DoubleMillion |(Doublemillion.com) is another CFDs and Forex scam to hit the lucrative Forex trading market. Double Million is offering users up to 100% credit bonus to anyone who signs up. DOUBLEMILLION is also offering free online courses according to their homepage. With these kinds of promises, we decided to check them out. What we found out will most likely shock you. Read this detailed review and find out the truth.
First thing we noticed with their website is that it’s similar to Trade FX Center. Only thing that has changed is the slides and name of the product. And this folks, is the first red flag we spotted with DoubleMillion. This means that we are dealing with a professional scam outfit that’s out to steal your funds. What these scammers have done is make a replica of another Crypto Currency scam that we exposed earlier.
With that in mind, we have to expose these fraudsters for the crime they are doing. Claims and promises used in the previous scam are still used in Double Million. Offering users 100% credit bonus is one of the many claims that this broker has used to lure investors. Another dubious claim is that this is the most trusted company. How can it be trusted and they are using the same website used in another scam?
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According to the details on the About Us page, S.R Capital Group Ltd owns DoubleMillion. This is the same scam company that owns Trade FX Center. What this means is that we are dealing with a professional scam outfit. Details can be seen that this broker is registered in St. Vincent and the Grenadines. By their own admission, this is an offshore brokerage firm which is bad news for any investor.
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Offshore brokers have been known to flaunt set industry regulations and rules. That’s why signing up with this broker will only lead users to more misery. Another disturbing feature that we noticed is lack of proper ownership details. Who is the CEO or CFO of their mother company S.R Capital Group LTD? Lack of this information leads us to believe we are dealing with a fraudulent Forex platform.
To our knowledge, this broker is not licensed or regulated by any financial regulation body. Where’s the proof to show us that they have been licensed or registered to conduct Forex business? As you can see, the disclaimer at the bottom of the homepage fails to show any details regarding licensing. A real broker would have easily posted license and registration number for users to verify with regulatory bodies.
Another disturbing detail with DoubleMillion is the fact that they haven’t posted any registration certificates and documents. Any legit Forex broker will easily display their certificates and documents on their platform. Lack of this is clear enough that we are dealing with a rogue Forex broker. This broker is not authorized to conduct any Forex business on behalf of any third party. Whoever signs up with this broker will not be protected by authorities in case of loses.
DoubleMillion is offering users four different account types to choose from. These accounts include Mini, Standard, Gold, and VIP account. Mini account holders are required to make a minimum deposit of $2,500 to start trading. To be honest, this amount is way too high considering the acceptable industry minimum of $250. Other account holders must place a minimum of $10,000, $25,000, and more than $25,000 respectively.
Some of the perks these accounts have are all the same. All have dedicated accounts managers expect the mini account. Gold and VIP accounts have robot enabled features and leverage is 1:400 with both these accounts. Mini account holders don’t get 24/5 support which is quite disturbing. How can an investor deposit $2,500 and still lack support from the broker? There’s something cooking here.
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In order to test this, we tried contacting their live chat support team. This dashboard asked for our name and email. Blinker was green which meant that the agent was live. So, we sent a message asking about leverage and account types.
What this means is that we are dealing with a quack Forex broker who doesn’t want to be contacted. This is a classic Forex scam move that scammers use to avoid backlash from authorities and victims. In short, you will never talk to any of the agents in question since they are never available. A broker who hides from users is definitely up to no good. Best thing is to stay away from DoubleMillion.
To begin with, this broker fails to mention their depository bank. Which bank do they use to sediment money deposited by investors who sign up? Lack of this vital information is a clear sign that we are dealing with a scam artist. Did you know that investors could be depositing money straight to the owner’s personal bank account?
Another disturbing feature with this broker is that they don’t segregate accounts. This means that they are pooling funds in one account which is quite dangerous. In case of bankruptcy or insolvency, members will lose all their deposits. What’s more damning is that this broker fails to participate in a compensatory scheme.
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According to their homepage, users can opt to try their demo account. These fraudsters have rigged the demo account in favor of users. One might think that this is a good thing, it’s not. Rigged demo account makes over 90% successful trades.
Once investors see that they are making money with a demo account, they will want to open a real account. A real account doesn’t work like a demo account as these fraudsters will steal your funds. These brokers are in league with other brokers and will share the spoils, your deposit together.
Without a shadow of doubt, DoubleMillion is a scam that’s out to defraud newbie investors. Best thing to do is to ignore all incoming emails urging you to sign up. Make sure to mark all their emails as Spam and never click on any links sent by them.Stay away from Double Million as it’s a fraudulent Brokerage firm.
Only option we are left with is add DoubleMillion to our scam blacklist. Make sure to warn your friends and relatives from signing up with this broker.
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Finally, we wish you all the best in your Forex trading experience.
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