Uncertain about Deppmarkets.com platform? Is Depot FX a safe broker? Let’s read reviews to know about this forex broker.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
About Depot FX
Depot FX otherwise known as Deppmarkets.com is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
What’s more, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices.
Is Deppmarkets.com Regulation Claim Genuine?
First of, Depot FX presents different registration addresses. Following this, this broker operates under the trading name Depot FX (Pty) Ltd, based in the UK and authorized by the Financial Conduct Authority (FCA).
Quick check of the UK’s Financial Conduct Authority (FCA) database shows that there is no authorized broker using the Uniquefx.co brand and domain. Take a look yourself —
Depot FX claims to have offices in other regulated jurisdictions such as Australia, but verification shows that this is also untrue.
Furthering, Live24Trade claims its website is incorporated in St. Vincent and the Grenadines.
But, Saint Vincent and the Grenadines SVG is an offshore zone with no broker regulations in place. As soon as you open the website of the local Financial Services Authority you see a warning that the institution does not license forex and other types of brokers and does not supervise the activities of International Business Companies engaged in such activities.
Furthering, the broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These drawbacks are for forex traders/ clients to avoid losing money with scam brokers lurking online. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Does Depot FX Have Account Types?
Depot FX offers variety of trading account for clients like Standard STP and Raw ECN. According to the website, the broker leverage is capped 1:500.
Depot FX deposit is indicated $100 according to the account type. This may appear affordable but with an illegitimate broker, it is a risk.
In contrast, you should better stay with a legitimate broker that clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
As for the broker funding methods, Depot FX claims to accepts different payment options between wire transfer and cryptocurrencies.
Depot FX withdrawal leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Depot FX Trading Software
Depot FX claims to give access to the industry standard MT 4 and 5, but we do not get access to this or any other trading software after account registration.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Argument Against Depot FX Licensing and Regulation
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that Deppmarkets.com is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Depot FX located at Deppmarkets.com appears like a genuine trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, this broker lacks one important indicator which is – it license. Following this, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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