DMG Markets Review – Trading With This Broker Will Prove Damaging
We’re not even going to pretend we didn’t notice the cruel play on words. The name this company uses is a slang abbreviation of “damage”, which is exactly what your finances are going to take after investing with them.
The brokerage attempts to pose as a legitimate firm by misappropriating a licensed company’s legal information. Any alleged awards and accolades you see on their website are nothing more than bait.
Take a few moments to read our DMG Markets review to find out more about so-called clone firms, and the dangers they pose for the global financial community.
|Regulated by:||Unregulated Broker|
|Is This Company Safe?||No, with no license, you cannot trust a trading portal!|
|Have Warnings from:||FCA|
|Registered in:||UK (alleged)|
|Trading Assets:||Forex, Stocks CFDs|
|Free Demo Account:||No|
|How to Withdraw from This Company?||Consult with our chargeback experts to learn more about asset recovery.|
Why Is DMG Markets Illicit
There’s not a single more solid proof of a firm being illegal than a public warning posted by a jurisdictional regulator. In this case, the shady business behind the domain in question claims to be registered in the UK, with a reg number that belongs to no firm. After checking with FCA, a single warning on their shady conduct is all that exists in official records.
The public alert warns investigators not to invest with a phony firm. Properly regulated and authorized agency, DMG Commercial Finance Limited, is in no way connected to this fraud, although the latter would like it to seem that way.
Without a proper license, this trading platform is not to be trusted, due to not providing segregation of funds, risk-reducing strategies and compensation plans. CIBFX is the same in that sense – make sure you avoid them, too!
Where Is The Fraud Most Active?
A WhoIs database search revealed that the dmgmarkets.com platform was launched in late 2022. Their domain has so few visitors there’s barely any usage statistics about it.
Nations that generate the majority of web traffic on the domain are these:
- United States
- Costa Rica
Since the company is virtually unknown, their advertising relies heavily on boiler room agents. It’s the job of these agents to seek out new victims and persuade them to invest with the company.
Usually, they will talk about incredible one time money making deals, and use the idea of urgency rather than rationale to make the victim invest. Any invested money is as good as lost unless you take legal action with the help of a professional.
Unappealing Trading Terms
Affordable trading costs and managed risks in terms of exposure are crucial points of safe and profitable trading. However, swindlers like the one we’re reviewing, only want you to lose quicker. For that purpose, the maximum leverage approved is 1:300.
Another utterly worrying circumstance are undefined trading costs, commissions and spreads. The restriction on the registration process made finding out any more details additionally difficult.
Murky Trading Features
For a company that claims such great trading features that make global market investments seem easy, they sure have little to show for it. Overall features are below the industry average, any much of the necessary information has serious holes. As always, we’ve split our findings in a few paragraphs, and made comparisons with reputable firms.
Limited Platform Accessibility
Due to not having the mandatory promo code, we could not clear the way to the DMG Markets platform. In the light of such circumstances, it is quite possible that the said software doesn’t even exist, since nothing validates its presence.
Reputable brokers would be a much better choice here – they have the means to empower and equip you with the latest trading solutions for profitable investing.
Virtually No Trading Assets
There are some vague promises about numerous assets, but no data to back it up. For example, the company advertises various CFDs, but presents nothing but a few Forex pairs. The website contains a ticker ribbon imported from TradingView, and not much else.
Here’s the little data that is available on the website:
- Forex (EUR/USD, GBP/USD, USD/JPY, USD/CHF)
- Stocks CFDs (Apple, Amazon, Facebook, Google)
With a reputable firm, all trading assets will be presented in great detail, as they make the backbone of any investment strategy.
Poorly Designed Packages
The general offer presented on the site features three DMG Markets account types with most common names. The prices, on the other hand, are typical for a fraudulent entity. Especially considering that these packages feature nothing in particular, yet demand high deposits:
- Starter – $1,000
- Pro – $5,000
- VIP – $10,000
You’ll see how huge a rip-off this is when we compare them to a dependable firm. Regulated brokers offer different account types based on varying pricing methods and market execution options, and usually for $10 or less.
Monetary transfers, especially DMG Markets withdrawals, are not thoroughly addressed in the legal docs. As a matter of fact, not a single legal document is uploaded to the website at all.
It could be that the real payment channels are revealed in the client zone, but we had no access to it. And it wouldn’t be smart to trust what the swindler blatantly puts up on the website just to seem credible. In that sense, you should take the claims about various payment methods being available with the grain of salt.
We didn’t find any live support methods whatsoever on the website. Granted, we were not allowed access to the client area, however the website doesn’t advertise any support channels either.
Users can only rely on a very limited FAQ section, and a contact form where they may leave a message. Another illicit broker known for poor customer service is Exobit.
Get Help In Fund Recovery!
The growing popularity of online trading has caused thousands of illicit websites to emerge in an attempt to earn a quick buck by exploiting the less experienced traders. Do not allot swindlers to get away with their crime and report them to the authorities as soon as you encounter them!
In case you’ve lost money to a sham, you’re free to contact us at any time for chargeback support. Our professional team is well trained and equipped to guide you through the process and ensure your funds are given back to you.
What Is DMG Markets?
It is a dangerous clone company that presents false legal information they stole from another, legit firm.
Is DMG Markets Legit Or Scam?
The company is as crooked as they get. These scammers mean business, and recovering your funds might even be impossible without specialist help. Consult with our chargeback experts for more information.
What Technical Analysis Tools Do DMG Markets Offer?
Besides a basic economic calendar, virtually none. The company is not what you’d call a reliable service provider.