Beware! Deuxstock 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.
Deuxstock presents itself as a reliable crypto trading option – but nothing could be further away from what this broker promises. They are as anonymous as they come, only accept deposits you would never be able to retrieve because of the payment methods used, and charge a number of shady fees. Choosing this company over a legitimate, licensed one will surely be a huge mistake.
Deuxstock REGULATION AND SAFETY OF FUNDS
Deuxstock states that it is governed by the laws of the US. You would have to trust them on that since the company has not provided any sort of registered address or any other contact information. They were also nowhere to be found in the NFA register of licensed financial companies – which only goes to show that Deuxstock is not in fact licensed. Trading with such an enterprise would be a horrible idea since you would have no way of knowing that your money will be handled properly and that you would be treated in accordance with all laws.
A much better and safer choice would be to turn to a licensed UK, EU, or Australian broker – such brokers have to maintain a high standard and conduct business in a fair and transparent manner. If they don’t, they risk getting a fine or losing a license that is not that easy to obtain. UK and EU companies have to maintain the capital of €730 000 to prove that they are financially stable. The number is A$1 million in Australia. Client money is always kept in segregated accounts – brokers have limited access to your deposits and could not reinvest them even if they wanted to. UK and EU brokers also provide funds for compensation schemes – which means that in case your broker goes bankrupt, you could receive compensation of up to £85 000 in the UK and €20 000 in the EU. Such funds don’t yet exist in Australia which is probably the biggest difference between jurisdictions. Additional rules such as leverage restrictions and the bonus ban protect investors from bigger losses they can handle, and from insolent scam attempts.
Deuxstock TRADING SOFTWARE
Deuxstock offers a quite common, unimpressive web trading platform:
You will find many brokers offering similar software – which is not necessarily bad since it is a least easy to use and functional enough. However, no sort of platform could convince us to start trading with a scam scheme like Deuxstock.
Our advice would be to check out brokers who offer MetaTrader 4 or MetaTrader 5 – the two leading platforms in the industry. The MT software is well-known for its functionality and ease of use – advanced traders would be able to perform advanced charting and analysis, and develop their own trading bots and indicators while beginners could subscribe to successful traders’ signals or exchange strategies with a huge community. MT4 and MT5 have built an amazingly solid reputation for themselves – make sure to check one or both of them out with a reliable broker.
Deuxstock TRADING CONDITIONS
Deuxstock did not provide a lot of comprehensive information about their trading conditions – the only thing we got to learn from the website was that you could trade with leverage as high as 1:100. Choosing such high leverage could be dangerous – especially when trading a volatile asset like crypto. Leverage increases your trading potential and enables you to make bigger offers – which can be good and result in decent profits when you have sufficient knowledge and experience. If this is not the case, however, you might suffer huge losses – which is why being careful with your leverage settings is essential for successful trading. Even more essential is choosing a legitimate broker – here are some legitimate brokers offering leverage of 1:100.
Deuxstock also imposes a number of cryptic fees – you will find that the broker charges a fee for pretty much everything. There are Maker and Taker fees – 0.20% for regular users and 0.14% for Premium users. There is also a fee for upgrading your account – 2.5% of your deposit – an additional tax payment 0f 3.5%, a 1% deposit fee, and an unspecified fee on withdrawals. With so many additional expenses, trading with this company could hardly be affordable – even though you could open an account with as little as $1 supposedly. However, this is far from the only enterprise offering cheap trading accounts – take a look at some other options here.
Deuxstock DEPOSIT AND WITHDRAWAL METHODS AND FEES
Deuxstock does seem to provide a lot of variety when it comes to depositing options – as long as you deposit in crypto. The broker offered absolutely no alternatives to crypto payments. This is quite common in the world of scam brokers – they will ask you to deposit in crypto specifically because such payments are irreversible and you would not be able to get any sort of chargeback. They are also anonymous – so you would not be able to trace the transaction to a certain person, only to a certain wallet address. As you can see, this is the perfect set-up for a scam – so although there is nothing wrong with crypto itself, we would strongly recommend that you are extra careful when using this payment method.
HOW DOES THE SCAM WORK?
Scams like this one are becoming more and more prominent – they rely on people’s desire to make fast money without putting a lot of effort in. That is why it is important to know how you can tell apart a fully legitimate broker from a scammer and learn more about how such scams generally function.
All brokers promise certain things and try to advertise their services to their best capabilities – but all legitimate companies also provide statistics on how many people have lost money while trading with them. Scammers, on the other hand, promise guaranteed fast profits and a life of luxury. You will probably stumble upon the scam broker’s website randomly – or you might be pursued via phone or e-mail and asked to open an account. Maybe you have heard of people earning a living by trading – so you decide to set up such an account. The moment you provide the scammers with your phone number or email (if they have not already obtained it somehow), they will not leave you alone before you make an investment. These are professional smooth-talkers who scam people for a living – which means that they can be very convincing. Once you have made your first deposit, the scammers will ask you for bigger and bigger sums. You might even be happy to deposit more money because at this early stage, you will be turning a profit – scam brokers are good at manipulating results to make it seem like you are doing great.
The problems will start the moment you try to withdraw those profits – the broker will start making up reasons why this is impossible. – Usually, new, shady clauses in the Terms and Conditions will appear – you might be asked to reach some unattainably high turnover threshold or pay a high withdrawal fee. At some point, you will figure out something is wrong – and that is when the broker will stop answering your calls and e-mails and just disappear.
WHAT TO DO WHEN SCAMMED?
We should warn you that the chances of you getting your money back if you have already been scammed are slim -prevention is key in the world of online brokers. Choosing a legitimate company that holds an official license and has proven its reliability is essential. There are, however, still some things you can do if you have already been scammed.
Make sure to notify your bank that you have been scammed. Change all the passwords you have provided the scammers with. If you have given them remote access to your computer, remove the software immediately. Scam brokers usually claim that you need to install such software so they could help you with software set-up – or even help you trade – but their actual objective is to get access to your banking systems and steal even more money.
If you have deposited with Visa or MasterCard, ask for a chargeback immediately – both card providers allow such chargebacks within 540 days.
Notify the responsible authorities, and share your story with as many people as possible – this way, more people will know about such scams and learn how to avoid them.
Finally, don’t trust any “recovery agents” promising to retrieve your money for a fee – this is just another type of scam targeting scam victims. Often enough, the recovery agency is run by the same people who scammed you in the first place.