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DiamondFX Review - is it scam or safe?

DiamondFX Review - is diamondfx.com scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Spread
Bronze  $10 1:500  N/A
Silver N/A 1:500  N/A
Gold N/A 1:500  N/A
Platinum N/A 1:500  N/A
Diamond N/A 1:500  N/A

 

DiamondFX is a forex broker registered on St. Vincent and the Grenadines. They offer five account types, but the trading conditions are not disclosed, and we also couldn’t access any platform whatsoever. This, in combination with the lack of legit license, inclines us to suspect that DiamondFX might be a scam broker. So, don’t hurry to deposit with them, but read the following lines first.

 

 

DiamondFX Advantages

 

MT4 allegedly supported, various assets supposedly available

The key word for all the advantages we can list here is “allegedly”: DiamondFX allegedly supports the industry standard MetaTarder4 (MT4), and its clients can allegedly trade in wide range of assets – currencies, cryptocurrencies, stocks, indices, etc., and use leverage as high as 1:500.

 

As the MT4 is not freely downloadable from the broker’s website, nor could we open a demo or real account with DiamondFX, we cannot be sure what platform does the broker use (if any at all), whether all these financial instruments are really available for trade, etc.

 

So, our best advice for those of you willing to trade on the MetaTrader is to find yourself a reliable broker that supports this platform.

 

 

>> Choose a top-tier MT4 broker <<

 

 

DiamondFX Disadvantages

 

An offshore broker

According to the information on their website, DiamondFX is owned and operated by DiamondFX Ltd., a company registered in St. Vincent and the Grenadines (SVG). Companies in this offshore zone just have to follow a simple and inexpensive registration procedure with the Financial Services Authority (FSA), which has explicitly stated that it doesn’t license, nor oversee forex brokerages.

 

As a rule, unregulated brokers like DiamondFX are not to be trusted, as they are completely unaccountable for the funds invested with them. Furthermore, there is no authority to turn to in case clients fall victim to a scam, which is not uncommon among offshore brokers. 

 

Spreads not disclosed, no demo accounts

DiamondFX’s website does not mention anything about spreads, and clients are not able to open free demo accounts either, which is another worrisome sign. A test-drive of the trading platform is a great advantage and shows that the brokerage is transparent with its service and trading conditions. Besides, investors have the right to know what are the prices of the services provided to them in advance, which means typical spreads, commission fees (if any), roll-over, etc.

 

 

>> Compare the spreads of top forex brokers <<

 

 

Sign up by invitation only

So, we proceeded to open a live account with DiamondFX, in order to see whether the MT4 is really supported and take a look at the spreads.

 

 

However, it turned out that real accounts are available only by an invitation. This is quite unusual and only makes us more certain that DiamondFX is running some sort of investment scam.

 

Limited payment methods

This is insignificant flaw when compared to the previous ones, but we decided to mention it nonetheless. It seems that DiamondFX supports only credit cards and Bitcoin as payment methods. Bank wire, credit cards and other more traditional payment methods cannot make use with this broker, but considering all listed above, you’d better not deposit a single buck with this fraudster.

 

 

Conclusion

 

DiamondFX is another dodgy offshore broker whose offer is shrouded in mystery. Overall, clients of this brokerage are open to substantial risk, as most likely we are dealing with a fraudster.

 

With all that in mind, our best advice is to stick with duly regulated brokers, like the ones licensed by the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities and Exchange Commission (CySEC). These agencies have strict rules in place for companies under their jurisdiction and see to their compliance. Below, you can find more detailed information for the regulatory environment in Cyprus, as well as a list of CySEC-regulated brokers.



>> Find the best forex brokers licensed in Cyprus <<

 

 

And finally, here are the highlights of the present review of DiamondFX:

 

Pros Cons
MT4 allegedly available No financial regulation
Generous leverage Spreads not disclosed, no demo accounts
  Sign up by invitation only
  Limited payment methods

 

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Traders` reviews for DiamondFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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