Thinking of getting into business with Damas Group Markets? Here is what you must know about this broker. Carefully read this review to find out if diamond-way.net is the trading platform you will want to trade with.
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About Damas Group Markets Broker
Damas Group Markets is an offshore brokerage company with a lot of promises for traders. The broker shows it is from Vancouver, BC, Canada.
Added, the broker claims regulation from ASIC, Australia and FCA, United Kingdom.
There are different account types the broker offers. See below.
To clarify, in spite the trading instruments Damas Group Markets claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
diamond-way.net: Reasons to Avoid This Broker
Firstly, diamond-way.net is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because neither of those financial regulators recognizes this broker has a licensed entity.
Secondly, we noticed diamond-way.net has a free account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
Further, the importance of legal documents cannot be de-emphasized especially when doing due diligence. Truly, we could not assess the broker’s legal documents as we found it missing on the webpage.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Damas Group Markets fails to provide discuss the fees forex traders will be charged for any withdrawal nor processing days on each withdrawal. Truly, this broker is a scam and its fraudulent schemes are clear.
Minimum Deposit
There is no information on minimum deposit.
As for the payment methods, Damas Group Markets uses Debit/Credit, Bank Transfer, Neteller and Skrill. But, you should not consider making any payment with this broker because it is a risk. So beware!
Damas Group Markets Platform
Damas Group Markets claims to offer MT5 (Industry standard trading platform) which is quite good for forex trading. However, this offer doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, it can get to 1:400. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Damas Group Markets Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is diamond-way.net a Reliable Broker?
No, diamond-way.net does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
