Beware! Dolfinindex 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.
Dolfinindex does not fool anyone with its false claims – the broker states that it “places great emphasis on providing professional and reliable services to all clients” and that you could always expect full transparency. However, this is a broker who provided close to no information about themselves, can only be reached via email, and has been blacklisted by a reputable financial regulator. Trade with them at your own risk.
Dolfinindex REGULATION AND SAFETY OF FUNDS
Dolfinindex is one of these brokers who did not think that providing essential information about their licenses, or location is important. The broker can only be reached via e-mail – you would not find as much as a phone number on their website. What you will be able to find if you Google their name, however, is the press release.
The Italian financial authority CONSOB is a respected EU regulator – if they thought that a broker deserved to be blacklisted, there is probably a good reason for that. Dolfinindex is clearly not regulated or authorized to offer financial services. At one point, the broker claimed to be governed by the laws of “England” – however, no proof is provided to support such claims. As we will see later, some of the terms this broker offers go directly against UK laws.
Trusting unregulated, anonymous brokers is never a good idea – unless, of course, you want to get scammed. Our advice for you is to choose your broker carefully – preferably among companies licensed in the UK, the EU, or Australia. These are all strict jurisdictions where respected regulatory bodies monitor the activities of forex brokers. If a broker wants to operate, they are obligated to obtain a license – and naturally, there are many requirements before that could happen. Brokers have to maintain a minimum capital of €730 000 in the UK and the EU, and A$1 million in Australia to prove their financial stability and ability to survive in volatile conditions. Client funds must be kept in segregated bank accounts managed by third parties – this proves that your money cannot be mixed with the broker’s own funds. Negative balance protection is another important policy that protects clients in case of unfortunate events – you could never lose more money than you have in your account. If you choose to work with an EU or UK broker and that broker goes bankrupt, you will be entitled to compensation – up to £85 000 in the UK or €20 000 in the EU – because all such brokers provide funds for compensation schemes.
Do not hesitate to choose a licensed broker over suspicious enterprises like Dolfinindex – the perks and protections are countless.
Dolfinindex TRADING SOFTWARE
Dolfinindex offers a web platform that looks exactly like the web version of MT4. The desktop version of this well-known software was, however, not available.
We would suggest that you take a look at these legitimate brokers who offer MT4 – there is a reason why this has been one of the most popular platforms in the world of trading for decades. This is a robust platform that is quite intuitive and beginner-friendly and that offers a variety of useful trading tools. Clients would be able to get access to features such as Expert Advisors that track markets and trade automatically, VPSs, a Strategy Tester, a market where you could purchase different add-ons as well as a variety of technical indicators, timeframes, order execution types, and pending order types.
Dolfinindex TRADING CONDITIONS
Dolfinindex offers a few different account types to its clients and “only” asks you to deposit $250 in order to account. However, this is not such a little amount for a basic account – most brokers offer far more competitive conditions. You can easily find a legitimate, reliable broker who would open an account for as little as $10.
The spreads we got on the broker’s platform were around 2.7 pips on the EURUSD – which is far higher than the 1 pip the broker promised on its website. Such a spread would have you pay $27 to the broker for every lot you trade – such a huge number will quickly destroy all chances you stand at turning a profit. At the same time, brokers like XM and OctaFX can offer spreads of under 1 pip even on standard accounts.
The maximum leverage the broker offers on forex majors is 1:500 – which means that they can definitely not be guided by the laws of the UK as they claim. The laws of the UK – as well as those of the EU and Australia – only allow clients to trade with leverage of up to 1:30 – a much more humble rate. The reason for that is that trading with high leverage could result in huge losses of capital, especially if you are an inexperienced new trader. The authorities of many countries have tried to avoid such a possibility by imposing these leverage restrictions.
Dolfinindex DEPOSIT/WITHDRAWAL METHODS AND FEES
Dolfinindex claims that it accepts deposits made via wire transfer, or with a credit or debit card. This would have been great had it actually been true – you can ask for a chargeback on a Visa or MasterCard payment within 540 days of the transaction. The truth, however, was different – the drop-down list in the broker’s client area was actually empty which means that we were not actually allowed to make a deposit. Good news again – it is clear that this broker is a scam so depositing with them would be a huge mistake.
Dolfinindex included the following clause in its very brief Terms and Conditions – this is probably one of the most overused clauses in the world of scam brokers.
Such a clause would prevent you from withdrawing any bonuses offered by the broker as well as any profits that were the result of those bonuses. But since no one can say if certain profits were the result of a bonus or of actually deposited funds, such clauses are faulty and would essentially prevent you from withdrawing a big part of your profits. Moreover, such scammers often like to introduce new clauses at a later point and ask you to reach unrealistic turnover requirements before you are able to withdraw anything at all – even your own deposits and all profits. Always be wary when a scam broker mentions the word “bonus”.
HOW DOES THE SCAM WORK?
Such scams are more common than you think and trick thousands of people into investing with fraudulent brokers who exist with the sole purpose to rob you. The best thing you can do to avoid them is check registers, research matters carefully, and have a general idea about how scam brokers operate.
Such brokers usually promise immense, fast profits – slow, gradual, and informed rarely seems to be the way for them. You take one look at a broker’s website and decide that it looks decent and legitimate and that all the promises and claims must be true. Such scammers often try to convince you that they are legitimate in various ways – they lie about being regulated, provide fake legal documents, and divert your attention with unbelievable offers. You decide to try your luck and open an account – providing the scammers with your phone number and email in the process.
After that you would not be left alone before you make a deposit – you receive dozens of calls and emails from smooth-talking scammers whose very job is to prey on unsuspecting people who are trying to turn a quick profit. And once you have deposited, they will keep asking you for more and more money – which you would gladly invest because, at that point, you might even be turning a decent profit. However, when you try to withdraw your profits, you will quickly see that you have been fooled. Different reasons why withdrawing is impossible will appear – additional taxes, minimum withdrawal limits, and previously unmentioned clauses in the Terms and Conditions.
At some point, you understand you are being scammed – but by the time you reach this point, the scammers will already be long gone.
WHAT TO DO WHEN SCAMMED?
Unfortunately, the chances of you tracking down the scammers and retrieving your money are not good.
You can, however, avoid additional problems and losses of money by changing your banking details and passwords, and removing all software they have asked you to install – this just provides them with easy access to your computer and all of your passwords.
Don’t trust any recovery agents promising to retrieve your money for a fee – this is just another type of scam, often conducted by the same people who initially robbed you.
If you have used Visa or MasterCard to deposit, there is a chance that you might be able to get a chargeback – both card providers allow chargebacks within 540 days of the transaction. Reversing wire transfers and payments made in crypto, on the other hand, is impossible – only use these payment solutions with trusted brokers.
Finally, make sure to notify the responsible authorities and share your story with as many people as possible – this way, others will know how to avoid such scams and stay away from them.