Beware! Dacland-forex.com 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.
Dacland-forex.com is our favorite type of broker – one of those who give absolutely no information about themselves or their trading conditions but still try to convince you that you can trust them with your money. This is, of course, not the case – this broker is a part of a whole network of scam brokers, some of which we have already reviewed. These scammers have countless domains but the essence of their operation is pretty much the same.
Investing with a broker like Dacland-forex.com cannot lead to any profits – at least not for you. The only ones who will be profiting are these insolent scammers.
Dacland-forex.com REGULATION AND SAFETY OF FUNDS
Dacland-forex.com is a completely anonymous enterprise – the only contact information we were provided with was an email. We were also offered the opportunity to leave a message on their website but did not actually learn their phone number or address. The broker has not mentioned anything about being licensed either. When it comes to company information, they chose to only include the mandatory empty promises such brokers often make – that the broker is “committed to providing customers with experienced, convenient and safe trading service solutions” and how traders will get access to a “comprehensive and multi-channel online trading service for the global financial derivatives market”. You will not be able to learn anything more specific about the company behind the broker or where it is based. However, the website is only available in English and Chinese and the broker made a point of being a leading player in the Asian market multiple times which is why we think that this scam is mostly targeting customers from this region.
We were surprised that Dacland-forex.com is trying to pass as a UK broker – at least that is what the information in their MT5 terminal said.
However, UK brokers are subject to strict laws and could never be this shady and anonymous – they are actually obligated to provide their clients with a huge amount of information and report to the FCA, the UK financial regulatory body, regularly to ensure transparency. The broker was nowhere to be found in the FCA database which surely means that they are in no way authorized to offer financial services – in that country or in any other.
Only work with reliable, licensed brokers – this is the only way to actually stay safe while trading. Turning to a broker licensed in a strict jurisdiction such as the UK, the EU, or Australia would grant you access to many protections and would mean that your broker has to conduct business with consideration to many laws and procedures. All licensed brokers have to keep client money in segregated bank accounts managed by third parties – this ensures that your funds would not mix with those of the broker, and would not be used for any of the broker’s own financial operations. It also means that you would not lose your deposits if the broker goes bankrupt. However, this is not that likely – such brokers are obligated to prove their financial stability by maintaining a certain minimum capital. The number is €730 000 in the UK and the EU, and A$1 million in Australia but could potentially go higher for brokers with many clients. Negative balance protection is also a vital safety net – no retail trader could lose more money than they have in their account.
Dacland-forex.com TRADING SOFTWARE
Dacland-forex.com provides access to its own MetaTrader 5 terminal – which, quite frankly, is surprising considering how shady this broker seems to be. However, when we tried to open an account and receive some logging-in details – an account number and a password – the following message appeared.
As a result, we were unable to log in and see what sort of conditions Dacland-forex.com had to offer.
Check out some legitimate brokers who offer MT5. This platform is by far the best trading software choice you could make. MT5 is intuitive and user-friendly which makes it well-suited for beginners but it is also full of useful tools and features. You could get access to a vast number of technical indicators, timeframes, graphic objects, and order execution types, as well as to Expert Advisors, a multi-threaded Strategy Tester, VPSs, a community chat where you could talk to other traders directly, a built-in economic calendar, a market for additional trading apps, and much more.
Dacland-forex.com TRADING CONDITIONS
Dacland-forex.com was not very clear when it comes to trading conditions. The broker did not provide us with account type descriptions, did not mention what minimum deposit it asks for in order to open a trading account, or what commissions and additional fees it charges. Without access to a trading platform, we cannot say anything about spreads either.
The only things we were able to learn – and still cannot confirm – are that the broker offers access to a very limited range of markets – forex, metals, oils, and indices – and that the maximum leverage they offer is 1:1000. Such a high leverage rate proves with absolute certainty that Dacland-forex.com could not be licensed in a fair number of strict jurisdictions. US brokers, for example, cannot offer anything higher than 1:50 on forex majors, while those in the UK, the EU, and Australia could only go up to 1:30 – unless you qualify as a professional trader. In Japan, you would only be able to get access to leverage of up to 1:25 while Turkish brokers offer the vert humble maximum of 1:10. These restrictions exist for a very good reason – trading with higher leverage than you could handle could lead both to huge profits, and to enormous losses.
Check out these brokers who offer affordable trading accounts instead.
Dacland-forex.com DEPOSIT/WITHDRAWAL METHODS AND FEES
Without an account, we could not make a deposit or figure out which deposit methods Dacland-forex.com accepts. The website featured the logos of Visa, MasterCard, Skrill, and China UnionPay but we cannot confirm that all of these payment solutions would actually be available. The smartest thing would be to not deposit with this fraudulent broker at all since you will surely never see your money again.
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.