Delux Deals Review: Stay Away from This Fraudulent Broker
Delux Deals looks like a legit entity, but after a minute or so we found out that the firm is the typical scammer broker one.
Delux Deals broker looks like a legit entity, but after a minute or so we found out that the firm is the typical scammer broker one. They are also claiming to operate from the UK and hold a license from none other than FCA itself. Of course, that is far from the truth.
It is rather clear that the people behind it are not operating in good faith. That’s why this Delux Deals broker review will shine a light onto this investment scam and all the lies it tries to push down your throat just to take all of your money.
|Broker Status:||Unregulated scam broker|
|Blacklisted as a Scam by:||N/A|
|Broker Owner:||Delux Deals|
|Headquarters Country:||UK (allegedly)|
|Online Trading Platforms:||WebTrader|
|Crypto Asset Trading:||Yes|
|CFD Trading Option:||No|
|Available Trading Instruments:||Forex, crypto|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
License and Regulations of Delux Deals
Delux Deals has a bunch of fake regulatory details that become a mess very early on, with each statement overlapping or completely contradicting the previous and following legal claim. It seems that Delux Deals is going for quantity rather than substance, which in itself is a principle adhered to by illicit brokers.
In the footer we are told that Delux Deals is regulated by both the FCA and the Financial Services Commission of Mauritius. Now, the FCA statement is automatically excluded because there is nothing to suggest an FCA regulation. The broker would look and play out completely differently if it were regulated by the FCA.
In the legal documents, the story is completely different; it’s as if it is a totally different broker. The terms and conditions claim that the broker is actually tied to the laws of Vanuatu, another offshore but legitimate broker jurisdiction. The local Vanuatu Financial Services Commission does not regulate Delux Deals, meaning that this statement is, once again, false and misleading.
On top of that, the FCA has banned the provision of Crypto CFDs altogether for the markets in Britain. Yet, Delux Deals has them. Not to mention its leverage is not compliant with the rules in the UK.
So it is clear that you will not be able to find the firm in the FCA register. That also means the address it provides is fake, because there is no way for it to legally operate from the country.
Trading Platform Available at Delux Deals
The only thing we can give this web trader is kudos for not being one of the many popular scammer broker web traders. Not that we have not seen this one with other scammers, it’s just that it does not take those popular ones.
This is a simple web trader with some basic TA tools. For some reason though, it is only available in Russian. Of course, the web platform is miles behind something like industry standard Metatrader 5, which has automated trading as well.
But just the fact that a company has MT5 available is not enough to entrust it with your money. We have noted offshore firms offering the software before. That does not mean we would recommend trading with them.
Delux Deals Account Types
Delux Deals claims to be a global leader in matters of forex and crypto among other many assets that they offer to their investors.
Unfortunately, this broker has not shared the account types that they have. This is a big lapse as this information forms the basis for deciding whether to join or not.
This broker has just provided a demo account that anyone can open and learn how to trade.
Failure to disclose many details like minimum investment amount, spreads, and leverage among others makes us question the transparency of this broker. Transparency is very important considering that we are in the financial investment space.
Deposit and Withdrawal Methods
The user area reveals that the payment methods are only crypto-based: BTC and Tether. The minimum deposit is $500. Crypto methods are untraceable and thus risky with unregulated brokers.
A $500 minimum deposit requirement is quite high in an industry that is currently abandoning most minimum deposit caps.
In the client area, there was no withdrawal window, meaning that there is no way to take out money. Think about that before considering Delux Deals.
Offshore Brokers Fraudulent Tactics
One of the most common techniques we already talked about is bonuses. You should know that they are banned and with a good reason, so if the broker you consider working with offers them you should see it as a red flag.
Unfortunately, this isn’t the only tactic scammers use to defer withdrawals. It is all too common for them to pretend that clients are making big profits and then call them asking for more money in order to get even bigger gains.
Of course, any such winnings are illusory and once you attempt to withdraw any money, you will be prohibited from that. As for the withdrawal fees of these companies, they are commonly incredibly high and can easily be up to 30% of your funds. It is not typical for brokers to demand withdrawal fees at all nowadays so if one does, and seeks such big amounts too, it is clear you are dealing with a scam.
Delux Deals Summary
In this Delux Deals review we tried our best to warn you against this offshore scam broker that is trying to convince you they are from the UK. They allegedly offer their customers an opportunity to invest in forex and crypto. However, all you will likely experience is just them pocketing your money and lying to you that some trading is actually taking place on their lousy WebTrader.
If you just search them by their name you will be able to find many complaints made regarding withdrawal issues, so it’s safe to say that you should never work with them.
On top of everything that we already mentioned, Delux Deals also managed to get an official warning issued to them by the UK’s regulatory body FCA.
We suggest you to never take risks easily while investing money and keep in mind that this investment scam will demand at least $500 even from someone who is completely new to trading.
FAQs About Delux Deals Broker
Is Delux Deals Regulated?
No, Delux Deals is not a regulated or licensed firm you can trust so we advise you to never invest with them.
What is The Minimum Deposit for Delux Deals?
The minimum deposit that Delux Deals requires from their customers is set at $500.
Is Delux Deals a Trustworthy Broker?
It’s safe to say they are just a lousy scam and not a trustworthy broker that is good for you.