Dualix Review – Who Is Dualix Broker And Why To Stay Away
While Dualix broker still doesn’t give up on its CySEC license and claims to have it, the reality is a bit different. It looks like its owner, Maxiflex Ltd, is entirely out of business. Read our Dualix review to find out everything about this and related brands.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||FCA|
|Owned by:||Maxigrid Ltd|
|Supported Platforms:||MT4, MT5, Dualix Trader|
|Minimum Deposit:||250 EUR|
|Cryptocurrencies:||Available – BTC, ETH, XRP|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||US traders are not accepted|
Is Dualix Regulated? – Why Does It Matter?
Dualix Forex brand is one of the Maxiflex Ltd brands, along with AGM Markets, Maxigrid, EuropeFX, and more. Until last year, the broker had a valid CySEC license, one you can still find on its website.
However, after being fined in March last year with 75,000 EUR and still conducting fraudulent activities, Maxiflex Ltd’s license was wholly suspended. What does it mean for its brands?
What’s Wrong With A Trading License?
Dualix’s regulation with CySEC was temporarily suspended at first, so the broker had up to 30 days to stop fraudulent activities. Since they haven’t done so, the license was completely withdrawn for Dualix and AMG Markets, while EuropeFX, EuropeCapitalGroup, and EuropeStocks are suspended.
CySEC stated that the license was withdrawn since the broker appears to “conduct business and/or to be engaged in the conducting business and/or to facilitate the conducting of business not stated in its authorisation.”
Warnings Against Dualix Fraud
Even before CySEC withdrew its license, Dualix complaints came from the UK FCA.
Official Warning Issued by FCA – Evidence of Fraud
According to the FCA, Maxiflex Ltd was forbidden to operate in the UK as the company has been using false ads with celebrities promoting its website. The FCA didn’t disclose which celebrities have been used for this purpose, but they have stated it’s all fake promotion. On top, the company was providing high-risk CFD investing against regulatory rules.
Where Is Dualix Trading Scam Active?
Our review has shown that the Dualix trading scam is mainly active in the UK and Cyprus. As the FCA stated back in 2020, the company is promoting itself as a crypto service provider to many UK celebrities, and that’s how they target clients.
Since we’re absolutely sure that there is a good reason for the Dualix broker to lose its license, we want to advise you to be extra careful with this firm.
Dualix Trading Reviews – What Traders Are Saying
Even before CySEC withdrew its license, Dualix reviews were negative. Clients were massively complaining that they had been lured into the scheme through false ads and promised profits. Once they officially lost their license, they figured they were not obligated to follow any rules or approve any withdrawal requests.
What Trading Platforms Are Available? – Trading Software
Dualix trading platform remained unchanged – the company offers MT4, MT5, and Dualix Trader. All this with regulated leverage of up to 1:30 and Dualix Demo account at your disposal.
Since MetaTrader is the most reputable trading platform and trading terms remain regulated, you may think the company cannot do any harm. However, you have no withdrawal guarantees when you invest money with an unregulated scheme.
Dualix Deposit/Withdrawal Methods And Fees
Dualix’s minimum deposit is 250 EUR, and the company allows several payment methods, including:
- Bank transfer
The same methods are available for withdrawals.
The broker charges a minimum of $7 per lot and a maximum of $12 per lot, plus spreads and bank fees.
You’ll be offered Dualix bonus when depositing, but you should know that it may impact your withdrawals since you need to repay it an unknown number of times.
What Are the Different Dualix Account Types?
When it comes to different account types, Dualix claims to offer six of them. Here’s the list:
- Basic – min. deposit of 250 EUR, leverage 1:30, spreads from 3 pips, fixed;
- Bronze – 1,000 EUR, leverage 1:30, spreads from 0.1 pip + 10 EUR/lot;
- Silver – 2,500 EUR, leverage 1:30, spreads from 0.1 pip + 10 EUR/lot;
- Gold – 5,000 EUR, leverage 1:30, spreads from 0.1 pip + 10 EUR/lot;
- Platinum – 25,000 EUR, leverage 1:30, spreads from 0.1 pip + 7 EUR/lot;
- Premium – 50,000 EUR, leverage 1:30, spreads from 0.1 pip + 5 EUR/lot.
Since the broker’s been exposed, 250 EUR is definitely more useful in your wallet than in the hands of Dualix. The leverage seems to have remained within the legal limit of 1:30. But, 3 pips is simply too wide and will hardly bear any profits.
Trader’s Reviews of Dualix
At the time of this writing, Dualix had a total of 98 reviews on Trustpilot. There are mixed reviews. It seems that all the recent comments are negative, i. e. they point out the broker’s fall from grace, lack of communication and fraudulent behavior.
Unfortunately, the fact is that a lot of innocent traders were defrauded by Dualix. Here’s what one victim of the scam had to say about the broker:
Iam using wealth recovery to attempt to get my money back
As they are regulated the area complete liarsAnd use false graphics to lure you in– Trustpilot Customer
Dualix Trading Instruments – What Can I Trade?
Dualix offers a solid range of trading instruments, including here:
- Currency pairs
Dualix – Avoid This Trading Scam at All Costs
Since Dualix conveniently forgot to inform clients that it’s not licensed anymore, we advise you to avoid it by any means.
If, however, you’re already involved with this fraudulent firm, it’s time to seek help. Since Dualix proved to be unreliable Forex and CFD trading provider and refuses to process withdrawal requests, you need to get your money back as soon as possible.
If you find that Dualix login is disabled for no valid reason and access to your account is frozen, you should file a report right away. If not, there are no guarantees ever to get your funds back.
Scammed By Dualix Broker? – Talk To Our Recovery Experts
If you recognize yourself in our story of Dualix scam, it’s time to contact us. We’re here to assist in getting a chargeback and refund for you. Don’t let scammers run with your hard-earned money.
Book your FREE consultation via online chat and let’s recover your funds before it’s too late!
What Is Dualix, And Should I Invest Money In It?
Dualix is an unregulated Forex and CFD trading provider based in Cyprus.
Can I Trade Cryptocurrencies And CFDs With Dualix Broker?
Yes, you can trade crypto and CFDs with Dualix, but it’s not recommended.
Are My Funds Safe With Dualix?
Since the broker lost their license due to fraud, your funds are not safe with Dualix.