Dvanxbit – Steer Clear of this Broker

Dvanxbit

Financial markets are considered highly lucrative, given the high returns they have to offer, especially as opposed to other forms of investment. However, the rewards obviously do not come without the risks and there are a variety of them that you have to deal with. The first risk that you will encounter is that of scam brokerages that have increased exponentially in the last few years due to the popularity of these markets. Signing up with a brokerage is necessary, so you cannot skip this step, but you have to proceed with caution and do your due diligence, such as checking out this Dvanxbit review.

The most important thing that any trader needs to remember is that no fraudulent brokerage would ever come with a warning about their actual nature. In fact, they are likely to do the opposite i.e. go to extreme lengths to conceal their truth and present themselves as legitimate entities to earn your trust. Of course, their end goal is to exploit this trust, which makes it vital that you remain diligent when you are checking out a brokerage. As long as you are thorough and careful, the chances of you opting for the wrong company will be minimum.

But, what exactly does diligence entail? It means that you do not just believe everything that a particular broker is advertising. It is natural for any business to tout its offerings and make big promises, but you have to determine if they have the capability of actually delivering before you make a decision. Relying on their words alone would be a big mistake because scammers know exactly what to offer to convince people into signing up with them. You will come to regret it later and it will lead to losses that you will not be able to recover.

Therefore, it is better to be safe than sorry and this is true in the case of Dvanxbit as well. At first glance, it comes off as a reassuring and friendly website that ticks all the right boxes and there does not seem to be anything wrong with it. But, when you diligently check it out and verify everything that Dvanxbit claims to be offering, you will find why it is best for you to steer clear of it. Ready to find out? Let’s get started:

An anonymous broker

Signing up with an online broker is a must because they are the ones that provide you access to the financial markets. Opening an account means you have to share extensive personal information with them, not to mention the fact that you have to deposit your money as well. This kind of relationship requires a great deal of trust because the internet is not a safe place. You cannot just believe anyone who presents themselves as a brokerage because they can be anyone.

Hence, you need to look into a brokerage’s background and check their license in order to determine who they really are and if you can and should trust them. This is the first aspect where Dvanxbit is going to fail because it is a completely anonymous broker. It wants you to open an account with it, share you details and deposit your money, but it fails to provide any information about itself. You will find no corporate address on the website and no corporate background.

In fact, there is not even a phone number that you can use to contact Dvanxbit and it does not have any legitimate license either. Such companies are best avoided. When it comes to its registration and authorization, you will find that the broker claims it is owned and operated by a company named Dvanxbit.com Finance LLP that complies with the rules and laws in the United States. The US is a well-regulated jurisdiction, which would make this fantastic news, only if it was not an outright lie.

First off, you can search the online register of the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) that oversee forex brokerages in the country and you will not find Dvanxbit, or its parent company anywhere. Moreover, the layout and aspects of Dvanxbit are quite similar to a number of other fraudulent brokers, which shows that it is actually part of a serial scam. This is a common practice amongst criminals; when one of their website is exposed as a scam, they switch to another.

No trading platform and other details

The most important tool in the trading process is the platform that an online broker provides and even though Dvanxbit claims to offer you a web trader, none is available on its website. Why would you sign up with an online broker that lacks the one tool you need for trading? Genuine platforms would usually offer you the MT4, or the MT5 trading platforms that boast powerful technology and advanced tools for smooth trading.

If you try to look for the trading conditions that Dvanxbit offers, you are in for another surprise because the details are missing here. There is no mention of the kind of spreads that the broker offers and the only detail it provides is that of leverage, which goes as high as 1:100. There is a limit on leverage imposed in the US for retail traders, which stands at 1:50, yet Dvanxbit is offering twice that even though it claims to be complying with US regulations.

Only crypto payments

The fact that you can only make deposits at Dvanxbit in crypto coins is another reason for you to avoid this platform altogether. Cryptocurrencies are a favorite of scammers because these payments are final and there is no option of getting a refund by filing for a chargeback, as you would do with credit card payments. These payments are also anonymous and this is exactly what criminals want when they wish to steal money.

Bottom Line

When you combine all of these reasons together, you will understand why Dvanxbit is a broker best avoided for anyone looking for a profitable trading experience.