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DamkoNET Review – Sign That Damkonet.com Is A Scam
Table of Content
DamkoNET is an illicit broker with the head office in Marshall Islands. Despite the detailed site and some attractive conditions, including a working platform, DamkoNET cannot be trusted.
The reason for this is the fact that the website does not provide any proof of regulation, whatsoever. Attop of that, DamkoNET Ltd has been blacklisted by leading german regulator – BaFin
|Leverage||Up to 1:200|
|Spread||From 1.5 pips|
DamkoNET does claim to offer a variety of learning materials, functional trading platform and word-class support service to assist traders throughout their investing journey. All of this is for naught sadly, when the broker is just another phony looking to defraud clients.
Regulation of DamkoNET and Fund Security
DamkoNET seems to have their headquarters set up in the Marshall Islands. Local regulator in the Marshall Islands is GLOFSA. However, this is not a government backed or owned financial authority and the standards it keeps are pretty loose. DamkoNET isn’t even registered with GLOFSA.
What is worse, BaFin has issued a warning against this broker, claiming that it wasn’t given authorisation to offer financial services to German residents. DamkoNET is simply unregulated in Germany and was not given license to do any bank transactions.
We also did a check on major registers of regulated brokers that FCA, ASIC, AMF, CONSOB, CySEC keep. We didn’t find any result with a matching name, meaning DamkoNET is not regulated at all by any financial entity.
Regulated brokers have to give proof of owning enough capital to plan a sustainable business. They offer enhanced client protection and safety of funds that are kept in segregated bank accounts. Compensation plan is made to help protect customers from the case of the firm going bankrupt. Thanks to the implementation of risk-reducing measures, clients can never lose more money than they have on their account. These are just some of the criteria for being regulated.
Without providing the aforementioned conditions, DamkoNET cannot be trusted to invest with.
Overview of the DamkoNET Trading Platform
Trading terminal offered at DamkoNET is the Web trader. It can be accessed without making an account or depositing first. Apart from listing the trading instruments available, some basic charts, social trading, 1-click trading and few customization features, the platform doesn’t offer much.
Softwares offered by unscrupulous brokers tend to be manipulated to give the illusion of trading. Investors have an impression of their funds growing, while the entire investment has already been passed straight to the scammers pocket.
For this reason, it is crucial to always pick a confirmed, regulated broker that offers a top notch trading software like MT4 or MT5 and similar.
Available Account Types at DamkoNET
Broker offers several account types to choose from, depending which services the user prefers and how much of an initial deposit they’re willing to make. The following accounts are available:
Opening the Basic account costs $250 and it practically offers nothing except the 40% welcome bonus, 24/7 support, leverage of 1:50 and withdrawals being processed in 4 days.
Of course, for better service, the customers have to be willing to pay a hefty amount of money. It is highly questionable if they would get the advertised features at all, considering they’re being promised by a phony.
Trading Instruments Overview
DamkoNET has grouped the available trading instruments into the following categories:
- Commodities (Sugar, Wheat, Coffee, Corn, Platinum, Silver, Gold)
- Cryptocurrencies (ETC/BTC, LTC/BTC, BTC/USDT, XRP/BTC)
- Forex (USD/JPY, EUR/GBP, USD/MXN, NZD/USD, AUD/USD)
- Indices (DOW30, CAC40, AEX25, VIX F, DUBAI, NASDAQ F)
- Stocks (APPLE, COCA COLA, IBM, BP, REUTERS, AMAZON)
While there’s a warning about spreads being highly subjective to changes, especially during big market fluctuations, EUR/USD spreads are from 1.5 pips. Leverage seems to be from 1:10 while it increases for more expensive account types up to 1:200.
Deposit and Withdrawal Procedures for DamkoNET
The fact that DamkoNET allows deposits to be done via credit/debit cards and bank wire transfer is relieving to know. Although dealing with a blacklisted phony like DamkoNet, users can still request a chargeback safely, as long as less than 540 days pass since the depositing moment.
Withdrawals are claimed to be processed fast, only in several business days. Supposedly no fees or commission are charged, but that bold claim cannot be trusted easily, coming from an illicit broker.
After consequal inactivity during more than 12 months, inactivity fee will be charged $30 per month.
DamkoNET Promotions and Bonuses
Welcome bonus is available at DamkoNET. It is accepted upon opening an account and it is higher with the pricier account. The Bonus Policy clearly states that at least $250 has to be deposited on the client’s trading account for the bonus to be given.
In case the client hasn’t done any trading during a period of 30 days, the bonus can be taken away without any notice.
Required count of lots traded for the bonus to become eligible for withdrawal is the amount of bonus credit itself divided by 5.
As any scammer who doesn’t intend on allowing customers withdrawals, DamkoNET attracts investments with bonuses but makes them next to impossible to be withdrawn.
DamkoNET Scammed Me How Do I Procure a Refund?
Since DamkoNET allows deposits to be made via bank wire transfer and credit/debit cards, it should be possible to request a chargeback. Be careful not to let the period of 6 months pass, as this is the time within which refunds are possible for the mentioned depositing ways.
Just in case, you should always first contact your local financial authorities and seek help from government institutions and police.
Getting in touch with the bank in charge of your account and cards as soon as possible can help protect your privacy and funds against further abuse.
- Expensive live accounts
- Bonuses come with strings attached
FAQs About DamkoNET Broker
Is DamkoNET a Trustworthy Broker?
No, DamkoNET is an illicit broker, unregulated and unauthorized for providing financial services and therefore is not trustworthy.
What Is the Minimum Deposit at DamkoNET?
The minimum deposit required at DamkoNET is $250 for opening the lowest-priced account type.
What Funding Methods Does DamkoNET Accept?
Funding methods accepted are bank wire transfer and credit/debit cards.