Beware! DMADirectab 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.
DMADirectab adapts some of the most cliched approaches of any illegitimate forex broker. First, we have the disproportionate logo that overlaps very awkwardly with the outlines of the home page. Next, we find the fake customer reviews, all praising DMADirectab is if though it’ perfection embodied. Finally, we find a list of all the licenses held by DMADirectab, all doubtful to the core. We will point out other issues that we have with this broker. That is the purpose of the following review. Please do not deposit before you read through the following text.
The account creation process was similar to that of other suspicious brokers. It is relatively simple to complete, and in just a few seconds we were granted access to a trader area. The trader area is what we expected from DMADirectab. It is by far the most overused portal area, as we have come across it hundreds of times in the past. It’s another sign of a shady firm.
We nevertheless opened a trading software on which we read a EUR/USD spread of 3 pips. This value is too high to be favorable to anyone. The leverage is capped at 1:300. The available tradeable assets are categorized as follows: forex currency pairs, stocks, commodities, cryptocurrencies, and indices.
The website of the broker is available in English, Dutch, French, German, Arabic, Italian, Portuguese, Russian, and Spanish.
DMADIRECTAB REGULATION AND SAFETY OF FUNDS
The regulatory info is complete nonsense. The action of the site dedicated to the licensing gives away the following claim:
First and foremost, the Financial Services Authority does not exist. The closest to it is the Financial Conduct Authority (FCA) in the UK. Next, the Finansinspektionen has no results of DMADirectab in its online register. Furthermore, we have false claims that the broker is regulated by the Authority for the Financial Markets (AFM) in the Netherlands, CySEC in Cyprus, the Danish financial supervisory authority, Banque de France, BaFin in Germany, Spain’s National Securities Market Commission, CONSOB it Italy, the Polish Financial Supervision Authority, and the Financial Supervisory Authority of Norway. There is also an icon of the Chinese flag, but the link led us to an error page.
All these claims are completely unproven and therefore false.
We have further proof that DMADirectab is not operating within the boundaries of the law. The broker is in fact blacklisted by CONSOB, Italy’s FX regulator. This is one of the most respected EU regulators, and as such its works have to be taken very seriously. To be warned by it means that the broker at hand is definitely up to no good.
DMADirectab is a simple UNREGULATED broker! It is a risk to deposit in it.
DMADIRECTAB TRADING SOFTWARE
The trading software used by DMADirectab is nothing to write home about. It is a common software used mostly by illicit brokers.
The graphs are not owned by the software, but by a third party chart provider, TradingView, whose services are almost always used exclusively by unregulated brokers. At least where our job is concerned; TradingView is a proper and professional business.
However, we noticed some good customization options, multiple time frames, pending orders, stop-loss, and take-profit. Yet, these features are not enough for the modern trader.
The spread that we indicated early on in the review is actually taken only from the list, as seen on the left side of the trading software. The charts have nothing in common with the broker’s trading conditions.
DMADIRECTAB DEPOSIT/WITHDRAW METHODS AND FEES
According to the user area, the funding of an account happens through…unknown methods. The depositing area was closed of due to an error. The website does not reveal any payment methods. The minimum deposit is €250.
The withdrawal section reveals nothing. The website is also barren when it comes down to withdrawal details. There are no legal documents, so we cannot get a hold of any withdrawal info from something that does not exist.
DMADirectab has proven to be a scammer broker. Do not invest here!
How does the scam work?
Most fraudulent brokers gain their reputation because of the usage of the scheme, the most popular scheme of all in fact. Its ultimate goal is to steal from users and continue doing so until the users sniff them out, or he or she gives up. The scam follows a number of simple steps, but it is worth noting that many unregulated brokers put their own unique twist on it.
The first step is to bait the user. This happens through the usage of online ads, that appear mostly on social media websites or other similar online sources. The scammer ads are distinguishable by their outrageous promises of wealth and profit through trading, investing, or binary options trading. These advertisements showcase a luxurious life and a care-free lifestyle.
Once a user falls for these tempting clicks, he or she will be asked to provide a telephone number or an email address. Giving these away means that the broker’s first wave of representatives will be contacting you. Their one and only goal is to make one deposit. Furthermore, some brokers choose their targets based on how easily manipulated they are.
An initial deposit means that you are knees deep into the scam. The time has come for the expert scammer, a.k.a the account managers. These are relentless, compelling, and at times charming. They can easily enforce their influence on a trader, and sooner or later this trader will be depositing a second, or third, or fourth time.
At some point during the scam, the user will start getting suspicious as to why she hasn’t been paid yet after only deposit for weeks on end. Every withdrawal request will be met with resistance, and depending on the broker the ways of refusal vary. Some might change your mind and solicit you to deposit more, others might close down the user account, or shut down the entire website. A popular method is to stall until the scammer can completely disappear.
What to do if scammed?
The best advice we can give for those that have been scammed is to file for a chargeback as soon as possible. All credit and debit card companies should have this option on the ready. Note that MasterCard and VISA have extended their chargeback period to 540 days.
Bank transfer payments mean that the scammer can potentially get access to your bank account, so it is crucial to change your password and user name. Another good piece of advice is to contact the bank itself and check with them if they have a ready to go plan for such circumstances.
As for crypto deposits, they most surely are gone. That is what it is paramount to remember never to invest in a shady broker through any sort of cryptocurrency.
A final piece of advice. Victimized users might stumble on recovery agents or agencies, who will promise to get your money back, but not before you pay them a hefty fee. Once the charge is paid, they will sooner or later disappear without helping you even one bit.
