Beware! Decode Global 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.
Decode Global is a shady, anonymous broker that not only provides very little information about itself but is also willing to make purposefully deceitful claims about regulation. The broker offered barely any information about trading conditions and would not allow us to access a client area before they had verified our account – most probably to establish if we are helpless victim material or not. Whatever the case here, we would not recommend turning to such a broker for trading or investing because the chances of you getting scammed are very high. Better trade with a broker who can actually offer safety and reliability and avoid such obvious schemes.
Decode Global REGULATION AND SAFETY OF FUNDS
Decode Global claimed to be a broker that is “headquartered in London, with direct branches in the United States, Vanuatu and Sydney, Australia”, and that “has obtained financial services qualifications and is regulated by local financial institutions”. However, we did not get any exact addresses – the broker has only provided an e-mail as contact information. As a result, we are unsure where this broker is actually based – they are a fully anonymous enterprise. A legitimate broker would always provide you with a ton of company information – you will never be left wondering if they are regulated or where they are operating from. You will also have no problem getting in touch with them through various communication channels – e-mail, phone, or chat.
Decode Global also claimed to be “under the supervision of the US Financial Crimes Enforcement Bureau MSB, and are also registered in the US NFA”. This is a blatant lie that is easy to expose. We checked the NFA register to see if such a broker was really licensed or at least registered – unsurprisingly, they were not.
This means that the broker is not only unlicensed but also willing to make false claims – that definitely proves that there is something wrong going on.
Our advice for you would be to turn to a broker licensed in the UK, the EU, or Australia instead. Such brokers are a much safer choice and are generally considered to be the most reliable in the world. Companies have to meet many requirements in order to obtain a license – like maintaining a minimum operational of €730 000 in the UK and the EU, and A$1 million in Australia. This money is meant to serve as proof of the broker’s financial stability and long-term vision. Client money is kept separate from the broker’s own funds in segregated accounts – to show that no mixing of client funds and the broker’s own money would be possible. This also makes withdrawal considerably faster. Finally, because of the Negative Balance Protection Policy, no retail clients could lose more money than you have in their account at the time.
Decode Global TRADING SOFTWARE
Decode Global promised access to MetaTrader 5 – one of the most powerful and popular platforms in the world of trading. However, the platform the broker urged us to download did not seem to be MT5. It was created by an unverified publisher which tipped us off. We were reluctant to install unknown software – all sorts of treats could be lurking inside.
We were also not able to access the broker’s client area – after we filled out the registration form, we were told that our account is under verification. This means that we could not see what trading conditions the broker really offers. We were also unable to establish if this broker offers any sort of functional trading platform at all.
MT 5 is indeed a great, highly functional, and user-friendly platform. The software offers access to a number of useful trading tools – preprogrammed Expert Advisors that help you trade automatically, VPSs you could purchase to keep your EAs open even when your computer is off, possibilities for creating custom scripts, a market for add-ons, and even a built-in economic calendar. MT5 also comes with an extensive charting and analysis package – 38 technical indicators, 21 timeframes, and 44 graphical objects. There are plenty of licensed brokers who offer the platform – we strongly recommend checking some of them out.
Decode Global TRADING CONDITIONS
Decode Global has provided extremely sparse information about its trading conditions. The only thing we were told is that we would be able to trade forex, metals, crude oil, indices, stocks, and cryptocurrencies – a satisfactory range of markets. However, we are not at all sure that this broker actually offers trading opportunities – after all, we were unable to access a platform. The broker did not provide us with information on essential topics such as minimum deposit amounts, expected spreads, commissions, and maximal possible leverage.
If you would like to trade safely, why not check out some forex brokers who offer accounts for $100 or less?
Decode Global DEPOSIT AND WITHDRAWAL METHODS AND FEES
Decode Global did not mention what deposit methods it accepts and without access to a client area, we could not discover that ourselves. However, we advise you against depositing with such shady brokers – that could only lead to financial losses for you. If you have already deposited, research ways to get a chargeback – both Visa and MasterCard, for example, allow such chargebacks within 540 days of the transaction. Wire transfers and crypto transactions, on the other hand, are more or less impossible to reverse.
HOW DOES THE SCAM WORK?
You might think that not many people fall for such scams but you would be dead wrong – some scams are quite elaborate and have managed to fool a lot of people. That is why it is important to know what to expect and look for in order to spot a scam broker from a mile away.
The scam starts with an ad on the Internet promising you an easy gateway to forex trading or investing – the only thing you would have to do is open an account with the broker. You know that there are people who trade for a job and that even regular Joes manage to earn a nice side income through trading and wonder why not the same, there is no harm in trying. So you give in and provide the scammers with your contact details.
This is the moment when you will start getting constant calls and emails asking you to deposit – even if you have only opened a demo account. At some point, since everything seems legitimate, you do deposit and in the beginning, things might be looking great. The profits you were promised come soon but you should remember that it is easy for scammers to manipulate platforms to make it look like you are turning a profit. But you will be asked to keep on investing – and you would have no problem doing that because you will be smooth-talked into it by people who scam others for a living.
But when you try to withdraw, you will start running into different obstacles – obscure clauses in the Terms and Conditions preventing you from withdrawing, additional fees and taxes, and weird procedures. At some point, you would not be able to deny the fact you have been scammed – but it will be too late. The scammers will disappear and stop answering your calls and emails and leave you wondering what to do.
WHAT TO DO WHEN SCAMMED?
So what can be done in case you have already deposited?
Be prepared that there is a rather high chance that you would never see your money again. There is, however, still hope to retrieve it especially if you have deposited with a credit or debit card – both Visa and MasterCard allow chargebacks within 540 days of the transaction. Moreover, there are some things you absolutely have to do in order to avoid further losses of money.
Change all passwords and banking details you have provided the scammers with and remove all sorts of remote access software if you have installed such. Some scammers would promise to help you trade, or resolve different problems if you only install such software – their actual agenda is to get access to your computer and all your passwords and information.
Don’t trust any so-called “recovery agents” who offer to retrieve your money for a fee – this is just another type of scam targeting desperate scam victims, often conducted by the same people that are behind your “broker”.
Make sure to notify authorities and try to share your story online, or with your acquaintances – the more people know about such scams and how they function, the lower the success rate they will have.