Dividendcare Review – 5 things you should know about dividendcare.com

Dividendcare Review – 5 things you should know about dividendcare.com

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

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Dividendcare is a unregulated forex and CFD broker, which claims to be based in Honk Kong and was recently blacklisted by the Spanish financial authorities for illegally targeting EU customers. Otherwise they offer three account types with seemingly competitive spreads, leverage as high as 1:500 and the MetaTrader4 platform.

The lack of credible regulation, however raises some very serious questions, so if you are thinking about depositing you funds with them be sure to read the following paragraphs.

Dividendcare regulation & safety of funds

Dividendcare says to be based in Hong Kong, but they are not regulated by the local Securities and Futures Commission (SFC), as they should be. Instead, the broker and the company behind it – Dividendcare Limited, claim to be licensed by an entity called International Commission of Financial Services, which when we checked, turned out to be just an anonymous website with a contact address on St. Vincent and the Grenadines.

Just bear in mind that such a “regulator” is in no way comparable to the well respected institutions, regulating the industry such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

So in practice, as we already noted, Dividendcare is not a regulated broker.

On top of that it also turned out that in the beginning of April the Spanish National Securities Market Commission (CNMV) has blacklisted Dividendcare for illegally targeting EU customers. See for yourself:

Bear in mind as well that trading with unregulated brokers is virtually a recipe for a scam. The problem with all such brokers is quite simple – they are completely unaccountable for the way they handle your money.

On the other hand licensed brokers can be trusted because of the strict regulatory oversight. On top of that with EU regulated brokers you will even get an insurance on your account, which in the case of FCA in the UK will cover 85 000 GBP of your funds.

Dividendcare deposit/withdrawal methods and fees

Dividendcare accepts payments with major cards like VISA and MasterCard and bank wire. They do not mention, however anything about popular e-wallets like Neteller and Skrill, and that is worth noting, especially because of the new anti – scam, policy adopted by Skrill, according which only brokers, holding legit licenses are allowed to use Skrill. As we already noted, Dividendcare is not a licensed broker.

And besides they have an absurdly high minimum deposit requirement – 10 000 USD, while with most brokers you will be able to start trading with about 250 USD or so.

How does the scam work?

You may be amazed by the amount of resources scammers employ to trick gullible investors into their schemes. For example they use call centers in places like the Philippines and Eastern Europe, the social networks, and specially designed promo websites like Crypto Revolt and Bitcoin Evolution, which we call robo scam websites.

And if you happen to land on one of those, you may be tempted by a video ad with some too – good – to – be – true offer for fast and easy returns in an exchange of a modest investment – of course everything completely risk free. And if you get hooked and do fill the simple registration form you will be promptly redirected to the web site of an offshore unregulated broker, where finally you will be asked to deposit your first 250 USD.

And take a note that your first trades with the scammers might seem like a lot of fun. You will be making a lot of money, at least that is what you will see in your account and in just a few days your funds will almost double. That however will not be real. Scammers will be simply manipulating your account with the idea to trick you to deposit a more solid sum.

And you will be getting phone calls as well. It will be your “senior account manager”, who basically will be trying to convince you to deposit like 10 000 USD, “if you really want to make some real money” – that is what he or she will tell you.

And believe it or not but most people do invest that kind of money, without ever realizing they have been scammed until the very moment they decide to withdraw some of their funds. Then it will suddenly turn out that they can not withdraw, because of some minimum trade volume requirement, possibly linked to the welcoming bonus they have so carelessly accepted.

The excuse might certainly be different, but the end result will always be the same. Scammers will not give you a single penny back.

What to do if scammed?

Honestly in case you have been scammed, your chances to get your funds back are pretty slim. And yet your best veniew for action is to file for a charge back with your credit card provider. Fortunately, both VISA and MasterCard currently accept charge back requests within 540 days after the payment. And yet, do not waste any more time and file your request right away.

And if somehow scammers have managed to get to your banking details like your credit card number or online banking password, immediately change the password and block your credit card.

Finally, do not accept the services of the so called recovery agencies. They will not help you in anyway, but will simply collect some payment in advance and basically that is how the story will end.

Rich Snippet Data
Review Date
Reviewed Broker
Dividendcare
Broker Rating
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