Beware! DGXLTD 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.
DGXLTD claims to be one of the big names in the forex industry, offering over 1000 trade instruments, including currency pairs and CFDs on stocks, commodities, indices and crypto coins, all of which from a single wallet, with a choice of six account types, leverage as high as 1:400, generous trading bonuses and the MetaTader4 platform.
That may sound as a great offer was it not for the fact that DGXLTD turned out to be a unregulated broker with a fresh warning from the Austrian Financial Markets Authority and no functional trading platform. So if you are considering whether to invest your funds with them, think again and make sure to read the following review first.
DGXLTD regulation & safety of funds
DGXLTD says to be owned and operated by Securex Plus Solutions EOOD, a company registered in Bulgaria.
Bulgaria is an EU country, so any financial service provider registered there, should also be licensed and authorized either by the local Financial Supervision Authority (FSA) or by a similar official regulator from another EU country. And as we already noted DGXLTD and the company behind them does not have a license whatsoever, which makes their operations in EU completely illegal.
Trading with a unregulated broker has always been extremely risky, because most unregulated brokers are simply involved in scam. In this case however, things are even worse, because DGXLTD is blacklisted as a scam by the Austrian Financial Markets Authority. You can see the warning here:
So when choosing a new broker make sure it is properly regulated – this is the only way to know that your funds are safe, and you can withdraw them at any time, without any obstacles. Besides, take a note that most international brokers are licensed by either the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or ASIC – the Australian Securities and Investments Commission – the three most popular regulatory destinations in the industry.
DGXLTD deposit/withdrawal methods and fees
DGXLTD accepts payments with bank wire, BPay and credit cards like VISA and MasterCard, but not some popular e-wallets like Neteller and Skrill. This, however is not our main issue here, but rather the highly unusual fees DGXLTD is charging it clients – to start with there is a profit clearance fee, a monthly maintenance fee, as well as a 3,5% service fee charged on all withdraws.
Also, be aware that DGXLTD will charge you a 50 USD monthly, dormant account administrative fee, if you have not traded for just 60 days. Bear in mind that legit broker may charge you a dormant fee only after a year.
Finally, we should note that DGXLT says it will take them 7 business days to process your withdraw request, while with legit brokers that usually happens within 24 hours.
Otherwise the minimum deposit requirement is 250 USD, which is in line with what most other brokers would also ask for.
And be aware of trading bonuses as well. Trading bonuses are always liked to some additional withdraw conditions, like a minimum trade volume requirement, which scammers love to use as a pretext to cancel your withdraw requests. That is also the reason why trading bonuses are prohibited on regulated markets like the EU altogether.
How does the scam work?
Scammers do not spare resources. They use call centers, and various advertisement techniques including the so called robo- scam websites like Bitcoin Revival and Bitcoin Profit which are basically designed as traps for all who are naive enough to believe that they can multiply their funds in a matter of days, with some top notch, automated trading software, which is supposed to generate spectacular returns while they sit back and watch. And all that you will be asked in the beginning will be to leave your e-mail and phone in a simple registration form, which than will lead you to the web page of some unregulated, offshore broker, where you will be invited to deposit about 250 USD.
And trading with the scammers will look like a lot of fun, at least in the beginning. All of your trades will be profitable and pretty soon the virtual cash in your account will seem to have doubled. That however will not be real – your account will simply be manipulated with the sole intention that latter you will be more easily convinced to deposit a larger sum. And that is exactly what your senior account manager will be trying to convince you: if you really want to make some real cash, he or she will tell you, you will surely have to invest at least 10 000 USD or so.
And quite too many people do invest as much as they can, without realizing they are victims of a scam until the day they decide to withdraw a portion of their funds. Than out of the blue they will be told they are not eligible to withdraw, because they have not met some minimum trade volume requirement, possibly linked to a trading bonus. Whatever the excuse, you could be sure that scammers will not pay a single dollar back.
What to do if scammed?
If you have paid with a major credit or debit card like VISA or MasterCard, you still have a chance to get your deposit backs. In case you get scammed, both VISA and MasterCard will allow you to file for a charge back within 540 days and this is definitely good news.
Also, be aware that scammers will even try to steal money directly form your bank account. So if somehow you have been tricked into revealing your credit card number and online banking password, immediately change the password and block your credit card. And if scammers have made you install a remote control, desktop sharing program like TeamViewer or AnyDesk, be sure to delete the program as well.
And one final warning. Do not trust the so called recovery agencies if you get approached by one of them. The only thing that will happen is that you will have to pay some fees in advance. Those people will not get your money back, and basically you will be scammed a second time.