We attempted to open Duke Markets’ website but were denied access. Nevertheless, that didn’t stop us from gathering information about this trading scam from various sources.
The available info has been compiled here in our Duke Markets Review. You will read about the broker’s legal background, areas of activity, traders’ reviews, trading platforms & instruments, payment methods, and more.
The most important information in this review is Duke Markets’ regulation. This anonymous entity claims to have an office in Switzerland.
As you may have already guessed, that’s a lie. We checked the register of the Swiss financial market regulator FINMA but didn’t find any such entity.
FINMA operates under the jurisdiction of the European Securities and Markets Authority (ESMA) and it’s clear that Duke Markets isn’t compliant with ESMA’s regulatory rules. For instance, the leverage cap for European brokers is 1:30 for retail clients whereas Duke Markets offers up to 1:50.
Thus, Duke Markets isn’t eligible to operate in Europe. What about other domains? We found out that this financial swindler is interested in Australia and New Zealand.
This review wouldn’t be complete without outlining the areas in which this scammer was active. We did some research and created a list of countries where Prestige Coins tried to provide services:
A fake “Swiss broker” presentation was a cunning ruse. Needless to say, jurisdictions such as the US, Australia and Canada are heavily regulated.
It seems Duke Markets was not mentioned on the trading forums. However, we did manage to find a compelling and honest complaint against this broker.
All of the elements of a trading scam are there. We’re talking about withdrawal issues, fraudulent account management, poor communication & response, and illegal fees.
Once you ask to withdraw some of your profits, another broker rings and tells you your account manager has got a promotion and has moved to a different department. Than this broker trades your money to lose the lot ($22000 usd), your money is gone in a second… Than you get a call from another broker apologising for what happened and if I want all my money back I will have to pay $5700 in fees…
Duke Markets claims to offer the world-famous MetaTrader 5 trading software. Allegedly, there’s a proprietary platform as well. According to the broker, these platforms are also available for mobile trading on Android and iOS systems.
Since there’s no demo account, we couldn’t check out this mysterious platform or confirm whether MT5 was valid.
Disappointing. MT5 is an amazing trading platform with advanced features such as algorithmic trading, live market reports, multiple timeframes, etc. Even if Duke Markets really offered MT5, it still wouldn’t make this brokerage legit. The lack of regulation is a huge issue.
Duke Markets allegedly allows its clients to trade Forex currency pairs and CFDs on popular trading assets:
Oddly, this unscrupulous broker doesn’t offer indices. To reiterate, we couldn’t open an account to check whether this selection is true. The trading costs, i.e. spreads and commissions are unknown. That’s why we are strongly against Duke Markets.
By now, you ought to know the answer. Of course, Duke Markets doesn’t offer a risk-free demo account.
What’s even shadier is that Duke Markets requires a promo code for account registration. From our experience, scammers send this promo code to users marked as potential victims.
Duke Markets’ withdrawal policy is missing but the broker did mention the available payment methods:
The deposit time is 2-5 business days for wires, instant for card payments, 1 hour for PayPal and 24 hours for crypto payments. The withdrawal time is allegedly 24 hours for all methods except for wires (2-5 business days).
As for the fees, Duke Markets charges 25+ $ for wires, and 2% for PayPal, credit card payments are free and crypto payments depend on the crypto coin used.
You should write a complaint against the broker on the forums to warn fellow traders of this scam. If you have evidence that Duke Markets violated any terms and conditions, please forward it to us.
Global Fraud Protection can try to get your money back. Our experts will gladly guide you through the chargeback or recall procedure, or trace your crypto payment using CipherTrace.
If this broker steals your money, contact us for help. Book a free consultation with us using Online Chat and find out what you should do.
No. Duke Markets is an anonymous scammer with no trading license or regulation. Do not invest in this fraudulent platform.
Duke Markets claims to offer MT5 and its own trading platform but we couldn’t confirm this.
Duke Markets offers users to trade FX pairs, crypto assets and CFDs on commodities and stocks.
No. Duke Markets is an anonymous scammer with no trading license or regulation. Do not invest in this fraudulent platform.
Duke Markets claims to offer MT5 and its own trading platform but we couldn’t confirm this.
Duke Markets offers users to trade FX pairs, crypto assets and CFDs on commodities and stocks.
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