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DukeMarkets Review | Exclusive Access to the Top Markets or a Scam?

by Kevin Berry
Rating: 
  1/5   Reviews: 3
DukeMarkets - logo

Are you ready to enjoy exclusive access to the top markets in the world? That’s what DukeMarkets promises, enticing traders with the allure of unparalleled opportunities. However, we are confident that it’s nothing more than the boastful claims of yet another scam. Who among us is right? Our review will reveal the truth.

Highlights

🏛️ Country Switzerland
⚠️ Regulation
🖥️ Website https://www.dukemarkets.com/
🎲 Demo Account No
⏳ Start Time 2023
💲 Minimum Deposit $250
⚖️ Minimum and Maximum Leverage 1:10-1:50
⚙️ Trading Platform Unknown
📨 E-mail support@dukemarkets.com
📞 Phone
  • +61 2511 98653
  • +64 98 716685

First Impression of Dukemarkets.com

Its official website leaves much to be desired. It exudes a dull and generic vibe, lacking any originality or unique features. Despite their claims of global presence and multilingual support, the website offers only the English language, raising doubts about their actual commitment to serving a diverse clientele.

DukeMarkets - website

One glaring issue is the company’s disregard for legal obligations. The absence of essential legal information on the homepage, such as registration details and regulatory disclosures, is a clear violation of transparency requirements. DukeMarkets conveniently chooses to withhold this crucial information, leaving potential investors in the dark and raising concerns about its integrity.

Partnership and Bonuses

The broker may have a partnership program or bonus offerings, as indicated by the presence of a promotional code field in their registration form. However, the lack of clarity regarding where to obtain a promotional code and its purpose is concerning. Additionally, the absence of any description or information about partnership programs on their website raises further doubts.

The scarcity of information in this regard is a significant drawback. A reputable broker would typically provide clear and accessible information about their partnership programs or bonus schemes, outlining the benefits, requirements, and any associated terms and conditions.

Account Opening

The registration experience at DukeMarkets proved to be quite frustrating and perplexing. To our surprise, we were confronted with a mandatory promo code field during the account creation process. Without a promo code, we were denied access to the Client Portal, leaving us feeling as though we were being excluded from some kind of exclusive club.

Register

The presence of this promo code requirement gave us the impression that DukeMarkets wants to keep certain aspects of their platform hidden or limited only to a select few. Instead of a transparent and straightforward registration process, it felt as though we were being tasked with solving a puzzle or gaining entry to a secret society. It left us wondering why such secrecy was necessary when all we wanted to do was trade financial instruments.

Verification

DukeMarkets has made it clear that they require verification before granting full access to your trading account. Although we haven’t personally gone through the verification process, it can be reasonably assumed that it follows the standard procedure employed by most brokers. This typically involves providing personal information and submitting identity documents like a passport or driver’s license.

While we acknowledge the significance of security measures and regulatory compliance, the verification process can often be tedious and time-consuming. We hope that the company has implemented a streamlined and efficient verification process, allowing traders to swiftly complete the necessary requirements.

Pros
  • Verification is mandatory.
Cons
  • The registration process is limited by promo code.

Trading Software

We have several concerns regarding the trading platform offered by DukeMarkets. Nowhere on their website is it explicitly mentioned what software they use. From our understanding, it appears to be a proprietary platform developed by the broker themselves. They even state in their FAQ section that you can download the application from the App Store and Play Market. However, this is misleading information. The trading terminal is not available in these app stores. In fact, the only way to download it is from the official website’s “Download” section.

In this section, DukeMarkets presents what appears to be MT5 (MetaTrader 5) at first glance. However, upon closer examination, it becomes clear that it is not the original licensed software from MetaQuotes. We are left wondering what exactly it is – perhaps a free version or a modified version created by the broker itself.

Furthermore, when attempting to download the platform from their website, you will be prompted to also download AnyDesk. This raises questions about the necessity of sharing personal information and granting access to your computer’s desktop, all in the name of trading. It is concerning that the broker would require such additional software, potentially compromising the privacy and security of users.

Given these circumstances, we strongly advise against downloading anything from this particular section of the website. It is essential to prioritize the safety of your personal information and devices, and downloading software from unverified sources can pose significant risks.

Features Considered Broker Gainful Markets  OnyxTraders
Demo Account
Mobile App
Own Development

How Can I Trade With DukeMarkets?

It seems you were initially impressed by its claim of providing access to top markets. However, the reality is quite different. This broker actually offers access exclusively to CFD trading.

All Info About Accounts

DukeMarkets presents a total of six account types, but we have no information about the “Black” account as it can only be accessed through invitations. On the other hand, the Starter account can be obtained by depositing just $250. With this account, you will receive expert chart analysis, a modest leverage of 1:10, and access to five financial markets.

Moving on to the Bronze account, you would need to deposit $10,000. Why settle for less, right? Interestingly, with this account, you will have access to only three markets. It makes one question the logic behind such limitations. One would expect more for a substantial investment, but the broker disappoints by providing only one free withdrawal per month compared to the previous account type, where no commissions are charged.

So, what makes the entry threshold so high for the Bronze account? Well, DukeMarkets will provide you with a personalized introduction to trading. It sounds amusing, doesn’t it? Apparently, they charge such exorbitant amounts for personalized communication. In the Platinum account, which requires a deposit of $100,000, they offer access to a broker’s team via WhatsApp. Additionally, you can receive analyst consultations via the same messaging app. Overall, it all seems quite comical.

It is evident that the owners try to create an illusion of exclusivity and extra services. However, when you take a closer look, it becomes apparent that these offerings may not be worth the significant entry fees.

