DOUBLE DRILL foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://www.doubledrill.net, about the company's legal and temporary regulatory information, the company's address .
DOUBLE DRILL Forex Broker
Basic Information
United Kingdom
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
VIP
GOLD
Double Drill Forex Broker - Comprehensive Information Guide
1. Company Overview
Double Drill Limited, established in 2018, is a global online foreign exchange and contract for differences (CFD) broker. The company is headquartered in the United Kingdom and operates primarily as a privately held entity. Serving a diverse clientele, Double Drill caters to over 100,000 retail and institutional customers across more than 70 countries.
Since its inception, Double Drill has focused on providing a high-speed and stable trading platform, integrating technology with trading solutions to maximize transaction efficiency. The broker has established relationships with several well-known global investment banks and brokers, allowing it to offer institutional pricing and liquidity across a wide range of financial instruments.
The business model of Double Drill primarily revolves around retail forex trading and institutional services, offering access to various markets, including forex, commodities, indices, and other derivatives. However, the company has faced scrutiny regarding its regulatory status and transparency, which has raised concerns among potential clients.
2. Regulatory and Compliance Information
Double Drill operates without significant regulatory oversight. The broker is not registered with any major financial regulatory authority, which raises red flags regarding its legitimacy. While it claims to have a suspicious regulatory license, it is essential to note that the National Futures Association (NFA) has classified it as unauthorized in the United States.
The lack of a robust regulatory framework means that clients may not benefit from the same protections typically offered by regulated brokers, such as:
- Client Fund Segregation: Information on whether Double Drill segregates client funds is not explicitly mentioned.
- Investor Compensation Fund: The broker does not participate in any investor compensation schemes, which would provide a safety net for clients in case of insolvency.
- KYC and AML Compliance: The specifics of Double Drill's Know Your Customer (KYC) and Anti-Money Laundering (AML) measures are not readily available, raising further concerns about the broker's compliance with international standards.
Given these factors, potential clients should exercise caution and conduct thorough due diligence before engaging with the Double Drill broker.
3. Trading Products and Services
Double Drill claims to offer a wide array of trading products, including:
- Forex Currency Pairs: The broker provides access to over 50 currency pairs, including major, minor, and exotic currencies.
- CFD Products: Clients can trade CFDs on various asset classes, including indices, commodities, stocks, and cryptocurrencies.
- Unique Trading Instruments: While specific unique products are not detailed, the broker emphasizes its ability to connect clients with institutional pricing.
The frequency of product updates and the introduction of new trading instruments remain unclear, as the broker does not provide detailed information on this aspect. Furthermore, Double Drill markets its services to both retail traders and institutional clients, offering various solutions tailored to their specific needs.
4. Trading Platform and Technology
Double Drill utilizes the MetaTrader 5 (MT5) trading platform, which is recognized for its advanced features and user-friendly interface. Key attributes of the MT5 platform include:
- Support for Automated Trading: The platform supports algorithmic trading and trading robots, allowing users to implement automated trading strategies.
- Comprehensive Analytical Tools: MT5 offers a library of over 80 technical analysis tools, including charts and indicators to assist traders in making informed decisions.
- Cross-Device Compatibility: The platform is available on desktop, web, and mobile applications, ensuring traders can access their accounts anytime, anywhere.
However, there is no mention of proprietary trading platforms developed by Double Drill itself. The broker's execution model is not clearly defined, with indications that it may operate under a Market Making framework. Furthermore, the technical infrastructure, including server locations and API access for automated trading, is not explicitly detailed.
5. Account Types and Trading Conditions
Double Drill offers several account types catering to different trader profiles. The details of these accounts are as follows:
Standard Account:
Minimum Deposit: $5,000
Spread: Starting from 1.5 pips
Commission: Not specified
VIP Account:
Minimum Deposit: $25,000
Spread: Starting from 1.1 pips
Commission: Not specified
Classic Account:
Minimum Deposit: $10,000
Spread: Starting from 1.3 pips
Commission: Not specified
Islamic Accounts: Information regarding the availability of Islamic accounts is not provided.
Demo Account Policy: Details on the demo account offerings and their features are not disclosed.
Leverage ratios and minimum trade sizes vary depending on the account type, but specifics are not provided. The broker's overnight fee policies also remain unclear, which could impact traders' profitability.
6. Fund Management
Double Drill supports various deposit and withdrawal methods to facilitate client transactions. The details include:
Supported Deposit Methods: Clients can deposit funds via bank transfers, credit cards, and electronic wallets. However, specific payment processors are not mentioned.
Minimum Deposit Requirements: Vary by account type, ranging from $5,000 to $50,000.
Deposit Processing Time: The broker does not specify the time frame for processing deposits.
