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DachFin Review – is it scam or safe?
RECOMMENDED FOREX BROKERS
DachFin is forex and CFD broker offering three account types with a leverage of up to 1:500 and a web based trading platform. However, there are a number of issues about this broker to start with the fact that they do not have a valid forex license and to end with a series of warnings issued against them by several financial regulators in Europe, including the Swiss Financial Market Supervisory Authority and CONSOB in Italy.
|Account type||Min. deposit||Max. leverage||Spread s/ Payout|
|Micro Account||$250||1:500||3 pips|
|Silver Account||$1000||1:500||1 pip|
|Gold Account||$5000||1:300||0,1 pip|
Leverage of up to 1:500
We always try to come up with anything positive about a broker we investigate and here, and here if we just forget for a second that we are dealing with a probable scam broker, against which there are several warnings by regulators throughout Europe, one such possible advantage could be the generous leverage. Actually such leverage levels are currently available only with offshore brokers and brokers, regulated in a few remaining regulatory hubs like South Africa and New Zealand. In any case you should always use leverage with extra caution as it easily can erase your funds, if the market turns against you.
Blacklisted by CONSOB and FMSA
We understand that DachFin is owned and operated by a company based in Bulgaria – Elit Property Vision LTD. And because all forex and CFD brokers in the country should be licensed and regulated by the local Financial Supervision Commission (FSC) we diligently decided to check the registers of the Commission. Unfortunately we were unable to find neither the company nor the broker there.
What is worse as we already noted DachFin appears in the warning lists of several other European regulators, among which the Swiss Financial Market Supervisory Authority (FMSA) and CONSOB in Italy. See for yourself:
So most probably here we have a unregulated scam broker, which we strongly advise you to avoid.
The general problem with all unregulated brokers is that, unlike the properly licensed ones, they are completely unaccountable for the way they handle your money.
Licensed broker on the other hand have to abide by strict rules, among which to provide traders with a negative balance protection, to keep all trading funds in a segregated, protected form creditors, trust accounts, to maintain at all times a certain minimum operational capital (730 000 EUR with all EU brokers), to file regular reports, to allow external audits and even to insure traders money.
With a broker regulated by the Financial Conduct Authority (FCA) in the UK for example your trading account will be insured for up to 85 000 GBP, ensuring that you will not lose your funds even if the broker files for bankruptcy. Here you may check our list of brokers, regulated in the UK:
Trading bonuses and awards
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Trading bonuses might sound attractive, but in reality you should be extra wary of any broker offering such promotions. This is because trading bonuses always come with strings attached, like for example a minimum trade volume requirement, which quite too often is used as a pretext to cancel your withdraw requests.
Besides, trading bonuses are one of the favorite tools scammers use to steal your money, so it is not a surprise that such practices are forbidden on regulated markets like the European Union, including the UK.
As tested with a demo account the benchmark EURUSD spread floated around 3,3 pips – 3,4 pips, which is more than twice higher than the levels traders would usually consider attractive. So here you may also check our list of brokers offering tighter spreads:
DachFin is a unregulated broker, that has attracted the attention of several regulators throughout Europe for targeting EU customers without proper authorization and possibly being involved in scam. We strongly advise you to avoid unregulated websites like DachFin and to trade only with brokers, licensed and authorized by well known institutions like the FCA in the UK, the Australian Securities and Investments Commission (ASIC) or way not the Cyprus Securities and Exchange Commission (CySEC).
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Dachfin Review: Is Dachfin.com A Scam Forex Broker?
Dachfin.com Review: this is the name of a Forex broker that claims to be located in the City of Sofia, Bulgaria. Is it safe to invest funds in Dachfin? With the continuing rise in illegal and fraudulent Forex companies, it is vital that you read this review before opting to trade with this broker.
The address provided by the brokerage places it in Bulgaria. This is a region where Forex trades are controlled by the FSC. All brokerages in the country engaging in the Forex market must be duly licensed and registered under the Financial Supervision Commission. However, it turns out that Dachfin is not among those authorized in this region.
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This is not all, further investigation on another third-party website revealed that the company is blacklisted. The Financial Market Supervisory Authority have warned residents of Switzerland to avoid the company. This is not all, the Italian trading authority, CONSOB, have also announced that the brokerage be avoided by people living in Italy.
What we learn is that this dangerous company is operating without a proper license and is not under the jurisdiction of any respectable commission.
Advantages of Dachfin
The website promises clients that their personal information is safe as well as financial security. They claim to have strengthened such encryption systems like: identification, passwords, Logout, and encrypted communications.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Dachfin mentions managed accounts options that will help clients make more profit as their professional traders will control their accounts as well as welcome bonuses and user-friendly trading software.
Dachfin Trading Software
The trading software used by Dachfin is operated on a web-based platform and mobile. This is not the MT$ and MT5 trading platform and we find this discouraging. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are not mentioned and this is unusual for us. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages offered is 1:500 and while this may seem generous but they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are 3 pips on the EURUSD pairs, which is higher than the average.
Spreads of 1.5 pips or below are what is obtainable in the Forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Dachfin
The means of making payments with this broker are: Bank Wire Transfer, VISA, and MasterCard. The fact that e-wallets are left out is disturbing because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is $250 which is within the obtainable average of $100 – $250 among brokers. Withdrawal fees are not mentioned and it is stated that there are no commissions.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
We also find that bonuses are offered for every new deposits and this is a red flag. The withdrawal conditions that many unregulated broker use to tie funds down after giving clients bonus is unrealistic and unethical.
Is Dachfin Licensed?
No. Dachfin is not a properly licensed brokerage. We do not find any regulatory commission overseeing it, what we find are warnings against using it by the CONSOB and the FMSA.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To contact the broker or make an enquiry through a customer support representative, send an email to [email protected]
Dachfin is an unlicensed broker that operates illegally. It is blacklisted by European commissions and offers trading bonuses which is common among fraud brokers. We do not advise our readers to choose this company for trading. If you have anything to add to this Forex broker review, do so via the comment section.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website
Dachfin Review: Is Dachfin.com A Scam Forex Broker?
After doing some research, we found out that a lot of traders are reporting Dachfin and writting bad reviews about it.
It’s always important to know what other traders are thiking about a broker before using it and we can say that they are not saying good things about Dachfin.
What do regulators say about Dachfin ?
This is the most important thing you need to know about a broker before using it. Is Dachfin regulated ? Is it an offshore company ?
Most brokers are unregulated or regulated by an offshore regulation authority which won’t help you in case of problem. Keep in mind that if a broker steal your funds, you won’t be able to complaint about it unless they are licensed by a serious regulator such as the CySEC (Cyprus Securities and Exchange Commission).
An unregulated broker is clearly not authorized to operate in any regulated country and you should definitely not put any money into it.
Dachfin is an unregulated offshore broker owned by Elit Property Vision LTD and located at 1574 Sofia, R.A, Hristo Smirnenski, 112 Geo Milev Str., Partner Floor, Office 1.
They can be contacted by phone at this number : +41715087095 or you can send an email to [email protected]
You should definitely avoid any unregulated or offshore broker and Dachfin is one of them.
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