Beware! DeltaStream.ltd 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.
DeltaStream.ltd seems to do everything fine. It has a decent website, although slightly cartoonish, it still is able to attract your average gaze. There seem to be good trading grounds and a lot of other promises. Yes, it does seem this way, but seeming is not delivering. In fact, we analyzed the broker and the end result is the exact opposite of what it wants you to think of it. Read the review to find out more.
We have found out that the easier it is to open an account with a prober, a proper live one, the more dangerous the broker is. Just think about it- the broker allows anyone with a simple set of computer skills to enter and immediately open an account and invest. This is a paradise for scammer brokers.
We opened an account in no time with this company and were treated to a very simple user area, way too simple might we add. Then we opened a familiar web trader that gave us a EUR/USD cost of trade of 8 pips. This spread is completely useless and makes the whole experience obsolete. The leverage is capped at 1:100. The available trading instruments are forex currency pairs, shares, commodities, cryptocurrencies, and indices.
The website is available in English, German, Russian, and Polish.
DELTASTREAM.LTD REGULATION AND SAFETY OF FUNDS
The main registered address of the broker is in the Commonwealth of Dominica. This country is gaining popularity amid the scammer brokerage community for much the same reasons that Saint Vincent and the Grenadines is today’s number one unregulated brokerage location, namely a very loose law system and a lack of an FX regulator. DeltaStream.ltd may be registered in Dominica, but it definitely is not licensed there because there is nothing to be licensed by.
There are no other details, only some ambiguous jurisdiction information that serves no purpose, besides to confuse users. We can finalize this section of the review by assertin that DeltaStream.ltd is not licensed and is a risk to all investments. You can easily lose money here!
Only trust regulated brokers. This means that the first thing you should do with any broker you come across that seems interesting is to check for a license. Any UK, EU, US, or Aussie-regulated ones will do, although there are dozens of other great regulators out there! Regulated brokers are bound by the law to be as objective and secure as possible while providing a fair FX trading environment for all users. Any sort of deception or theft will be dealt with heavy fines and other legal penalties that may result in the impound of the entire company. Furthermore, the likes of the FCA and CySEC offer client compensation schemes that give users a financial safety net should their broker fall into insolvency. The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.
DELTASTREAM.LTD TRADING SOFTWARE
The main platform here is a web trader that is very familiar to us. The reason for this is that we have seen it being used by other unlicensed brokers, more times than we can count. The main appeal here is purely visual, although there are a couple of handy and nifty options to entertain users, but not retain them for too long.
There is also an MT5 platform that was owned by the broker, but we could not log in due to the fact that we never received credentials. But we confirm the presence of an MT5, which with an unregulated broker is always a surprise.
The predicament here is that the web trader presents a very unlucrative spread, and therefore there is no reason to use it. We don’t know if the MT5 offers a better cost of trade, or if it comes with the same value.
DELTASTREAM.LTD DEPOSIT/WITHDRAW METHODS AND FEES
The client dashboard reveals that users can invest by means of a credit card or a bitcoin wallet. The minimum deposit is $250. The withdrawal area only reveals that requests are processed within 24 hours. which is a number totally contrasting the one revealed on the website.
According to the heated Deposit and Withdrawal Policy, the typical withdrawal processing time is up to 7 days. These subtle differences in claims between site and user area are solid proof of the lack of a legal framework.
The policy also reveals that there are no withdrawal fees, but we won’t stay long enough to test this claim. Users should avoid this broker! It is a risk, is not licensed, and is probably a scam!
HOW DOES THE SCAM WORK
Scams function in much the same way they have worked since their conception. The just of it is as follows: the user gets slapped with false promises, gets to invest into one, and is then left without money.
These false promises take the form of online ads that are very attractive and alluring, so much so that even we find them appealing. And they will continue to evolve!
Some of these ads lead to investment scams, sources where the user will be encouraged to provide contact information that will be used to solicit her into investing.
The whole process of solicitation is where the scammers are best at. Sometimes they have whole teams of trained experts whose day-to-day job is to convince users to invest. They are further motivated by the fact that they receive a hefty commission from each deposit. There are scripts with psychological techniques and tricks that are effective against novice investors that still work to this day, judging by the statistics of how many people get scammed per yearly quarter.
The expert scammers move into position when the user is ready to invest for a second or third time. Here the goal of the game shifts to the quality of the deposit. All subsequent deposits should be higher, and the experts know how to bring about this.
All withdrawals will be stalled or held back, even if at times the users get a taste back- this is used to keep them invested in the scheme. Clients will find they have a very hard time withdrawing!
WHAT TO DO IF SCAMMED
A credit card or debit card chargeback should be the first place to look at. MasterCard and VISA have a chargeback period of 540 days. This method is the most used one, and certain scammer brokers even move to act against it, so be sure to act quick!
getting your money back that was originally lost through bank transfers is hard but not impossible. Users should first change their bank account username and pass, and then contact the bank to set a plan of action with the institution.
Unfortunately, crypto-based deposits are untraceable, and the only way to get them back is from out of the goodwill of the scammers. Safet to say, that scammer will rarely if ever deter from their in-born fraudulent nature.
Finally, do not give your money or payment details to recovery agents or agencies. They will promise to reimburse you by tracing the lost investments but will ask for a service fee. Once the fee is paid, they will disappear with the money!