Beware! Dalsari 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.
At first glance, Dalsari’s website looks just come il faut with all the appropriate garnishes denoting that this is indeed a website for forex trading. However, we are going to look at some key features and advise you whether it is a legit forex broker or a wolf in sheepskin.
Dalsari Regulation and safety of funds
When looking at forex brokers’ website, the rule of the thumb is to check first if the company is registered and regulated by the financial services authority of the respective jurisdiction. As the address shown on the website is in London, UK, we searched the register of the Financial Conduct Authority (FCA) which is the official body that regulates forex brokers in the UK. This forex broker was not in it, as you can see from the image below. This is proof that Dalsari is a non-regulated and non-legitimate forex broker. Trading with unlicensed forex brokers will expose your hard-earned money at risk and we advise you not to engage in any trading activities with this broker and not to entrust any funds!
If you are considering joining a forex broker you should know that the best course of action is to select one from the well-established jurisdictions around the world where forex traders have some protection against scammers and a guarantee for the safety of their funds. The US, Australia, the EU and the UK are the best places to look for a licensed broker. In all these jurisdictions, brokers must keep their clients’ accounts separately in tier-1 bank establishments and report their transactions on a daily basis to avoid fraud. In addition to that, these brokers must be well-capitalised which among other things serves as a wall against scammers. For example, in the US, the jurisdiction with the highest initial capital required from brokers, the amount is $20 million followed by Australia where brokers must provide an initial capital of no less than 1 million AUD. In these two jurisdictions, there are no compensation funds or schemes to refund clients in case the broker goes bankrupt but being well-capitalised serves to some extent as protection of clients against such unfavourable events.
If we look at the EU and UK requirements for forex brokers, we see that they have to deposit an initial capital of 730,000 EUR which is not as high as the one in the US and Australia. However, in these two jurisdictions, there are compensation funds and scheme to refund traders if the broker is declared insolvent. Clients of a licensed broker regulated by FCA that contributes to the local Financial Services Compensation Scheme will be able to get up to 85,000 GBP per person if their broker is bankrupt. In the EU, brokers regulated by CySec that contribute to the local Investor Compensation Fund will be able to guarantee a refund of up to 20,000 EUR per person to their clients.
We doubt you’ll be able to find better trading conditions than those or more reliable brokers, so please do your homework, use the links above and find a licensed broker that will best serve your needs.
Dalsari Trading software
Dalsari is a forex broker trading in forex, metals, stocks, indices and cryptocurrencies. The trading software offered to its traders is a web trader (image below). On the left-hand side, you see displayed the menu for the forex currency pairs with their bid/ask price. In the middle, you can see the chart of a selected currency pair with the price fluctuation in a given time frame. In this case, we have the EUR/USD currency pair. In the far-right, you see more trading information about the same forex pair, as well as the buy and sell buttons. From the bid/ask price of the EUR/USD pair, we find out that the spread is 0.8 pips. This spread is not high and is a bit below the industry average which means that it is beneficial to traders as the cost of transactions won’t be too high and they will be able to make a sustainable profit in the long run. However, we are alarmed to see in the accounts information on this broker’s website that the leverage can go as high as 1:300 (Mega account). Trading with such high leverage may look like the cherry on top of the cake with a promise for a big win. However, you should be aware that high leverage increases the risk exposure of your funds. It is not by chance that in some jurisdictions, such as the EU and the US, there is a cap on leverage to prevent traders from engaging recklessly in high-risk transactions. In the EU, licensed brokers cannot offer leverage higher than 1:30 and in the US, higher than 1:50. Australia, the only well-established jurisdictions where traders can enjoy high leverage will soon follow suit (March 2021) and impose the same cap on leverage as the EU for the major forex currencies.
Please hear our advice and do not trade with brokers offering high leverage as it is sure that you will lose a lot in the long run.
The web trader offered by Dalsari is not one of the high performing trading platforms. We advise you to look for a licensed forex broker that offers either MetaTrader 4 or MetaTrader 5 trading platforms. They are considered the Rolls-Royces in the forex trading software for their long-proven advantages, such as a demo account which newbies can use to learn and practice forex trading, a financial calendar, VPS, code base with customs scripts, an app market, trading signals, etc. Forex brokers around the world sware about these two platforms and the fact that around 80% of the brokers use those platforms sends a clear message about the excellent qualities of MT4 and MT5.
Dalsari Deposit/Withdrawal methods and fees
To its clients, Dalsari 3 offers trading accounts – Standard, Premium and Mega. The minimum initial deposit for the Standard account is 250 EUR. To deposit their funds, clients have a choice of different payment methods, such as Bitcoin, credit card and wire transfer.
The minimum withdrawal amount for wire transfer is 250 EUR/USD/GBP and for any other methods, it is 100 EUR/USD/GBP. It seems that there rather a lot of withdrawal fees. For example, the fee for a wire transfer is 50 EUR/USD/GBP, for credit cards, it is 25 EUR/USD/GBP plus a processing fee of 10 USD/ 7 EUR/ 5 GBP. Should the trader choose ePayment, the fee will be 25 EUR/USD/GBP. In addition to that, if the client wants to withdraw funds before executing more than 200 in turnover, then an additional 10% of the withdrawal amount will be deducted.
The withdrawal request processing time may take from 2 to 5 business days.
For accounts that stay inactive for a period of 6 months, the company will charge a 10% monthly fee. Charging a percentage rather than a fixed amount is not beneficial to the client. Normally, licensed brokers will charge a fixed fee rather than a percentage.
As you can see from all of the above information, the deposit and withdrawal methods and conditions are not the best ones and you should seriously consider whether you want to trade with this broker or not.
As part of its policy, this broker offers bonuses or the so-called non-deposit funds which are funds belonging to the company, not the clients and they are subject to certain requirements. In this case, if the client accepts a bonus, then he/she must trade 30 times the volume of the deposit plus the bonus amounts before being eligible to withdraw the bonus amount. This is not easily achievable and we advise you to avoid accepting bonuses no matter how tempting it may look. Also, we want you to know that licensed brokers never offer bonuses or other non-deposited funds and that is the difference between them and the non-legit brokers.
How does scam work?
A lot of people get scammed in different scammers’ schemes not because they are naive but because scammers are masters of persuasion and manipulation. It all starts with unsolicited telephone calls or a flashy ad on the Internet or social media. Sometimes people give up to temptation and invest money in shady schemes made to look legit and attractive and always promising quick and easy money fall. Once you deposit money into any of these schemes, you reach a point of no return! Your money is gone down the scammers’ food chain and you’ll have a lot of trouble recovering it. Scammers will do anything in their power to delay you, so you miss the opportunity to file for a chargeback. They will ask you for this and that document and will find hundreds of reasons not to let you retrieve your money. The trick with offering bonuses in forex trading is one of those as your funds are mixed with the bonus money and it takes a lot of hassle to fulfil the broker’s requirements before you are able to withdraw any funds.
What to do if scammed?
Speed does it! You need to act very quickly if you want to recover your money. Immediately apply for a chargeback if you have made your deposit via credit card. Fortunately, VISA and MasterCard give you 540 days within which to apply for a chargeback.
If you have paid via wire transfer or Bitcoin, chances of retrieving your fund are grim. Anyway, we want to warn you that some of the so-called recovery agents may approach you and offer to retrieve your funds. For a fee, of course! Be cautious when dealing with them as it may be another form of scam! Always check if the recovery agency is legitimate and visible to the public!
Another thing we advise you to do is to immediately cancel any credit cards if the scammers have your CVV code. Also, make sure to erase any programs on your computer that give scammers access to your personal data on your PC.