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Dualix Review 2020: Should I Trade With This UK-Banned Broker?

Dec 3, 2020 , ,

The online CFD and forex broker Dualix doesn’t have much going for it and has certainly seen better days. The broker’s parent company Maxigrid Limited formerly went by the name AGM Markets Limited. They also operate the broker AGM Markets. The broker maintains a CySEC registration, which also allows them to offer financial services to most of Europe. However, for now, they are banned in the UK.

Total Ban For Dualix From the FCA

In June of 2019, the UK’s FCA began a harsh crackdown on Cypriot brokers who were skirting CFD trading regulations. These brokers would offer unreasonably high leverage, much like the offshore broker Aspen Holding.  After a few initial waves, they expanded the ban to include both Dualix and AGM Markets. They no longer have the permission needed to conduct regulated activities with UK consumers. The FCA has rescinded their passporting rights, meaning no new UK traders can open accounts with the brokers.

Dualix Review 2020

Trading With Dualix

Dualix has a pretty good selection of assets in comparison to similar brokers. Their catalog includes a decent assortment of currency pairs and the standard CFD fare, including stocks, commodities, and an above-average cryptocurrency selection. Unfortunately, the broker does not offer a demo account, meaning any potential clients cannot inspect the broker’s offerings before making a deposit.

Steep Fees Scare Off New Clients

It takes a minimum deposit of €250 to open a Basic account with Dualix. They have six account types, with higher accounts offering lower spreads and commissions. The highest account, Premium, requires a staggering €50,000 deposit. The broker’s terms and conditions include the right to charge several seemingly arbitrary fees, including a €25 monthly maintenance fee and a shocking €1000 inactivity fee after six months of no activity.

Don’t Tolerate Ban-Evading Brokers

In conclusion, brokers often continue to offer services, even where they are banned. This makes it hard for consumers to pick out which brokers have the relevant authority, as those who don’t advertise their services anyway. If you’ve lost your funds trading with a broker, who doesn’t have a license to operate in your country, contact us today to explore your options and get a full refund.

Is Dualix broker a Scam?

Dualix broker is owned by Maxigrid Ltd. The UK FCA warned its clients not to trade with this broker and canceled their regulation. Based on this, we can consider this broker not safe.

Is the Dualix broker legitimate?

Dualix has CySEC regulation and had FCA regulation till June 2020. The FCA canceled its regulation due to fraud activities. The company is considered not legit.

Would you recommend me choosing Dualix?

We would definitely not recommend you using Dualix. The company lost its FCA regulation due to scam activities. You should choose a regulated broker.