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DUPForex (Dupforex.com) is a name that suggests you’re about to get duped. Dup Forex is not a brokerage company that you would trust with your funds. The broker is offshore and does not provide any legit papers to prove their regulation. There’s no oversight in what goes on within the confines of this brokerage firm. And this is the biggest problem that comes back to bite members. We have to expose the website for its gross misconduct. Learn more in this DUPFOREX Review.
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According to their about us page, the company Dup Global has its origins in Europe and the United States. These are stories to make it look like they are from a legit broker-regulated jurisdiction.
There’s no broker or company with this name that has its roots in the two trading regions. And that’s one of the many reasons why you should stay away from this broker. Most of the information you see on their website is false and intends to throw off unsuspecting investors.
One way of throwing off investors is by creating an aesthetically appealing website. The website uses a dark theme which seems to be the new way of attracting online visitors. These fraudsters use images of city landmarks to try and sell their trading ideology.
On one slide, you can see a building with its name on it. The skyline images are meant to provoke members into believing that this is a multi-national company. Far from it, these are merely professional online scam artists.
Dup Global is the company that they claim is the mastermind of DupForex. Michael O’Neil is the CEO, and Jeffrey Brown is the Operations Director. Straight away, we can spot that these images are stock photos. The scam artists behind this scam have downloaded stock photos and used them as the management team.
None of these people are on any professional platform such as LinkedIn. It goes to show the length at which these scam artists will go to scam investors.
The Disclaimer at the footer of their website has another business name. It seems that Dup Capital Limited is the owner of the website. The scam artists have left a link for support in case you want to reach out. Once you click on the link, you go to the login page of Dup Capital Limited. We have a problem with these brokers who have multiple companies claiming to be their entities’ owners.
No one has posted any positive comments or reviews of this broker. And this goes to show that no one seems to trust this platform. Negative comments are available on social media platforms and trading forums.
Most are from members who lost everything with this broker. It seems that the broker is out to take out every deposit from members. And we must expose the broker to keep the trading world safe.
The IP location for the platform is in Hong Kong, which matches their address. What is weird is that the website has been in existence for over nine years. All these years and no one has mentioned a single positive comment on the broker.
It seems that they have made over 10 changes in their IP over the past nine years. The website is what we term as a hop and skip website. These scam artists open and shut down the website once they are exposed as scam artists.
Dupforex is not is a broker with no regulation whatsoever, making it a risky outfit. Members are signing up with a platform that offers no insurance cover or security. For all we know, the platform is probably taking their information and selling it.
The personal information you share with anonymous websites can lead to irreparable damage. These scam artists will likely create your persona and use it to scam other investors.
There are no copies of their license and registration documents that prove their illegitimacy. A genuine broker will prove their regulatory compliance with copies of license documents. Without these copies, the broker is free to do what they want, including blocking withdrawal attempts.
The disclaimer at the footer of their homepage does not have a single statement on their license. Please stay away from such illicit online trading entities.
There’s an SFC warning regarding this broker. It’s a sign that authorities have blacklisted the broker.
DUPForex is offering interested parties with three account types. Two of these accounts include Standard and Professional accounts. The third account is the demo account which we will dive into later. Standard account holders get maximum leverage of 400, which is totally unfair.
Members get to trade with 40 currency pairs with a minimum transaction lot of 0.01. There’s also an expert advisor available for Standard account holders.
Professional account holders get maximum leverage of 1000, which is double the standard amount. The broker also offers overnight interest for professional account holders. There’s no information on the minimum deposit for each account.
It goes to show how easy it is for the broker to ask for any amount. The minimum acceptable deposit set by the trading regulators is $250.
With the broker having over nine years of trading history, they should have ample contact details. You should be able to have a direct chat with support staff concerning trading matters. It’s not the case, as contacting the broker is next to impossible.
You have to leave your personal details and wait for them to make contact. And this is a scammer’s way of getting the chance to contact you at any time.
Depositing and making payments to the broker is easy and takes less than five minutes. Withdrawing funds with the platform is what makes it a dubious task. Depository options include MasterCard, UnionPay, Visa, and others.
We have not yet seen a member coming out with proof of withdrawing with this broker. Since the outfit is offshore, we don’t expect the withdrawal process to be transparent.
There’s no safety of funds with this illicit broker. The broker does not follow trading regulations and rules, to begin with. Without regulatory oversight, the broker does not deposit the minimum required amount to start a brokerage firm.
The deposit is used as insurance cover for deposits made by members. In the event the broker winds up, members won’t be getting any compensation. You will lose even the amount in your account balance.
Dupforex is a scam, and there’s no way anyone will make money with the broker. It’s a no-brainer that these are scam artists looking to steal from naïve investors. Please stay away from them and avoid making any contact.
We won’t be recommending the use of this broker for obvious reasons. The risks outweigh the reward.
The best option is to sign up with reliable brokers who have a proven track record. Sign up today and enjoy the benefits of professional trading.
We wish everyone a fair and safe trading experience.
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