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DamkoNET Review – Why Is a 100% Trading Scam?

DamkoNET Review

We can safely say that DamkoNET broker promises a lot but doesn’t deliver. You’re pledged to MT4, fund security, and automated trading. Instead, you get an unlicensed brokerage providing WebTrader, and no money-back guarantee.

Read this detailed DamkoNET broker review to find out why we believe that you shouldn’t be dealing with the company.

But before continuing, we also recommend that you read Financial Gates, UberChains and TriumphFX broker reviews.

Broker Status:Offshore Scam Broker
Broker Regulation:Unlicensed Forex Provider / No Regulation
Scammers (site is active, verified 09/26/2022)
Operating Status:Active Forex Trading Scam
Blacklisted as a Scam by:BaFin (Germany)
Broker Owner:Damkonet LTD
Headquarters Country:Marshall Islands
Foundation Year:2021
Trading Platforms:WebTrader
Mobile Trading:Available
Minimum Deposit:250 USD
Deposit Bonus:Up to 60%
Crypto Trading:Available (BTC / LTC / USDT)
CFD Trading:Yes, you can trade CFDs
Trading Instruments:Forex / Commodities / Indices / Shares / Cryptocurrencies (Cryptos)
Maximum Leverage:1:200
Islamic Account:Not Available
Demo Account:No, only live trading accounts
Accepts US Clients:US traders are not accepted
Global Fraud Protection Team:Don’t Invest in This Scam Broker!

Is DamkoNET a Forex and Crypto Trading Scam?

DamkoNET Forex broker belongs to Damkonet Ltd, based in the Marshall Islands. Not just that this is an offshore HQ, but the regulatory body in charge is known as one of the loosest. GLOFSA has no leverage limit and no specifications on the minimum required capital or compensation fund.

Simply speaking, even if DamkoNET regulation were with GLOFSA, it would mean nothing. This firm would still need a Tier1 license by the FCA, ASIC, BaFin, and similar to prove its legitimacy. After checking the databases of the aforementioned authorities, we found nothing.

To answer your question, the broker DamkoNET is a Forex and crypto trading scam.

DamkoNET is an online financial swindler. The firm operates from the Marshall Islands and has been blacklisted by German authorities. It has been officially reported as fraud.

Warnings Against DamkoNET Fraud

DamkoNET Warning by BaFin

The German regulator, BaFin, issued an official warning upon receiving numerous DamkoNET complaints. According to it, customers have reported withdrawal issues with a firm that has no authorization to provide trading services to German residents.

It all resulted in an official investigation conducted by the regulator and German Federal Crime police.

Where Do DamkoNET Scam Victims Live?

Surprisingly, the DamkoNET trading scam has lasted for over a year now. It all started in May 2021, and the broker has changed its website in the meantime. However, the scheme stayed the same.

According to DamkoNET reviews, the majority of victims come from:

  • Germany
  • UK
  • Austria
  • Switzerland

In addition to the above, you should avoid scam fx providers such as UniGlobal AssetsCupiro or WorldWideBrokers. Because you may have withdrawal problems!

DamkoNET WebTrader Platform Review

DamkoNET trading platform is advertised as the industry standard – MT4. You’re promised EAs and many other features.

In reality, you can only get access to a basic WebTrader. It has simple functions, such as pending orders and trading history, but is far from any MetaTrader.

You should find a legit broker if you’re looking for a real MT4 or MT5. You’ll get the best platform, fund security, and a risk-free Demo included.

What About Mobile Trading Apps?

WebTrader has been turned into a mobile app for Android and iOS. Therefore, DamkoNET login is enabled through an app whose link is on the website’s home page.

Note that it has the same features as web-based software.

What Products Does DamkoNET Offer?

The company offers access to 5 major markets, including:

  • Stocks – Lufthansa, Allianz, Adidas
  • Cryptocurrencies – ADA, ARDR, BCH
  • Indices – AEX 25, BEL 20, CAC 40
  • Commodities – Soybeans, Gold and Natural Gas

Fees and Spreads

The platform overview shows that the spread for EUR/USD pairs is raw, starting at 0.0 pips. In addition, there are no other fees mentioned.

It only means that the firm is not looking to profit from small commissions. Instead, they plan on vanishing with your entire deposit.

Overview of Trading Accounts – What Do They Offer?

You will find four DamkoNET account types on offer. They are:

  • Basic Trading Account – Minimum deposit $250, leverage 1:50, 40% bonus
  • Silver – $10,000, leverage 1:100, 50% bonus
  • Gold – $50,000, leverage 1:200, bonus 60%
  • Platinum – $100,000, trading rewards, VIP mentorship program

Each account brings more benefits. Or so we’re told.

Can I Trade With a DamkoNET Demo Account?

If you’re interested in a risk-free account, you won’t find it here. DamkoNET Demo is not enabled. 

Customers can overview the platform by accessing the tab WebTrader, but cannot place any trades before putting down DamkoNET’s minimum deposit of $250.

This is how scheme firms operate, putting pressure on you to review the platform while they hold your funds.

How Do I Withdraw Money From DamkoNET?

According to the DamkoNET withdrawal clause, customers can use the following methods:

  • Debit / Credit Cards
  • Wire Transfer

The time necessary to handle the request is two business days. Yet, it’s not specified when you can expect the funds to be returned.

Note that a bonus clause states: “The minimum count of lots required for each granted bonus credit shall be the amount of bonus credit itself divided by 5.” Suppose you have received a $100 bonus; you’ll have to trade 20 lots, equal to $2 million, before being eligible for a withdrawal.

I Was a Victim of the DamkoNET Scam, Can I Get a Refund?

Being defrauded on the financial market can be a truly devastating experience. However, you shouldn’t give up on your funds.

If you or someone you know has been a victim of a DamkoNET scam, let us know and we’ll try to help.

Global Fraud Protection has experts who may help you with the recovery procedure. Book your free consultation, and let’s act now!

All In All, Don’t Let the Scammers Get Away for Free!

FAQ Section:

What Is DamkoNET, and Should I Invest Money In It?

DamkoNET is a scam offshore brokerage providing unauthorized financial services. If you find yourself scammed, let us help you with the refund procedure.

Can I Trade Crypto and CFDs With DamkoNET Broker?

Yeah, you can trade both crypto and CFDs. Since the firm is a fraud, we advise against it.

What Is the DamkoNET Minimum Deposit?

DamkoNET broker requires a minimum of $250 for clients to start trading on the Basic account.

How Long Do DamkoNET Withdrawals Take?

It takes two business days for the request to be processed. It’s not specified how long you will have to wait for the money to be in your bank account.