Caution Investors DOEX – is not registered with the Autorité des marchés financiers (AMF) and is not authorized to solicit investors in Québec
Overview:
DOEX is a website that claims to offer online trading services on various financial instruments, such as forex, commodities, indices, stocks, and cryptocurrencies. The website states that DOEX is operated by DOEX Group Ltd, a company registered in St. Vincent and the Grenadines. However, the AMF has warned that DOEX is not authorized to provide investment services or solicit investors in France or any other jurisdiction where it operates. The AMF advises investors to avoid DOEX and any other entity that is not regulated by a competent authority.
Regulation and Compliance:
DOEX is not regulated by any reputable financial regulator, such as the AMF, the FCA, the CySEC, or the ASIC. This means that DOEX does not comply with the rules and standards that protect investors from fraud, manipulation, and unfair practices. DOEX does not have a license to offer investment services, nor does it have a legal obligation to segregate client funds, maintain adequate capital, provide transparent information, or adhere to a code of conduct. Furthermore, DOEX does not participate in any compensation scheme that would cover investors in case of insolvency or default.
Customer Reviews:
DOEX has received mostly negative reviews from customers who have used its services. Many customers have complained about DOEX’s poor execution, high spreads, hidden fees, false promises, aggressive marketing, and difficulty in withdrawing funds. Some customers have even accused DOEX of being a scam that manipulates prices and trades against its clients. There are also reports of DOEX using fake testimonials and awards to lure unsuspecting investors.
Products and Services:
DOEX offers trading services on four types of platforms: web-based, desktop, mobile, and tablet. The platforms are powered by MetaTrader 4 (MT4), a popular trading software that supports multiple features and tools. However, DOEX does not disclose the specifications and conditions of its platforms, such as the leverage ratio, margin requirements, order types, execution modes, slippage policy, etc. DOEX also does not provide any educational or analytical resources to help traders improve their skills and knowledge.
Location:
DOEX claims to have its headquarters in St. Vincent and the Grenadines, a Caribbean island nation that is known for its lax regulation and supervision of financial entities. However, DOEX does not provide any physical address or contact details on its website, which raises doubts about its legitimacy and credibility. Moreover, DOEX may be operating from other locations without proper authorization or registration.
Customer Service:
DOEX claims to offer 24/7 customer support via phone, email, live chat, and social media. However, many customers have reported that DOEX’s customer service is unresponsive, rude, or unhelpful. Some customers have also claimed that DOEX’s representatives are pushy and pressure them to deposit more money or open more trades.
Is Your Money Safe in an unregulated company?
The answer is no. Investing with an unregulated company like DOEX exposes you to a high risk of losing your money due to fraud, mismanagement, or insolvency. You will not have any legal recourse or protection if something goes wrong with your account or trades. You will also not be able to file a complaint or claim compensation from any regulatory body or scheme.
Defensive Measures Against Fraudulent Brokers:
To avoid falling victim to fraudulent brokers like DOEX, you should always do your research before choosing a trading partner. You should check the following aspects of any broker you are considering:
– Regulation and license: Make sure the broker is regulated by a reputable authority in your jurisdiction or where it operates.
– Reputation and reviews: Read online reviews and feedback from other customers who have used the broker’s services.
– Terms and conditions: Read the broker’s terms and conditions carefully and understand the fees, charges, risks, and limitations involved.
– Demo account: Test the broker’s platform and services with a demo account before opening a real account.
– Withdrawal policy: Verify the broker’s withdrawal policy and procedures and make sure you can withdraw your money easily and quickly.
Conclusion:
DOEX is an unauthorized entity that offers forex and CFD trading services without proper regulation or compliance. The AMF has warned the public to stay away from DOEX and any other similar entity that poses a threat to investor protection. Investing with an unregulated company like DOEX is extremely risky and can result in losing your money. You should always choose a regulated and reputable broker that offers transparent and fair trading conditions.