Pros
  • None.
Cons
  • Ridiculous trading conditions.

Market Analysis and Education

When it comes to DukeMarkets, they sure know how to fill their website with a multitude of enticing extra services. However, let’s take a closer look at what’s really going on. These additional services they boast about are merely superficial offerings designed to attract attention. Furthermore, it’s concerning that the entire broker team remains anonymous, leaving us questioning the credibility and expertise behind the analysis they provide.

Additionally, let’s not forget the so-called “deposit insurance” they promote. This raised a red flag for us, indicating that DukeMarkets operates on a Dealing Desk model, meaning your trades don’t actually go to the real markets. In reality, genuine markets do not offer any form of deposit insurance. As a result, trading on this platform would likely involve a conflict of interest, where the broker’s interests may not align with yours.

Deposit, Withdrawal, and Fees

DukeMarkets provides a wide range of payment options to conveniently deposit funds into your trading account. From traditional methods like credit and debit cards to bank transfers and the inclusion of cryptocurrency, they strive to accommodate different preferences. However, it’s important to note that the availability of free withdrawals is limited to specific account types, such as Platinum and surprisingly, the Starter account.

Furthermore, it’s worth mentioning that the company actively encourages you to reach out to them for any inquiries regarding depositing funds.

Features Considered Broker MTCapitals IronGatesFX
Debit/Credit Cards ✔️ ✔️
Electronic Payments
Crypto Transfers ✔️ ✔️
Deposit Fee
Withdrawal Fee

How Can I Contact It?

DukeMarkets provides several means of communication, including a phone number, email, and a feedback form. However, it’s worth noting that we have some concerns regarding the legitimacy of their contact details. Upon investigating the provided address, we discovered that it appears to be fake. The building mentioned does not house the company, and even online maps seem to be unaware of its existence at that location.

Pros
  • Full contacts.
Cons
  • The address is most likely fake.

Is DukeMarkets Dangerous?

To put it bluntly, this broker fails to meet the basic requirements of a trustworthy and legitimate broker. Let’s delve into the details.

How Long Does The Broker Work?

Firstly, despite their claims of being a world-leading platform, their track record is highly questionable. A quick investigation reveals that DukeMarkets is a relatively new player in the market. Their domain was only registered on December 12, 2022. It’s hard to believe that they have managed to amass a large and dedicated audience within such a short timeframe. It raises doubts about their credibility and experience in the industry.

Domain info

How Is DukeMarkets Regulated?

Another crucial aspect of a reputable broker is obtaining the necessary licenses and registrations. The company claims to have an office in Switzerland, which should be verifiable through the Swiss registry. However, our research uncovered a startling fact – the broker is not registered in Switzerland or any other jurisdiction for that matter. They lack the necessary licenses and deceive their clients with their anonymous websites. Despite their false statements of being regulated in every jurisdiction they operate in, the truth is that they operate illegally without proper authorization in Australia, New Zealand, or Switzerland.

Legal data check

Operating without proper regulation exposes traders to significant risks. Regulatory oversight ensures that brokers adhere to industry standards, protect clients’ funds, and maintain transparency. The failure to obtain licenses raises serious concerns about their commitment to client safety.

Features Considered Broker ToroProfit  Oanda
European Zone ✔️
Asian Zone
American Zone
African Zone
Offshore ✔️

Frequently Asked Questions (FAQ)

Kevin Berry
Ask question
Expert Opinion

Alright, let’s dive into the user agreement and what do we find there? Surprise, surprise! DukeMarkets offers subscription-based services for a period of 3 to 12 months. Wait a minute, a subscription for brokerage services? That’s something new! I guess they forgot to mention where we can sign up for the newsletter on Apple stock promotions. Talk about cutting-edge innovation, huh? It seems like this project simply grabbed some documents without even bothering to read them. Well, with brokers like this, we’re definitely not heading in the same direction.

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DukeMarkets rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

3 reviews about DukeMarkets

Frank June 2, 2023 - 22:14
They tried to push some kind of insurance on me.
The level of trust
Quick withdrawal of funds
Efficiency of technical support

This company is undoubtedly fraudulent. A person makes a deposit and starts trading peacefully. But at some point, of course, any trader would want to withdraw their funds. That’s when they get hit by these scammers. They’ll refuse the withdrawal. And the managers will explain that before the withdrawal, the trader needs to secure their account with insurance. And it costs a fortune. Moreover, there was no mention of any insurance during the registration process. The amount they quote probably wouldn’t even be recovered in a year of successful trading. So, your money will forever remain with them, and you won’t be able to withdraw it. It’s sad to admit it, but I became their victim. I hope fewer people fall for their scams in the future.

Reply
James Bowman June 15, 2023 - 15:04
They don't even have a license, but they should have had one.
The level of trust

dukemarkets.com is an utterly unsuitable broker for trading, completely unreliable and unsafe. Opening a brokerage account with them is a guaranteed way to lose all your future investments. Firstly, it doesn’t have a license. Not at all. Secondly, they’ve only been in operation for a few months.

Reply
Patsy June 26, 2023 - 08:39
At first glance, DukeMarkets seemed like a great broker with a long track record, favorable conditions, and a slick trading platform.
The level of trust
Quick withdrawal of funds
Efficiency of technical support

Boy, was I fooled. It’s hard to believe that I fell for a scam service. It seems to be my destiny to stumble upon scammers. Who would have thought this broker was a scammer? I honestly thought I would be working with a reputable company, but it turned out to be a pseudo-broker that deceives and scams just like many other forex traps. It’s disheartening, really. Although I’m glad I only invested a small amount, it still stings. The fact that so much time was wasted is disappointing. Now, I don’t even know whom to trust.

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