Beware! DNB Invest Group is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
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DNB Invest Group is an offshore broker claiming to hold British and Cyprus FX license. They have a sleek website, but it’s not fully functional. Also, there isn’t enough information included about essential features of the products and services offered. Find out everything you need to know about this broker in the full DNB Invest Group review.
DNB Invest Group REGULATION AND SAFETY OF FUNDS
DNB Invest Group is purportedly run by a company based in St. Vincent and the Grenadines. They also list addresses in UK, Denmark and Russia, so the licenses to operate as a Forex broker in these countries are mandatory. They claim to be FCA and CySEC regulated, so we researched the British financial authority register, but couldn’t find anything about such an entity. Your funds are not safe if you deposit with DNB Invest Group because it’s an unlicensed and unregulated Forex broker, pretending to be a legit company. The fraudulent claims made us put this broker on the scam suspects list.
St. Vincent and the Grenadines is an offshore jurisdiction, which fails to regulate its financial sector sufficiently. The local financial authority doesn’t even control or license the Forex brokers based there, making these entities insecure. The offshore brokers tend to vanish at the blink of an eye, leaving traders and investors with losses almost impossible to recover. In this case, DNB Invest Group is also an illegal Forex broker for they operate on regulated markets without the proper authorisation. That’s a financial crime, so we consider it a scam scheme. The absence of a license is the ultimate reason to stay away from this broker and find a better opportunity; there are many.
Consider our lists with European brokers and British brokers we recommend. The best FX companies in the world hold European licenses, so traders have plenty of choices. These brokers are covered by the money protection schemes laid out to safeguard the clients’ deposits. When trading with Cyprus licensed broker, 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 similar insurance funds, considered the last resort for traders if brokers, unfortunately, go bankrupt.
DNB Invest Group TRADING SOFTWARE
Unfortunately, we could not register due to some technical error we know nothing about, so we didn’t access the client area. Also, there is not even a word about the platforms provided on the DNB Invest Group website. It’s a serious flaw and yet another reason to avoid this broker.
As a result, there is no information about the real spreads and leverage levels offered. DNB Invest Group also does not utter a word about the spread on their website. The Buy/Sell difference is the price traders have to pay to open a position on the market, so lower rates benefit the clients improving the profit potential.
DNB Invest Group claims to offer a leverage of 1:200 for the clients, which undoubtedly proves this broker has no FCA license. The British regulator restricted the leverage to 1:30 a few years ago due to the excessive risks involved with this otherwise powerful financial instrument, which indeed improve profit potential significantly.
EU and Australia (coming in effect later this year) also forced a leverage cap of 1:30 on the markets as a customer protection measure. The US brokers and the Canadian brokers are not allowed to provide more than 1:50, so we do not recommend brokers offering higher ratios for the lack of adequate regulation. The Swiss brokers are not leverage restricted, but Switzerland asks for 20 million francs in paid-up capital (more than 22 million US dollars) to issue a license, and that certainly keeps the scammers away.
See the regulated MetaTrader4 brokers and MetaTrader5 brokers we recommend. MT is the most popular retail Forex trading platform globally, 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.
DNB Invest Group DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit with DNB Invest Group is $3000, which is 30 times more than the regulated brokers’ requirements- $100 on average. The funding methods are Credit/Debit cards, Wire Transfers, Paneer, Mir and Bitcoin. Traders should know it’s impossible to get a refund if they funded their accounts via Wires or Bitcoin. We recommend bank card funding for it’s possible to chargeback within 540 days from the transfer date.
We found no information about minimum withdrawal requirements, withdrawal fees or request processing time, which is a red flag indeed. Reputable brokers clearly define all the provisions applied, so DNB Invest Group again undermines their own credibility. It’s simply impossible to find a positive DNB Invest Group feature.
After only 30 days of inactivity, the account becomes dormant and will be charged with $50 monthly, which is totally unfair a clause. Comparatively the regulated brokers take 5 to 10 dollars at most each month, so it should be easy to make up your mind.
DNB Invest Group offer deposit bonuses but doesn’t fully specify the additional terms and conditions applied. They only vaguely determine a minimum volume trading requirement of “the bonus amount multiplied by his shoulder”. Quite frankly, we have no idea what they are talking about, and the lack of competence is yet another red flag we need to raise! We do not advise accepting trading incentives because the so-called bonuses are not free money but a leverage tool further increasing the risks. The misunderstandings plus the risks escalating made EU and UK prohibit the trading incentives, helping traders reduce losses due to the false impression.
Overall, DNB Invest Group is an offshore broker operating illegally on regulated markets, so stay safe and avoid this broker.
HOW DOES THE SCAM WORK
The scam brokers legal documents are filled to the brim with unfair clauses and requirements practically eating up the traders’ balance- unbearable fees, unjust trading volume requirements, monthly administrative fees and so on, the list is endless. The scammers delay the withdrawal requests as much as possible, so the account gets hammered by the costs. Eventually, the balance in the account would shrink so much that scammers don’t have to send any money back to the traders and it’s perfectly fine according to the Terms and Conditions that apply. The regulated brokers do not introduce unfair requirements because they’ll get hit by the authorities once they do it. That’s why scammers are running away from financial regulators.
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 pocket the money you’ve sent!
Share online your experience; it’s important to protect others, as well. Be responsible!