Beware! Delux Deals 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.
Delux Deals looks like a legit entity, but after a minute or so we found out that the firm is the typical scammer broker one.
DELUX DEALS REGULATION AND SAFETY OF FUNDS
Delux Deals has a bunch of fake regulatory details that become a mess very early on, with each statement overlapping or completely contradiction the previous and following legal claim. It seems that Delux Deals is going for quantity rather than substance, which in itself is a principle adhered to by illicit brokers.
Without further ado, here are the false statements. In the footer we are told that Delux Deals is regulated by both the FCA and the Financial Services Commission of Mauritius. Now, the FCA statement is automatically excluded because there is nothing to suggest an FCA regulation; the broker would look and play out completely differently if it were regulated by the FCA.
As for the Financial Services Commission of Mauritius, we though about it, but in the end figures out that this offshore regulator has been on a redemptive arc for a while now, and it would not risk all those years of hard work – during whihc it built a legitimate name of itself – just so it can regulate the likes of Delux Deals.
In the legal documents, the story is completely different; it’s as if it is a totally different broker. The terms and conditions claim that the broker is actually tied to the laws of Vanuatu, another offshore but legitimate broker jurisdiction. The loca Vanuatu Financial Services Commission does not regulate Delux Deals, meaning that this statement in, once again, false and misleading.
Last but not least, the contact page points at a UK contact address, which at this point is ridiculous to consider. The UK has nothing to do with Delux Deals, and doe snot regulate the broker via the FCA.
Delux Deals is nothing more than an unlicensed broker and an investment scam. Do not invest in it!
Illegal and unregulated brokers spell trouble every single time! They have nothing to offer, unless you count heartache and frustration. These companies are created and run as elaborate scams (not all of them) and they are short-lived as a result of complaints and regulatory actions. But in between the creation of a scam and its downfall many users will lose their money with very little chance of a refund. This money will be redirected to various offshore and untraceable accounts and will serve the scammers to fund their own lavish lifestyles and future scammer projects.
So, really there is no reason to invest or even interact with unlicensed brokers. If you want to experiences the real FX trade, then look no further than any European, UK, US, or Australian-based brokers. These are regulated and fair institutions that treat each customer with care and respect.
DELUX DEALS TRADING SOFTWARE
The only thing we can give this web trader is kudos for not being one of the many popular scammer broker web traders. Not that we have not seen this one with other scammers, it’s just that it does not take those popular ones.
But like them it’s pretty useless with very little to do and see. And instead of being good foR novice users, it isn’t. If you are a trader looking for either a pro or novice-compatible trading software, we cannot recommend enough either the MT4 or MT5.
DELUX DEALS TRADING CONDITIONS
We registered very easily and were redirected to a web trader. Actually, the web trader above is the client portal, with no separate sections; all other options are just parts and tabs of the client area. So, the user area is very limited.
The available financial instruments are commodities, ETF’s cryptocurrencies, and indices, Surprisingly, the EUR/USD spread is 0.1 pip, and the firm says there are commissions revealed is a “contract specification” page, which does not really exists. There is a hidden commission meaning that this spead is not final.
The leverage here is capped at 1:100.
This leverage is great, but the broker isn’t. So, if you want to trade with high leverage brokers then you should only do so with regulated brokers.
DELUX DEALS DEPOSIT/WITHDRAW METHODS AND FEES
The user area reveals that the payment methods are only crypto-based: BTC and Tether. The minimum deposit is $500. Crypto methods are untraceable and thus risky with unregulated brokers.
A $500 minimum deposit requirement is quite high in an industry that is currently abandoning most minimum deposit caps. So this is a high requirement; look towards low minimum deposit brokers instead.
In the client area, there was no withdrawal window, meaning that there is no way to take out money. Think about that before considering Delux Deals.
According to the site, there are hidden commissions, but they are not revealed. Moreover, there are contradictions, many of them, that break the firm even more.
How does the scam work
For years now the scammer process has been, more or less, based on the same simple principle: that of solicitation. Of course, users can also stumble randomly on a scam but this happens very rarely.
Scammers rely mainly on exaggerated advertisement campaigns and phishing tactics, that is to say cold-calling techniques, to recruit their users. On the ads front, users are lured with very striking online ads about unbelievably lucrative opportunities for investments accompanied by imagery of luxury. The client is prompted to provide a contact email and a phone number.
The contact will be established in either case, and the user will be lied to and manipulated until he or she is lead to invest. If you fail to be succumbed to the broker’s sweet talk at some point the representative will stop calling you. But until then, you will be surprised as to the exhaustive repertoire of deceits and lies these scammer have. Essentially, they will try everything to convert you to their shady cause.
A users who has invested will be prompted to deposit at least one more time, but this time a larger sum with allegedly higher chances of hitting it big on the trade game. Obviously the illicit firm in question is making all these claims up; most of them don’t even have trading software!
The time will eventually come when the client will feel cheated, but by then it is usually too late. The broker will either cut all contact with the user, shut down its site, or simply stall the withdrawal request indefinitely.
What to do when scammed
The safest bet at getting your money back is to file for a charge back with your credit or debit card provider – the chargeback period for MasterCard and VISA is 540 days. However, this can only happen if you have invested via a card, or an e-wallet supporting card payments.
Bank transfers are way harder to trace, and the only hope you have is to call the bank itself and try to figure out a reimbursement strategy. But there is no guarantee that this will work. What we can advise if you fall into this state is to immediately change your bank account password and username.
Then there are the crypto transactions which are untraceable and therefore lost for good. So, whenever you see a crypto based payment method with an unregulated broker make sure to stay clear!
Last but not least, we have the recovery agents or agencies which are total scammer of their own. They promise a full refund in return of a one time payable fee, and no small one at that. As soon as this is paid they will disappear without a trace.