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DachFin Review - is it scam or safe?

DachFin review - Is dachfin.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz DachFin
DachFin is an offshore broker. Your money is not safe.

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DachFin is forex and CFD broker offering three account types with a leverage of up to 1:500 and a web based trading platform. However, there are a number of issues about this broker to start with the fact that they do not have a valid forex license and to end with a series of warnings issued against them by several financial regulators in Europe, including the Swiss Financial Market Supervisory Authority  and CONSOB in Italy.

 

Account type Min. deposit Max. leverage Spreads/ Payout
Micro Account $250 1:500 3 pips
Silver Account $1000 1:500 1 pip
Gold Account $5000 1:300 0,1 pip

 

DachFin Advantages:

 

Leverage of up to 1:500

 

We always try to come up with anything positive about a broker we investigate and here, and here if we just forget for a second that we are dealing with a probable scam broker, against which there are several warnings by regulators throughout Europe, one such possible advantage could be the generous leverage. Actually such leverage levels are currently available only with offshore brokers and brokers, regulated in a few remaining regulatory hubs like South Africa and New Zealand. In any case you should always use leverage with extra caution as it easily can erase your funds, if the market turns against you.

 

DachFin Disadvantages:

 

Blacklisted by CONSOB and FMSA

 

We understand that DachFin is owned and operated by a company based in Bulgaria - Elit Property Vision LTD. And because all forex and CFD brokers in the country should be licensed and regulated by the local Financial Supervision Commission (FSC) we diligently decided to check the registers of the Commission. Unfortunately we were unable to find neither the company nor the broker there.

 

What is worse as we already noted DachFin appears in the warning lists of several other European regulators, among which the Swiss Financial Market Supervisory Authority (FMSA)  and CONSOB in Italy. See for yourself:

 

 

So most probably here we have a unregulated scam broker, which we strongly advise you to avoid.

 

The general problem with all unregulated brokers is that, unlike the properly licensed ones, they are completely unaccountable for the way they handle your money. 

 

Licensed broker on the other hand have to abide by strict rules, among which to provide traders with a negative balance protection, to keep all trading funds in a segregated, protected form creditors, trust accounts, to maintain at all times a certain minimum operational capital (730 000 EUR with all EU brokers), to file regular reports, to allow external audits and even to insure traders money.

 

With a broker regulated by the Financial Conduct Authority (FCA) in the UK for example your trading account will be insured for up to 85 000 GBP, ensuring that you will not lose your funds even if the broker files for bankruptcy. Here you may check our list of brokers, regulated in the UK:

 

 >>FCA Regulated Forex Brokers<< 

 

Trading bonuses and awards

 

Trading bonuses might sound attractive, but in reality you should be extra wary of any broker offering such promotions. This is because trading bonuses always come with strings attached, like for example a minimum trade volume requirement, which quite too often is used as a pretext to cancel your withdraw requests. 

 

Besides, trading bonuses are one of the favorite tools scammers use to steal your money, so it is not a surprise that such practices are forbidden on regulated markets like the European Union, including the UK.

 

High spreads 

 

As tested with a demo account the benchmark EURUSD spread floated around 3,3 pips – 3,4 pips, which is more than twice higher than the levels traders would usually consider attractive. So here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Skrill not accepted as a payment method

 

Although DachFin has the logos of several e-wallets on its home page, when we proceeded with our registration the only payment methods available turned out to be bank wire transfers and credit cards like VISA and MasterCard. And the absence of Skrill is notable, because of the new anti scam policy of the money transfer company. According it Skrill partners only with licensed brokers. As we already noted  DachFin does not have a license whatsoever. Besides, here you may check our list of brokers, where you can pay with Skrill:

 

>>Brokers accepting Skrill<<

 

MetaTrader4 not supported

 

DachFin offers a web based trading platform, which lacks many standard features readily available with classical trading solutions like the MetaTrader4. Here you may see their platform:

 

 

For example we miss the option to run algorithmic trading sessions – something that is quite easily achieved on a MetaTrader4 with the help of well over 50 customizable market indicators and trading robots. And the MT4 is packed with a set of advanced charting tools, so here you may also check our list of brokers, which do support the platform:

 

>>MT4 Brokers<<

 

Conclusion:

 

DachFin is a unregulated broker, that has attracted the attention of several regulators throughout Europe for targeting EU customers without proper authorization and possibly being involved in scam. We strongly advise you to avoid unregulated websites like DachFin and to trade only with brokers, licensed and authorized by well known institutions like the FCA in the UK, the Australian Securities and Investments Commission (ASIC) or way not the Cyprus Securities and Exchange Commission (CySEC).

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Traders` reviews for DachFin

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Dachfin scam

Dachfin is scam. lost my money i have deposited. after short time no one is to reach again.

Olaf Sauer 12/05/2019
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