The financial markets are teeming with opportunities for making money these days. Even during the peak of the COVID-19 pandemic, traders were able to make substantial profits and has resulted in increased traffic in the market. Therefore, it is a given that the demand for online brokers would also go up because they are the ones opening the doors for you. Sure, there are a plethora of these platforms that can be found, but every company is different. No two brokers can offer you the same instruments or conditions and this is something to bear in mind.
Also, you need to vet a broker thoroughly because there have been incidents of scam brokers that vanished overnight with their clients’ data and funds. Opting for a company without doing your homework can be a setback for you. When you do this in the case of Dream4x, you will come to know exactly why it can make a difference. After all, it is nothing but a rather incompetent attempt at a scam and you will find out soon enough. This Dream4x review will tell you more:
Regulation and Licensing
One of the best ways to determine the authenticity of a company or broker is by taking a look at their regulation and licensing. If you check the office of Dream4x, you will find that they have an address in the UK. It is one of the biggest forex markets and brokers are required to obtain a license from the Financial Conduct Authority (FCA), which is the regulatory body for the country. There are a number of prerequisites that have to be fulfilled in order to get this licensing and it is not easy to do so. But, these requirements add a level of safety for the user because they know that the company can be trusted if it is regulated by the FCA.
It is also one of the top reasons why most fraudulent brokers claim to be licensed in the UK and it is exactly what Dream4x has done. Their name cannot be found in the FCA online register, which means they cannot operate in the United Kingdom.
Terms & Conditions
If there is one more classic sign that you will find on the Dream4x website, it is the absence of the Terms & Conditions that traders have to agree with when they are signing up on the platform for their services. Most scam brokers don’t mention these terms and conditions because they don’t want their clients to know what fees they will have to pay and can charge them later easily due to their agreement with the conditions.
Moreover, you will find that Dream4x offers bonuses to its clients and this provides them with yet another tool to scam people. Bonuses usually come with impossible turnover requirements in order to make withdrawals and this can make it practically impossible for traders to get their profits from the hand of the company.
When you are thinking about signing up with a broker, you would want to know how much you will be expected to invest, yet, Dream4x has not mentioned anything about this on their website, which means you will have to make the deposit on the spot when you initiate the process and have no idea beforehand.
The only trading condition that has been mentioned on the Dream4x website is leverage and they have offered it as high as 1:400 in order to attract clients. While this does appeal to some, the high leverage is a direct contradiction of the company’s claim to be regulated by the FCA. As per their rules, such high levels of leverage cannot be offered to traders due to the risk associated with them. But, Dream4x is clearly doing so, which means it is not regulated or licensed by the FCA.
With such clear signs of a scam, it is apparent that Dream4x is not a legitimate broker and is only out to defraud people.