DeltaFx (deltafx.net) is a suspicious forex broker with a unique website. Like any shady broker, DeltaFx has stuffed its website with plenty of filler text that doesn’t provide any specific information to the user.
The filler text is there only to give an appearance of providing information while providing nothing of value. As I researched DeltaFx’s website, I realised that it is another one of those shady brokers I have encountered in the past.
In my DeltaFx review, you’ll find the reasons why I don’t recommend trading with this shady broker.
DeltaFx License and Regulation
DeltaFx claims to be a licensed broker operating since 2009 in its about section:
What piqued my interest was the hyperlinked license text. When I clicked on the link, I was led to the Financial Commission page of DeltaFx. The Financial Commission is a third-party organisation for dispute resolution between brokers and their users. However, it is not a regulatory authority.
Many shady brokers use the Financial Commission’s certification and claim it to be a license to deceive novice traders. I suspect DeltaFx is doing the same here.
However, I needed to check another thing. DeltaFx claims to have many offices worldwide and their management is based in the British Virgin Islands, an offshore region with a regulator.
When I checked the register of British Virgin Islands Financial Services Commission, I didn’t find any mentions of DeltaFx, proving that DeltaFx is an unlicensed and unregulated broker.
You should only trade with regulated brokers. Regulated and licensed brokers have to follow the strict rules and regulations of their license provider which ensures that they won’t act against your interests. Reputed regulators such as CySEC and FCA even have insurance provisions in case the broker turns out to be a fraudster. For example, a CySEC-regulated broker’s client can get up to 20,000 EUR as insurance compensation if the broker runs away with their funds.
You won’t get such benefits with an unregulated broker. That’s why I don’t recommend doing business with DeltaFx.
DeltaFx is an unlicensed broker and tries to deceive traders into thinking it has the necessary regulation. Your funds and data would be in danger with this broker so please avoid it at all costs.
DeltaFx Trading Conditions
The trading conditions of a broker can tell you a lot of things about its trustworthiness. Let’s see if the trading conditions of this broker are good for you or not:
DeltaFx doesn’t provide any information about its trading platform on its website. This is unusual for any broker shady or not.
On top of that, I couldn’t create an account with this broker because it kept showing a technical error. This was quite disappointing because I couldn’t determine if this broker offers a platform or not.
There’s a high possibility that DeltaFx doesn’t have a trading platform at all. In that case, it would be unwise to even set up an account with this broker.
In my opinion, it’s best to trade with a broker that uses Metatrader 4 or 5. Metatrader has a very positive reputation in the industry because of its numerous features and benefits. This is the main reason why Metatrader is the most popular trading platform among forex brokers. With Metatrader, you wouldn’t need to worry about such stuff.
DeltaFx requires you to deposit $100 minimum to start trading with them. However, I don’t know if I can trust this deposit limit. Still, it is a little higher than the industry average as the industry standard in minimum deposits is around $50 and some even go as low as $10!
Suspicious brokers tend to keep their minimum deposit requirements high so they can get a hold of as much funds as possible. Regulated brokers keep their minimum deposit requirements very low to let you test out their service-quality. On the other hand, shady brokers keep high deposit requirements so you are forced to make a big monetary commitment.
You should avoid trading with brokers that have high minimum deposit requirements.
Leverage and Spreads
As I couldn’t set up an account with DeltaFx, I couldn’t find their offered leverage and spread. The broker hasn’t provided any information about its offered leverage and spreads on its website as well.
However, it is possible that it offers very high leverage ratios or spreads and so, has kept the info hidden to avoid suspicion.
If you’re a beginner in forex trading then you should stay away from high leverage ratios. The Canadian and US financial regulators don’t allow their brokers to offer more than 1:50 leverage ratios to their clients. That’s because a high leverage ratio can wipe out all your deposited funds in an instant and put you in a lot of debt.
DeltaFx Payment Methods and Charges
Like I said earlier, the website of DeltaFx is filled with useless filler text. There is minimum information about the things that actually matter, such as the accepted payment methods.
The only payment options I saw on their site were PerfectMoney, Credit card, Web Money, bitcoin, and Wire Transfer. Note that I only saw their logos on the broker’s website and nothing else. There’s no guarantee that this broker actually accepts these payment methods.
DeltaFx claims to process withdrawal requests within 24 hours.
There is no information available on the fees DeltaFx charges its users. When brokers keep their fee-related information hidden from users, they usually charge them unfairly and steal their funds. That’s why it’s a strong indicator of DeltaFx being a scam.
DeltaFx offers bonuses to its clients as well:
I don’t recommend joining a forex broker because of their offered bonuses. These bonuses don’t provide you with any monetary rewards. Instead, they impose additional restrictions on your withdrawal conditions so you can’t get your funds easily. This is why the FCA (Financial Conduct Authority) doesn’t allow its licensed brokers to offer bonuses to theri clients.
Many shady brokers use bonuses to deceive new users.
Is DeltaFx a Scam? Yes!
There are many kinds of scammers operating in the forex industry. Shady forex brokers tend to attract new users to their websites through promotional offers and ads. They focus on attracting inexperienced traders so they can deceive them easily.
Such brokers have unfair terms and conditions so when the person signs up on their site, they accept those conditions. These brokers then steal the funds their users deposit in their accounts through hidden fees and charges.
This is a big reason why I don’t recommend trading with brokers based in offshore areas. These areas don’t have proper financial regulators such as CySEC or FCA. Without proper regulation, the clients of such brokers face numerous financial and privacy risks. You should always do thorough research before signing up with a forex broker.
DeltaFx Review: Conclusion
DeltaFX is clearly a scam. This broker doesn’t have a license and probably no trading platform. What’s worse is it’s showing its Financial Commission certification as a license to deceive traders into thinking it’s a regulated broker.
There is minimal information available on the broker’s trading conditions and fees. All of it suggests that you shouldn’t trust DeltaFx and avoid trading with them.
I hope you found my DeltaFx review useful. If you’ve had a bad experience with any forex broker, you can share your experience below.This review (DeltaFx) was originally published at Gripeo. To read the full review, go to – www.gripeo.com/deltafx/