DK Trade

We have stumbled upon a very aesthetically pleasant broker by the name of DK Trade. It’s rare that we experience such joy just by looking at a website. Let’s hope that the rest of this company is as appealing as its look. Read on to find out.

We are immediately let down; things quickly escalated. First off, in the Terms and Conditions the brokers says that its parent company DK Trade Investment Group Limited is regulated by the Financial Services Commission, or the FSC, which is based in Mauritius. After a quick search in the database of the regulator we found no results of a DK Trade Investment Group Limited.
Next, the About Us page claims that the broker is regulated by Financial Services Authority St. Vincent and the Grenadines (SVG FSA). Readers should be aware that SVG does not regulate the forex market, so DK Trade is not regulated there.

The final stop is at the British Virgin Islands, as seen further down in the Terms and Conditions. There the British Virgin Islands Financial Services Commission regulates the forex market. We looked into the regulator to find the name of the broker and found zero results.

We can safely conclude that DK Trade is UNREGULATED, and therefore is a risk to every investment made with it.

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)

We easily opened a live account with the trading platform, which is never a good sign. The fact that the broker did not require any ID for the launch of a live account speaks volumes of its illegitimacy.

The spread we got for the trading platform is 1.4 pips, which is actually quite decent. The leverage reaches the dangerous amount of 1:1000. Be wary when going all the way!

Trading assets as seen from the platform are Forex Pairs, Commodities, Indexes, Crypto, and Stocks.

The website comes in English and Vietnamese.

DK TRADE LOGIN

Here the MT4/MT5 are made available.

What can we say about the MT4/MT5 that we haven’t said before. MT4 offers some great features: micro lots, automated trading bots, 500 individual orders per account, VPS’s (Virtual Private Servers), customizable trading indicators, and much more. While the MT5 builds upon these foundations and strives for perfection.

It’s worth mentioning that once we tried to open the MT5 trader, we were unable to proceed with login in. There was no such issue with the MT4.

The leverage is 1:1000 which is dangerously high, and should be dabbled with precaution, while the EUR/USD cost of trade is 1.4 pips.

The broker makes it clear in the T/Cs that it does not charge any commissions on trades:

However on the Account Types page we found the following:

There is an actual commission not included in the most important document of the broker! The $10 round turn commission, increases any Zero Account spread with 1 pip, which is huge and needs to be noted!

The MT5/MT4 can be accessed as a web browser trader, a desktop trader, and a mobile trader.

DK TRADE MINIMUM DEPOSIT

In the client portal the deposit page was barren as barren goes:

So any deposit details from there are unavailable. In turn, the website gives us no minimum deposit information.

The Terms and Condition tell us that a client can deposit via a “vast array of methods” that are increasing in number.

What these methods are, no one knows. Unless, probably, one provided ID documents. However, we wouldn’t do that, nor deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.

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 software 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 software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.

DK TRADE WITHDRAWAL TIME AND FEES

Surprisingly, the Terms and Conditions offer close to no insight on withdrawals.

The withdrawal requests are said to be processed daily. However the broker mentions that is has the right to withhold payments if “we feel that it may be to meet future short- term payments”.

There is no mention of any withdrawal fees, or a minimum withdrawal.

We want to remind readers that many offshore brokers have no intentions of paying you back. Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advice you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Even though this broker asks for these details before users get a chance to deposit, the missing regulation still keeps our guard up.

We have our doubts that this broker will not return any funds you deposit with 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.

The broker gives itself the right to close an account for any reason, and is also not obliged to provide a plausible reason for doing so.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a charge back with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

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!

BOTTOM LINE

DK Trade is one of the prettiest scammer brokers we’ve seen, which is why it is with a hint of empathy that we deem this one not worthy of any investment!