Decode Global Review – This Broker Really Is That Shady
This right here, i. e. the Decode Global Review, represents our trophy that we caught in the hunt for scammers. We had to go all the way to Oceania to prevent this terrible fraudster from realizing its vile scheme. Let’s cut the chit-chat and start analyzing!
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Decode Global Ltd.|
|Supported Platforms:||MT4 & MT5|
|Minimum Deposit:||100 USD|
|Types of Assets:||Forex, Indices, Commodities|
|Free Demo Account:||Unavailable|
|Accepts US clients:||Yes|
Decode Global Is Regulated By Several Organizations?
As mentioned, Decode Global is an obvious offshore provider and as such, it is unregulated, making it really dangerous for doing business. The financial swindler claims to be based on the island of Vanuatu in Oceania. The local Financial Services Commission’s database contains Decode Global ltd. The phone number code (+65) belongs to Singapore.
Although this company is registered in Vanuatu, that does not mean much since this regulator is simply not credible enough. In general, offshore brokers do not adhere to strict rules. Plus, the Vanuatu regulator is not concerned with client protection.
Why Is Trading On a Licensed Broker’s Platform Preferable?
On the other hand, the regulator in neighboring Australia – ASIC, does require brokers to fulfill certain requirements. For example, each broker has to have at all times a minimum operating capital of AUD 1,000,000. A segregated bank account and negative balance protection also have to be provided for the clients.
Sounds great, right? Well, forget about it if you decide to trust a shady offshore broker such as Decode Global.
Is Decode Global a Legitimate Broker Or A Fraud?
Decode Global is a fraudulent broker that allegedly offers Forex and CFDs trading. The illicit con artist mainly targets unsuspecting traders from Australia, Germany, Canada, the UK and the US.
Decode Global Offers MetaTrader 4 & 5? – Online Trading Platform
Decode Global claims to offer two of the best software in the world of trading – Meta Trader 4 and Meta Trader 5. We had doubts when we read this and it seems on good grounds. The download files apparently contain some type of software that’s neither MT4 nor MT5.
To make matters worse, the fraudulent broker did not offer a free demo account to allow us access to the trading platform and conditions. Therefore, we advise you to stay away from Decode Global.
Trading On The Mobile App
Allegedly, Decode Global provides traders with a mobile version of its platform. Another cunning trick by the scammer. First of all, mobile platforms are good for quick intervention but inferior to desktop versions overall. Given the fraudulent nature of this broker, we don’t recommend you install the mobile platform.
To reiterate, the desktop versions are really shady. They are not what they were presented to be. Offshore scammers like this one often use the names MT4 and MT5 to attract victims. This fake platform was created by an unverified publisher, making it untrustworthy for trading and depositing in general.
What Сan Be Traded?
When it comes to trading assets, Decode Global allegedly offers only three:
- Forex pairs – EUR, USD, JPY, spread 0 pips, 35 currency pairs;
- Indices – US, Germany & China, max leverage 1:100, spread 0 pips, over 10 indices;
- Commodities – gold, silver, crude oil, etc. leverage 1:500, spread 0 pips.
No stocks? No crypto? Disappointing, Decode Global. Nevertheless, the broker was pretty vague about all these instruments. It seems the only way to learn more is to actually open a live account, but that’s the worst thing one can do.
Decode Global – Countries Of Service
We did extensive research and found out where this crooked scammer dug its claws. Its offshore nature is troublesome and the trading conditions it offers are no better. Therefore, if you reside in any of these countries, beware. Each of these countries’ respective regulators has strict rules in place. You deserve a licensed broker, not this clown.
What Do We Know About Decode Global Account Types?
As far as account types go, Decode Global offers only two types:
- STD – spreads from 1.5 pips, commission-free;
- PRO – spreads from 0.0 pips, $7 commission.
Nah, with these particular conditions, these two types are kind of leveled. The former has uncompetitive spreads but is free of commissions while the latter has the best possible spread ratio but charges considerable commissions. We guess that the minimum deposit for both is $100 since it wasn’t stated otherwise.
Can a Trader Open a Free Demo Account?
No. There is no free demo account and that bothers us. Name any licensed and legitimate broker and we guarantee that they offer a demo account. This just goes to show how unreliable Decode Global is. Going in blind and opening a live account straight away is a terrible idea.
About Leverage, Spreads and Fees
We have already addressed the unfavorable spread/commission ratio in the account types section. As for the leverage, the maximum level traders can get from Decode Global is 1:100 for Forex, and 1:500 in general! Wow, that’s extremely high even for an offshore provider.
Keep in mind that top regulators have limited leverage to 1:30 for FX major pairs for retail clients to prevent enormous losses. Yet, traders still seem to lose despite this. Imagine the chaos that could occur at higher levels.
High Minimum Deposit and Withdrawal Terms
The minimum deposit is $100, which is not unusual but still not worth risking with such a shady provider. As for the payment methods, Decode Global says it accepts wire transfers, US Tether and Chinese UnionPay. No credit cards? Strange. Allegedly, there are no fees.
Unsurprisingly, the broker accepts a crypto asset. Scammers sure love their crypto because it allows them to remain anonymous. You should be wary of this.
Scammed by Decode Global Broker? – Let Us Hear Your Story
If you’ve fallen victim to this vile plot, we feel for you. However, now is the time to consider refund methods. Since the broker accepts three payment methods, we’re going to say something about each of them and hope you find it helpful. If you need any assistance, feel free to contact us.
Recall & Crypto Tracing
- Wire transfers can be reversed via recall. However, this method is only possible if the transaction has not yet been completed.
- As for crypto transactions, they can be traced to a wallet within a crypto exchange. Once that’s done, you can request a refund from the exchange.
- For UnionPay, the only option is to contact the company’s support team and see with them what can be done regarding a refund.
- The most important thing here is to act as quickly as possible!
What Is Decode Global?
Decode Global is an offshore broker based in Vanuatu that offers Forex and CFDs trading.
Is Decode Global a Scam Broker?
Decode Global is an obvious scam broker because it is unregulated and violates a lot of trading rules.
Is Decode Global Available in the United States or the UK?
The broker is available in both the US and the UK. In fact, the scammer targets traders from those two countries.
Does Decode Global Offer a Demo Account?
Decode Global does not offer a demo account anywhere on its website.