To some people, this broker scam may sound familiar. It is aggravating that this fraud has resurfaced once again. Their web page may look legit, and they may be able to trick inexperienced traders.
Nevertheless, beware of all the empty promises of this trading scam. Stay tuned and keep reading this DakkenGroup review to discover more details.
|Leverage||from 1:100 to 1:400|
|Headquarters||St. Vincent and the Grenadines|
How Safe and Regulated DakkenGroup Investments Are
It’s essential to know that Dakkengroup has become the subject of a warning issued by the CNMV (Spanish authority).
The warning states the business has been offering its services to Spanish traders without the approval of the governing body. This is entirely illegal. Moreover, there is no lack of brokers out there that have been running the same plan. They seek to portray themselves as EU institutions because they wish to lure victims located in the EU. They do this by acting to offer them conditions they can expect from real EU brokers.
Dakkengroup is, by all means, not a Spanish broker. So, from where is this broker scam operating?
There is scarcely a more scandalous jurisdiction a broker could be operating from than St. Vincent and the Grenadines. This land is accountable for housing an immensely considerable amount of FX scammers nowadays. This is because of its refusal to handle such markets. There are no warranties for the safety of your or anyone’s funds with these organizations. So, please stick with regulated brokers only.
DakkenGroup Trading Platform
DakkenGroup has web-based trading software. Likened to industry-standard MetaTrader4, the platform is quite scarce. It does not even include automated trading.
Bear in mind that MT5 is one of the most widely used platforms in the forex world.
It is equipped with all typical features, such as a complete set of trade orders. What’s one of the most appealing elements of MetaTrader 5? Well, algorithmic trading is undoubtedly the most powerful option. It is possible for you to execute automated trading sessions with robots.
Apart from that, the MT5 venue offers a cutting-edge Market Depth feature. In addition, individual orders and trades are accounted for, along with netting and hedging.
Tip: Trading with leverage is extremely risky. There is always a slight risk of losing your funds, even with legitimate brokers. Keep this in mind at all times.
Account Types at DakkenGroup
Take a look at the following DakkenGroup account types. It’s a bit odd that they are named after crypto assets.
- Ripple account – $250
- Ether account – $15,000
- Bitcoin account – $100,000
- Luxury account – $1,000,000
Now, what about leverage? It varies from 1:100 to 1:400. What’s more, none of the accounts have fees or commissions. DakkenGroup has a minimum deposit that is rather common, but still high. On the flip side, other accounts demand too much cash for a trading scam.
Deposit and Withdrawal Methods
DakkenGroup broker only accepts BTC deposits. Be that as it may, this is a red flag. Only fraudsters would forget to offer any type of alternative to crypto payments. The explanation why they favor receiving funds in such a way is quite simple – such transactions are anonymous and hardly reversible.
You would hardly be able to get a chargeback if you have already deposited. However, it is possible! Although cryptocurrency transactions are difficult to track, there are tools that follow a transaction by ID and connect it to a wallet within the exchange. Once tracked, a client can submit a legal letter to the exchange asking for a refund.
In addition, there are some extremely high withdrawal fees. There is $50 for wire transfers, $25 for card withdrawals + $10 processing fee, and $25 for digital payments. Unverified accounts will be charged an extra 10% fee.
How Does The Scam Operate?
Shady forex brokers exhibit many deceitful patterns, as is well known. You will see a lot of withdrawal issues and negative reviews. Besides, you will come across exorbitant fees. Beware that these fees frequently rise beyond 20%.
Likewise, they will combine some sort of profit fee. Deceitful websites will want to rip you off with these fees before initiating a withdrawal. You should know that this is virtually always the case!
However, there are always enormous gains they vouch for. This is another standard fraud scheme that you should keep in mind. These con artists promise guaranteed profits. Trading with leveraged instruments carries risks. Never skip this!
Any broker who is deceptive will tell you that profits are guaranteed.
Use real and regulated brokers only. Licensed brokers come from the EU, USA, UK, as well as Australia. These need to post a notice about the percentage of clients who suffer losses on their websites.
The Finest Forex Brokers
Let’s take a look at some of the finest forex brokers at the moment. By selecting some of these, you cannot go wrong.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
As you can see in this DakkenGroup review, this broker is not regulated at all. This goes without saying. They show a fake location on their site, and there is a warning issued against them.
Rather than wasting your time here, stick to legit brokerages. You will save time as well as money.
FAQs About DakkenGroup Broker
What Funding Methods Does DakkenGroup Accept?
In regard to the funding options, DakkenGroup forex broker only accepts BTC deposits.
How Long Do DakkenGroup Withdrawals Take?
This question has no answer as no one was able to withdraw money from this broker.
Is My Money Safe with DakkenGroup?
No. Your money is not and will never be safe with a broker scam like this one. Keep this in mind.