Beware! DeltaFx 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.
DeltaFx has an interesting website, and we had a good time scrolling through it, for there were cool little details scattered around. Yet, we could not shake off the feeling that something was wrong with the broker. It is, of course, our responsibility to doubt all brokers, but we really did not want DeltaFx to turn out illegal. Yet, we must be objective in our reviews, and so we cannot hide the fact that as more time was spent with DeltaFx, more issues kept popping up. The following review sheds light on the major ones.
There was no way to safely register an account with DeltaFx. As soon as we clicked on the register button, we received a warning from our Firewall, warning us that the page we are about to enter might be subjected to attackers that have the ability to steal personal data.
We find no reason to mistrust this warning, so we turned back to the website, where we will take all of the trading and payment information from here on to the end of the review.
The account page reveals the following tradeable financial instruments: Forex currency pairs, Energy, Shares, Index, Metals, and Crypto. The supposed spread can go as high as 2.5 pips. which is nothing to brag about. The usual maximum of a spread, to be considered favorable to users, is 2 pips. Anything above that is seen as impractical. The leverage according to the FAQ page is 1:500.
As far as we’re concerned, the website was available only in English.
DELTAFX REGULATION AND SAFETY OF FUNDS
Seeing the way we started the review, is there any doubt that we will not find any issues with the regulation?
DeltaFx is apparently housed in multiple nations around. Our first destination is in the British Virgin Islands where the management team for the firm is located. The technical support team is located in Turkey.
The British Virgin Islands Financial Services Commission is the only FX licensing entity there. The one noteworthy requirement of this regulator is that all brokers must hold a paid-up capital between $100 000 and $1 000 000, on a case by case basis. However, the location is still considered an offshore destination! And furthermore, there is no evidence that DeltaFx is regulated by the commission.
As for the address in Turkey, it matters little. A customer support company does not require a full-on regulation form and FX overseer. So, in reality, it is irrelevant.
And so, here we are with yet another UNLICENSED broker, hiding behind its website waiting to steal from unsuspecting victims!
Investing in unregulated brokers is synonymous with losing money. Never be too quick to deposit! Always check for a regulation prior to depositing. This should always be any trader’s priority! If the broker at hand has a regulation, preferably FCA or CySEC., then you are good to go. From there on it’s all a matter of taste and the offered trading grounds. These two agencies are in the top 5 list of the best regulators in the world. All brokers under their gaze abide by the strictest of rules and guidelines. Furthermore, both the FCA and CySEC have a compensation scheme covering all users of brokers that cannot pay their dues, due to insolvency or other similar reasons. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
DELTAFX TRADING SOFTWARE
Our failed attempt at creating an account puts us at a disadvantage. The supposed presence of a trading software cannot be confirmed.
Furthermore, the website is very scarce on platform details. It offers a mobile trading app, but that is not enough to satisfy anyone. Such an app lacks the structure and features of desktop-based trading platforms. These are optimized for the best trading experience. Mobile trading applications are usually created for on-the-go trading.
We cannot be for sure, be we can strongly assume that DeltaFx might not have a trading software at all! What is a broker without a platform?
DELTAFX DEPOSIT/WITHDRAW METHODS AND FEES
It feels as if though the further we go in the review, the less we get of DeltaFx. Now it’s the turn for the payment information to be completely ambiguous, and quite useless.
The only solid info we have is that of a $100 minimum deposit requirement, and even this is not 100% certain! We get our payment methods from the logo just above the footer: bitcoin, WebMoney, PerfectMoney, WireTransfer, and Credit Card. Withdrawals are processed within 24 hours according to the FAQs.
Personally, we do not trust the website with any of the payment information. One more reason not to invest in DeltaFx, if you ask us!
How does the scam work?
The scam tactics that brokers use come under a common denominator. Most of them have a similar structure, with small touches that some brokerages choose to include. When users fall for these they will sooner or later realize it!
The very first step resolves around the fake internet ad, found mainly in social media websites. These high-promising advertisements promote a care-free lifestyle where money is made with easy trading on assets like forex or/and cryptocurrencies. Clicking on one of these will redirect users to a website (usually the broker’s website, but sometimes an intermediary site) where they will be asked to provide contact details. Sooner or later, traders will start receiving calls or emails with alleged opportunities on huge profits in exchange for a minimum deposit, an amount that depends on the broker, but also on the user herself (high income vs low income).
If the user deposits her first deposit, then she has fallen into the scam, and the broker is ready to initiate the second stage of the scam. Enter the account managers (sometimes called senior managers). These will push for more deposits, while slowly taking over your account. They will be very aggressive with their solicitations, trying anything and everything within their ability.
At this point, the user has not yet withdrawn! When she attempts to do so, she will be greeted by a very unpleasant reality: her deposit(s) and profits can never be returned. The broker usually enforces one of the following: either it will block the account, it will close down the website, it will stall withdrawal requests, or delete the account!
What to do if scammed?
The first thing you can do, and the most crucial, it to file for a chargeback with your credit or debit card company ASAP! MasterCard and VISA have extended their chargeback period to 540 day.
Deposits that were initially invested through a bank, and were lost as a result of the scammer brokers, should stimulate users to CHANGE their bank account details- both username and password! Furthermore, it wouldn’t hurt them to contact the bank and check with them.
It is crucial to know to never invest in suspicious brokers through a crypto wallet. A majority of these payments are untraceable, and you are risking to lose all your money with no hope of ever seeing it!
The scammer, or other related parties, have a last card to play. Deposit/Investment recovery agents are notorious fraudsters that promise to recover all your lost capital in exchange for a fee. Once the commission is paid, these will disappear with the money, which leaves you at an even bigger loss!
Rich Snippet Data