Beware! diziCX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
diziCX says to be offering the lowest spreads in the industry with a choice of six account types, including a managed one, leverage as high as 500:1, over 200 trading instruments, among which a variety of forex pairs and CFDs on indices, precious metals and crypto coins.
And we were promised a MetaTarder5 – one of the most powerful platforms on the market, but we never got it – there is no option to download the platform on the website and we were not given access to the platform even after we completed our registration.
And that is why we were not able to taste the diziCX trading conditions either. They do promise seemingly attractive spreads with some of their accounts, but if that can not be verified, it simply does not count.
But that is a minor issue, compared to the fact that this is a unregulated broker, which basically means they can handle your money the way they please.
diziCX regulation & safety of funds
diziCX says to be based in the Democratic Republic of Congo, and to be represented by a company called Dizicx Limited. In their Terms of Business, however, they also say to be registered in the United Kingdom, so the broker’s background is a bit shady.
And if they are truly registered and incorporated in the UK, they should also be registered and regulated by the local Financial Conduct Authority (FCA) – one of the most respected and best known regulators in the industry.
So we did check the FCA registers for any trace of Dizicx Limited and diziCX, but were unable to find them there, which means diziCX is a unregulated broker, with no legal right to target customers on regulated markets like the UK, the broader EU, Canada, the U.S., Japan or Australia.
And because this is the only way to avoid getting scammed, be sure to trust only properly regulated brokers, like the once you may find in the FCA registers, or in the registers of the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC).
diziCX deposit/withdrawal methods and fees
In their Terms of Bussiness diziCX explicitly states that they are market makers, while in the same time they offer what by all means looks like a managed account – they call it MAM or PAMM account, but it is what it is.
So what possibly could go wrong with a managed account. Proven social trading platforms like Zulu Trade, where you follow the trades of a broker with proven record are one thing, while market makers like diziCX another. Remember that market makers simply make money, whenever traders lose. So if a market maker offers to manage your money, this is call conflict of interest.
Also, as it seems diziCX are more than unhappy, if someone files for a charge back. See for yourself:
Otherwise you can easily file for a charge back at your local bank, if you have paid with VISA or MasterCard.
Finally, diziCX are offering trading bonuses and we do not like this as well – bonuses are controversial, because they always come with strings attached – additional withdraw conditions, which scammers handily use as an excuse to cancel your withdraw requests.
How does the scam work?
Most people are not aware, how refined and professional scammers have become in the recent years. They employ call centers in places like the Philippines or Ukraine, where they use aggressive marketing to target victims, first on social channels like Facebook or Instagram all over the internet, and then the by phone, when you they get to your GSM number.
Also popular are the so called robo scam websites like Bitcoin Revival and Bitcoin Profit, designed especially to trap gullible investors with promises of fast and easy returns, with ‘zero risk’ and guaranteed profits. Such is the message you will hear from the professionally cut video ad those websites are usually build around.
And then you will be offered a simple registration form with only your e-mail and phone to fill. After you register, usually you will be transferred instantly to the webpage of a unregulated, scam broker, where finally you will be asked to deposit about 250 USD.
Now, trading with the scam broker might seem like a lot of fun in the beginning – at least until you keep on depositing cash. And your initial trades will probably be unexpectedly successful and pretty soon your 250 USD will more than double. That however will all be part of the scam – fraudsters will be manipulating your trading account, so that latter you will be more easily convinced to deposit a larger amount. And that is exactly what your senior account manager will be telling you all the time – if you want to make some real cash, you will surely have to deposit at least 10 000 USD.
You will be surprised how many people at that stage do deposit that kind of money, without realizing they have been scammed until the very moment they decide to withdraw some of their funds. And then, out of the blue they are tolled this is not possible, because of some minimum trade volume requirement, possibly linked to some trading bonus. Certainly the excuse might be different, but the end result will always be the same – you will not be seeing a single penny back.
What to do if scammed?
Possibly the only venue you have to get your money back is to file for a charge back with your bank, in case you have paid with VISA or MasterCard. Fortunately both VISA and MasterCard will allow you to do that within 540 days – that is according to their latest anti- scam policy.
And beware of scammers, who might try to steal money directly from your bank account. That could happen if you have shared with them your personal banking details like your credit card number or online banking password. That could happen as well if you have been tricked into installing TeamViewer or Any Deck – remote control applications that will give scammers access to your PC.
And one final word of advice. Do not trust the so called recovery agencies. They will not help you in any way, except that you will have to pay some fees in advance. Basically you will be scammed a second time.