DCYMarkets review – 5 things you should know about dcymarkets.com

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

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

DCYMarkets offers its services to us to “upgrade our trade”. But fact checking shows that this website does not represent a legitimate forex broker. This is a typical online scam targeting people who lack experience and knowledge about financial markets. In this review, we will show you how to distinguish the fake brokers from the credible ones.

DCYMarkets Regulation and safety of funds

The first thing to look for in a forex broker’s website is which legal entity runs it, where it is based and what regulatory oversight it is subject to. Licensed companies are also required to provide a comprehensive set of legal documentation.

We do not find any identifying information on the DCYMarkets website. It is unclear which company is behind this website and where it is based. There are no Terms and Conditions. Client Agreement, Privacy Policy or other mandatory documentation. If you don’t know exactly who you are dealing with and what the terms of the deal are it would be an obvious mistake to put your money on the line.

In the FAQ section, a completely different brand is mentioned – jbypro. Such inconsistencies are typical of scam websites.

The website is available in German, which has attracted the attention of the German financial regulator BaFin. The institution has issued a warning to investors that this website is not authorised.

Before investing your money in financial instruments, it is imperative to make sure you do so through a licensed intermediary and not one of the many scammers lurking online.

Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK.

As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK.

DCYMarkets Trading software

DCYMarkets implements standard web-based trading software. Here is how it looks like:

While the platform has the basic features for placing orders, customising charts and application of technical indicators, it lacks the more advanced functionality found in the most widely used trading platforms in the industry, 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.

It should be noted that the presence of some kind of trading software is no guarantee that this is a genuine broker. Financial scammers often use rigged trading platforms to fool their victims that their money is actually being invested. However, this trading is entirely fictitious and the money goes directly into the scammers’ pockets.

DCYMarkets Trading instruments

DCYMarkets offers trading in all major asset classes. But we have every reason to believe that the trading offered by this anonymous and unauthorised website is fictitious.

DCYMarkets Spreads and cost of trading

In the trading platform we see zero spread. This implies that the broker charges some kind of commission. But DCYMarkets does not provide clear information about the price paid by the trader.

DCYMarkets Maximum leverage

DCYMarkets offers very high leverage ranging between 1:200 and 1:500 for different account types. Regulated brokers do not offer such levels to retail traders as trading with high leverage carries risks of sudden and excessive losses. Higher levels of leverage are only offered to professional clients who trade entirely at their own risk.

DCYMarkets also claims to offer bonuses. Regulated brokers are prohibited from offering bonuses and promotions. Scammers often use promises of supposedly generous bonuses to tie their potential victims to extortionate terms. DCYMarkets  does not provide clear information about the conditions attached to bonuses.

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.

DCYMarkets Deposit and withdrawal methods

At the time of writing this review the deposit menu was not active.

We were therefore unable to ascertain what payment methods were available. Experience has shown that fake brokers routinely advertise conventional payment methods, but actually steer their potential victims towards cryptocurrency transactions. This not only guarantees them anonymity, but also deprives the defrauded of the option to request a refund or chargeback.

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.

DCYMarkets Minimum deposit

DCYMarkets specifies a minimum deposit of 250 USD, which is the industry standard.

But this means that for the same amount you could open a trading account with an established and duly licensed forex broker. Some of the leading brands in the industry offer Micro and Cent accounts with a very low entry threshold that are suitable for novice investors.

DCYMarkets Withdrawal requirements

The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet  withdrawal terms.