Beware! DS Markets 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.
In this review, we are going to look through DS Markets, a Hong Kong broker with a horrible reputation. First of all, it’s already been exposed as a scam, but we believe it’s a complex fraud scheme that’s much more dangerous than usual. Find out why in the full DS Markets review.
DS Markets REGULATION AND SAFETY OF FUNDS
DS Markets is purportedly run by DingSheng International Co Ltd, a Hong Kong company claiming to be regulated by the Australian financial authority ASIC. We researched to find a license and verify this broker but found a warning instead. The Hong Kong regulator HKSFC has already blacklisted DS Markets, exposing this enterprise as a scam. The warnings financial authorities publish serve as a guide for traders and investors and publicly expose fraudulent schemes. Your funds are in danger if you deposit with DS Markets.
Avoid this scam and consider the legit EU brokers and the British brokers we recommend. Europe is a safe trading environment where customer protection is a top priority. There are many rules brokers need to follow to get a license such as keeping clients’ accounts segregated and providing negative balance protection, to name a few. But most importantly, there are deposit insurance funds laid down to protect investors’ money covering losses triggered by fraud or insolvency. In such a case, CySEC brokers’ clients can claim up to 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. If you trade with shady and unregulated brokers, you are entitled to troubles and headaches only.
DS Markets TRADING SOFTWARE
DS Markets claims to offer MetaTrader4 to its clients, but we can’t verify it’s true. First of all, the download links on the website were broken, and we couldn’t get their platform. Then, it’s impossible to register unless you provide personal documents and bank card copies. That’s a major red flag indicating that DS Markets might as well be involved in Identity Theft. Traders and investors should never submit bank card details during the sign-up process. Beware.
Considering platforms, see the MetaTrader4 brokers and MetaTrader5 brokers we recommend. MT is the most popular Forex platform, which traders and investors prefer for its reliability. It’s featuring sophisticated trading tools such as Expert Advisors, Algo trading and plenty of complex indicators to choose from. Traders can also benefit from the MetaTrader marketplace offering more than 10 000 trading apps.
As a result, there is no information about the available spreads. DS Markets claims to offer tight spreads, but as already explained, we can’t verify it’s the case. The Buy/Sell difference forms part of the trading costs, so lower rates are better for the traders and broadly define whether the broker is worthy or not. Follow the links throughout the review to find a better broker providing favourable trading conditions.
The leverage is said to be as high as 1:500, which is an exceptionally risky ratio for retail traders. If misused, 1:500 leverage might cause severe losses that are too difficult to recover.
Considering the leverage hazards, many financial authorities restricted the leverage in their pursuit to protect customers further. As a result, the European, British and Australian brokers (to come in effect later in 2021) are limited to 1:30, while the Canadian brokers and the US brokers can’t offer more than 1:50. The Swiss brokers aren’t limited, but the capital requirement of 20 million francs keeps scammers away.
DS Markets DEPOSIT/WITHDRAW METHODS AND FEES
DS Markets doesn’t specify their minimum deposit requirements or other provisions in general. There are no legal documents presented on the website, which is a major red flag itself. The absence of docs serving as a contract between both parties makes this broker illegal but also leave traders unaware of essential conditions such as withdrawal requirements, request processing time and fees.
The funding methods are also unknown. However, if you have a preferred payment system, see our lists with legit Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers and Bitcoin brokers. The selected brokers are strictly regulated, so it’s unlikely to experience fraud.
Overall, DS Markets is an exposed scam, so stay safe and avoid this fraudulent business.
HOW DOES THE SCAM WORK
The Forex scam is run by seasoned manipulators who set up schemes to defraud as many people as possible. They publish adds about their fraudulent products and services on the Internet and social media. They would also post loads of positive reviews about their deceitful enterprise on consumer websites such as Trustpilot or Sitejabber to make it look legit and trustworthy.
At a later stage, the scammers would call the target victims to manipulate them and push them to start investing. The con artists would usually introduce as representatives of government agencies, banks or other fictitious businesses to make things seem legitimate. Unfortunately, during the phone call, people with little or no investment experience might quickly believe in the falsehood and the big promises. The scammers make offers that sound too good to be true, promise guaranteed profits and give away bonuses to motivate people to put money in their scheme as soon as possible. However, urgency is a treacherous sign. It’s most likely a scam if someone pushes you over the phone to start investing.
But the first deposit is only the beginning because the scammers will continuously ask for more money from their victims, no matter what. If the trader is seemingly making money, the con artists would ask for money to guarantee more profits. If the trader lost some money, they would ask for additional deposits to recover the losses. The problems begin when the trader wants to pull out some or all of their funds. Then the scammers would say that traders have to put in even more money if they want to withdraw. At this point, it should be obvious that it’s a fraud, and the scammers would usually cut the communication with the victim.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. What you need to do first, in case you got scammed, is 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!