Dakken Group Review – The Disturbing Facts about the Broker

Dakken Group Review

Finding a professional brokerage is a priority of every online trader who wants to achieve success in the financial markets. The problem is that the huge number of companies that exist can make this task too daunting because you cannot possibly sort through every single option.

Also, there are scam companies also operating in the market, so you have to be extremely careful to avoid falling into their traps. How do you choose one?

The important thing is to ensure that the broker can live up to what it is promising and there are no disturbing things, such as those that this Dakken Group review will highlight.

If they exist, it is a clear sign that you should not sign up with that company because it will not do you any good. Losing your money can be quite devastating for anyone and it can also sap your confidence, which you do not want.

You also want to explore the financial markets and leverage the opportunities they offer in order to make high returns.

Only the right brokerage can make this happen and you can find one with a bit of an effort. You should remember to not form an opinion about a brokerage based on their presentation alone.

The devil is really in the details and you will come to know this in the case of Dakken Group as well. At first glance, you will not find anything wrong with the broker and this is the case with most of the scam websites that exist.

Their offerings seem quite similar to legitimate companies, so you cannot tell anything about their true nature at first glance. The promise of access to a range of trading instruments, a cutting-edge trading platform, top-notch customer service and generous bonus can be very tempting.

You will also find that Dakken Group claims to be operating in the market for over a decade, catering to about a million customers and these will definitely leave you awestruck, but you should not let yourself be blinded with all these numbers and claims. Why?

This is because when you look closer, you will find some disturbing facts about Dakken Group. You can check some of them below:

Regulatory warning

The first and most prominent disturbing aspect of Dakken Group is that it has been blacklisted by a regulatory authority.

You should take note that a license from a regulatory body is crucial for establishing the legitimacy of an online broker and in the same vein, a warning from it shows that it cannot be trusted.

Hence, the fact that the Italian regulatory body called the CONSOB has warned people about Dakken Group shows that the brokerage is a fraud. It is offering its services in Italy without being licensed and this is not something that a genuine company would ever do.

Offshore base

If Dakken Group is not licensed to operate in Italy, then where is it based? Its location is important because a broker should have a license in the jurisdiction it has its offices in.

When you scour through its website, you will find that the broker is based in Saint Vincent and the Grenadines and this is another detail that should disturb just about anyone. Why?

It is because the offshore island of SVG are considered a scam haven because their regulatory authorities do not oversee the forex industry.

This implies that anyone can set up a company there and do whatever they like without any accountability. Of course, this has attracted a lot of frauds and Dakken Group appears to be one of them as well.

Malicious bonus policy

You will continue to find disturbing things about Dakken Group that indicate you should not use the broker at all. The next one is about the bonus policy of the brokerage.

First and foremost, the fact that trading bonuses are offered by Dakken Group should be enough of a problem. There was a time when they were quite popular, but now they have been banned by a lot of regulatory bodies.

This is because they come with strings attached that are mostly used to exploit traders, so they are not deemed fair.

This is exactly what you will find when you check out the bonus policy at Dakken Group because it has a malicious clause. It may appear to be a tad complex, but it states that your profits are divided into two categories.

First are profits that you make with your own funds and the second are those made with bonuses. You can withdraw the former, but not the latter.

It might sound reasonable, until you realize that there is no physical way of separating these profits, which means that Dakken Group is essentially going to prevent you from making any withdrawals altogether. No legitimate company would ever deny your withdrawal requests.

Secondly, there is another clause in the policy, which says that you can withdraw the bonus given at Dakken Group and not profits from it, only after you have achieved a certain turnover. Unfortunately, the requirement is so high that it is nearly impossible for anyone to achieve it.

Uncompetitive trading conditions

You will also be disturbed with the spreads that Dakken Group is offering because they are as high as 3 pips. This is actually thrice more than what most companies will offer to you. In fact, some professional brokers will offer even less than 1 pip, but these spreads are just downright terrible.

The leverage that you will be provided is as high as 1:100 and this is also extremely dangerous and certainly not in your best interest.

No refunds possible

As you will come to know that Dakken Group only allows you to make deposits in bitcoins, you should be disturbed. Crypto payments are irreversible, so there will be no refunds, and as they are also anonymous, you will not get your money back.

Conclusion

These disturbing facts about Dakken Group make it evident that the broker is up to no good and it should not be considered as an option.