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No Regulation
Score
1.26 /10
Danger
DAMFOREX
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Exposure
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Website
Score
Regulatory Index0.00
Business Index5.09
Risk Management Index0.00
Software Index4.00
License Index0.00
Open Account
Website
Licenses
No valid regulatory information, please be aware of the risk
VPS Standard
No restriction on the broker account. Support service provided by WikiFX
Single Core
1G
40G
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Warning: Low score, please stay away!
2
Previous Detection :
2024-11-11
- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
- The current information shows that this broker does not have a trading software. Please be aware!
WikiFX Verification
| DAMFOREXReview Summary | |
| Founded | 2022 |
| Registered Country/Region | Comoros |
| Regulation | No regulation |
| Market Instruments | Forex, metals, indices |
| Demo Account | ❌ |
| Leverage | Up to 1:400 |
| Spread | From 1.3 pips (Express account) |
| Trading Platform | cTrader |
| Min Deposit | $50 |
| Customer Support | Contact form |
| Email: support@damforex.com | |
| Address: P.B. 1257 Bonovo Road, Fomboni, Comoros, KM | |
| Regional Restrictions | The United States, Canada, Sudan, Syria, North Korea, Iran, Iraq, Mauritius, Myanmar, Yemen, Afghanistan, and Vanuatu clients are not allowed |
DAMFOREX Information
DAMFOREX is an unregulated broker, offering trading on forex, metals and indices with leverage up to 1:400 and spread from 0.5 pips via cTrader trading platform. The minimum deposit requirement is only $50.
Pros and Cons
| Pros | Cons |
| Tight spreads | No regulation |
| Low minimum deposit requirement | No demo accounts |
| No MT4/MT5 platform | |
| Few contact channels | |
| Regional restrictions |
Is DAMFOREX Legit?
Investing with DAMFOREX carries risk due to the absence of any valid regulation or oversight from government or financial authorities. It is crucial to conduct diligent research and carefully consider the potential risks and rewards before deciding to invest with them. It is advisable to invest with regulated brokers to ensure the safety and security of your funds.
What Can I Trade on DAMFOREX?
| Tradable Instruments | Supported |
| Forex | ✔ |
| Metals | ✔ |
| Indices | ✔ |
| Stocks | ❌ |
| Cryptocurrencies | ❌ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
Account Type
Here are two account types DAMFOREX offers:
| Account Type | Min Deposit |
| Express | $50 |
| Professional | $5,000 |
Leverage
DAMFOREX offers different leverage ratios, depending on whether you have an Express or a Professional account. The maximum leverage of 1:400 is available to those with an Express account, while the maximum leverage for a Professional account is 1:100.
| Account Type | Max Leverage |
| Express | 1:400 |
| Professional | 1:100 |
Leverage is one of the most important factors when trading forex, as it can amplify potential profits as well as losses. Essentially, leverage allows traders to control larger positions with smaller amounts of capital. This means that traders can make significantly larger profits from relatively small price movements in the market. However, it is important to keep in mind that leverage also increases the level of risk.
DAMFOREX Fees
| Account Type | Spread | Commission |
| Express | From 1.3 pips | ✔ |
| Professional | From 0.5 pips | ❌ |
Trading Platform
| Trading Platform | Supported | Available Devices | Suitable for |
| cTrader | ✔ | Web, Android, Windows | Experienced traders |
| MT4 | ❌ | / | Beginners |
| MT5 | ❌ | / | Experienced traders |
Deposit and Withdrawal
No minimum withdrawal amount defined and no fees or charges specified. The available payments are not mentioned.
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