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DorsiaFX Review - is it scam or safe?

DorsiaFX Review - Is dorsiafx.com scam or good forex broker?

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

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Standard Unspecified 1:500* From 0.5 pips*

*this broker’s presentation is very unclear. There may be multiple account types


DorsiaFX is something which looks like a forex broker, but may not be working. While their website gives some details about a trading offer, it begs more questions than answers. We believe they aren’t currently functional, although they could have been in the past. On the other hand, they may be a new project which is just now picking up speed, in which case we will update the review.


DorsiaFX Advantages


A lot of platforms
DorsiaFX allegedly offers MetaTrader4, cTrader and “Global TradeStation”. The screenshots for the latter are more reminiscent of the Saxo Trader GO package, rather than the famous TradeStation, so we aren’t certain which one is actually supported. Then again, we weren’t able to create an account with this broker, to test either of them.


All of the platforms are top-rated. Our personal favorite, when it comes to currency trading has to be MetaTrader4, which while being a bit old is quite solid. The speed of execution, combined with amazing technical analysis potential and even an automated trading environment will satisfy all traders.


>>Find a working MT4 broker here<<


Tight spreads, allegedly
Trading with DorsiaFX is very competitive, if you believe their marketing material. Spreads supposedly start from 0.5 pips for the major pairs, while the current offers by some of the leading brokers are around 1.0-1.5 pips. This company’s offer seems too good to be true, but we can’t verify it.


>>Compare verified forex spreads here<<


Islamic accounts available
One of the few things about DorsiaFX, which is easy to believe is the support for swap free accounts. This is a rather common feature for brokers, who also want to accept Muslim clients.


DorsiaFX Disadvantages


No clarity on the company

DorsiaFX doesn’t clearly state a legal entity which operates the website. The “contact us” section mentions an address in Delaware, USA. On the other hand the website refers to the European Union’s MiFID (Markets in Financial Instruments Directive) several times and even mentions the Investor Compensation Fund (ICF). Such funds exist across Europe and this particular name may refer to the Cypriot one.


This entire situation seems quite messy – why would a US-based company mention things about EU/CySEC regulation, without being registered there (in which case they would have provided the mane of an actually regulated entity)?
In summary, this isn’t a regulated broker and may actually be an operational company at the time of writing. 


Account creation is hard

We already alluded to the fact we weren’t able to open a trading account with DorsiaFX. The form one has to fill out is quite complicated and in-line with the requirements of legitimate EU brokers. That being the case, we didn’t receive an answer from them several hours after applying for an account.


Another broker mentioned

When attempting to use the service of this broker, we saw an interesting thing. The FCA-regulated top-tier broker HYCM is mentioned in the bottom of the form. As far as our knowledge goes, these companies aren’t partnered, so this is simply indicative of DorsiaFX copying the text from HYCM’s website.



Taken from the DorsiaFX website (click to zoom)


Different account types not mentioned clearly

The maximum leverage provided may not be the most important factor when comparing brokers. The ratios provided by this brokers are presented in this way:


This is indicative of multiple account types, which aren’t mentioned elsewhere.


Only “old” payment methods
The payment methods, allegedly, supported by this broker are limited to Bank Transfer and Credit Card. There are many other issues with DorsiaFX, but not accepting e-wallets, like Neteller is a bit of a disadvantage in the current day and age.


Conclusion


DorsiaFX doesn’t appear to be a functional forex broker. The people behind it are allegedly based in the US, while European regulation is mentioned on the website. DorsiaFX may be a broker yet to be created, which will supposedly offer a very competitive environment.


EU regulation is mentioned without a reason – it’s one of the toughest in the world. Being registered with the financial watchdog of a given country grants you a “passport” to operate in the entire Union. DorsiaFX alluded to Cyprus, which is one of the popular jurisdictions, where legitimate companies register. The Cyprus Securities and Exchange Commission (CySEC) is a respected agency.


>>Real CySEC-regulated brokers<<


Here are two of the key rules which must be followed by brokers, who are monitored by this agency. First and foremost account segregation is the mandatory– this means the broker can’t take client money and use it for other purposes. Additionally they must also participate in the local compensation scheme (the ICF), which is a mechanism, guaranteeing traders’ funds against their broker going under. The maximum a person can claim if this event occurs is €20.000.


Here is a summary of this review

Pros Cons
A lot of platforms No clarity on the company
Tight spreads, allegedly Account creation is hard
Islamic accounts available Another broker mentioned
  Different account types not mentioned clearly
  Only “old” payment methods

 

Latest news about DorsiaFX
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Traders` reviews for DorsiaFX

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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