Dakras -Overview of Minimum Deposit, Spreads & Leverage

Overview of Dakras

Dakras Markets Limited, headquartered in London, UK, is a financial trading company offering a diverse range of trading instruments, including foreign exchange, precious metals, oil, and various indices. While their official website claims establishment in 2002, registration records suggest an incorporation date of October 2020, which raises questions about their history.

Dakras operates with high leverage options, such as 200:1 for forex trading and an astonishing 888:1 for precious metals. They provide access to the widely-used MetaTrader 4 (MT4) platform, known for its user-friendliness and versatility on both PC and mobile devices. However, the lack of clear regulatory status and incomplete information on account types and educational resources require careful consideration for prospective traders.

Is Dakras Legit or a Scam？

Dakras Markets Limited is not operating within the regulatory framework established by the United States National Futures Association (NFA). Instead, they seem to be conducting activities that exceed the business scope regulated by the NFA, and their official regulatory status is listed as unauthorized.

Dakras is not authorized or licensed to provide certain financial services within the jurisdiction governed by the NFA. This can be a cause for concern for potential clients, as regulatory oversight is crucial in the financial industry to ensure fair and transparent trading practices and to protect the interests of investors.

Traders should exercise caution when considering brokers with an unauthorized or unregulated status, as it may expose them to increased risks. Unregulated brokers may not adhere to the same level of compliance, transparency, and investor protection measures that regulated brokers do.

Pros and Cons

Pros:

• Broad Range of Market Instruments: Dakras offers a diverse selection of financial instruments, providing traders with numerous options to diversify their portfolios.

• High Leverage Options: The platform provides high leverage choices, potentially allowing experienced traders to magnify their gains.

• Multilingual Support: Dakras caters to a global audience by offering support in multiple languages, enhancing accessibility for traders worldwide.

• User-Friendly MT4 Platform: With its user-friendly MetaTrader 4 (MT4) platform, Dakras ensures traders can navigate the platform effortlessly, whether they are beginners or experienced traders.

Cons:

• Unregulated: Dakras operates without clear regulatory oversight, which can be a cause for concern for traders seeking a regulated and secure trading environment.

• Floating Spreads: The use of floating spreads means that trading costs can fluctuate based on market conditions and timing, potentially leading to higher costs for traders.

Market Instruments

Dakras Markets Limited provides trading options in foreign exchange, which includes a robust variety of currency pairs. The forex trading landscape is often seen as a lucrative but risky market; however, Dakras tries to manage this by offering various leverage options to its clients.

In addition to forex, Dakras provides investment opportunities in precious metals like gold and silver. These metals are often considered to be a 'safe haven' in times of economic uncertainty, offering an alternative for risk-averse investors. The company goes a step further by also including oil trading in its portfolio. This is a particularly exciting field for those who are interested in commodities and understand the geopolitical factors that influence oil prices.

Account Types

The types of accounts that Dakras Markets Limited offers have not been explicitly detailed in the information provided. However, given the variety of market instruments and the different levels of leverage available, it's reasonable to assume that Dakras offers multiple types of trading accounts to cater to a diverse client base. These could range from accounts designed for novice traders, who might prefer lower leverage and built-in risk management features, to those for more experienced traders seeking higher leverage and a broader range of tradable instruments.

Moreover, the firm could likely provide a demo account feature. Demo accounts are an excellent way for newcomers to practice trading without risking real money and for more experienced traders to test new strategies. Given the multiple languages the platform supports and the breadth of market offerings, the account.

How to Open an Account？

Here are five steps on how to open an account with Dakras Markets Limited:

1. Registration:

1. Visit Dakras' official website.

2. Locate the “Open Account” or “Sign Up” button and click on it.

3. Fill out the required registration form with your personal information, including your name, contact details, and preferred account type (Standard or ECN).

2. Verification:

1. After submitting your registration, you'll need to complete the verification process.

2. Prepare necessary documents such as proof of identity (passport, ID card) and proof of address (utility bill, bank statement).

3. Minimum Deposit:

1. Fund your account with the required minimum deposit.

2. Choose your preferred deposit method, which may include credit/debit cards, bank transfers, or e-wallets.

4. Account Configuration:

1. Once your account is funded and verified, log in to the Dakras trading platform (MetaTrader 4).

2. Configure your trading settings, including leverage, trade size, and any specific preferences related to your trading strategy.

