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DakkenGroup Review – Reasons to Avoid This Scam Broker
Table of Content
DakkenGroup Review, Here’s how it all went down. We encountered this seemingly perfect broker and immediately suspected false pretenses. Upon doing a quick check of the broker and the company that operates it, our search results were overloaded with scam warnings.
And so, we decided to do the DakkenGroup Review and warn traders about this terrible and sophisticated plot. You’ll see why the trading platforms and conditions aren’t as awesome as you might have thought. Without further ado, let’s start digging up the dirt we found on DakkenGroup.
|Leverage||Up to 1:400|
|Regulation||Unregulated Offshore Broker|
|Headquarters||First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St Vincent and the Grenadines|
|Minimum Deposit||100 $|
|Broker Type||Forex, Crypto, Indices, Commodities, Stocks|
|Platforms||MT5 & WebTrader|
Is DakkenGroup Legit or Scam? Regulation
First and foremost, this is an offshore provider operated by Clandestiny Group LLC based in Saint Vincent and the Grenadines (SVG). This remote island in the middle of the Caribbean Sea is controversial for housing countess scams and frauds.
They found their nest there because of the island’s favorable tax system and the local Financial Services Authority’s lax rules. Yes, that institution does not even issue Forex licenses. Therefore, DakkenGroup is not regulated and consequently, risky and dangerous.
If you need any more proof, then get a load of this. There are too many warnings to count but we managed to include them all. Dutch AMF, Spanish CNMV, Bank of Russia, CONSOB, FSMA, the Financial Commission, you name it. It seems that everybody decided to blacklist Clandestiny Group LLC and DakkenGroup. Feast your eyes.
DakkenGroup Trading Software Overview
Meta Trader 5 our foot! Without a valid license, nobody can guarantee the legitimacy of this particular MT5. It may as well be stolen from some other offshore provider. But, we got to give it to DakkenGroup, that was one hell of a bait. Putting the name of the best trading software in the game will certainly draw customers.
Now that we’ve debunked the lie behind MT5, the question is which trading platform DakkenGroup really offers.
It’s WebTrader, a browser-based platform with very limited features. While it may be good for beginners, due to its simple charts and indicators, more seasoned traders will find this platform childish. Therefore, the aforementioned MT5 is the real deal that you should seek out.
And be sure your broker is regulated. That way, you’ll prevent potential fraud. Scammers have the habit of inserting manipulative software to run their schemes.
Account Types Option at DakkenGroup
When it comes to account types, this section of the website is all fumbled but we were able to discern which types DakkenGroup offers. Here’s an overview:
- Ripple – 250 $, leverage up to 1:100, spreads from 0.5 pips;
- Ether – 15,000 $, 1:200, 0.5 pips;
- Bitcoin – 100,000 $, 1:400, 0.5 pips;
- Luxury – 1,000,000 $, 1:400, 0.5 pips.
The offered leverage confirms the broker’s offshore status. Regulated providers are under leverage restrictions of 1:30 (UK, EU, Australia) and 1:50 (US, Canada) for retail clients. Spreads are decent but with such high leverage and unknown commissions, they matter little.
Trading Instrument Available
We provided a quick overview of trading assets with examples as we did with the accounts:
- Forex currency pairs – EUR/USD, GBP/NZD, AUD/CHF…
- Commodities – gold, silver, crude oil, wheat…
- Indices – NASDAQ100, S&P500, NIKKEI225…
- Stocks – Amazon, Google, Toyota…
- Crypto – Bitcoin, Ripple, Cardano, Litecoin…
License, platform/trading conditions, instruments. In that order. Thus, it’s easy to offer all of these but staying true to clients’ security is a different world. One that DakkenGroup doesn’t care about apparently.
Deposit and Withdrawal Process
The minimum deposit is 250 $, which is too much to risk for this offshore hoax. DakkenGroup claims to accept payments via the following:
- Credit/Debit Cards;
- Wire Transfers;
- Cryptocurrencies (BTC, XPR, ETH…).
When it comes to fees, DakkenGroup charges hefty ones at that. Namely, wire transfers have a 50 $ fee attached while cards and e-wallets both have 25 $. On top of that, cards have an additional processing fee of 10 $. If an account hasn’t recorded a certain high trading turnover, a 10% levy is charged. Tough luck profiting with DakkenGroup.
DakkenGroup Scammed Me – How Can I Recover My Money?
- Credit/debit cards can be reversed via chargeback. You can request it at the issuing bank within 540 days.
- Wire transfers can be reversed via recall. However, if the transaction is complete, the recall will not be possible.
- Crypto transactions first need to be traced to a wallet in a crypto exchange. Then, you can request a refund.
- Refunds for payments via e-wallets require you to contact the company that runs them.
- DakkenGroup is being run by Clandestiny Group LLC from SVG;
- The company has been blacklisted by multiple authorities from Europe;
- The MT5 file is shady, which left us with WebTrader;
- Leverage caps at 1:400, exceeding all possible legal limits;
- Spreads are great if true, commissions are a mystery;
- Payment methods include credit/debit cards, crypto, e-wallets, and wire transfers.
FAQs About DakkenGroup Broker
Is DakkenGroup A Good Broker?
DakkenGroup is far from a good broker. It’s an offshore fraudster that intends to defraud innocent traders.
Is My Money Safe at DakkenGroup?
No. The broker and its owner have been blacklisted by several financial market regulators and authorities.
What Is The Minimum Deposit for DakkenGroup?
The minimum deposit that DakkenGroup requires is 250$.