DynamicsFxTrade Review – The Problems you Will Find

DynamicsFxTrade Review

If you have landed at this DynamicsFxTrade review, it is likely because you are searching for a brokerage to start trading online. As they are the key to unlocking access to the financial markets, you need their services to begin trading any asset you are interested in. The problem is that there are a ton of these companies that can be found nowadays. As a matter of fact, new ones are introduced each day and this can make it extremely confusing for people to choose one.

This is because when you try to sort through these options, you will discover that every company is making some big promises. Some offer great spreads, others advertise a top-notch trading platform and there are also those that claim to be heavily regulated. This is bound to be overwhelming because most people do not know what to prioritize and what to compromise on. Therefore, many just end up choosing a brokerage at random and this can result in disastrous consequences.

Why? This is because not all brokerages in the market are genuine. It is not just about good quality and bad quality brokers, but also about downright fraudulent ones. Indeed, scams are quite common over the internet and pretending to be legitimate brokerages is one of their favorite tactics because it can make them a lot of money. The problem is that it is not that easy to identify such fake platforms and most people end up losing their money.

Do you want to be in the same boat? No one wants to go through that and you can avoid it by being cautious when you are looking for a broker. The key is to ensuring there are no problems with the one you end up choosing. When you come across DynamicsFxTrade, you may think about signing up with them, but going through their website can help you identify the problems they have. These indicate that opting for the platform is not worth it. What are the problems? Take a look below:

Complete anonymity

The relationship between a brokerage and its clients is based on trust. You have to trust the company to keep your personal information safe and protect the funds you deposit with them. In order to build this trust, you need to know exactly what kind of company you are dealing with. This means looking into their background, checking their history and what licenses they have, along with the services they offer.

But, when you try to do the same with DynamicsFxTrade, you will not be able to go far because you quickly learn that their website is devoid of all the important and essential information you may require. You will not know who you are dealing with because they do not disclose where they are based and there is no address on their website.

Likewise, you do not know the parent company or DynamicsFXTrade either and they do not even have a phone number on their website. The only way you can get in touch with them is through email. Does that sound like a company you can trust? It certainly doesn’t because in case something goes wrong, you will not know who or where to go after.

Demand for personal information

The fact that DynamicsFxTrade is essentially an anonymous platform is already a big problem and it continues to get worse when you look at the brokerage. The demand for personal information when you decide to set up an account with DynamicsFxTrade is enough to alert anyone that you are dealing with a shady company. No broker should have any such requirement for account opening if they are legitimate.

Once you fill out the registration form, you will find that DynamicsFxTrade requires you to verify your account first. How do they want you to do that? They want you to share a valid means of identification, which is typically your ID card, passport or a driver’s license. This information is quite sensitive and can result in identity theft, which can have dangerous consequences.

Would you risk something like this with a company like DynamicsFxTrade that does not provide any information about itself? It definitely does not make sense. While other brokerages will also ask you to verify your account at some point, it comes later, after you have built a relationship. They do not try to strong arm you into sharing your personal data.

High minimum deposit

It is the norm for online brokers to require their clients to deposit a minimum amount in order to open a trading account. This is nothing new, as it has been happening for quite a while, but a lot of companies do waive off such demands these days as a sign of good faith. While it is not necessary for a company to do so, it does not mean that they can ask for whatever amount they want.

There is a standard amount that most brokerages usually ask for and if a company exceeds this threshold, you need to be worried. This applies in the case of DynamicsFxTrade because the broker wants you to deposit a minimum of $1,000 to open an account. The standard minimum deposit for opening an account is $200 to $250 and this is four times that.

A lot of brokerages these days allow people to open accounts for as low as $10, so this is certainly a problem.

Lack of information

It is not just the lack of background and corporate details that is worrying about DynamicsFxTrade because you will also find that they offer you no information about their trading conditions either. They have not mentioned the spreads they charge, or the leverage they offer.

Moreover, they have not disclosed their payment methods either. You will find credit and debit cards and wire transfers mentioned in their Terms and Conditions, but there is no confirmation. Hence, you cannot be sure if you will be able to file for a chargeback in case of any issues.

Ending Thoughts

These problems make it apparent that DynamicsFxTrade is not a broker that can be trusted and you need to keep searching.