Beware! DUP Forex 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.
DUP Forex is a broker with a website filled with conflicting information about themselves and their products. On different pages, you can see lots of controversies, so we put them on the scam suspects list at the very beginning of the review. We were not surprised to see a financial regulator put them on their blacklist, confirming it’s a scam to avoid. Find out more about this fraudulent FX creature in the full DUP Forex review.
DUP Forex REGULATION AND SAFETY OF FUNDS
DUP Forex claims to be USA based, but they list a Hong Kong headquarter address at the same time on their contact page. In such a case, they need to hold an NFA and HKSFC authorisation to operate as a Forex broker. However, we found no license, but a warning instead, issued by the Hong Kong regulator, which you can see at the end of this section. The warnings financial authorities issue serve as scam confirmation and guide the traders which brokers to avoid. Your funds are in danger if you deposit with DupForex because it’s an unlicensed and unregulated broker, which is a proven scam. Report immediately if they contact you in any possible way!
Avoid DUP Forex and see the European brokers and British brokers we recommend. Europe is a financially secure environment, and the regulators supervising the FX market put the customer protection on top of the priority list. There are many strict rules brokers have to meet to get a license, but most importantly EU and UK operate deposit insurance funds laid out to guarantee the clients’ money. If you trade with Cyprus brokers, you can claim up to 20 000 EUR in compensation, while in the UK the guarantees are of even up to 85 000 GBP per client. Each EU member state is compelled to operate a similar deposit insurance fund, seen as the last resort for traders and investors if financial companies and brokers go bankrupt.
DUP Forex TRADING SOFTWARE
DupForex says to provides MetaTrader4 accounts for the traders. We downloaded the platform from their website, but only demo trading was possible. We couldn’t sign-up because they didn’t send us the SMS confirmation, so their client area remained out of reach. We were also unable to register a real account from the platform, so there is a red flag for their registration process and the MT5 modification they provide.
The EUR/USD spread we encountered was 3 pips, which is 3 times worse than the regulated brokers’ standards. The Buy/Sell difference forms part of the trading costs, so lower rates benefit the traders.
The maximum leverage level with the demo account is 1:400, a ratio too risky for retail traders. On another webpage, they claim to provide 1:1000, but we cannot confirm this statement as valid. The leverage is a hazardous tool, so EU, UK and Australia (coming into effect later this year) imposed a leverage cap on the market- 1:30 as a customer protection measure. Canada and the US agreed on 1:50, so we do not recommend brokers allowing extended ratios due to the absence of adequate regulation, the risks aside. The Swiss brokers, are not leverage restricted, but Switzerland keeps scam away with its capital adequacy requirements- more than 22 mln USD to get an FX license.
See the regulated MetaTrader4 brokers and MetaTrader5 brokers we recommend. MT is the most popular retail Forex trading platform worldwide, which traders prefer for its reliability and ease of use. It features sophisticated trading tools rare to find elsewhere for free such as Expert Advisors, Algo Trading, Complex Indicators, reliable Strategy testers and even a marketplace with more than 10 000 trading apps available by the time.
DUP Forex DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with DUP Forex is $1000, 10 times higher than the regulated brokers’ standards. The funding methods are said to be Credit/Debit cards, Wire Transfers and direct USDT payment. Traders should know Wires and Cryptocurrency payments are final and non-refundable. It’s best to fund trading accounts via bank cards for it’s allowed to file for chargeback within 540 days from the transfer date. In this case, you shouldn’t deposit with this broker at all; it’s a confirmed scam!
We found no comprehensive information about minimum withdrawal requirements, withdrawal fees, inactivity fees, bonuses etc. The legal documents provided by DUP Forex fit into a single A4 list, which itself shows this broker is a fishy enterprise.
Overall, DUP Forex is an exposed scam, so avoid this broker.
HOW DOES THE SCAM WORK
One can see hundreds and thousands of promising ads on the Internet and social media. Unfortunately, many of these are fraudulent schemes targeting to rip the people off their hard-earned money.
If you click and provide scammers with your e-mail and contact number they’d ring you immediately and will promise you anything to make you deposit money with them as quickly as possible. Most of the scammers are experienced manipulators, and before you know it, they will ask for your bank card numbers to make the deposit instead of you and save you the hassle. The urgency is a warning sign; they are always in a hurry to persuade you to start investing with them.
But the first deposit is only the beginning. Gradually they would ask for more money from you no matter the results. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to pay them if you want to withdraw. The scammers’ mantra is “give me your money”, they’d insist every single day you should deposit more and more, for no obvious reason. Legit companies do not bother you on the phone to deposit with them, so if someone urges you to start investing, it’s most probably a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to fraud. In case you got scammed, you need first to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
It’s crucial not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. They ask for an advanced payment, but do nothing to help you recover your losses and simply pocket the money you’ve sent!
Share online your experience; it’s important to protect others, as well. Be responsible!