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The WikiFX Score of this broker is reduced because of too many complaints!

DuxMarket

United Kingdom|5-10 years|
White label MT4|Regional Brokers|United States Common Financial Service License Unauthorized|Suspicious Overrun|High potential risk|

http://www.duxmarket.com/en

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

2
Server Name
DuxHoldingGroup-Demo MT4
Server Location Singapore

Contact

(784) 456-2577
service@duxmarkets.com
http://www.duxmarket.com/en
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

(784) 456-2577

Broker Information

More

Company Name

DUX Holding Group Limited

Company Abbreviation

DuxMarket

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

Warning: Low score, please stay away! 4
Previous Detection : 2024-05-19
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • United StatesNFA (license number: 0524124) The regulatory status is abnormal, the official regulatory status is Unauthorized. Please be aware of the risk!

WikiFX Verification

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Pyramid scheme complaint
Expose
Unable to Withdraw

Unable to withdraw. Fraud

In mid-October last year, the other party said that they wanted to withdraw money, and they still use various reasons to say that they can’t withdraw money. One is a bad face and the other is a bad face. They just want to eat my funds. There are also several remittance slips, which can only be sent online. 9 pieces and my friend also remitted 400,000 Taiwan dollars from him, but he forgot to send me the remittance slip, and there will be records where they receive the money, please help me, thank you

2023-03-21 11:00
Resolved

Recruit a stock trader and tell you to do foreign exchange, you can make money from both up and down, the platform is a fraud platform and is not regulated, don't deposit money, remember, I have lost tens of thousands of dollars

I went to apply for a job as a stock trader. The teacher gave you a week of training and brainwashing. Every teacher said that he was making money. In the wealth password of making money, Shen Jing never told you about risks. After I deposited money, I found out that I went to another office. I was losing money. Those who didn’t make money thought it might not be so good. It's completely different, the spread fee ➕ handling fee is very high, and then as soon as you enter, almost 20 US dollars per hand is gone, and you don't tell you the size of the position, so you lose money in various ways, and then the teacher let me in, the more The better, they told me to pay 50,000 US dollars. I felt that their teachers showed me that they only invested 23,000 US dollars. My students asked me to do so much. Later, I lost money and said that there is a stage of losing money. I find it strange that their teachers all operate on a formal platform, and let me operate on their small platform. In fact, we use a virtual platform to operate. They are recruiting constantly in the head-pulling mode, and the money for new students is not enough. On the platform, there is a 99% probability that the students will lose money to maintain the operation of the company, which is financing in disguise. Anyway, if you pay the money, you will sign an agreement with you, saying that you will be responsible for your profits and losses, and it has nothing to do with the company. They have designed a set of traps in advance. .

2022-05-12 16:53

    DuxMarket · Company Summary

    Note: DuxMarkets official site - http://www.duxmarket.com/en is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

    Risk Warning

    Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

    General Information

    DuxMarket Review Summary in 10 Points
    Founded 2019
    Registered Country/Region United Kingdom
    Regulation NFA (unauthorized)
    Market Instruments currency pairs, precious metals, CFDs
    Demo Account Available
    Leverage 1:400
    EUR/USD Spread 1.6 pips
    Trading Platforms MT4
    Minimum deposit $500
    Customer Support Phone, email

    What is DuxMarket?

    DuxMarket is headquartered in London, England, and its business scope covers Europe, Asia, the Middle East, North America and other places. The products they provide cover the entire financial investment field, and provide online trading of diversified global financial products such as forex, precious metals, crude oil, and indices through the leading MT4 platform. While it is important to note that DuxMarket is an unregulated broker and there have been reports of issues with withdrawals and scam allegations, traders should exercise caution and thoroughly research before engaging with this platform.

    In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

    Pros & Cons

    Pros & Cons
    Pros Cons
    • Variety of financial instruments • Unregulated broker
    • Demo accounts available • Unavailable website
    • Provides access to popular trading platform MT4 • Reports of issues with withdrawals
    • Supports multiple deposit and withdrawal methods • Scam allegations and negative reports from traders
    • Lack of transparency
    • Limited account options

    DuxMarket Alternative Brokers

      There are many alternative brokers to DuxMarket depending on the specific needs and preferences of the trader. Some popular options include:

      • Admiral Markets - A reputable and regulated broker offering a wide range of trading instruments and competitive trading conditions.

