A Fraudster Posing as a Broker
DividendCare is an unregulated Forex broker which has lately been in the limelight due to some concerns of the consumers and authorities which rose due to their suspicious activities. Hence, in light of the current situation, I have prepared the following DividendCare review. It’ll help you figure out why this broker isn’t worth your time or money.
Security and Regulations
The information on the website of DividendCare shows that the company behind the business is DividendCare Limited which is based in Hong Kong, hence we know from this fact that this is an offshore company. Offshore companies are not very much trustworthy regarding financial transactions and holdings as they are often if not always involved in fraudulent activities and are highly prone to be subjected to serious lawsuits which may also result in freezing all their assets and hence consuming all their investor’s money. This rings a lot of sirens in one’s mind about the credibility of the business.
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As far as regulation is concerned, the business is not regulated by any official regulatory department located in Hong Kong but they do claim to be registered with an organization named International Commission of Financial Services. When investigations were made to check whether this is an authentic regulatory system, the results showed that this organization is nothing more than a website and is not nearly as credible as FCA and other regulator systems of its kind. Hence their effort to mold facts in their favor forces the trust of a client to go straight down the drain.
DividendCare three different types of accounts. Their details are as follows:
|Account Type||Minimum Deposit||Commission||Leverage|
The customers who want to open a VIP account have no restriction of a minimum deposit but to open such an account, the client would have to call DividendCare support. They would conduct a full analysis regarding how much one wants to invest and what their future standings are , after that a VIP account is opened for their use. Commissions are available only in the VIP account package and Standard or Premium avail zero commission.
The trade leverages are fairly handsome ranging from 1:400 in Standard and Premium package and going up to 1:500 in the VIP package. Trade spreads are not disclosed which is raises suspicion.
The other factor that raises some eyebrows is the high initial deposit. The minimum amount needed to start trading with DividendCare is $10,000 whereas most Forex brokers allow a minimum initial deposit of $250 to start trading. This high initial deposit is alarming and may indicate that the business is making way for some fraud.
The trading platform offered by DividendCare is MetaTrader4 (MT4) which is highly regarded in the trade circles. More than eighty percent 80% of the forex brokers use it. Although we do not appreciate the business, their choice of trading platform is not bad.
The reason why MT4 is so popular is that it has the ability to handle numerous trades at a time and the fact that it has practically no strain on the system it is being used.
MT4 is compatible with all operating systems and has an interactive and easy to use interface.
Deposit and Withdrawal
The customers may use credit/debit cards, bitcoin or wire transfer to deposit or withdraw their money from DividendCare. There are no mentionable fees or hidden charges related to these transactions. The flaw here is that this platform is not compatible with renowned online money transfer software such as PayPal, Netteler or Skillet which is alarming in this age. The main reason for this might be that these applications have a condition that the business should be regulated to work with them and as mentioned above DividendCare is not Regulated by any competent authority.
Unresponsive Customer Care
There have been serious complaints about their customer support system. Clients have stated that when they use their chat option available on their platform, they are asked to provide their phone number and email which is not very professional as this is sensitive information and may be used for identity theft.
Customers had to face issues due to their unresponsiveness and had to solve their issues on their own or by consulting people on the internet. This not only makes them look bad but also the business loses the trust of their client’s who start to believe that they are not cared about.
Furthermore, the chat boxes are highly unresponsive due to which customers had to face issues as they were not able to communicate their needs and issues to the people in charge.
Spread and Leverages
The trade leverages are fairly handsome ranging from 1:400 in Standard and Premium packages and going up to 1:500 in the VIP package. Trade spreads are not disclosed which again rings some bells.
There is no information disclosed about the spreads of the trade which is again a suspicious behavior as it is a piece of important information for anyone who wants to trade using this platform.
Backlisted by CNMV
The major red flag as to the authenticity and credibility of DividendCare is the fact that they were blacklisted by Spanish Regulator CNMV due to their illegal and unethical dealings with EU customers. The official notice regarding this claim is as under:
So, the review of DividendCare suggests that this is not a safe broker to work with. Reasons for this claim are that it is an offshore company, it is not regulated by any authority, its initial deposit fee is alarmingly high, trade spreads are not disclosed, their customer support system is flawed as it is unresponsive and might also be involved in identity theft and the most rigid reason that leads us to doubt its credibility is its blacklisting by CNMV. All these factors add up to suggest that this might be a fraud or a scam only established to strip money off the wealthy or the poor alike.
My Dividendcare Limited review found this company to be a major fraudster. You should stay as far as possible from these crooks. They don’t care about their customers, and that alone, is enough for anyone to keep away from a company.
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