DynastyFx review – 5 things you should know about dynastyfxglobal.com

Beware! DynastyFx is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

Visit Site

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

DynastyFx insists that it is a regulated forex broker that we can trust with our investments without worry. But even a basic fact check reveals plenty of evidence that this would be a wrinkle. DynastyFx is not a legitimate broker, but yet another online scam trying to take advantage of people without enough knowledge about financial markets. In this review, we’ll show you how to distinguish the real financial service providers from scams like DynastyFx.

DynastyFx Regulation and safety of funds

If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has. Genuine brokers also provide access to a comprehensive set of legal documentation. The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.

DynastyFx  does not provide access to a Customer Agreement as required by a legitimate broker. The website claims that the company behind the website, DynastyFx Global ltd, is based in the United States and is licensed by the US Financial Services Authority (UFSA). But no such regulatory institution exists.

To operate as a forex broker in the United States, a company must be registered as a futures commission merchant and foreign exchange dealer with the Commodity Futures Trading Commission (CFTC) and to be a member of the National Futures Association (NFA).

DynastyFx also claims to hold licences from financial regulators in the UK, Germany, France, Spain, Italy and Denmark. But a check of the relevant registers reveals only warnings to investors that DynastyFx is not an authorised broker.

If you intend to invest in financial instruments, you should beware of the many fake brokers lurking online. Always check carefully whether the broker you choose really has the necessary licences. There are numerous benefits to working with a company that is truly authorised and supervised by a regulatory institution such as the CFTC in the US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.  In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

DynastyFx Trading software

After registering an account, we find that access to the dashboard is blocked until we verify our account by providing a copy of our ID. But by all indications, DynastyFx does not have any trading software – meaning this alleged broker does not have the technical capacity to deliver the services it claims.

If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

DynastyFx Trading instruments

DynastyFx advertises trading in all major asset classes but does not provide detailed information. As we have seen, this website has neither legal authorisation nor a trading platform.

DynastyFx Spreads and cost of trading

DynastyFx promises a relatively high spread of 1.9 pips, which is actually not at all profitable and competitive. The website does not provide any information about the other basic parameters of the trade.

DynastyFx Maximum leverage

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders

Regulated brokers do not offer such levels to retail traders as trading with high leverage carries risks of sudden and excessive losses.

If you are nevertheless willing to take the risk of high-leverage trading and want to take advantage of bonuses, promotions and prize games, the best option is to use the services of offshore brokers operating under an established brand.

DynastyFx Deposit and withdrawal methods

Due to the inability to verify our account, we were unable to access the deposit menu. But DynastyFx is hardly different from the many similar scams that invariably use only cryptocurrencies.

Scammers prefer cryptocurrencies because these transactions are not subject to refunds. Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller.

If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.

DynastyFx Minimum deposit

DynastyFx requires a minimum deposit of 500 USD. For the same amount or often much less, you could open a trading account with almost any licensed forex broker in the world. There is no good reason to take any chances with fishy websites like DynastyFx.

DynastyFx Withdrawal requirements

Since DynastyFx does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.