Beware! Drumsave 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.
Drumsave wants us to believe that it is a regulated broker offering forex, stock and cryptocurrency trading. These claims immediately seem dubious given the poor quality of the website. Fact-checking quickly confirms that this is not a broker, but yet another scam scheme. In fact, it’s a scam we’ve already reviewed – websites such as OmagaSafeOption, BlockCypherTrades and Astobull are in every way identical to Drumsave. Therefore, you should never trust your money to Drumsave.
DRUMSAVE REGULATION AND SAFETY OF FUNDS
When you visit the website of a legitimate broker, you can expect to find comprehensive information about its legal and regulatory status prominently displayed. The main page of the Drumsave website doesn’t even mention a company name. We find such in the text of the Terms and Conditions – Drumsave Limited. But we have every reason to believe that no such company exists at all.
The contact address given is in New Jersey, USA:
The United States has some of the highest requirements for brokers, including a minimum net capital of 20,000,000 USD. To operate as a forex broker in the United States, a company must be registered with the Commodity Futures Trading Commission (CFTC) and to be a member of the National Futures Association (NFA). But there is no Drumsave Limited on the NFA registry:
We also see in the Terms and Conditions the statement that Drumsave’s name and logo are registered trademarks in the United States and the United Kingdom. We also find nothing about Drumsave in the database of the UK regulator responsible for licensing and supervision of brokers, the financial conduct Authority (FCA):
It is quite obvious that Drumsave is not a genuine broker. If you have decided to start trading financial instruments you should be careful not to fall prey to the many fake brokers lurking around the internet. Always verify that your chosen broker is legitimate and licensed by a reputable regulatory institution such as CFTC, FCA or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).
Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds. In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK.
DRUMSAVE TRADING SOFTWARE
Drumsave’s website promises desktop, web, and mobile platforms “designed for performance and built for all levels of investors”. However, there are no download links for this software anywhere. After registering an account and logging into the client portal, we only find a simple chart with current cryptocurrency prices, taken for free from the TradingView website.
This is the cheapest and laziest possible way to mimic the availability of a trading platform. This shows that Drumsave is targeting people who have no experience and knowledge of financial markets and do not know what to expect from a broker.
Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
DRUMSAVE TRADING CONDITIONS
Drumsave claims to offer trading in 6 asset classes and over 500 trading instruments. However, nowhere are the terms of this alleged trade stated. For the spread, it is only stated that it is “tight”, and there is no information on other fundamental parameters such as leverage and commissions.
Nowhere is there a description of the different types of trading accounts that most brokers offer. After registering an account, we get access to a selection of “investment plans” that have nothing to do with forex trading. These investment plans are presented as a type of deposit with incredibly high returns. But if you make the mistake of giving your money to a Drumsave you will neither get the promised profits nor will you be able to get your deposit back.
Instead of investing in dubious promises of easy profits, you can open a micro account with a legitimate broker, many of which allow you to dip your toe into the world of trading for a minimum deposit of 100 USD or even less.
DRUMSAVE DEPOSIT/WITHDRAW METHODS AND FEES
Drumsave claims to accept payments via PayPal,, Wire Transfer, Bitcoin, Ethereum, Litecoin and Binance Coin. However, the deposit menu only has an option for cryptocurrencies. This is typical of scam websites. Scammers prefer cryptocurrencies because these transactions are not subject to refunds. While there are some legitimate brokers that accept Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like Neteller UnionPay or Sofort.
The Terms and Conditions don’t mention fees and specific conditions for withdrawing funds, but that doesn’t mean there won’t be any when you try to withdraw your money.
HOW DOES THE SCAM WORK
Fake brokers are a type of scam that has spread especially rapidly in recent years, aided by the excitement surrounding cryptocurrencies. People looking for ways to make money online can very easily come across one of the many scam websites of this type. Scammers are very skilled at convincing people to invest – first small amounts of a few hundred dollars, and then larger sums of money. Some of the scam schemes are quite elaborate and even use trading software to convince victims that their money is actually being invested and even racking up profits.
But when you ask to withdraw those winnings, or even your deposit, you’ll find it’s impossible – you’ll be told that a sudden change in the market has wiped out all your money, or that you have to meet impossible minimum trading volume requirements and pay huge fees and commissions hidden in the terms and conditions. Fraudsters can also simply disappear because they use fake names and offshore shell companies for their operations.
WHAT TO DO WHEN SCAMMED
If you find yourself scammed, the first thing you should do is notify the financial authorities in your country about the scammers’ activities, and spread the word online to warn other potential victims.
Your options for getting your money back are limited. If credit or debit cards were used for the transactions to the scammers, you have the option to request a chargeback. Companies like Visa and MasterCard now allow such requests to be made up to 540 days after the transaction. But keep in mind that if you have provided proof of your identity to the fraudsters, they may dispute that the transaction was voluntary. In addition, fraudsters typically use cryptocurrencies and shady e-wallets that do not allow refunds.
Victims of scams are often targeted by another type of online fraudsters who promise that their money can be refunded for an upfront fee. Under no circumstances should you trust such offers.