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Darico Review - is it scam or safe?

Darico review - Is darico.io scam or good forex broker?

RATING: 1.4 / 1 REVIEWS ForexBrokerz Darico
Darico is an offshore broker. Your money is not safe.

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Darico is presented both as a forex and CFD broker, covering over 1000 assets, including currency pairs, commodities, precious metals, indices, stocks and even crypto coins, with a choice of four account types, leverage as high as 1:300 and the MetaTrader 5 platform, and as crypto exchange, where one can physically buy crypt coins. And they even say to be offering a proprietary digital token – the Darico Ecosystem Coin (DEC).

 

Account type Min. deposit Max. leverage Spreads
USDT Standard Account n/a 1:300 1,9 pips
ETH Hedging Account n/a 1:300 n/a
DEC Hedging Account n/a 1:300 n/a
BTC Hedging Account n/a 1:300 n/a

 

As fine as all of this may sound, Darico is simply not regulated as it should be, if they want legally to provide any kind of financial services on regulated markets like the European Union for example – as far as we understand Darico is based in Gibraltar, which is part of the UK, and falls under the jurisdiction of the Financial Conduct Authority (FCA). So if you are thinking whether to deposit any funds with Darico better read the following lines.

 

Daric Advantages:

 

A large selection of trading instruments

 

Its our custom to try to list all the potentially positive sides about a broker in the beginning of our review, and here with Darico one such positive point might be the long list of trading instruments - well over 1000, of which 77 currency pairs, as well as CFDs on gold, silver, platinum, palladium, stocks, indices, oil, natural gas and plenty of crypto coins including Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Zcash, EOS, IOTA, NEO, OmiseGO, Tron and Stellar. Still, if you are tempted by the idea of trading crypto assets here you may also check our list of brokers, trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

MetaTrader5 supported

 

And this is another piece of good news – MetaTrader5 is a fine platform, which could be an excellent choice for both professional and beginner traders alike. It comes with nearly 100 integrated market indicators and customizable trading robots, with the help of which one can easily run automated trading sessions. And because the platform is also equipped with an advanced set of charting tools, here you may also check our list of brokers, offering MetarTrader5 as well:

 

>>MT5 Brokers<<

 

Daric Disadvantages: 

 

No license

 

This is a major issue. Darico is not a regulated broker. There are two companies behind them - Darico Limited, which is registered in Gibraltar, and Darico AG, which is supposedly based in Switzerland. And as we noted, neither of them is licensed and authorized to target customers on regulated markets like the EU, UK, Australia, Canada or the U.S.

 

Bear in mind that regulation is of utmost importance for the safety of your funds. For example a FCA license guarantees that your broker will keep your funds in a segregated, protected form creditors, trust  account, will grant you a negative balance protection, will maintain at all time a minimum operational capital of no less than 730 000 EUR, will file regular reports, will allow external audits and  will give you the additional protection of client compensation fund, basically insuring your trading account for up to 85 000 GBP. So here you may check as well our list of brokers, regulated in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

Trading bonuses

 

The practice of offering trading bonuses is highly controversial and is actually banned on the European market including the UK. And this is yet another indication that  Darico is a unregulated broker. If they were licensed they would not be offering such promotions. 

 

The general problem with all trading bonuses is that they always come with additional withdraw conditions, like some minimum trade volume requirement, which scammers usually use as an excuse to cancel your withdraw requests.

 

Only crypto coins accepted as payment method

 

We understand that Darico accepts deposits only in crypto coins – no credit cards like VISA and MasterCard, and no e-wallets like Neteller and Skrill. Bear in mind that crypt payments are pretty anonymous and are totally irreversible – meaning you will not be able to get your money back if you realize you have been scammed. With VISA or MasterCard on the other hand you can always file for a charge back. 

 

And the absence of Skrill is also notable, because of the new anti scam policy of the money transfer company. According it Skrill partners only with licensed brokers and as we already noted, Darico has no license whatsoever. Here you can always check our list of brokers, accepting payments with Skrill:

 

>>Brokers accepting Skrill<<

 

High spreads

 

As tested with a demo account the benchmark EURUSD spread floated above 1,9 pips and that is at least half a pip higher than the levels traders would usually consider attractive with a standard account. Here you may check as well our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

No information about the minimum deposit requirement

 

With most brokers you should be able to open a trading account with about 250 USD, while with some big and well known players like FBS and IG you should be able to start trading with just 5 USD or so.

 

Conclusion:

 

Darico is a unregulated, low credibility broker, which we can not recommend. On top of that their trading conditions are far from ideal and the fact that you can pay only with crypto coins is also disturbing. So once again we will finish our review with an advice to trade only with brokers, regulated by well known institutions like the FCA in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

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Traders` reviews for Darico

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