Deoasis Limited review – 5 things you should know about deoasisfx.com

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

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Deoasis Limited wants us to believe that it is a regulated forex broker through which we can start trading in the financial markets with peace of mind. But this website is actually a good reminder of why we should always do careful fact checking before putting our money on the line. Deoasis Limited is not a licensed broker, but just another online scam. In this review, we will show you how to identify such scams.

Deoasis Limited 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.

Deoasis Limited claims to be headquartered in the United States and to have  branches in Australia and the United Kingdom. No address of offices is given anywhere.

There is no licensed broker with this name in the United States. There is a company named Deoasis Pty Limited on the Australian Securities and Investments Commission register. But this regulator does not provide public data on the domains through which licensed companies operate. Scammers often take advantage of this by posing as affiliated with legitimate brokers. In the UK’s Financial Conduct Authority database we find an explicit warning that Deoasis Limited is a scam, not a licensed broker.

There are no Client Disputes or Terms and Conditions on the website. When you make a deposit to Deoasis Limited, the payee is a company called King Team Trading Consultancy Limited with a bank account in Turkey.

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 Commodity Futures Trading Commission (CFTC) in the US, Australian Securities and Investments 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.

Deoasis Limited Trading software

On the website, we see stock images of the popular advanced trading platform MetaTrader. But after registering an account, we get access to a pretty basic web trading platform that doesn’t feature extensive customization options or advanced functionality. We’ve seen the exact same platform being used by multiple fake brokers we’ve encountered. Scammers are using rigged trading software to fool their victims into believing that their money is really being invested and even turning a profit.

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).

Deoasis Limited Trading instruments

Currency pairs, metals, oil, CFDs of stocks and cryptocurrencies are included in the trading platform of Deoasis Limited. But we have no good reason to believe this fishy website offers real trading.

Deoasis Limited Spreads and cost of trading

Deoasis Limited  does not provide any information on the trading cost. In the trading platform we see a zero spread, which means that the broker must charge some commission. But it is not clear what its amount is.

Legitimate forex brokers offer a variety of trading account types tailored to the needs of clients with different capital and investment intentions. These brokers also provide clear and detailed information on trading parameters – leverage, spread, commissions, order execution method, etc.

Deoasis Limited Maximum leverage

On the trading platform we see leverage of 1:400 and on the website leverage up to 1:500 is advertised. This is clear evidence that Deoasis Limited is not a licensed broker in the US or Europe.

Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50. This maximum level only applies to trading major currency pairs, with even more limited leverage for more volatile assets.

Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.

If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

Deoasis Limited Deposit and withdrawal methods

Deoasis Limited allows deposit and withdrawal via cryptocurrencies and bank transfer to a Turkish bank account. Both methods do not allow refunds or chargebacks to be made.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including 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.

Deoasis Limited Minimum deposit

Deoasis Limited does not specify a minimum deposit. The leading brands in the industry offer beginner traders starter accounts with a very low minimum deposit. You have no good reason to take chances with shady brokers.

Deoasis Limited Withdrawal requirements

Since Deoasis Limited 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.