Table of contents
Dividendcare puts effort in hiding its true identity from unsuspecting clients, yet we, being the police dogs for shady brokers, were able to quickly scroll through their facade and expose them.
Their biggest tell, as with most suspicious brokers, is the confusion surrounding the regulation. The footer claims that the companie’s address is in Hong Kong which would put them directly under the oversight of SFC. This body functions under local HK laws, and requires a capital of $640 000 for brokers to get licensed from them. Safe to say that the broker is not in the registry.
Next, on the Contact Us page the address given is completely different from the one above: in St. Vincent and the Grenadines. This would put it directly under the gaze of the FSA SVG. However, the FSA SVG does not regulate Forex and CFD brokers. So even seeing that the brokerage offers currency pairs and CFDs, we can safely conclude that that Dividendcare IS NOT REGULATED.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
The leverage reaches 1:500. This, for better or for worse, is considerably high. This can either help you win a substantial amount or lose everything you’ve deposited in a single position. Tread carefully.
The EUR/USD spread is 0.8 pips. This is a very good cost of trading, that is rarely seen in unregulate brokerages.
The assets for trading are differs and up to industry standards: Shares, Commodities, Indexes, Currency Pairs, Options, Bonds. Even without Crypto, this collection of instruments is impressive.
The languages are English, Russian and Spanish.
The inclusion of the MT4 is a welcome one, but seeing as this is an unregulated broker it makes little to no difference.
MT4 stands tall against other trading terminals. Consider using Expert Advisors to set your automated trading while you do other business, or take full advantage of what MT4 has to offer: multiple chart management, micro lots, customized trading indicators, huge selection of trading tools and much more.
The maximum leverage is 1:500, and the EUR/USD spread is 0.8 pips.
The platform is available as a desktop trader, a browser one, and as an app for the Android/Apple devices.
DIVIDENDCARE MINIMUM DEPOSIT
The minimum deposit is $10 000. We don’t need to tell you that this is ludicrous and is probably the second biggest tell that this broker is fraudulent. This amount immediately excludes a huge portion of retail traders, and focuses on the fat cats.
The depositing methods are VISA, MasterCard, Bitcoin, and Cryptocoins. The T/C mentions a Wire Transfer but once we registered we were presented with the former options.
All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advice traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
DIVIDENDCARE WITHDRAWAL TIME AND FEES
There is no indication on a minimum withdrawal. The exclusion of such information is common with unregulated brokers, for the main reason that the broker will most probably never allow you to withdraw your money.
The process time for withdrawals is 5 days, if one is to trust the Client Agreement.
There are unspecified commissions concerning withdrawals,
even thought it mention in the Help page that it does not charge withdrawals:
Inconsistency has always been a clear sign of shadiness.
The dormant account fee is exaggerated. It takes way to short a time to be activated and is relatively high as far as sleeper charges go:
ADDITIONAL FEES AND TAXES
Even though the fees are not as numerous when compared to other unlicensed brokers like InvestTeck, it makes no difference: unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a chargeback, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a chargeback is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
Dividendcare is expertly designed and presented, and can fool almost anyone. However, it does what most scam brokers tend to do: offers contradicting claims about their location, which immediately exposes them as untrustworthy. Pass this one, and move on to a regulated broker.
Dividendcare compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines