Dukasbance Review: It’s Best to Stay Away From This Platform
Is Dukasbance a legit trading platform or a fraudulent cyber scam? That is what our Dukasbance Review aims to answer. Our goal is also to provide an explanation as to why this financial swindler cannot be trusted.
The Dukasbance website has been taken down, probably due to the intervention of the Swiss financial market regulator FINMA but that does not mean this scammer will not reappear. Read our review and arm yourself with the knowledge of spotting online trading scams!
|Regulated by:||No Regulation|
|Is This Company Safe?||No|
|Have Warnings from:||FINMA|
|Registered in:||Switzerland (allegedly)|
|Minimum Deposit:||250 $|
|Trading Assets:||Forex, Commodities, Stocks, Crypto, Indices|
|Free Demo Account:||No, only live trading accounts|
|How to Withdraw from This Company?||Since this company is unlikely to return your money – contact your bank, Financial Regulator, or simply Reach out to us for professional assistance in recovering your funds.|
Legal Info: Dukasbance – Legit or Scam?
Dukasbance claims to be a legit Swiss-based brokerage. Switzerland is known for boasting top-tier regulations and financial market laws, among the best in the world. The regulator that ensures that all trading and transactions go smoothly is called the Swiss Financial Market Supervisory Authority (FINMA).
As a Tier 1 jurisdiction, all Swiss-based brokers must be registered and regulated by FINMA in order to operate legally and provide services all across Europe. We checked FINMA’s database for this dubious broker and found only a warning against Dukasbance.
Case closed! Dukasbance is not only unregulated but also blacklisted as a fraudulent entity that is not reliable. Please stay away from illicit brokers such as Dukasbance and swiss-trade. Instead, find a trustworthy provider that is licensed by reputable authorities such as FINMA, the FCA (UK), CFTC (US), CySEC (Cyprus), ASIC (Australia), IIROC (Canada), etc.
Trading with a regulated broker grants you numerous benefits depending on the jurisdiction. For instance, you may receive negative balance protection, segregated funds in an esteemed bank, or even a compensation scheme in case of the company’s insolvency (i.g. up to 20,000 EUR).
How Do Traders Fall Into the Dukasbance Trap?
According to godaddy.com/whois, the Dukasbance website domain was created on January 31, 2023. Since then, the scam broker has mainly been targeting unsuspecting traders from the following countries:
Needless to say, this scammer is not authorized to provide services in these domains. FINMA was clear and you should heed that warning.
Based on what we read in other Dukasbance reviews, this broker tends to get aggressive when demanding traders to pay more and more money. They use a fake TradingView account and create and illusion of growing profits.
Once the traders see these numbers, they can the impression that Dukasbance is a legit profit-making machine and thus fall directly into the phony broker’s trap. Avoid investing in this shady platform. If you need help recovering your funds, contact us as soon as possible!
How Do Traders Rate This Broker?
We hopped over to sitejabber.com and found several Dukasbance reviews there. There are some pretty serious complaints against the broker from traders that got scammed. Some complaints perfectly explain how the Dukasbance Scam works such as the one we posted below.
This complaint came a few days before FINMA issued a warning against Dukasbance. Please heed this warning and do not trade on this manipulated platform!
Dukasbance is a FAKE trading brokerage company. They take your money, put it in a fake Tradinview account that they let you see, money grows pretty quickly. Then they ask you to invest more, if you don’t then they pressure you,, they let you take out a small amount. If you still don’t invest more, they cut you off. You can get in touch with them: they will not answer your call , not reply to your email: your money is gone, you’ll never see your money again. They are Scammers! Save your money,
- Sitejabber user, June 14, 2023.
Which Trading Platform Is Available at Dukasbance
Dukasbance offers just a web-based platform like most illicit brokers. This is the most elementary trading terminal and the easiest one to obtain.
However, WebTrader is an oversimplified and ineffective trading platform that offers just some basic charts, graphs and indicators. It lacks advanced tools such as automated trading, live market reports, branch optimization, etc.
To make matters worse, the broker shows clients a fake TradingView account and profits. Dukasbance does not support valid third-party trading software such as MT4, MT5, cTrader, or SiriX.
The Dukasbance fraudulent platform features the classic selection of trading assets and instruments:
- Forex currency pairs – EUR/USD, AUD/CAD…
- Indices – S&P 500, NADSAQ 100…
- Commodities – corn, oil, gold…
- Stocks – Apple, Tesla, Microsoft…
- Crypto – BTC, ETH, USDT…
The maximum available leverage is 1:200 for CFD trading and 1:400 for Forex currency pairs. Note that these levels are not compliant with the regulations in force in Switzerland; the legal cap for retail clients is 1:30.
Extremely high leverage is a double-edged sword that could lead to big wins but more often than not leads to devastating losses, hence the regulatory limit.
As for the spreads, Dukasbance promises a competitive fee of 0.2 pips for FX major pairs. The broker also charges 0.1% to 0.5% for CFD and stock trading. The fees are favorable but that does not change the fact that Dukasbance is unregulated and thus dangerous just like bitkan.
What is Dukasbance Minimum Deposit?
The minimum deposit that Dukasbance accepts is 250 $. This is pretty much what most brokers charge as the initial amount. However, the complaints stress that Dukasbance keeps pushing for more and more money.
Since the con artist does not offer a risk-free demo account, you cannot test out the platform until you deposit real money, which is risky considering Dukasbance’s illicit status and the warning from FINMA.
The broker will aggressively try to squeeze as much money from the trader as possible in order to embezzle all of it. Withdrawal issues are inevitable with Dukasbance. If you lost money to this scam, book a consultation with us and we will go through your case.
How Can I Withdrawal from Dukasbance?
Our sources suggest that Dukasbance accepts payments via various funding methods. Here is the list we were able to figure out:
- Credit/debit cards;
- Wire transfers;
- E-wallets (Skrill, Neteller);
While not all of these methods may be true, we know for certain that credit/debit cards are the broker’s primary payment method. The good thing about this is that you can request a chargeback at your bank within 540 days of the transaction and recover your funds. For crypto payments, you’re going to need our assistance since the whole process is complex.
Dukasbance – Typical Trading Platform Scam
We have pretty much explained why Dukasbance is not a trustworthy platform. This scammer’s website was active for about five months until FINMA issued a warning against it and shut down the monkey business.
If you are a victim of the Dukasbance scam, be sure to contact our team and start your chargeback procedure. If need be, our experts can trace your crypto transaction using CipherTrace but you first have to tell us how you got scammed.
Book your free consultation today and start the fund recovery process!
What Does Dukasbance Offer?
Dukasbance offers numerous trading assets such as FX pairs, CFDs and cryptocurrencies on a web-based platform.
Is Dukasbance Safe?
No. This broker claims to operate in Switzerland but the Swiss FINMA issued a warning against Dukasbance.
How To Get Your Money Back From Dukasbance?
Chargeback, CipherTrace, etc. If you need help recovering your funds from Dukasbance, you can book a free consultation with us.