Heard of DukeMarkets forex broker? Uncertain if the broker is a scam or genuine platform? We know trading good amounts of money on a safe and licensed brokerage is one of the crucial indicators that cross the mind of every trader or client.
This content promises to share helpful DukeMarkets review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
DukeMarkets: What is it?
DukeMarkets FX otherwise known as DukeMarkets.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 DukeMarkets.com a Scam Forex Broker?
First of, DukeMarkets FX claims to be based in Switzerland but did not provide any information about a local license. As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit.
Swiss brokers need nothing short of a banking license in order to offer services – and those are obviously very hard to obtain. It is not surprising that an anonymous, shady-looking broker like this one did not manage to do so.
Next, 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 DukeMarkets Have Account Types?
DukeMarkets offers different trading account for clients. According to the account descriptions, the broker offers a leverage max 1:50.
DukeMarkets offers $250 as its minimum deposit based on the account type. This may appear affordable but with an illegitimate broker, it is a risk.
Considering safety and regulation, 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.
There are no payment methods specified by the broker.
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!
DukeMarkets Withdrawal process And Trading Software
DukeMarkets 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.
The broker claims to offer industry trading software MT5. To be sure with this platform, we tried to register but we were asked to provide a referral code. We didn’t have that and so, we could not confirm the software.
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.
Honestly, 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 Trading With An Unlicensed and Unregulated Broker ( DukeMarkets.com)
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 DukeMarkets.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
DukeMarkets FX located at DukeMarkets.com appears like a trustworthy trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, we would advise traders to steer clear from unlicensed forex broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
Was the post helpful? Please share with us your experience in the comment section below. Thank you!