Beware! DFXDFT 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.
DFXDFT is what you get when you mash a bunch of scammer elements together, and then try to fill the loopholes with completely irrelevant information. It’s a mess of a contradictory broker that, even so, does not do anything of value. Read the review for more.
There was no way for us to register an account here. We were told that our sign up credentials were already in use even after trying multiple credentials. This leads us to believe that the broker has blocked us specifically from entering its site, as an unwanted guessed; many illicit brokers allow only solicited users to enter.
So, we turn to the site. There we find that the alleged trading assets are forex currency pairs, commodities, indices, and shares. The leverage goes all the way up to 1:1000. But there are instances when the leverage is actually advertised as lower. It just points to the broker’s lack of consistency.
The EUR/USD spread is said to be 1.2 pips. The broker advertises account types, but we know for a fact that when we tried to register we were not asked to chose one. Thus the EUR/USD spread might belong to the highest account tiers; we do not know. But it is common for scammers to promote services that they do not really attend to.
From what we know, suspicious brokers rarely reveal the truth about them selves on their websites. Even down to the individual assets one almost always finds inconsistencies with the user area. That is why we feel compelled to remind our readers that the website of DFXDFT is not to be trusted with such sensitive details, and the same applies for the payment details.
DFXDFT REGULATION AND SAFETY OF FUNDS
Another set of contradictory details for you, perhaps the most crucial ones.
First of all, users are told that the broker is fully regulated in the UK, which happens to be the home of one of the world’s top regulators, the FCA. But there is no trace of the broker being licensed by the watchdog, as we made sure of this by visiting the official databank of regulated firms. Therefore, the broker lies about the UK license.
Then we have the main inconsistent detail, that the broker is based in Saint Vincent and the Grenadines, or SVG for short. This nation does not have an FX regulator, but ironically that has not stopped the influx of unlicensed brokers from flooding in. But it works in both way; the lack of a license issue invites scammers, and they in return might give back to the local economy. But the main thing is that the an SVG registration is pretty much worthless.
And so, DFXDFT is completly unregulated and a risk to all!
If you are investing in an unregulated broker better not invest at all; at least in the latter occasion you will not be ensnared in an investment scam that will not only take your money but will greatly waste your time and energy. Better yet, if you have the will to invest, and either are skilled at it or want to expand your knowledge, there is no better way to go than any of the European, UK, US, or Australian brokers we have compiled for you. These are all regulated, and so are up to industry standards, but are also limited in the amount of freedom they can have by some of the top regulators!
DFXDFT TRADING SOFTWARE
The MT5 download file on the website is with a different name, meaning that the MT5 trading servers do not belong to the broker; basically users will be trading with an unknown company.
The lack of a registration is also an issue; perhaps there is a web trader in the user area. Or perhaps there is no software at all!
DFXDFT DEPOSIT/WITHDRAW METHODS AND FEES
One section of the website states the minimum deposit to be $3, while another claims it to be $200. The advertised payment methods are credit cards, debit cards, Skrill, PayPal, Neteller, and other payment methods that have bugged out- their logos have disappeared.
According to terms and conditions, 30% of the initial deposit must be traded with in order to withdrawal, otherwise there would be no way to proceed. There are also mentions of commissions requested on Fridays, starting from 0.08 percent, which have not been expanded on, so we really have no idea what’s going on. But all of this can be fully ignored if the user does not invest in this scammer broker!
HOW DOES THE SCAM WORK
Scams have surprisingly little evolved over the past decades since their inception. It’s basically the same principle being rendered through different sites and by a plethora of different agents.
The core remains the same. The broker tries to grab the client’s attention either by advertising false profit gains, or by directly contacting the user, who is the vastness of the internet let his guard down at some point and either provided an email or a phone number to some now forgotten source.
Should the user get contacted (or fall for the ads) he or she will be shown to the website of the investment fraud and promptly be pushed to invest, either by sweet talking representatives of the scam, or by the account manager which is also the one that keeps the whole thing in check.
The ultimate goal is to compel the user to invest once, and after that the trap is fully shut. The client already lost money, and any further investments are a bonus to the broker. All withdrawals will not be available, and even if the broker seems to be keeping a straight face, it’s all part of the scheme.
Sometimes the users will get a small teasing taste of profit, just so they are motivated to invest more. But after that one time is when most clients realize that something is wrong.
WHAT TO DO IF SCAMMED
The best thing to do is to file for a charge back with your credit or debit card provider, provided that you had previously invested via them. MasterCard and VISA have a chargeback period of 540 days, so its relatively easy to get reimbursed, and that’s why fewer and fewer scammer brokers are offering card payments.
An easier way to lose money is through wire investments. The only advise we can give you is to contact the bank as soon as the money has been lost (or when you realize you have been played). That and to change your bank account password and user name!
We come to the favorite investment methods of unlicensed brokers – crypto wallets. These are untraceable, and thus once a payment goes through it’s finished! There is no real way of getting one’s money back.
Also do not trust recovery agent or agencies promising to get your money back. These will fee you a hefty sum in return for their services, but as soon as you pay them they will disappear!