DeltaFX Markets is a Forex broker owned by an offshore company called Silver Wolf Limited. Lately, there have been concerns about the credibility of this broker. So, to clear all the suspicions, we are conducting a review which would encompass all the aspects of this business. This review would ultimately help us to conclude whether this is a legit business or a scam.
Five different account types are offered by DeltaFX markets the details regarding which are as follows:
|Account Type||Minimum Deposit||Trade Spreads||Leverage|
The trade size offered for Mini, Basic, and Intermediate packages are 0.01 and for VIP and Pro is 0.1. Although these facts make it seem like the business is providing a good trading environment but still there are some irregularities with their system which makes us question their authenticity.
The first and foremost reason is that they offer a virtual account management system in which the broker may manage the client’s account. This is not a feasible option as the broker benefits from the client’s loss and how can they trade for the client to earn profit when for them it’s beneficial for the client to face loss. This makes DeltaFX Markets not a reliable option.
The second thing is their alarmingly high minimum deposit. The minimum deposit for their most inexpensive account is $ 500 which is very high when compared to other brokers in the market who are offering prices as low as $250 (half of what DeltaFX Markets is offering) for their clients to start trading. This makes the business a lot more expensive with not that many services.
The trading platform offered by DeltaFX Markets is MT5 which is an upgraded version of extremely popular and well-known software MT4. MT4 is used by almost every other broker in the forex community.
The golden characteristics of this system are that its analytical tools are highly advanced which enables it to conduct full-fledged market surveys and draw results to facilitate its users.
MT5 is compatible with all kinds of operating systems.
DeltaFX Markets is handled by an offshore company that has a huge stigma to its reputation. The company is not regulated by FCA or any other financial regulatory agency. This is a point of concern as offshore companies are often, if not always, involved in malicious activities such as scamming, money laundering, and corruption. O, it would be a huge risk to work with an offshore business keeping in view their past deeds.
DeltaFX Markets being an unregulated business can not provide a full security of the client’s funds and may also be subjected to complex lawsuits regarding their authenticity. Moreover, like all unregulated businesses, they must maintain a financial standing which makes this business an expensive choice for a potential client.
Blacklisting by CONSOB
In the recent past, DeltaFX Market was blacklisted by Italian financial regulatory authorities. They told the business to stop providing financial services to the natives of Italy. This notice was issued because of their suspicious activities and possible scams which the users had to face.
This is a huge matter of concern for any person who wants to trade with DeltaFX Markets as their fraudulent activities are now on paper and they may just be looking for a new prey in a new market until caught.
DeltaFX Markets is owned by Silver Wolf Limited which has lately been in the light because of their frauds and suspicious activities. Due to such discoveries, this company was flagged by a huge number of authorities in Europe.
The company also owns Trade777, TradesEasy, PremiumTradeMarkets and more.
Trade777 was also blacklisted by CONSOB and Silver Wolf limited is facing charges imposed by FinaCom and EDR. This is a piece of clear-cut evidence that if the company which owns the business is so shady and involved in so many criminal deeds, how can their trade platform be free from any such act?
No Demo or Islamic Account
There is no option for any client to develop a demo account and hence they can not just use the software first hand to choose whether they want to work with them or not. This creates a huge inconvenience as the client would have to make decisions just based on the information and facts provided by them and can’t be sure about any of this.
Moreover, they also don’t provide any option of Islamic banking and it’s a huge drawback as they are losing a huge number of Muslim clientele who could have traded with them, but they can’t now because of their religious values are against interest and commission.
DeltaFXMarkets offer a MAM account in which the platform handles the accounts of the clients. This is a flashing notice of loss as DeltaFXMarket is a market maker who benefits from the loss of its users. So who can they manage the accounts of their clients and make them get profit and for them to face the loss? So this is clear that in this business one is all in for a loss only.
Unusual Withdraw Conditions
The traders trading with DelltaFXMarkets has to face unusual withdrawal conditions. There is a condition imposed by the trade upon its users which states that no user may withdraw their money from the platform until it has been 6 months from when they started trading.
Moreover, when a request for withdrawal is made, 25% of the total deposit is deducted from the amount, which is not refundable, and then the rest of the amount is transferred or withdrew.
So, these unfit withdrawal conditions make it difficult to work with this business in which a person might feel to be enslaved by such a system from which he can not get out of until 6 months, and then too with a loss of 25% from the profit they gained, that too if any.
Delta FX Markets Review Conclusion
So, all the facts discovered during this review suggest that Delta FX Markets is not a safe broker! A major reason for this claim is its blacklisting by CONSOB. If such a prestigious agency sees this business to be unfit to work with then we don’t have any reason to believe otherwise. Other reasons include MAM accounts which ensure loss only, no demo or Islamic account, high initial deposit, unacceptable withdrawal conditions, and their ownership by a shady company.
All these conditions add up to suggest that this is not a safe business and hence should be avoided.
Following is a list of pros and cons regarding this business:
- Delta FX markets | Forex brokers reviews | Forex peace army. (n.d.). www.forexpeacearmy.com/forex-reviews/16953/deltafxmarkets-forex-brokers
- Difference between MAM and PAMM managed accounts. (n.d.). Forex broker comparison | Currency trading | Become a trader. www.forex-central.net/MAM-PAMM-managed-accounts.php
Silver wolf Ltd – Overview (free company information from companies’ house). (n.d.). Companies House service. beta.companieshouse.gov.uk/company/06870310