Beware! Dibort FX 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.
A quick glance at Dibort FX interface is enough to reveal that the strong claims this broker makes about client-centred services, secure trading environment, fund protection and fair and transparent treatment are nothing but misleading statement trying to entice potential traders to entrust their precious funds to this broker. However, doing so will be a great mistake and here it is why.
Dibort FX Regulation and safety of funds
First of all, the name of the company owning Dibort FX is dubious because on its website it says once that Dibort FX is the trading name of Duhan Investments and then it says that it is Dibort Forex. As the address shown on the website is in Dubai, we checked the registers of the Central Bank of UAE, the official body that oversees the forex trade, the Securities and Commodities Authority (SCA) which assures that forex brokers comply with the CBUAE rules and the Dubai Financial Services Authority that is the regulator of the special economic zone in Dubai. The name of the broker did not appear in any of those registers. This is proof that Dibort FX is a non-registered and non-regulated broker and probably a scammer. All the claims made by Dibort FX about segregated accounts and negative balance protection are void since this broker is non-legit. Needless to say, trading with Dibort FX will expose your funds at risk and we strongly urge you not to join this broker.
UAE forex brokers must meet some stringent requirements in order to get their license. First of all, they must have a minimum capital of approximately $275,ooo of which at least 60% is of local shareholders and the broker must be a UAE citizen. The regulatory bodies in the UAE also have as a top goal protecting the safety of clients’ funds.
Dibort FX Trading software
The trading software that Dibort FX offers to its clients is the MetaTrader 4 trading platform which is one of the top leading platforms in forex trade. The platform offers many advantages to the traders, such as an excellent package of trading tools and instruments that include an auto trading option, VPS, trading signals, an app market, a code base with customs scripts, etc. One of its main features, the charting options, offers a variety of charts, time frames, colours and even the option of creating customised templates. Combined with the array of technical analysis indicators, such as Fibonacci retracement, Bollinger Bands, moving averages, etc., they help the trader predict the future direction of exchange rates and make a profit.
Although the broker states that MT4 is free for all clients, we did not manage to get access to the live trading account. Instead, we managed to download an unactivated version of the platform which still gives a good idea about what the platform looks like (image below). The menu with the trading products and their bid/ask price is located on the left-hand side and beneath is the navigator for the accounts, indicators, expert advisors and scripts. In the top and horizontal bar are the buttons for the auto trading option, charts, placement of orders, codebase, expert advisors, etc. The middle of the screen is reserved for displaying the charts of selected trading products and their number can vary as per the trader’s needs. Here you see displayed 4 charts for 4 forex currency pairs showing the fluctuation in price in a given time frame.
From the Dibort FX website we found that the spread is tight – starting from 0.4 pips which would be beneficial for traders as the cost of transactions won’t be too high and they will be able to achieve a sustainable profit. On the other hand, when opening the trading account, we saw that the trader can select the leverage with the highest being 1:100. We must say that this high leverage will expose clients’ funds to risk as the scope of financial loss in case of unsuccessful transactions will be amplified by the high leverage. The forex regulators in some of the well-established jurisdictions have imposed a cap on leverage to limit traders’ financial loss and in the EU and the UK it is 1:30 for forex currencies and in the US, it is 1:50. We do not advise you to trade with high leverage as this is very risky.
Dibort FX Deposit/Withdrawal methods and fees
While trying to find more information about Dibort FX, we discovered that the links to the Terms and Conditions and Legal Forms and Documents are not working. While registering a trading account with this broker, clients are asked to agree with the T&C and they must do so without being informed what actually these terms and conditions are. This is unacceptable and is another proof that this broker is not reliable.
On the website, we found out that there is a Standard account and a Pro account and also that there is no minimum deposit.
The information about the payment methods is contradictory – initially, on the website, it says that the deposit and withdrawal methods consist of payments made via bank transfers, credit cards and Union Pay. However, when we accessed the dashboard, we discovered that the actual payment methods are Bitcoin and bank transfers only. If you read carefully the last section of this review, you will see that payments via bank transfer and Bitcoin are not the ideal options in case you want to file for a chargeback.
How does scam work?
If scammers make a movie, it will probably be called “Dream on”. They make everything sound credible and build their scam on your dreams of getting an easy and quick profit. People get duped if they decide to deposit money into one of the scammers’ schemes. What you probably do not know is that your hard-earned money goes as commission to the scammers. Next, you get inundated by daily calls. First, the scammers congratulate you for joining their business, next they try to persuade you to invest even more money. After all, the more money you send, the bigger money fall you can expect. This of course is not how things work. By the time you realise that no money is coming your way, it might be too late. All you want now is to get your money back and get out of there but the scammers have other plans for you and they won’t late get away so easily. Now they try to delay you so that you miss the deadline for a chargeback.
What to do if scammed?
If you get scammed, our advice is to act immediately and if you have paid your deposit via credit/debit card you may still have a chance. Visa and MasterCard allow you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.