Dacland – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Dacland - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://daclandfx.com
Founded: 2022
Regulations: None
Languages: English
Deposit Methods: Unknown
Minimum Deposit: Unknown
Free Demo Account: No
Number of Assets: Unknown
Types of Assets: Forex, Precious Metals, Energy, CFDs
Trading Accounts and Conditions
Dacland has not bother to provide detailed information about their trading accounts and trading conditions. We do not know if this broker has more than one trading account – if at all.
As for the trading conditions, here is what we know: there is a statement on the broker’s website that tells us that Dacland offers a spread of 2.4 pips and a maximum leverage of 1:100. Beyond this, we know nothing more. We do not know what the minimum deposit amount is, what commissions this broker charges or any other details that traders need to execute their trades.
Dacland – Advantages
There are no advantages to trading with Dacland. This broker needs to be avoided at all costs.
Dacland – Disadvantages
Here are the numerous reasons why it would be best not to trade with Dacland:
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Lack of Regulation
The first issue we have with Dacland – one that clearly shows us that we are dealing with a scammer – is the fact that this broker is unregulated and more or less anonymous.
The broker lists Dacland Capital Limited as their owner, but they not provide details of where this company is actually based, or how we can get in touch with them. The only contact detail provided is a vague email address. There is no physical address or phone number.
There is also no information about Dacland’s regulation status. So, while this broker claims to be internationally renowned, they do not substantiate their claim with the relevant information.
Based, on these findings, we can conclude that Dacland is an anonymous and unregulated broker. Which means that they are scammers and need to be avoided.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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No Legal Documents
Another red flag that shows us their scam is the lack of legal documentation on Dacland’s website. Legitimate brokers ensure that they provide their clients with detailed legal documentation – KYC protocols, AML protocols, and Terms and Conditions that spell out every aspect of the service they provide. That way, traders know exactly what they are getting – the fees, the service policies, the deposit and withdrawal terms, costs of trading and so on.
With scammers like Dacland, traders don’t get any of this information. And these brokers rely on the human tendency to skip reading long and detailed legal documents to scam their victims. Most of us tend to simply click on the Agree button without going through the Terms and Conditions. We actually don’t even check for these legal documents most of the time! And this is exactly what this broker tries to take advantage of. And once we have signed up, the broker can scam us for all the funds that we have deposited or even steal our personal information.
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Issues with Trading Software
Dacland claims to offer their customers the use of the MetaTrader 5 trading software. This would have been a huge advantage if it were not for the fact that this software – while available – is actually licensed to another company called Admiral Markets.
Admiral Markets is a legitimately regulated broker that operates in Europe and has no connection with this broker. What we found out is that this broker has illegally used Admiral Markets’ trading platform’s demo version. In fact, we have seen this done by another scammer earlier – CMV Capitals.
And since this platform is just a demo version, traders cannot actually execute any trades on this broker’s so-called MT5 software.
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Issues with Trading Conditions
As we mentioned in the Trading Conditions section of our review, this broker has not bother to provide details of the types of trading accounts they offer (if they offer them at all!) or even all the trading conditions they have.
The broker’s spread of 2.4 pips is just unreasonable and unprofitable. The market average ranges from 0.5 pips to 1.5 pips, so what Dacland is offering is way too expensive.
A leverage of 1:100 seems to be relatively reasonable, until you realize that most countries have placed stringent limits on how much leverage brokers in their jurisdictions can offer their clients. For example, in the UK, the EU and Australia, brokers cannot offer more than 1:30 as a maximum leverage. In Canada and the US, the limit is set at 1:50. In Japan, it is even lower at 1:20 as maximum leverage. So, a 1:100 maximum leverage actually ends up being illegal in most of the major markets.
And, of course, we do not know what fees and commissions are being charged.
At the end of the day, considering the fact that this broker does not have a real trading platform, these trading conditions are a waste of time anyway.
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Issues with Deposit and Withdrawal Policy
Besides the fact that this broker has not bothered to mention what the minimum deposit amount is, we also do not have any details about their deposit or withdrawal policy.
We do not know what payment methods are available to traders who sign up with them. We also do not know what deposit or withdrawal fees are applied for transactions.
Legitimate brokers provide their customers with a range of deposit and withdrawal options – from bank cards, to e-wallets and cryptocurrencies. We would like to advise traders that if they are dealing with a broker for the first time, then it would best to use a credit card as your payment option. With credit cards, if you get scammed, then you have the option of filing for a chargeback, something that other payment options do not allow.
Conclusion
Dacland is not a broker to be trusted. This entity is just another one of the scammers that have flooded the market, preying on novice traders.
Dacland
Pros
- None
Cons
- Lack of Regulation
- No Legal Documents
- Issues with Trading Software
- Issues with Trading Conditions
- Issues with Deposit and Withdrawal Policy
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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