Beware! Dtrex 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.
Dtrex opens with a Home page that expertly blends both elements of shadiness and professionalism. For example, the very first thing you see is an oversized image that overlaps with another image and a small piece of text. However, once you scroll down, smooth animations start popping up, and a plethora of features appear. However, the lackluster elements overshadow the pros, as they have always done. Unfortunately, we start the review on a skeptical note, and we have little hope that this direction will ever change. The following review will talk about the broker and its elements and will answer the question of whether readers should deposit in it or not.
An interesting and unique-looking registration process followed. However, we could not register an account because the broker required a phone number, its authenticity being the main issue. No matter how many times we gave a phone number, the broker produced an error page. What this means for the review is that we have to rely on the website for all the trading conditions. With shady brokers, we have found that there is a great disparity between what the website claims and what the trader room reveals.
The website discloses the following tradeable assets: forex currency pairs, spot metals, spot commodities, indices, cryptocurrencies, and shares. The EUR/USD spread is 0.1 pip, with a leverage cap of 1:500 for the top tier account type. The leverage value seems realistic, but the cost of trade is another story.
Dtrex’s website is available in English, Arabic, Spanish, and Russian.
DTREX REGULATION AND SAFETY OF FUNDS
Dtrex is a broker whose parent company is incorporated in Saint Vincent and the Grenadines, a location where you least want your broker to be operating from. The reason for this is the nation’s lack of a real FX regulator. Basically, all of the brokers that operate there are unregulated, and as a result, the majority of them are offering illegal trading services. Dtrex is one of those brokers WITHOUT A LICENSE, that operates completely under the radar.
Aside from this very unhelpful registration address, there is nothing on Dtrex to suggest a legitimate brokerage experience. It is in fact UNREGULATED, and a risk to all investments. Furthermore, we have a hunch that it might also be a scam. Unlicensed firms are not only a risk to all deposits, but they can be particularly dangerous for those users that have given away their personal ID details and similar sensitive info.
Investing in unregulated brokers is synonymous with losing money. Never be too quick to deposit! Always check for a regulation prior to depositing. This should always be any trader’s priority! If the broker at hand has a regulation, preferably FCA or CySEC., then you are good to go. From there on it’s all a matter of taste and the offered trading grounds. These two agencies are in the top 5 list of the best regulators in the world. All brokers under their gaze abide by the strictest of rules and guidelines. Furthermore, both the FCA and CySEC have a compensation scheme covering all users of brokers that cannot pay their dues, due to insolvency or other similar reasons. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
DTREX TRADING SOFTWARE
It came as a genuine surprise when the MT5 offered at Dtrex came under the name of the broker, meaning that the trading servers used by the broker are under its name, thus confirming the presence of the MT5 as the official Dtrex trading office.
The MT5 has always been overshadowed by its predecessor, which is ironic because the latest addition to the MetaQuote’s superb trading office is much better, having upgraded many of the MT4 functions to better suit all types of traders.
Some of the features of the MT5 include technical indicators, a larger number of graphical objects, increased time frames, Expert Advisors, charting tools, pending orders, an economic calendar, and so much more!
DTREX DEPOSIT/WITHDRAW METHODS AND FEES
The payment information is taken from the website, a decision that we did not take willingly.
The website has all the necessary payment details, yet there is no real way to make sure that it is accurate.
There is no minimum deposit for the Standard account, which seems a bit unrealistic. The minimum deposit for the following account is $5000! The supposed payment methods are credit cards and debit cards (2.5% to 4% fee), wire transfer, a huge selection of cryptocurrencies, Yandex (5% charge), QIWI (5% fee), and WebMoney (2.5%+ 0.8% fee, max $50). Objectively looking, most unregulated brokers offer only a couple of payment options, either some sort of card, wire transfer, and usually bitcoin. Dtrex’s collection of payment gateways seems improbable, considering.
Withdrawals are processed through the same methods, with the addition of PerfectMoney. The bank fee is $50, credit/debit card withdrawals are charged a 1.2% to 2.5% commission. Yandex and QIWI payments are charged by 3%. PerfectMoney withdrawals are charged by 2%. WebMoney ones have a 0.8 fee to them ($50 max). The minimum withdrawal amount and the processing times have not been disclosed.
It is in the user’s best interest to avoid Dtrex. It is unregulated and a risk!
How does the scam work?
The scam tactics that brokers use come under a common denominator. Most of them have a similar structure, with small touches that some brokerages choose to include. When users fall for these they will sooner or later realize it!
The very first step resolves around the fake internet ad, found mainly in social media websites. These high-promising advertisements promote a care-free lifestyle where money is made with easy trading on assets like forex or/and cryptocurrencies. Clicking on one of these will redirect users to a website (usually the broker’s website, but sometimes an intermediary site) where they will be asked to provide contact details. Sooner or later, traders will start receiving calls or emails with alleged opportunities on huge profits in exchange for a minimum deposit, an amount that depends on the broker, but also on the user herself (high income vs low income).
If the user deposits her first deposit, then she has fallen into the scam, and the broker is ready to initiate the second stage of the scam. Enter the account managers (sometimes called senior managers). These will push for more deposits, while slowly taking over your account. They will be very aggressive with their solicitations, trying anything and everything within their ability.
At this point, the user has not yet withdrawn! When she attempts to do so, she will be greeted by a very unpleasant reality: her deposit(s) and profits can never be returned. The broker usually enforces one of the following: either it will block the account, it will close down the website, it will stall withdrawal requests, or delete the account!
What to do if scammed?
The first thing you can do, and the most crucial, is to file for a chargeback with your credit or debit card company ASAP! MasterCard and VISA have extended their chargeback period to 540 day.
Deposits that were initially invested through a bank, and were lost as a result of the scammer brokers, should stimulate users to CHANGE their bank account details- both username and password! Furthermore, it wouldn’t hurt them to contact the bank and check with them.
It is crucial to know to never invest in suspicious brokers through a crypto wallet. A majority of these payments are untraceable, and you are risking to lose all your money with no hope of ever seeing it!
The scammer, or other related parties, have a last card to play. Deposit/Investment recovery agents are notorious fraudsters that promise to recover all your lost capital in exchange for a fee. Once the commission is paid, these will disappear with the money, which leaves you at an even bigger loss!