Deposit Fees: No information is available regarding any fees associated with deposits.
Withdrawal Methods and Restrictions: The withdrawal methods are not clearly defined, along with any potential limitations on withdrawal amounts.
Withdrawal Processing Time: The time required for processing withdrawals is not specified.
Withdrawal Fee Structure: No information is provided regarding fees for withdrawals.
The lack of transparency in fund management practices can be a significant concern for potential clients considering the Double Drill broker.
7. Customer Support and Educational Resources
Double Drill offers limited customer support options, including:
- Support Channels: Clients can reach out via phone, email, and online chat. However, the responsiveness of these channels is not confirmed.
- Service Hours and Time Zone Coverage: Specific service hours and time zones are not detailed, leaving clients uncertain about when they can receive assistance.
- Multilingual Support: The languages supported by the customer service team are not mentioned.
In terms of educational resources, Double Drill provides:
- Types of Educational Resources: Information on webinars, tutorials, or eBooks is not available.
- Market Analysis Services: There is no mention of daily analysis, news, or research reports to assist traders in their decision-making process.
- Trading Tools: The availability of trading calculators, economic calendars, or signal services is not specified.
The limited educational support may hinder new traders' ability to develop their skills effectively.
8. Regional Coverage and Restrictions
Double Drill operates in various markets worldwide, primarily focusing on:
- Main Service Markets: The broker serves clients in over 70 countries, but specific markets are not listed.
- Regional Office Distribution: There is no information on additional regional offices or local presence.
- Countries Not Accepted: The broker does not specify which countries it does not accept clients from, which could lead to potential issues for traders in certain jurisdictions.
- Special Restrictions: Specific regulatory restrictions or limitations on trading activities in particular regions are not provided.
Given the lack of clarity regarding regional coverage, potential clients should verify whether their country of residence is supported before opening an account with the Double Drill broker.
This comprehensive guide aims to provide potential clients with essential information about the Double Drill broker, helping them make informed decisions regarding their trading endeavors. However, due to the broker's regulatory status and transparency issues, caution is advised before engaging with their services.
DOUBLE DRILL Similar Brokers
Latest Reviews
FX3605029565
United States
Here is the response from DoubleDrill:After system inquiries, due to multiple illegal transactions in your account, it is suspected of malicious arbitrage of funds from our company. And submit withdrawals many times, because your withdrawal address is abnormal, causing multiple accounts of the acceptor to freeze. After research and decision by relevant departments, it is determined that your account 180759 is illegal, illegal, and suspected of money laundering. Now your account 180759 is permanently frozen.In order to prevent any loss of your account funds, customer service recommends that you re-create a new MT5 account in Double Diamond. To transfer funds from an existing account of 180759 to a new MT5 account, you need to pay a service fee of 5% (US$15,144.64) of your account amount (US$302,892.83) during the transfer process, and you need to deposit 180759 account balance in the new account 20% (60578.56 USD) pledge deposit. (The pledge deposit is the deposit in your new account, which serves as a guarantee.) After you have completed the payment, the 180759 account funds will be transferred to your latest MT5 account. When you transfer all funds from the 180759 accounts to the new account. Your 180759 account will be canceled. You can withdraw the funds you need to withdraw from the new account.Can you please step in to resolve the issue sooner?
Exposure
2022-01-01
FX3605029565
United States
Hi, I was trading on the this platform from the past 3 months or so. Last week, it went on maintenance and re-opened for trading. I traded as usual and got profit. They were saying it is abnormal profit and they made me to pay off that amount to thaw the account. Yesterday it happened again. Now they are asking for risk margin amount also to deposit to thaw the account and process the withdrawal. Here is their response:Hello, the system has detected abnormal transactions in your account on December 22. Because your account has experienced abnormal transactions for many times, it is suspected of malicious arbitrage, illegal profit, triggering a secondary risk warning, and your account has now been frozen. . Since our company does not have the right to privately deduct illegal profit funds from your account, you need to pay another two illegal exchange profit funds on December 22. Your profit amount on December 22nd is 10,730 U.S. dollars. You need to pay 3 times the capital of 10730 US dollars (31290 US dollars) as a margin (of which 10730 US dollars is the abnormal profit repayment, 21460 US dollars is the double risk margin for multiple violations) The margin will reach your account, and you will complete the payment of the profit The account can be unfrozen and returned to normal after the deposit and the deposit, and withdrawals can be processed normally after the account has been unfrozen and returned to normal.
Exposure
2021-12-23
Dustin Forward
Canada
Did a few trades with double drill limited and they signed me up to a rewards program without my permission all i did was ask for information on it than the next thing i know their threating to freeze my account unless pay 10000 usd. They have 2000 usd from me. I took screen shots of email they sent me and their customer service message.
Exposure
2022-01-17