DeltaFX is a broker with an amazing website compared to most of the brokers that we have reviewed in the past. While on the website, you can not miss identifying a few good goodies the platform has to offer. However, with a continued iteration with the platform, you will begin to notice a few anomalies here and there.
The second thing you will notice is on clicking register on their navigation tab, your browser will serve you with a privacy error warning you about the safety of your personal information, again. For a forex broker, this is so unprofessional, and it is reasoning enough for you to doubt the credibility of the broker.
A website having a secure connection should be among the first things a forex broker should ensure they have. But for this broker, the home page is not secure, and before you even stomach that, you are actually being served with a privacy error in the registration section.
However, on proceeding and ignoring the privacy threat(which we do not encourage you to do), we found out that instead of being served with a registration form, we are served with a 404 error, which is an HTTP error for an unavailable page(page does not exist). So at the time of writing this article, the registration section of DeltaFX broker did not actually exist, and therefore, we could not create an account with the platform.
Although on their website (the account section), we noticed the platform offered the following as their financial instruments for trade: there was crypto, pairs forex. currency, metals, shares, and index. We also noticed that the spread they offered was 2.5 pip. From then on, we started to look at the broker from a different perspective.
The maximum spread a regulated and legit forex broker offers is two pips anything above that is actually not practical, and it means the company could be a scam. As we continued exploring the broker’s website, we landed on the Frequently Asked Question (FAQ) section, where we realized that the broker offered leverage of 1:500.
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In most of our previous reviews, we did talk about the relationship between the legitimacy of a broker and leverage offered by the broker, where we concluded that brokers who offer high leverage are nothing but scammers and are probably not licensed.
For now, we can not yet conclude that this broker is not. licensed, but we could say we have our doubts on if this broker is legit based on a few abnormalities we have observed from their website.
Judging from what we know so far from what we have reviewed in the introduction section, there is no doubt that we will also find some abnormalities in this section. But instead of being too judgemental, let us brace ourselves as we explore the registration and regulation of this broker.
Apparently, this broker’s physical location is in multiple locations around the world. The first location is said to be where the management team resides. This is the British Virgin Islands. Secondly, is the location where the technical team is located, and this is in Turkey.
The forex regulating authority in the British Virgin Islands is the British Virgin Islands Financial Services Commission. In this particular region, this body is the only forex regulating body in that jurisdiction, yet DeltaFx as a broker residing in the area has no proof of being regulated by this body.
Although this location is an offshore location, the British Virgin Islands Financial Services Commission requires that all forex brokers in their jurisdiction have an initial deposit amount of $100000 to $1000000 for them operate, and like we said, there is no information by DeltaFX claiming to be regulated by this commission and there is no proof of this commission actually regulating DeltaFX.
We have not talked about regulation from the team in Turkey because it is really irrelevant. This is because a support team does not really need regulation and therefore will not dwell so much on that.
With that, we can now comfortably say that this broker is unregulated and is unlicensed too. The doubts we had before about the legitimacy of this particular broker are now not just doubts, but we can comfortably say that this broker is a scam as they have passed on all characteristics that can categorize them as a scamming broker.
From their FAQs section, to trade with DeltaFX user is required to create an account by filling out the registration form on their website, which we could not do since the page was not available.
From the same section, they talk about proof of identity where the client or account holder is required to provide personal information such as passport, national ID document ( both front and back), driver’s license (both front and back), and a whole lot of other information including bank details and screenshots.
On withdrawals and deposits, the information provided by the broker from the website is quite useless if you ask, they are talking about the processing of payouts within 24 hours yet giving a disclaimer of time-varying due to bank operations and they go on to say that they are not responsible for this delays.
Still, in the section, the broker describes the deposit process so shallowly and they do not even describe the minimum amount to be deposited while creating an account. User is required to download an app register activate their account and then start by depositing a minimum account then they can start trading.
However, in our research, we found out they actually have a minimum deposit amount set to $100. They also talk about the availability of a demo account with virtual funds that you can use to teach yourself how to trade before you actually start trading.
I should mention that they do not talk about a minimum withdrawal amount and it is not clear if the broker does charge a fee on funds being withdrawn. We should however also mention that the broker does not say anything on dormant accounts or inactive accounts. Unlike other brokers who will actually give a period of inactivity, this broker does not have that described anywhere.
As discussed earlier the broker is housed in multiple locations in the world, the management resides in Mill Mall Tower, second Floor, Wickhams Cay1, whereas the technical support resides in Geneva Switzer land.
We can not really tell if the addresses provided are real addresses but we do have our own suspicions as we already know unregulated brokers can be a handful when it comes to their physical location.
From our review, you can clearly see that DeltaFx is not a trustworthy broker and the information the broker has made available to users is limited. The web platform for instance is not secure and so many other things.
The bottom line is this broker is a scam and you should actually not waste time investing with them. For readers wishing to invest, we urge them to try investing with reputable forex brokers whose focus is forex trading and not scamming
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