DamkoNET Review – Is it a Scam or Legit Broker?

As of May 2023, the broker (DamkoNET.com) has ceased operations. But you can read the article to avoid falling for similar scammers.

Is DamkoNET an Scam Forex and Crypto Trading?

Damkonet Ltd is the Marshall Islands-based broker DamkoNET Forex. This is not only an offshore headquarters, but the regulator in charge is also known to be one of the most loose. GLOFSA does not have a leverage limit nor any specifications regarding the minimum capital required or compensation fund.

Simply put, DamkoNET regulation with GLOFSA would not mean anything. To prove its legitimacy, the firm would still require a Tier1 license from the FCA, ASIC or BaFin. We found nothing in the databases of these authorities.

Answering your question, DamkoNET is a Forex- and crypto-trading scam.

DamkoNET, an online financial fraudster. German authorities have blacklisted the firm, which is based in Marshall Islands. Officially, it has been reported as fraud.

Warnings Against DamkoNET Fraud

The German regulator, BaFin, issued an official warning upon receiving numerous DamkoNET complaints. It states that customers reported issues with withdrawals to a company that does not have authorization to offer trading services to German residents.

All of this led to an official investigation by the regulator and German Federal Criminal Police.

Are DamkoNET Scam Victims Living in Canada?

Surprisingly the DamkoNET trading fraud has been around for more than a year. The scam began in May 2021 and the broker has since changed its website. The scheme has remained the same.

DamkoNET reviews show that the majority of victims are from:

• Germany
• UK
• Austria
• Switzerland

DamkoNET WebTrader Platform Review

DamkoNET’s trading platform is marketed as the industry standard, MT4. EAs are promised, as well as many other features.

You can access a basic WebTrader, but not much more. Although it has basic functions such as trading history and pending orders, it is far more advanced than any MetaTrader.

If you are looking for real MT4 and MT5, it is important to find a licensed broker. You will get the best platform and fund security as well as a demo that is risk-free.

What about mobile trading apps?

WebTrader is now available as a mobile application for iOS and Android. DamkoNET login can be done through an app, whose link is located on the website’s homepage.

It has all the features of web-based software.

What products does DamkoNET offer?

The company has access to five major markets:

• Forex AUD/CAD/EUR/ZAR/GBP/JPY
• 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 spreads for EUR/USD pairs are raw and start at 0.0 pip. There are also no additional fees.

This is a sign that the firm does not seek to make a profit from small commissions. They want to take your entire deposit and disappear.

Overview of Trading Accounts: What Are They?

There are four types of DamkoNET accounts available. These 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 offers more benefits. Or so we’re told.

Can I trade with a DamkoNET Demo account?

You won’t find a risk-free account if you are looking for one. DamkoNET Demo has not been enabled.

Customers can view the platform via the tab WebTrader. However, they cannot trade until DamkoNET has made a minimum deposit of $250.

This is how the scheme firms operate. They will pressure you to review their platform while holding your funds.

DamkoNET.com bonuses: Why should I ignore them?

DamkoNET offers a variety of bonuses to clients that comply with KYC procedures. These incentives should be viewed as a great way to increase your capital and purchasing power.

If you carefully read the Bonus Policy, you’ll see that withdrawal requests cannot be submitted before you have received the bonus amount divided in 5 lots.

Simply put, to withdraw $1,000 worth of credit funds you must trade 20 lots equal to $2,000,000 to be eligible for withdrawal requests.

You shouldn’t accept bonus offers, no matter how appealing they may sound or how attractive the trading opportunities might seem.

Education Center – Is this just another trick?

A comprehensive education section is available at the company, which includes tutorials on:

• CFD Explanation
• Pip Digits
• Leverage
• Currency Pairs
• Crypto Trading
• Spread

This could give you the impression you are dealing with a legitimate brokerage that is trying to educate your about the market. It’s a false impression.

You will likely be enticed to invest, pay the initial amount, and then never hear from the broker staff again. This is a common trick used by financial scammers pretending to be licensed brokers.

What is a chargeback?

Chargebacks are a way for your bank to reclaim funds from the merchant. We recommend that you contact us immediately to initiate the process. In a free consultation, we will discuss how to get your money back immediately!

DamkoNET: Video

Below you will find a short video about DamkoNET. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about DamkoNET!