5. Start Trading:

1. With your account fully set up, you're now ready to start trading.

2. Access the wide range of financial instruments Dakras offers, make informed trading decisions, and execute your trades.

Leverage

Dakras offers a range of leverage options, with the maximum being 200:1 for forex trades and an astonishing 888:1 for precious metals. While high leverage can yield substantial profits, it's essential to understand the risks involved. High leverage means higher exposure to the market, and therefore, the potential for significant losses is magnified. Traders, particularly those who are less experienced, should be cautious when utilizing high leverage.

Spreads & Commissions

The company uses a floating spread model starting at 2.1 pips for EURUSD, 2.5 pips for AUDUSD, and 2.3 pips for GBPUSD. Floating spreads can be both an advantage and a disadvantage. They can widen or narrow based on market conditions, which means they can be either beneficial or detrimental to your trades depending on timing and market volatility.

Trading Platform

Dakras employs the MetaTrader 4 platform, a popular choice among traders. MT4 is known for its user-friendly interface, robust charting tools, and capability for automated trading. The platform is versatile and accommodates both beginner and experienced traders. It is available on multiple operating systems and can be accessed via a desktop or mobile device.

Deposit & Withdrawal

• Accepted Methods: Clients can deposit funds and withdraw profits using credit/debit cards, bank transfers, and e-wallets.

• Deposit Processing: Deposits are typically processed instantly, enabling traders to fund their accounts promptly.

• Withdrawal Processing: Withdrawals may take up to 3 business days for processing. The exact processing time may vary based on the selected withdrawal method and Dakras's internal procedures. Traders should carefully review the broker's terms and conditions regarding deposit and withdrawal processes, including any potential associated fees.

Customer Support

For any inquiries or assistance, you can reach out to Dakras Markets Limited's customer support team via email at uk@dakras.com. They offer support in multiple languages, including English, Chinese, and Japanese, ensuring that clients from different regions can access assistance in their preferred language.

In addition to language support, Dakras provides valuable resources such as a financial calendar and top news updates on their platform, which can help traders stay informed about market events and make well-informed decisions.

Brokers Comparison

Educational Resources

Dakras appears to offer top news and a financial calendar, suggesting a focus on supporting client education, although the extent of their educational resources is not clear. Comprehensive educational resources are essential, particularly for beginner traders.

These can include webinars, eBooks, articles, and tutorials, designed to help traders understand market dynamics, risk management, and trading strategies. An educational suite can significantly enhance the trading experience and help traders make more informed decisions.

Conclusion

Dakras Markets Limited presents a mixed offering. The platform offers a wide range of market instruments and high leverage, appealing to both novice and experienced traders.

However, some red flags such as the discrepancy in the founding year require careful consideration. The utilization of the MT4 platform is a strong point, providing a user-friendly and versatile trading environment. Customer support in multiple languages and additional features like a financial calendar and top news updates indicate a focus on client support and education. Yet, the absence of clear regulatory status and detailed information about account types leaves room for improvement. As always, potential clients should perform thorough due diligence before committing to any trading platform.

FAQs

Q: What trading instruments does Dakras Markets Limited offer？

A: Dakras Markets Limited provides a variety of trading instruments, including foreign exchange, precious metals (gold and silver), oil, and various indices.

Q: What is the maximum leverage available for forex trading at Dakras？

A: The maximum leverage for forex trading at Dakras is 200:1, which can amplify potential profits but also increases the risk of significant losses.

Q: Can I access Dakras Markets Limited's trading platform on mobile devices？

A: Yes, Dakras offers access to the MetaTrader 4 (MT4) platform, which is compatible with both PC and mobile devices, ensuring flexibility for traders.

Q: What is the minimum initial deposit required to open an account with Dakras？

A: Dakras requires a minimum initial deposit of $100 for a Standard Account and $500 for an ECN Account, catering to traders with varying capital levels.

Q: How can I contact Dakras Markets Limited's customer support？

A: You can reach Dakras' customer support team via email at uk@dakras.com. They offer assistance in multiple languages, including English, Chinese, and Japanese.

Q: Does Dakras Markets Limited provide educational resources for traders？

A: While Dakras offers some resources such as a financial calendar, the extent of their educational offerings is not fully detailed, and traders may want to seek additional educational materials.