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DividendCare Review - is it scam or safe?

DividendCare Review - is dividendcare.com scam or good forex broker?

RATING: 1 / 0 REVIEWS DividendCare
DividendCare is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Account type Initial deposit Maximum leverage  Spreads
Standard  $10 000 1:400 N/A
Premium  $100 000 1:400 N/A
VIP  N/A 1:500 N/A

  

Forex broker DividendCare is allegedly based in Hong Kong. It offers the above account types for trading on the popular MetaTrader4 platform. although the cost of trading with this broker does not seem high, we would not recommend it. It is not licensed, but operates on regulated markets like the European Union. Below, you can find all the details regarding DividendCare.

 

 

DividendCare Advantages       

 

Trading on the MetaTrader4

As more than 80% of all forex brokers, DividendCare Advantages supports the MetaTrader4 (MT4). This piece of trading software is so popular among traders because it is user-friendly, and yet equipped with a set of professional features. Some of these pro tools include advanced charting package, numerous built-in analysis indicators, Expert Advisors for automated trading, and more.

 

 

>> Check out the top-rated MT4 brokers here <<

 

 

Seemingly good spreads, high leverage

DividendCare has not announced any reference spreads on its website, but when we tested its MT4 in demo mode, we found them rather competitive, floating around 1.2 pips on EUR/USD, which is within the average for the industry.

 

Click on the image to view larger.

 

For further information on trading costs, you can check out the spreads of some leading forex brokerages.

 

>> Real-time comparison page <<

 

 

Besides, the broker offers high leverage levels, reaching 1:500. While this may actually be a negative for newbies, some professional ones like having the ability to use high leverage ratios like this. 

 

 

DividendCare Disadvantages

 

Not regulated

DividendCare is allegedly based in Hong Kong. Forex brokers in this country should be licensed by the local Securities and Futures Commission (SFC). However, the company operating the brand, Dividendcare Limited, is not authorized by the SFC, and actually the broker’s website doesn’t mention anything about regulation, except for mentioning that its liquidity providers are licensed in the EU and MiFiD compliant.

 

 

 

The latter seems strange and inclines us to suspect that DividendCare illegally targets European investors

 

Blacklisted by the Spanish regulator

Our suspicion proved to be right, as we found out that Spain’s financial markets and services regulator CNMV has blacklisted DividendCare.

 

 

This is a major red flag regarding this broker. Most unregulated brokers, and especially those blacklisted by financial authorities, are involved in investment scams.

 

Excessive initial investment required

Another clear-cut warning sign regarding DividendCare is the fact that the broker requires a minimum deposit of $10 000, which is 100 times higher than what most brokers require as a start. The majority of brokerages, including reliable and licensed ones, as for an initial investment of $100 - $250, while some major players like IG do not have a minimum deposit requirement at all. 

 

Spreads not disclosed

This is an obvious disadvantage that is actually very common among shady unregulated brokerages. Investors have the right to know what are the prices of the services offered by the company, which means typical spreads, leverage ratios, and other essential information.

 

The absence of information on spreads DividendCare’s website only confirms our conviction that this broker is a scam.

 

 

Conclusion

 

DividendCare is a Hong-Kong based forex broker that does not hold a legit forex broker license. Nonetheless, it obviously operates on regulated markets like the EU, as the Spanish regulator has warned investors against doing business with it.

 

Trading with unregulated brokers carries high level of risk, as investors’ interests and funds are not protected. What is worse, most brokers operating without valid licenses are involved in some sort of investment scams.

 

If you are looking for a reliable Hong-Kong forex broker, you may check out our list of licensed companies below.

 

 

>> Brokers licensed in Hong Kong <<

 

 

To sum up our review of DividendCare:

 

Pros Cons
The MT4 available No financial regulation
Seemingly good spreads, high leverage Blacklisted by the Spain’s CNMV
  Excessive initial investment required
  Spreads not disclosed

 

Latest news about DividendCare
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Traders` reviews for DividendCare

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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