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DecFin Review – Broker With Scam Warnings and Withdrawal Issues

Jun 11, 2021
DecFin Scam Broker

DecFin is a broker blacklisted by several regulatory bodies. However, we did our honest and unbiased review and answered a couple of essential questions.

Is broker regulated and trustworthy? Who is the owner? Let’s see.

Broker status:Unlicensed Offshore Broker
Regulated by:No Regulation (Illegal Broker)
Blacklisted as a Scam by:CNMV, CONSOB, FSMA, ATVP
Broker Owner:Fenix Group LLC, Decfin Ltd
Headquarters Country:Saint Vincent and the Grenadines
Foundation year:N/A
Supported Platforms:WebTrader
Minimum Deposit:N/A
Types of Assets:Forex (FX), Commodities, Indices, Shares
Maximum Leverage:1:100
Free Demo Account:No
Accepts US clients:No

DecFin Regulation and Security

Decfin Ltd owns the brand. Yet, we found that there is a parent company, Fenix Group LLC. The company is based in Saint Vincent and the Grenadines, meaning it should have SVGFSA regulation.

What’s Wrong With Regulation? 

We’ve checked the SVGFSA register looking for broker regulation. We couldn’t find Decfin Ltd nor Fenix Group LLC listed anywhere. Based on this, we can conclude that the company does not fall under any regulatory jurisdiction and has no legitimate right to provide financial services.

Scam Warnings From Financial Regulators

Several regulatory bodies reported they got complaints about DecFin in regards to withdrawal issues. That was the reason for these authorities to add broker to a blacklist of unregulated brokers.

Warnings came from the Italian CONSOB, Spanish CNMV, Belgium FSMA, and Slovenian ATVP. It looks like DecFin provides financial services all around the EU without a proper license.

Be aware of the DecFin scam and avoid unregulated brokers like MarketSpots or Primefin.

DecFin Trading Platform

What Are Trading Platforms Available?

We’ve checked what clients are getting when it comes to the DecFin trading platform. There is a web trader designed by the company called ActTrader. There is a desktop app along with the web trader but no mobile version. Quite inconvenient when you know that 80% of traders are using a mobile device. 

On the other hand, leverage is fixed to 1:100, meaning if you want something different, it’s not possible. The spread is not listed anywhere, making trading conditions questionable.

What Can You Trade With a Broker?

The broker offers trading with currency pairs, commodities, indices, and shares. However, there are no cryptocurrencies, which is sort of a disappointment. 

The broker minimum deposit and payment methods are not listed anywhere. The broker does not care too much about being transparent and giving a list of fees you might need to pay.

Avoid trading with DecFin at all costs and stay away from 500 Investments and ProfitsTrade brokers.

Scammed by DecFin broker? We Know What to Do!

As per many DecFin reviews, this broker is running a scheme. If you fell victim to the DecFin scam, do not hesitate to report it immediately. There is a way to get your funds back by filing a dispute and requesting a chargeback.

If you were scammed by this brokerage or any other illegitimate broker, contact us immediately.

We are available on the chat for free consultations!

Don’t Let the Scammers Go Away for Free!

What is DecFin?

It is an online trading brokerage without a license. Beware of fraud!

Is DecFin regulated?

DecFin has no regulation for providing financial services.

Are My Funds Safe with DecFin?

Since broker is not regulated, your funds are at risk with the broker. Do not invest your money!

Who is the owner of DecFin broker?

Broker is owned by Decfin Ltd and their parent company Fenix Group LLC.