      • TD Ameritrade - A well-established broker with a comprehensive suite of investment and trading services, particularly suitable for US-based clients.

      • FXOpen - A reliable broker known for its diverse range of trading accounts, competitive spreads, and innovative trading technologies.

    Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

    Is DuxMarket Safe or Scam?

    As an unregulated broker with an unauthorized National Futures Association (NFA, License No. 0524124) license, DuxMarket raises concerns about its reliability and legitimacy. Regulatory oversight is an essential factor for ensuring the safety and security of traders' funds and maintaining fair trading practices. Without proper regulation, there may be an increased risk of fraudulent activities or unethical behavior by the broker. Therefore, it is advisable for traders to exercise caution and consider alternative regulated brokers that provide a more secure trading environment.

    Market Instruments

      DuxMarket provides investors with CFD trading of more than one hundred rich investment products including forex, precious metals, crude oil, and indices.

      • Forex: Provides as many as 43 currency pairs including Euro/U.S. Dollar (EUR/USD), U.S. Dollar/Japanese Yen (USD/JPY), British Pound/U.S. Dollar (GBP/USD), etc.

      • Precious metals: international gold and silver.

      • Crude oil: Provide trading of US crude oil (USOIL) and British crude oil (UKOIL).

      • Indexes: 15 kinds of indexes are provided, including multinational stock market indexes and US dollar indexes.

    Accounts

    DuxMarket offers a straightforward account structure to its clients. Traders have the option to start with a demo account, allowing them to practice and familiarize themselves with the trading platform and strategies before committing real funds. For live trading, DuxMarket offers a single account type known as the Ordinary account. This account type requires a minimum deposit of $500 to get started. While the account type is referred to as “Ordinary,” it is important to note that it may offer standard trading conditions and access to a range of trading instruments. Traders should carefully review the terms and conditions associated with the Ordinary account to ensure it aligns with their trading preferences and objectives.

    Leverage

    DuxMarket provides its clients with leverage of up to 1:400. Leverage allows traders to control a larger position in the market with a smaller amount of capital. With a leverage ratio of 1:400, traders can potentially amplify their profits or losses by 400 times.

    It is important to note that while leverage can enhance potential gains, it also carries increased risk. Traders should exercise caution and ensure they have a clear understanding of leverage and its implications before utilizing higher leverage ratios. It is advisable to use leverage responsibly and consider risk management strategies to protect their trading capital.

    Spreads & Commissions

    DuxMarket offers competitive spreads starting from 1.6 pips. The spread is the difference between the buy and sell price of a trading instrument and represents the cost of trading. With lower spreads, traders can potentially maximize their profits as they have smaller price differentials to overcome. However, it's important to note that spreads may vary depending on market conditions and the specific trading instrument. As for commissions, there is no information available regarding commission charges. It's recommended for traders to refer to the broker's official documentation or contact their customer support for detailed information regarding commissions and any other applicable fees.

    Below is a comparison table about spreads and commissions charged by different brokers:

    Broker EUR/USD Spread Commissions
    DuxMarket 1.6 pips Not specified
    Admiral Markets 0.6 pips Variable commissions based on account type
    TD Ameritrade 1.2 pips No commissions on Forex trades
    FXOpen 0.5 pips Variable commissions based on account type

    Please note that the spreads and commissions may vary and it's always recommended to check the latest information directly with the brokers.

    Trading Platforms

    DuxMarket provides traders with the popular and widely-used MetaTrader4 (MT4) trading platform. MT4 is a robust and user-friendly platform that offers a comprehensive set of tools and features for efficient and effective trading. With MT4, traders can access real-time market quotes, analyze price charts, place trades, and manage their positions with ease.

