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Daman Securities Forex Broker provides real users with * positive reviews, 1 neutral reviews and 4 exposure review!

Daman Securities Broker Review

1.53

WikiFX monitor

Business

Influence D

License

No license

Daman Securities Review 5

Latest All(5) Neutral(1) Exposure(4)
Neutral

A reliable company that offers diverse services, but needs improvement in some aspects such as customer support and execution speed in some cases. Its features are: ✅ Licensed and officially regulated. ✅ Provides diverse financial services for individual and corporate investors. ✅ Utilizes modern technology in trading.

FX1924921592
03-14
Exposure
Unable to withdrawal and taking out money from me under the pretext of taxes and commissions

I cannot withdraw my money in the wallet with Daman Securities Company. They forced me to pay more than one tax and threatened to freeze the amount in case of non-payment. Even after I paid the tax, they did not transfer the amount to me and created new excuses, and until now I have not received the amount despite I have completed all taxes and procedures they required.

bhih
2023-11-02
Exposure
Credibility execution and scam

Ignoring withdrawals, non-response, and seizing the wallet account after only one trading per week, and then not making other deals, providing illogical justifications, and not settling the problem after promises of a solution.

bina79
2023-08-25
Exposure
requested to withdraw,close my wallet account

I requested to withdraw the balance of my wallet account and close it on 7/25/2023 via WhatsApp, and I am waiting for the result, but there is still no response.

bina79
2023-07-27
Exposure
Iraq

Emirati Abu Dhabi Daman Securities website, and their website is fake, Dirubalcom. They ask you for the amount of money. When you want to withdraw your money in the name of taxes, they take 15% from you. They don’t send you profits in the account before you pay them $3,000 tax. They write a check in your name and the amount you want to withdraw from them, then they send a check in your name to your account. From one hour up to 4 hours, he completes the check for you and sends it to you, telling you that he will receive the profits in seconds. Withdrawing profits through Zain Cash, and through the bank is delayed. Fraud and taking people’s money untruthfully. What do you say before God on the Day of Resurrection? God is sufficient for us, and He is the best disposer of affairs. fire of the afterlife.

FX2443258362
2023-05-12

  

Daman Securities 2025 Review: Everything You Need to Know

  Summary: Daman Securities, established in 1998 and based in Dubai, offers a range of trading services, including access to local and international markets. However, the absence of valid regulation raises significant concerns about investor safety and transparency. Users have reported mixed experiences, with some praising its platform while others express frustration over withdrawal issues.

  Note: Its important to recognize that Daman Securities operates under different entities in various regions, which may affect regulatory oversight. This review aims to provide a balanced view based on multiple sources to ensure fairness and accuracy.

  

Rating Overview

Criteria Rating (out of 10)
Account Conditions 4
Tools and Resources 6
Customer Service and Support 5
Trading Setup (Experience) 6
Trustworthiness 3
User Experience 5

  How We Rate Brokers: Our ratings are based on a comprehensive analysis of user reviews, expert opinions, and factual data regarding the broker's services.

  

Broker Overview

  Founded in 1998, Daman Securities is a prominent brokerage firm in the UAE, providing financial services to clients looking to invest in various markets. The broker offers multiple trading platforms, including web-based and mobile applications, facilitating access to local, regional, and global markets. Daman Securities allows trading in a wide range of asset classes, including stocks, ETFs, and forex, but notably operates without valid regulatory oversight from recognized authorities, which raises concerns about its credibility.

  

Detailed Breakdown

  •   Regulated Geographic Areas/Regions:

      Daman Securities primarily operates in the United Arab Emirates. However, it lacks valid regulation, which is a significant red flag for potential investors. According to WikiFX, the broker has been flagged for operating without oversight, which can expose traders to higher risks.

  •   Deposit/Withdrawal Currencies/Cryptocurrencies:

      While specific details regarding the accepted currencies are limited, users typically engage in transactions using AED and USD. Some reviews mention issues with withdrawals, indicating that clients have faced challenges in accessing their funds after making deposits.

  •   Minimum Deposit:

      The minimum deposit requirement for opening an account with Daman Securities is not explicitly stated in all sources. However, one review indicated that the minimum deposit could be around $5,000, which may deter novice traders from engaging with the platform.

  •   Bonuses/Promotions:

      Daman Securities does not prominently advertise any bonuses or promotional offers. This lack of incentives could be viewed as a disadvantage compared to other brokers that provide such benefits to attract new clients.

  •   Tradeable Asset Classes:

      Daman Securities offers a diverse range of trading instruments, including stocks, ETFs, forex, commodities, and indices. The ability to trade in various markets, including the Dubai Financial Market and the Abu Dhabi Securities Exchange, is a notable feature, allowing traders to diversify their portfolios.

  •   Costs (Spreads, Fees, Commissions):

      The cost structure at Daman Securities appears to be somewhat opaque. Some reviews mention spreads starting from 1.4 pips, but there is a lack of clarity regarding commissions and other fees. This ambiguity can make it challenging for traders to fully understand their potential costs when trading.

  •   Leverage:

      Daman Securities offers leverage options, but the specifics are not well-defined in available sources. Generally, high leverage can amplify both gains and losses, making it essential for traders to approach this aspect with caution.

  •   Allowed Trading Platforms:

      The broker provides access to various trading platforms, including a web-based platform and mobile applications. However, the absence of a demo account is a significant drawback, as many traders prefer to practice before committing real funds.

  •   Restricted Regions:

      The available information does not specify which countries are restricted from trading with Daman Securities. However, it is crucial for potential clients to verify this information based on their location.

  •   Available Customer Service Languages:

      Daman Securities offers customer support in English. However, the quality of customer service has received mixed reviews, with some users reporting difficulties in reaching support when needed.

      

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    Repeated Rating Overview

    Criteria Rating (out of 10)
    Account Conditions 4
    Tools and Resources 6
    Customer Service and Support 5
    Trading Setup (Experience) 6
    Trustworthiness 3
    User Experience 5

      

    Detailed Evaluation

    •   Account Conditions: Daman Securities has been criticized for unclear account conditions. The lack of a clearly defined minimum deposit and withdrawal policies can lead to confusion among potential investors.

    •   Tools and Resources: The broker offers various tools, including a mobile app and web-based trading platform, but the absence of a demo account limits users' ability to familiarize themselves with the platform before trading real money.

    •   Customer Service and Support: User reviews indicate that while customer service is available, the responsiveness and effectiveness of support can vary, leading to frustrations among clients.

    •   Trading Setup (Experience): The trading experience is reported as average, with a functional platform but lacking some of the advanced features that users might expect from a more established broker.

    •   Trustworthiness: The most significant concern regarding Daman Securities is its lack of regulatory oversight, which has led to skepticism about the safety of funds and the overall integrity of the broker.

    •   User Experience: While some users have reported positive experiences, issues related to withdrawals and unclear trading conditions have tarnished the overall user experience for many.

    •   In conclusion, while Daman Securities offers a range of trading options and platforms, the lack of regulation and clarity regarding account conditions poses significant risks for potential investors. Users should conduct thorough research and consider these factors before engaging with the broker.