In the middle of the holiday season, we’ve got several companies that stood out as fraudsters and have been blacklisted around Europe. One of those is DCMGroup, discovered by the Spanish regulatory body. Read our DCMGroup review to find out everything about the brokerage.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||CNMV, Finanstilsynet|
|Owned by:||Archax Ltd|
|Headquarters Country:||Marshall Islands|
|Supported Platforms:||Proprietary platform|
|Types of Assets:||FX, commodities, stocks, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
What About DCMGroup Regulation?
We’re sure you’ve often heard people saying that you shouldn’t invest with unregulated brokers. Unfortunately, this is true because those types of companies have no intention of giving you any money. They’re established with one goal – to take your money and close their operation. One of those is DCMGroup, a brokerage based offshore in the Marshall Islands, owned by Archax Ltd. It is not registered with GLOFSA or any Tier1 regulators, meaning that it operates without a license. In case of issues, you will have no authority to assist you in getting the money back.
DCMGroup Warnings From Financial Regulators
Right after Christmas, the Spanish regulator CNMV issued an official warning against the DCMGroup scam and added it to the blacklist.
Not long after, the Norwegian regulator received the same complaints and re-published CNMV warnings on their official web page. Both of these warnings imply that the broker is illicit, and you should avoid it.
Fund Withdrawal Issues With DCMGroup Broker
DCMGroup presents itself as a crypto wallet that provides trading services with the ability to be used as a savings account and resolve all your financial issues. In theory, it sounds perfect. However, once you learn that the company has no regulations and has scammed many, it’s time to start questioning. According to investors, you will see the wallet and the balance for as long as you’re willing to fund it. Once you ask for payout, even if it’s just 1% of the amount you invested, your access to the money will be suspended, and you will have no contact with the company’s employees.
Before investing any money with DCMGroup, think if such a place is good for your funds. If, however, you’re already involved, contact us for assistance.
Areas Of DCMGroup Trading Scam
Most complaints about DCMGroup come from Spain, Germany, Canada, and Romania. Being added to the blacklist in Norway suggests that the company is active in Scandinavia, too, while we’ve seen comments from Australia, South Africa, and more. Wherever you are, it’s important to distinguish between regulated and unregulated companies and go with legit ones.
Traders About DCMGroup Scam
There’s nothing good to say about DCMGroup and its operations. The company doesn’t help their clients or assist them in resolving financial issues, as advertised. In fact, anyone involved is now in more significant issues than ever before. Clients are persuaded to invest their life savings with the company just to discover that getting a refund is impossible.
How Does Online Trading Scam Work?
Whether you sign up for an ad or are approached by the company’s employees via social media, you will be promised impossible results. Of course, everyone in the brokerage will try their best to explain how you can make thousands of dollars overnight, but let’s face it, it’s all just a story. At first, you may even make some profit, just for the account manager to gain your trust. Yet, once you ask for that profit, you will be convinced not to withdraw it or will simply be ignored. This is when you will understand that you have been scammed, and getting the money back is more complicated than it seems.
Beware of Extra Fees Before Withdrawing Funds
Some brokers, including DCMGroup, may ask you to pay additional fees before being able to withdraw the money. You will hear numerous excuses, such as money necessary for fees and taxes, but you won’t get any withdrawals even if you pay it. Don’t let them fool you and make more money; protect yourself in time.
Scammed by DCMGroup? – Tell Us Your Story
If you were scammed by DCMGroup or a similar bogus broker, let us know. Our chargeback specialists may help you file a dispute and get your money back.
But What Is A Chargeback?
This is a way for your bank to retrieve the money from the merchant. Contact us via online chat to book free consultations with our specialists. Let’s get your money back before it’s too late!
What Is DCMGroup?
DCMGroup is an online Forex and CFD trading provider based offshore.
Is DCMGroup Regulated?
DCMGroup is not regulated and provides financial services without authorization.
Is DCMGroup a Scam Broker?
DCMGroup is a fraudulent broker that is blacklisted in Spain and Norway.