Beware! DigitalCurrencyMarket 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.
DigitalCurrencyMarket comes equipped with some worrying signs that it is not the broker it tries to behave like. The first thing that set our minds into judging it was the TradignView charts that are scattered throughout the website, a fact that is indicative of a shady broker. First time readers might not be aware that TradingView is a non-affiliated party whose graphs can easily be adapted to the interface of just about any website. In the world of FX their usage is most of the time associated with illicit brokers. There are other aspects of the broker that the following review will talk about. Please read on.
First thing’s first though, we have to open a trading account if we are to discuss legit trading and payment details. The registration software and its leading user area are probably some of the most popular ones we have encountered. We have literally reviewed hundreds of reviews with the exact same registration form and user area design. A bulk of these brokerages are illicit.
Nevertheless, we still reached a login page for the trading software. Unfortunately, though, we could not enter the trading software. None of the credentials, that had been given to us, worked, and even our email had no mails from the broker with any potential log-in username and pass. Thus we will have to work entirely with the website – of a broker we do no trust – in order to get hold of the trading details.
The alleged trading assets are forex currency pairs, commodities, indices, cryptocurrencies, and stocks. DigitalCurrencyMarket has chosen to be picky with the information and has excluded any spread values or leverage caps from its website.
The website is available in English and German.
DIGITALCURRENCYMARKET REGULATION AND SAFETY OF FUNDS
All the information on the website, that is of interest to us for this section of the review, points to one thing- that DigitalCurrencyMarket is registered in the Commonwealth of Dominica.
Let’s make something clear. This nation does not have a FX regulator, and thus all brokers in it are operating without a license! And so is DigitalCurrencyMarket.
DigitalCurrencyMarket is NOT LEGITIMATE as evidence by the complete lack of a license! Investments and personal details are at risk!
Investing in unregulated brokers is one of the biggest mistakes you will make. Before doing anything, even registering, please check for a license. Even if the broker claims to be regulated you should double-check with the watchdog itself to see if you can find the broker in its database. Usually, we advocate for all FCA or CySEC regulated entities, for these regulators oversee some of the best and most popular brokers out there. Not only that, but these two entities also offer to all users under their brokers a compensation scheme that reimburses them any money that the broker cannot pay due to some reason or another. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
DIGITALCURRENCYMARKET TRADING SOFTWARE
The website claims that there is an MT4 made available, but we believe otherwise, based on the log-in section that we discussed in the intro to the review. It did not look like we were about to be redirected to a browser-based MT4. What’s more, is that the official download MT4 link on the client office is under the name of a completely different company called fxtoall. This one has no clear affiliation with today’s firm. Thus from what we have seen it is hard to hope for a trading software operated by DigitalCurrencyMarket.
DIGITALCURRENCYMARKET DEPOSIT/WITHDRAW METHODS AND FEES
As seen on the client portal area, the definitive depositing methods are… a mystery. As you can see from the snip the depositing area has not funding gateways to reveal. Why would DigitalCurrencyMarket leave this out, we do not know. Maybe it does not feel like we would deposit and thus has locked us out? This theory ties in with the scammer scheme that we have detailed in the last sections of the review.
The same goes for the withdrawal section. There is nothing there!
According to the website, users can deposit/withdraw through wire transfer, credit card, debit cards, and possibly through some e-wallets, but there is not enough evidence to support their existence. However, we found no minimum deposit.
The Terms and Conditions reveal that the minimum withdrawal is $50 with a fixed fee of $30 for every request. There is no clearance on a withdrawal processing time, but usually is it somewhere between 2 to 5 days.
DigitalCurrencyMarket is a great example of a scammer broker. It follows all the tropes as though from a textbook! Do not invest here!
How does the scam work?
The scheme that unregulated brokers apply is a very popular one that other fraudsters from different industries are also known for practicing. Its structure is the same across brokers, with small differences in the delivery.
The first step is falling for fake ads online usually those that offer an easy lifestyle that comes from investing big and winning even bigger. These ads come plastered with beautiful women, cars, and exotic houses, and because of the prospect of allure, most of these ads are located in popular social media sites and similar sources.
These ads will redirect users to either a scammer broker or an intermediary website. Wherever you end up, these ads are there to trick you into giving your email and phone number. If the user gives her contact info, she will surely start receiving calls from solicitors whose job is to push you to deposit, whatever it takes. They will be annoyingly stubborn because they get a chunky commission from initial deposits.
If a deposit is made, then it’s time for the expert scammers who are disguised as the “account managers”. These have years of experience behind their backs and are usually part of the core team of the shady broker. They are even more stubborn and will stop at nothing. The ultimate goal here is to make the investor deposit as many times as possible. This is achieved through long and tedious conversations filled with false promises and carefully concealed lies and manipulative tactics.
The time will come when the user will want her money back. This is always expected and a risk of the craft for the scammers. That is why they are prepared to counter every withdrawal request. Usually, they stall users as much as possible by calling them and telling them that a big spike in a given asset is about to happen. Sometimes the broker may block the account or simply deny requests. More extreme examples include fraudulent brokers who completed shut down their websites!
What to do if scammed?
Filing for a cashback is probably the first thing you should do once you realize you have been scammed. Chargebacks are available through your credit and/or debit card company. MasterCard and VISA have a chargeback period of 540 days.
Wire transfer investment frauds are slightly more difficult to handle. The first thing you should definitely do is change both the username and password on your bank account in order to prevent the broker from accessing or hacking your account. Next, victimized users should call the bank and explain to them the situation. Some banks may have a plan for such cases.
As for investments with any sort of cryptocurrency, they are most certainly lost. That is why it is advisable to never invest in crypto coins!
There are others that can profit from your loss. Once your funds are stolen you will start noticing these recovery agencies or agents who will promise all your money back. They just need a payment in order to offer their services. It’s obvious that once paid, these expert scammers will disappear leaving you at an even bigger loss!