anywhere on the website of the brokerage. This is a common move on the part of a scammer broker.

Actually, the only thing we do get, and it took us some time to find it, is a $300 minimum deposit requirement.

As for the payment methods, withdrawal processing times and fees, there is nothing. We can tell you that the most common payment methods are credit/debit cards, bank transfers, and alternative methods, like crypto wallets.

In conclusion, Dutchrate  is unlicensed and a risk to all deposits. It’s also a waste of time. Do not invest here!

How does the scam work?

The ironic thing about the scam is that it is very simple to deconstruct.

It all starts with users being persuaded by fake ads that lead to either a scammer broker site or an intermediary website.

Either source will require a phone number or email address by means of which the scammer will contact the user.

The other side of the line will be a representative of the unregulated broker/investment scam asking for a preliminary deposit, one that will open the user up for more investments in the future.

If the client deposits this first sum, then she has fallen into the trap, and will never see her money back.

What follows, is a second wave of much more persuasive scammers whose job is to charm their way through the users’ funds by asking for more deposits. They will promise you huge returns, and probably have proof of the client accumulating profit, but they will never encourage withdrawals.

Once the user wishes to withdraw the reps of the scam will do everything in their power not to allow the user to do so. The excuse/tactics are many: shutting the website, closing down the account, stalling, not answering the client, etc…

It’s only then that you will realize you have fallen victim to an investment scam.

What to do if scammed?

File for a chargeback! Unfortunately, this only applies to cases where a user has deposited via a credit or debit card. Do note that MasterCard and VISA have a chargeback period of 540 days.

If money was invested, and lost, through a wire transfer, then the user should change her user name and password on her bank account. Then the defrauded client should contact the bank and try to find a solution together to the problem.

As for funds lost through cryptocurrency-related deposits, well, they cannot be brought back, unless the scammers themselves decide to.

There remains another threat in the form of the so-called recovery agents who promise to return all lost funds in exchange for a service fee. This commission is, of course, non-refundable, and once it is paid, the user will never hear from these second-hand scammers ever again.

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