Beware! Dang Kang is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Dang Kang says to be a forex and CFD broker offering over 50 forex pairs and a number of CFDs on gold, silver and some crypto coins, with a leverage as high as 500:1 and the MetaTrader5 platform.
Currency pairs include lots of minor and exotic ones like USD/DKK, USD/NOK,USD/SEK, USD/TRY, USD/HKD, USD/RUB, USD/SGD, USD/CNH, USD/MXN EUR/CZK and AUD/PLN, while spreads are advertised to start form 2 pips, which is slightly higher for our taste.
That however is not our main issue with Dang Kang, but the fact that they falsely claim to be regulated by the Financial Conduct Authority (FCA) in the UK, and there are a couple of fresh warnings against them.
Dang Kang regulation & safety of funds
Dang Kang or Dang Kang International Group says to be a UK based broker, licensed and regulated by the Financial Conduct Authority (FCA) in London, through a company named Dang Kang International Group Limited. That however turned out to be just a hoax.
Not only Dang Kang is not regulated by the FCA, but also the British regulator has issued a fresh warning against them, saying that Dang Kang is a clone website using the corporate details of a legit FCA licensed company – DK Finance Limited in an apparent attempt to scam investors. See for yourself:
On top of that the Financial Markets Authority of New Zealand also has blacklisted Dang Kang, pointing out a number of other websites they also use: http://en.dk-fc.com, http://en.dk-tnt.com/; http://en.fc-dkg.com/; http://en.dk-fca.com/; http://en.d-fca.com/
Dang Kang deposit/withdrawal methods and fees
Dang Kang says to accept payments in virtually all possible ways – e-wallets like Neteller, Skrill, QIWI, FasaPay, BPay and POLi, bank wire and credit and debit cards like VISA and MasterCard. That, however we were not able to verify.
Also Dang Kang does not mention what is their minimum deposit requirement. Just have in mind that with most brokers you will be able to open a demo account with about 250 USD.
And be aware of any trading bonuses as they are invariably linked to some minimum trade volume requirement, which quite too often scammers use as an excuse to cancel your withdraw requests.
How does the scam work?
If you have ever wondered how a scam scenario starts, the usual way is through one of the so called robo scam website sites like Bitcoin Profit and Brexit Trader where you might be tempted by some “irresistible offer” for fast and easy returns in exchange of a tiny investment with some “ground breaking” trading software, that is said to guarantee you huge returns, while you just sit back and watch. And if you get hooked and register, by filling the simple registration form with your e-mail and phone, in an instant you will be redirected to the web page of a unregulated, offshore scam broker, where you will be asked to deposit about 250 USD.
And your initial trades might seem quite successful and in just a few days the balance in your account will seem to have doubled. That however is just part of the scam. Fraudsters will be manipulating your trading account so that latter they will more easily convince you to invest more. And that is what you will hear on the phone. Your “senior account manager” will be telling you that if you really want to make some big cash, you will surely have to invest more – like at least 10 000 USD.
And believe it or not but in such a situation most people do invest that kind of money or at least as much as they can, and they never realize they have been scammed until the very moment they try to withdraw some of their funds. Than it suddenly turns out withdraws are not possible because of some minimum trade volume requirement, possibly linked to a welcoming bonus. The pretext for the cancellation of the withdraw request might certainly be different, but the result will always be the same – scammers will not pay a single dollar back.
What to do if scammed?
Your best chance to recover your deposit is to fie for a charge back with your credit card company. The good news here is that both MasterCard and VISA will allow you to file for a charge back within 540 days.
And if for some reason you have revealed to the scammers your personal banking details like your credit card number or online banking password immediately change the password and block your credit card.
And one final note. Do not accept any services by the so called recovery agencies. They will not help you in any way, except that you will be charged some fees in advance, ending up with even less cash.