    The platform is known for its advanced charting capabilities, customizable indicators, and a wide range of order types, allowing traders to implement various trading strategies. Additionally, MT4 supports automated trading through the use of expert advisors (EAs) which can execute trades based on predefined rules.

    See the trading platform comparison table below:

    Broker Trading Platforms
    DuxMarket MetaTrader 4 (MT4)
    Admiral Markets MetaTrader 4 (MT4), MetaTrader 5 (MT5)
    TD Ameritrade thinkorswim, Web Platform, Mobile App
    FXOpen MetaTrader 4 (MT4), MetaTrader 5 (MT5)

    Deposits & Withdrawals

    DuxMarket supports several deposit and withdrawal methods, including Visa, MasterCard, Visa Debit, Visa Electron, MasterCard Debit Skrill, NETELLER, Master Card Secure Code and Verified by Visa. These methods provide flexibility and ease of use, allowing traders to securely deposit funds into their trading accounts.

    DuxMarket minimum deposit vs other brokers

    DuxMarket Most other
    Minimum Deposit $500 $100

    Customer Service

    DuxMarket places a strong emphasis on providing reliable customer service to its clients. Traders can reach out to the support team via phone or email for assistance with their inquiries or concerns. The dedicated phone line, accessible at (784) 456-2577, allows traders to directly speak with a representative and receive real-time support. Additionally, the provided email address, service@duxmarkets.com, offers a convenient channel for communication, allowing traders to send detailed queries and receive prompt responses from the customer service team.

    Pros Cons
    • Phone and email support • No 24/7 support
    • Lack of live chat support

    Note: These pros and cons are subjective and may vary depending on the individual's experience with DuxMarket's customer service.

    User Exposure on WikiFX

    On our website, you can see that some reports of unable to withdraw and scam. Traders are encouraged to carefully review the available information and consider the risks associated with trading on an unregulated platform. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

    User Exposure on WikiFX

    Conclusion

    In conclusion, DuxMarket offers a variety of financial instruments for trading and provides access to the popular MT4 platform, which can be appealing to traders. The availability of multiple deposit and withdrawal methods, as well as demo accounts for practice, are additional advantages.

    However, the major drawback is that DuxMarket operates as an unregulated broker, lacking the necessary authorization and oversight. Reports of issues with withdrawals and scam allegations raise concerns about the reliability and integrity of the platform. Traders should exercise caution and consider the associated risks before engaging with DuxMarket.

    Frequently Asked Questions (FAQs)

    Q 1: Is DuxMarket regulated?
    A 1: No. Their National Futures Association (NFA, License No. 0524124) license is unauthorized.
    Q 2: Does DuxMarket offer the industry leading MT4 & MT5?
    A 2: Yes. It supports MT4.
    Q 3: What is the minimum deposit for DuxMarket?
    A 3: The minimum initial deposit to open an account is $500.
    Q 4: Is DuxMarket a good broker for beginners?
    A 4: No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of its inaccessible website and too high initial deposit requirement.

    User Reviews

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    Comments

    Write a review

    FX1209350266
    more than one year
    My trading experience on the Dux Market platform was awful. They didn’t process my withdrawal requests, and always let me wait and wait. Until they all disappeared, I didn’t receive my money…
    2023-02-15 13:44
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    0
    0
    慧优体
    more than one year
    I am a trader for 3 years, but recently I learned a lesson from DuxMarkets. They scammed me by manipulating spreads, and they told me it was due to volatile markets. I lost roughly $1300 here, funny!
    2022-12-19 12:30
    Reply
    0
    0
    more than one year
    Unregulated deck dealers, the website can no longer be opened, and the customer service cannot be contacted. There is nothing to say about their coquettish operations. Keep your eyes open, everyone, and don't be fooled by them again.
    2022-12-15 12:03
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    0
    0
    梦中的想法
    more than one year
    A year ago, I deposited USD 1,000 into the platform, but shortly after depositing, I couldn’t access the account, I couldn’t contact the account manager, and the official website couldn’t be opened either. I lost $1000 in vain and the platform disappeared completely.
    2022-12-13 10:23
    Reply
    0
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