Beware! DigitalFXOptions.live is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
DigitalFXOptions.live has made things incredibly easy for us, for its entire interface and look begs to be labeled a scam. Even if you were new to the world of FX trading, you would lift your eyebrow and then proceed to mock the whole of DigitalFXOptions.live. It’s one of the worst-looking brokers we have reviewed in the past couple of months, and it reminds of previous similar cases. Some of the shared elements include a non-geometrical layout, sloppy animations, offbeat text placements, unverifiable information, and more. The following review will continue this discussion. Please read on.
The registration process is the portal to the user area, and DigitalFXOptions.live’s one is a boring one if there ever was. We were able to log in without any issues, and we did not have to check our email for a confirmation letter. The leading trader area was a disappointing mess but it was not as if we were expecting anything different. Upon registering users are trusted into a sloppy and mismanaged trading software that actually turned to be a binary options trader. There is room for explanation here, but we will leave it to the appropriate section of the review.
While opening an account, we were able to pick from a set of leverage values, ranging from 1:1 to 1:500, however, seeing that DigitalFXOptions.live is a binary options trader these numbers are rendered useless. Moreover, none of the advertised spreads are also available. The only things that are of any worth here are the financial assets, as seen on the binary options trading software: shares, crypto, and some FX pairs.
The website is available in English only.
DIGITALFXOPTIONS.LIVE REGULATION AND SAFETY OF FUNDS
There is no way DigitalFXOptions.live is a holder of a legitimate license. We can certainly rule out the possibility of that. And this verdict was reached without even checking for a license.
Even if we were to go into searching for one, we wouldn’t find anything useful. In fact, DigitalFXOptions.live has revealed nothing useful. The usual website section where regulatory info is kept is either missing entirely or devoid of details. For example, the footer reveals nothing, except for the fact that the website has not been updated since 2019. Or that there are no legal documents to support or provide claims.
Judging by this and the incredibly poor website, there is no doubt that DigitalFXOptions.live is UNREGULATED
Do not invest in unregulated brokers, because you are risking complete financial loss! The first thing you should do when considering an investment in an FX broker is to check for a legitimate license, like one from either the FCA or CySEC. These are some of the top regulators in today’s FX industry, and they have reached this level of respect by employing a huge range of guidelines that all brokers under them are required to follow. Furthermore, both FCA and CySEC offer to all clients of their brokers two compensation schemes that come in effect if a broker cannot pay back a user. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
DIGITALFXOPTIONS.LIVE TRADING SOFTWARE
Binary options trading has nothing in common with the classic FX trading. Binary trading is in essence a gamble at whether the price of a given asset goes up or down. Users are to bet on one of two predictions- the price either goes up or down. It’s a complete gamble, although if you are to follow the FX industry closely you might be able to predict a price surge or decrease. But DigitalFXOptions.live hasn’t even done this right: the binary trading platform looks as though it were made by toddlers.
Aside from the disappointing binary options trading software, DigitalFXOptions.live present two semi-broken TradingView charts that the company presents as its own. These are in no way platforms for trading.
DIGITALFXOPTIONS.LIVE DEPOSIT/WITHDRAW METHODS AND FEES
Funding an account happens through a wire transfer, a bitcoin wallet, through a credit card, MoneyGram, WesternUnion. However, out of all these methods, only the bitcoin wallet and wire transfer one seem to work. The payment process allowed us to continue with $1.
All withdrawal info is taken from the website because the withdrawal section was closed to us. And this is where we end all things payment details because the website offers absolutely no insight.
DigitalFXOptions.live is a broken and scammer website. It seems to think itself a broker, but nothing we have seen thus far suggests even the slightest relation with the FX industry. Do not waste your money with this one!
How does the scam work?
There is one very popular scammer scheme that is basically the only efficient way for scammers to steal money from users. It is devised in such a way that users are lured in without realizing it. Most brokers have their own little spin on it, but the basic premise remains unchanged.
The scam follows a number of steps, with the first one acting as bait. Users from all around are witnessing all sorts of online ads on a daily basis. Some of these ads (promising a rich man’s lifestyle) lead to scammer brokers directly, or to intermediary websites. Whatever the site is, these fraudsters will always ask for some kind of contact information, including a phone number and an e-mail address. If users decide to give these away, there will start receiving calls from representatives of the broker. No matter what they are telling you, know that their ultimate goal is to induce the first deposit.
After the first deposit, the scammer broker organization will launch the expert scammers to try and compel you to deposit twice, thrice, and so on. These sometimes called expert managers are relentless, notorious, and very charming. They will make it their mission to hustle users to deposit. Some of their tactics include raising FX trading profit awareness, giving advice on how to deposit, and so on.
Sooner or later, users will start noticing a pattern, and it is at this point that they will realize they are being scammed. The next step is obviously to request to withdraw all funds and leave. Yet, the fraudulent broker is aware of this impending day and is ready to deny every withdrawal request, by using an excuse, shutting down the account, closing the whole website down, or just stalling the user.
What to do if scammed?
The first step to (trying to) retrieving lost funds is to apply for a chargeback with their credit or debit card company. The good news is that MasterCard and VISA have extended their chargeback period to 540 days.
Those users that have deposited through a bank transfer, and lost their money due to a scam, should immediately change their back account credentials, that is user name and password. Users can also contact the bank for it may have a procedure ready for such occasions.
Never invest in dubious brokers through a crypto method. Most of them are untraceable and there is no way to get your payments back.
Moreover, never trust the self-proclaimed recovery agents or agencies. These are either an extension of the initial scammer or a scheme of its own. They will promise to return all investments, however, they will require a small fee for doing so. Once the fee is paid in full, these agents will disappear without a trace.
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