DeltaMarket review – 5 things you should know aboutDwain Ross 16 / December / 20 Visitors: 229
As far as generic brokers go, DeltaMarket can easily take the first place, but so can hundreds of others like it. Encompassing not only a trivial name,e, but its services as a brokerage are nothing to brag about. In fact, even if we did not think this to be a scam, we still would have given it an average score at best. If you want to know more about this one, please read on.
The registration took us very little time to complete, however, we were not able to unlock the entire user area because we had to get our account verified by the broker. Needless to say, this never happened because the broker probably judged us unworthy. In other words, not eligible for a full client status because we would never deposit. However, we can look at this in a different light, one that sees DeltaMarket as a firm that checks the background of every user for purely safety reasons. However, we doubt that such is the case with DeltaMarket. We are inclined to believe the former.
There is a proper good MT4 that actually functions, however, we were unable to get a hold of it because of the predicament created by the registration process. So, we have to turn to the website for trading information, which should correlate with what the MT4 proposes. Why would DeltaMarket lie to its users? There is one major reason why, as you will find out in the next section of the review.
The trading instruments according to the website are forex currency pairs, commodities, indices, futures, and shares. The spread for the Standard account is 2.8 pips, which is high, and not profitable. In fact, only the last two highest account types possess a minimum spread value that is lucrative to the trader. The issue here is that both account types are blocked behind very demanding minimum deposit requirements. For example, the Gold account where the spreads are said to be 1.5 pips minimum, has a deposit requirement of $10 000. This is absurd, and this is a tactic used by scammers! The leverage is capped t 1:300 for all account types.
The languages of the website include English and Russian.
DELTAMARKETS REGULATION AND SAFETY OF FUNDS
The footer of the website is usually where all crucial regulatory information is stored. DeltaMarket’s footer puts the broker in the Marshall Islands’ jurisdiction.
The Marshall Islands do not have a forex regulator, and even if a company is registered there, in no way does that make said company regulated there and authorizes to offer FX services. This principle applies to DeltaMarket.
The broker is UNREGULATED. This conclusion is reached based on the fact that there is no information on the website to suggest otherwise.
There is only one thing left to do! All user who are interested in trading Forex or CFD, are urged to do so only with the real regulators of the industry. Some of the most renowned and secure are the FCA CySEC. These regulators act upon a set of rules that have been put into a legal framework with the local governments, and that is why users should trade only with brokers regulated by them; once a broker is granted a license from one of these watchdogs, they immediately adapt these legal frameworks as their own rules of conduct. What’s more is that the FCA and CySEC make it is obligatory for all brokers under their gaze to participate in financial compensation schemes; 85 000 pounds per person for FCA, and up to 20 000 euros CySEC.
DELTAMARKETS DEPOSIT/WITHDRAW METHODS AND FEES
All payment information is taken from the website. Here is where DeltaMarket has all the reasons to lie, so please do be skeptical of the following information, as we will be.
Payment methods are debit cards, credit cards, and wire transfer. The minimum deposit for the Bronze account is $250, however, as we already discussed the Bronze account is completely useless given its minimum spread value.
The Terms and Conditions claim that the minimum amount for credit card withdrawals is $50. The other withdrawal methods have no been talked about. The withdrawal page on the website states that withdrawals via credit card take 5 to 8 days to process, while wire transfers take 3 days tops. There seem to be no fees for withdrawing, but we find this not very trustworthy seeing that DeltaMarket is not licensed.
However, the firm might charge taxes and fees related to the regulations. The clause does not go into further details as to what exactly these commissions are for. Typicall, illicit broker handlings.
In whatever way you put it, DeltaMarket is unregulated and a risk to deposits. Everything that we have spoken of in the review works against it!
How does the scam work?
Scammers have been known to use the same type of scammer structure, with just different hues and approaches. With that said, the way the scam works is actually incredibly easy to grasp, and once yo know how it works, yo will always be able to detect it.
The first step to being scammed, if we can express ourselves so, is to be lured in by an ad online. These are found all over the internet, but especially on social media websites. Illicit FX firms advertise false promises and fake trading conditions. Internet users that are tempted by these will either be redirected to a so-called robo-scam website or straight to the unlicensed entity. These websites will require you to register with an email or a phone number, and once you provide these details, you will start getting contacted by reps of these scammer firms. These reps require a minimum deposit from users, and will probably achieve to convince you because they are charismatic and confident in what they do.
However, they are no match for the expert scammer, whose goal is to talk you into making more deposits, and in the end will tell you that you cannot withdraw your funds for a number of reasons that will sound suspicious. In the end, what matters is that the client will not be able to withdraw his or her money back.
What to do if scammed?
The only thing to do in that case is to file for a chargeback with your credit card provider. VISA and MasterCard have extended their chargeback time span to 540 days, so good news for those that at have deposited by either of these methods.
If you have deposited via bank transfer, be sure to block the account or change the password. Or you could contact your bank and see what they can do.
Never deposit funds using crypto methods into an unregulated broker. These methods are untraceable, and there is no way to get you money back.
Last but not least, do not trust the so-called recovery agencies, who are nothing more than fraudsters in disguise. If you get scammed, you might get contacted by someone claiming to be a recovery agent who is willing to fight for your money back, in exchange for a small hiring fee. Once you pay them the fee, they will disappear