DamkoNET defines themselves as a standard in the trading world. What that means is that they apparently provide you with advanced features and resources to become a successful trader. From good trading conditions, educational materials, trading strategies and tools up to low costs.
Of course, they forgot to mention one important thing. That the broker offers services without a license for trading on FX and CFD markets. Our detailed DamkoNET review will elaborate on all this and more.
On top of that, we seriously recommend you not to invest in the fake brokers Finex Trader, Absolute Markets, and EGMarkets. Do not trade with these unlicensed brokers if you want to save your money!
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | Damkonet.com |
| Blacklisted as a Scam by: | BaFin |
| Owned by: | Damkonet LTD |
| Headquarters Country: | Marshall Islands |
| Foundation year: | 2021 |
| Supported Platforms: | Web trader |
| Minimum Deposit: | 250 USD |
| Cryptocurrencies: | Yes – BTC, ETH, XRP |
| Types of Assets: | Forex, Commodities, Shares, Indices, Cryptocurrencies |
| Maximum Leverage: | 1:200 |
| Free Demo Account: | No |
| Accepts US clients: | No |
DamkoNET Is NOT A Legitimate Broker?
This is a broker that really did its due diligence to provide clients with all necessary information regarding trading. It is a huge plus for DamkoNet.
What they didn’t mention is that you can’t get any of the profits. They as well didn’t mention anywhere that if you don’t deposit more money, your account will somehow end up with a big loss.
Offshore company with a warning from BaFin is not a good sign. DamkoNET offers trading conditions that are not allowed according to regulations. Therefore, any funds you deposit here are not safe at all.
Arguments For Trading With a Licensed Broker
With a licensed broker, you can only get an education about trading and full assistance in understanding the market and platform. With non-licensed brokers, like DamkoNet you get full assistance from brokers. According to Tier 1 regulators that is not allowed.
Checking the FCA, BaFin and ASIC databases, we couldn’t find any licensing information about DamkoNet trading. Only warnings.
Red Flags and Warnings from Financial Regulators
Based on their presentation and story, we hoped they were doing something good. But since there is already a warning issued by the German authority – BaFin we lost all hope.
Even though, the company states that they don’t offer services to German citizens, it looks like they were involved in this scam. They note as well that they don’t offer it to UK clients, but we f found that they are scamming traders from Germany, UK, Austria and Switzerland.
Analysis of Customer Reviews Related to DamkoNET
We wanted as well to check other people’s opinions. Out of 13 comments on Trustpilot, more than 75% were about stories where people lost money.
However, for sure there are many more that didn’t express themselves anywhere online. Always share your story so that other people see what is it all about.
Overview of DamkoNET As a Trading Platform
The company is allegedly giving access to the MT4 trading platform. That would be amazing if it was true. The reality is that it’s only web-based trading software without any advanced features like social or EA trading.
If you were looking for a trusted and reliable broker, find one that is licensed and offers MT4/MT5.
Mobile Trading
Usually, MT4/MT5 can be accessed through mobile apps. Since DamkoNet broker offers only web-trader, you can access it through the mobile device browser.
To sum up, there is no app to download for their software. Above all, this is another irregularity with this broker that should keep you far away from them.
What Financial Instruments Does DamkoNET Include?
After this DamkoNet review, we will quickly realize that this is the only good thing about this broker. The availability of financial instruments is very good. However, we shouldn’t trust the data presented about those assets, since that could be manipulated.
They are covering 5 financial classes:
- Forex EUR/JPY, USD/NZD, CAD/EUR
- Commodities gold, platinum, crude oil
- Indices FTSE100, DowJones, DAX30
- Stocks Alibaba, Tesla, Google
- Cryptocurrencies Bitcoin, Litecoin, Bitcoin cash
Areas Of DamkoNET Scam
According to DamkoNet reviews and BaFin warnings, they are scamming traders from:
- Germany
- UK
- Italy
- Switzerland
It’s not excluded that some other countries are the target of this company. Even though they are covering themselves from jurisdictions of highly regulated countries, they might offer services there. A fancy website without integrity stays just a fancy website.
DamkoNET And The Types Of Accounts Offered
The company offers 4 different account types with different conditions:
- Basic 250$
- Silver 10.000$
- Gold 50.000$
- Platinum 100.000$
Like in any other account, you get more benefits if you deposit more money. Since the company doesn’t have regulations all conditions are questionable. We honestly advise you to invest money with a licensed company.
DamkoNET Deposit and Withdrawal Policies
Deposits and withdrawals could be done through a Debit/Credit card or a wire transfer. For a deposit of course you don’t have any specific conditions except minimum requirements.
A withdrawal situation is a bit different. When you request a withdrawal, it takes up to 2 business days for the company to approve it. If they want it of course. Or if they want to find another way to extract money from you.
DamkoNET Bonus Policy
Following Tier 1 regulations wouldn’t give you the option to offer bonuses to clients. That’s strictly forbidden. Nothing is free in the trading world.
The company has a very tricky policy. They state you need to make up to 2 million for every 100$ bonus that you get to withdraw the profits. This is insane, but if you don’t read the conditions you will be caught by scammers.
DamkoNET Terms and Conditions
T&Cs are a complete nightmare. What we were looking for first are additional fees. And guess what, there is a ton of them. Renewal, rolling, services and annual maintenance fees. It’s just a matter of time before you will get to something new that you need to pay for.
This is exactly how non-licensed companies operate.
DamkoNET Broker Scammed You? – Please Tell Us Your Story
Don’t be embarrassed if you were caught in this scam. This is well planned and organized scheme. What you can do is share your story with us and prevent other people get scammed. If you need assistance with a chargeback, contact our experts today!
What Is the Chargeback Procedure?
This is a simple procedure for reversing transactions. It can be done in the first 540 days of making a transaction. Of course, it’s only available if you were using a Debit or Credit card.
To get a free consultation on the first steps, reach our experts now!
What Is DamkoNET ?
DamkoNet is an offshore non-regulated company. If you were caught by this scheme, contact our team to file a chargeback.
Is DamkoNET a Scam Broker?
Even according to BaFin, DamkoNet is a scamming company. There is nothing more that should be said.
Is DamkoNET Available in the United States or the UK?
The company states that they don’t offer services to US or UK. Truth is that they are working with UK clients.
Does DamkoNET Offer a Demo Account?
You can’t get access to a demo account through the DamkoNet broker. Only live trading accounts.
