Dutch Rate – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Dutch Rate - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2021
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://dutchrate.com
Founded: 2021
Regulations: Unregistered
Languages: English
Deposit Methods: Not Specified
Minimum Deposit: $300
Free Demo Account: No
Number of Assets: 4000+
Types of Assets: Currencies (662), ETFs (684), Cryptocurrencies (69), Stocks (3399), Indices (14), Commodities (9)
Trading Accounts and Conditions
While the website looks pretty, there is very little of substance in it. Dutch Rate does not provide any information about the kinds of trading accounts it offers its clients. With great difficulty, after going through everything on their website with a fine-toothed comb, we were able to find out that the minimum deposit needed to open an account with this broker is $300.
Beyond this, there is no further information about the broker’s trading conditions. And while the broker claims to offer two trading platforms – the MT5 and Heartbeat, there were no links provided to either of these interfaces. So, we could not check the trading conditions for ourselves.
Dutch Rate – Advantages
There are no advantages to trading with Dutch Rate. It is a scammer.
Dutch Rate – Disadvantages
Here are the red flags that have proved to us that Dutch Rate is a scam broker:
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Unlicensed, Offshore Broker
Dutch Rate claims to be owned by DUTCH RATE FZE LLC, with a registration number 3877 and a license number 3877. The broker claims to be registered in Business Club in Ajman, a city in the United Arab Emirates. There is an email address provided, but no phone number.
This is the first hint of a scam. The fact that the corporate and licensing details provided are incomplete. A regulated broker would provide all its contact details so that there is every avenue of communication available to its customers.
Furthermore, the broker would also mention all its licensing information. Now, to operate in the UAE, this broker needs to be regulated by the CBUAE – the Central Bank of the United Arab Emirates. This regulator has an online register where you can check if a broker is appropriately licensed or not. We checked this register. There is no brokerage or company by the name of Dutch Rate listed there.
This means that this broker has lied about being a legally regulated broker.
Dealing with an unlicensed broker is extremely risky – you are not protected by the laws that govern regulated brokers. Your funds are at risk when you deal with these unscrupulous entities.
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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Web-Based Trading Terminal
Dutch Rate, as we mentioned earlier, claims to offer its clients two different trading terminals – Heartbeat and MetaTrader 5. Heartbeat is a social trading platform that is relatively new and focuses on helping those traders who are unable to trade on their own yet.
The MetaTrader 5 platform is the latest offering from MetaQuotes Software Corp., the makers of the world’s most popular trading platform – the MetaTrader 4. And like the MT4, the MT5 platform is fast becoming the software of choice for many traders. It offers a wide range of trading tools – real-time quotes, stocks and FX charts, technical analyses, financial news, a massive marketplace with 3rd party apps to enhance the trading experience even further, and much more.
Had this broker actually offered these two platforms, we would have said that it would have been a big advantage. However, there is no link to either of these two platforms provided. What you get instead is this really poorly constructed web trading platform that we have seen repeatedly being offered by scam brokers.
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Little Information on Trading Conditions
Another black mark against this broker is the fact that there is little information provided on the trading conditions. We do know that there is a $300 minimum deposit requirement and that there are trading commissions imposed. According to the broker’s Terms and Conditions¸ the trading commissions are charged twice – at opening as well as closing positions. There are also other fees, but the broker does not specify what these are. All the broker states is that these fees are specified in the contract specification and on their company website – we did not find any of this information that broker claims is there.
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No Payment Information
Another sign of a scam – there is no payment information provided. We looked through Dutch Rate’s website and could not find a single reference to how we could make deposits or withdrawals. Thus, we do not know what the minimum withdrawal amount is, or what the withdrawal fees are. We do know (from the Terms and Conditions) that the broker states that it will transfer your funds in 7 banking days after they receive an application from you through payment methods that are listed in the Personal Account. However, we have not seen this Personal Account, so we do not know what these funding methods are.
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Very General Legal Document
The legal document is also very shabby. It seems to be there just because it needs to be there. There is no specific information about the terms of service. We know there are fees – but we do not know the amounts or how they are charged. We know there are withdrawal policies – but we do not know specifically what they are.
Legal documents need to be extremely specific because this is the contract between the broker and the trader. The trader needs to know exactly what they are getting so that they can make an informed choice as to whether they wish to do business with the broker or not.
The reason why scammers get away with such poor legal documents is that most of us simply click on the I Agree tab without really reading the Terms and Conditions. And this is what the scammer is relying on, because once you contract with them, if they scam you, there is not much you can do about it, because you already signed the contract.
Conclusion
Dutch Rate is not a broker you should trust. It is a scam.
Dutch Rate
Pros
- None
Cons
- Unlicensed, Offshore Broker
- Web-Based Trading Terminal
- Little Information on Trading Conditions
- No Payment Information
- Very General Legal Document
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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