Discovery Forex Review – Discover The Rotten Scheme Behind The Site
Self-proclaimed “world’s top running FX and CFD provider” we’re discussing today is actually a poor attempt at a credible presentation of a trustworthy broker. Being actually nothing more than an offshore sham based in Samoa, this platform has nothing of value to offer to its potential clients.
It is recommended to first read this Discovery Forex review before making any business decisions that you might regret later.
|Regulated by:||Unregulated Broker|
|Is This Company Safe?||No, being an offshore entity, this firm isn’t safe!|
|Have Warnings from:||N/A|
|Trading Platforms:||MT4, MT5|
|Deposit Bonus:||Not available|
|Trading Assets:||Forex, Precious Metals|
|Free Demo Account:||Available|
|How to Withdraw from This Company?||Withdrawals aren’t certain with this one – better contact our legal experts for help with payouts!|
An Offshore Setup
One thing is certain, and that is the fact that Discovery Forex Limited is a MSB registrant. However, to be properly licensed to provide brokerage services in the US, a firm needs to be regulated by CFTC and an NFA member. This company is none of that.
Due to also not owning a Tier 1 license from no prominent regulator like FCA, CySEC and BaFin, we categorize this platform as untrustworthy.
It is not safe to invest here, as the deposits aren’t placed in segregated bank accounts and no risk-reducing measures protect you from high exposure and quick loss. Additionally, the firm lacks AML measures and mandatory transparency. The same stands for RightFX, as another unregulated entity.
How The Scheme Functions
The discovery-forex.com domain was purchased in 2018 as evident from the WhoIs register. The website, however, seems to have been launched only in 2020, as there is no prior history of it online.
The main client base of the company resides in these nations:
- South Africa
- United Kingdom
- United States
The majority of the clients are recruited by boiler room agents, however, in a manner similar to the EuroPrime scheme. These agents are known for their stubbornness and persuasion, and will not give up until they’ve squeezed the money out of the victims’ wallets. If you’ve invested with this faux firm, contact our legal experts.
Trading Conditions Initiate Loss
A clever strategy to push traders into risky trades is to set the maximum exposure to as high as possible. This trading portal allows the maximum leverage of up to 1:1000, depending on the asset.
The trading costs in form of spreads come relatively in attractive values of about 0.3 pips, as the site states. However, not being able to immediately open an account and make sure of this from inside the platform has left us not trusting the ads.
Web Affiliate Program
Users who run their own website can participate in promoting the company. Based on the number of new accounts opened through your referral and the executed trades, you can earn commission. Precise conditions of this system aren’t revealed.
Advertisements And Not Much Else
On the surface the features are about average when compared to regulated brokers. The issue with this firm is that you can’t really test any of the claims. It’s just empty promises, with no substance.
We did manage to open a demo account, but it only granted us limited access to platforms. Allegedly, industry standard programs are available to the clients, but good luck finding a download link on the site.
Restricted Access To Platforms
The only way to get familiar with the Discovery Forex platforms is by applying for an account first. Trying to test the MT5 demo version was not successful, as demo trading is only available on MT4. It is already known how reliable, comprehensive and rich in features this terminal is, so there’s no doubt about it’s performance.
That leaves the question about the MT5 availability open. It is a shame that these acclaimed and world-renowned software are misused for fraudulent purposes, but it’s nothing new.
Insistent On Social Trading
While MT4 and MT5 apps are available for mobile users, this broker makes no mention of mobile versions. Instead, the firm advertises a social trading and copy trading app in an incredibly pushy manner.
They’d really like you to use this secondary service so much they have placed no less than 8 separate download buttons on the same page! The buttons, however, lead to dead links on Google Play and App Store instead, with no app in sight.
Two Asset Groups Only
All of the trading conducted on this portal is only available on two groups of financial instruments:
- Forex (EUR/USD, USD/GBP, EUR/CHF, USD/AUD, USD/)
- Precious Metals (Silver, Gold, Platinum, Palladium)
Types Of Trading Accounts
Different Discovery Forex login types are based on various pricing strategies. While a current industry average is $10 of minimum deposits or less, you cannot start trading with this broker without at least $200.
Here’s an overview of accounts now:
- Standard Account- $200, spreads based
- Nano Spread Account- $200, commission based
Demo Upon Request
Since all account opening is done by sending an application first, it’s the same with Demo. Since only MT4 accounts allow a Demo package, you have no choice but to apply for that one. After your application is revised, you will get the login credentials sent to your email address.
AML Breach On Transfers
The opposing information found on the website and client area is a clear sign of monetary transactions not done according to governing AML laws.
You see, the client zone only allows funding to be performed via credit cards. On the other hand, the website provides manuals on how to withdraw cash via bank transfer and crypto.
This is a known rule breaking method that swindlers employ to cover up their malicious deeds. Since credit card funding is allowed, we recommend you to ask for a chargeback and get your funds back from cons.
Support is allegedly available 24/7 through the live chat embedded in the website. With Discovery Forex support, you can either lose time on the bot that keeps repeating the same question, or leave a message in the contact form. Needless to say, we never received any reply from the alleged support agent.
What You Can Do
Rule of thumb before investing with any scheme, no matter how good it sounds, is to consult the authorities and check the regulatory status of your platform of choice.
We urge you to recover your investment placed on this shady site. To do so quickly and efficiently, you should contact our legal service.
Our chargeback professionals will guide and support you every step of the way, while the first consultation is completely free of charge!
What Is Discovery Forex?
This is a fake online trading portal run by an offshore scheme from Samoa.
Is Discovery Forex Legit Or Scam?
The conduct is fully illicit. Although owning an MSB license, that is not enough for a brokerage service agency.
How Does Discovery Forex Work?
The scheme is based on promises of lucrative trading. If your investment was stolen, however, please contact our legal advisors who can help you take back your capital stuck with this cyber thief.