DakkenGroup is an offshore broker claiming to offer cutting-edge technology solutions, full access to financial markets, and more. Upon receiving numerous complaints, we’ve decided to review DakkenGroup and its operations and present all the facts.
| Broker status: | Unregulated |
| Regulated by: | Unlicensed brokerage |
| Scammers Websites: | dakkengroup.com |
| Blacklisted as a Scam by: | CNMV |
| Owned by: | Clandestiny Group LLC |
| Headquarters Country: | Saint Vincent and the Grenadines |
| Foundation year: | 2021 |
| Supported Platforms: | WebTrader, MT5 |
| Minimum Deposit: | $250 |
| Cryptocurrencies: | Available – BTC, ETH, XRP |
| Types of Assets: | FX, commodities, indices, cryptocurrencies |
| Maximum Leverage: | 1:400 |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
What About DakkenGroup Regulation?
DakkenGroup is a brand of Clandestiny Group LLC, based in Saint Vincent and the Grenadines. This Caribbean island is known as an offshore haven since it doesn’t have a financial regulator dealing with Forex and binary options firms. The FSA declared itself not in charge and directed brokers to opt for a license in the country of service.
Why Must a Broker Have a License?
Most Tier1 license providers, such as FCA, ASIC, and BaFin, are ensuring that your broker follows the rules, keeps your funds in segregated accounts, and has a compensation fund to recover your money in case of issues. Those are the main reasons to look for a licensed firm from a reputable country.
DakkenGroup is not just an offshore broker but also has no financial regulations. It means it can use funds for the company’s expenses or even vanish without consequences.
On top of that, we want to invite you to read our recently updated reviews of the scam brokersIntel Trading,ExindexandApexCrypt. Be careful with these brokers.
DakkenGroup Warnings From Financial Regulators
DakkenGroup has been blacklisted by the Spanish regulator, CNMV. The authority body issued an official warning, stating that the firm provides financial services it has no approval to provide, including Forex trading and giving financial advice.
Traders Reviews About DakkenGroup Scam
If you check portals for reviews, such as Trustpilot, the broker has a negative rating. Many clients report that broker is taking money, and account managers promise everything and anything, but once you ask for a payout, they will simply stop responding.
Supported Trading Platforms – Available Trading Software
DakkenGroup offers 2 platforms – MT5 and WebTrader. Since MT5 is one of the most prestigious software in the trading industry, it’s good that you have access to it. The platform has a vast number of charts and indicators and probably the most superior trading tools such as EAs, social trading, and more. On the other hand, WebTrader is a little simpler tool with fewer features, more suitable for market beginners.
It would be a good offer if a broker weren’t unregulated. As such, it provides leverage of up to 1:400, while the EU and UK regulators set a limit to 1:50 or 1:30 for the Forex market.
Everything About DakkenGroup Accounts
DakkenGroup has 4 account types:
Since the difference is quite extensive, going from a minimum deposit of $250 to $1 million, we checked what you get for the money. The leverage goes from 1:100 to 1:400; you’re entitled to more perks such as support, personal account manager, etc. Yet, nothing is worth a million dollars with an illicit firm.
DakkenGroup Range of Trading Instruments & Markets
DakkenGroup offers trading in 4 major markets:
- Currency pairs
- Commodities
- Indices
- Cryptocurrencies
Yet, the broker is mainly focused on crypto, while other assets are not as present.
At the same time, avoid scammers such asMargex,Fin Ventureand ZMarket Global. If possible, tell us about your scam experience.
DakkenGroup – Bad Trading Conditions
Besides unregulated leverage, the broker says to offer a fixed spread from0.5 pips. It’s good, but they never mentioned the limit, so you can get 0.5 pips for EUR/USD pair, while the broker may charge 3 pips for BTC trading. And not knowing such a thing is always a minus.
Furthermore, the company maintains the right to charge an inactivity fee of 10% each month if your account is inactive for more than 6 months. There are also high commissions for withdrawals, starting from 25 USD/EUR on the minimum withdrawal amount of 100 USD/EUR, and a Bonus Policy requiring you to have a turnover of 25 times the bonus amount before being able to request a withdrawal.
DakkenGroup Deposit, Withdrawal Methods, and Bonuses
The company accepts several payment methods for deposits and withdrawals, including:
- Debit/credit card
- Skrill
- Wire transfer
- Cryptocurrencies
Depositing via a crypto wallet is always the riskiest since following these transactions is complex.
The minimum deposit is $250. The minimum withdrawal amount is $100, with 50 units charged for wire transfer, 25 units for cards and e-wallets, and an additional 10% processing fee for the latest method.
As mentioned, if you take any bonuses, you cannot withdraw your money before repaying the amount 25 times. So, suppose you got $100; you have to trade $2,500 before getting a payout. Implying you have to invest more to reach such an amount, which is the point of this clause.
Scammed by DakkenGroup Broker? – Let Us Hear Your Story
If you are a victim of DakkenGroup or a similar bogus broker, let us know. Our chargeback specialists may be able to help you with it and recover your funds.
But What Is A Chargeback?
Banks have their way of recovering stolen funds. Chargeback is just one of them, and it’s time-limited. Therefore, it’s crucial to start right away and increase your chances of success.
Contact us via online chat to book a FREE consultation, and let’s get your money back before it’s too late!