SCAM ALERT: None of the Regulatory Info Claimed by 'DBRS Morningstar' is Real

Forex scam brokers tell all sorts of lies, but the most common is pretending to be regulated. Many fraudulent brokers repeatedly emphasize that they have a forex license but can never present authentic regulatory information, just like the unlicensed broker "DBRS Morningstar."

"DBRS Morningstar" claims to be a forex broker that offers investors up to 1:500 leverage and over 1780 trading instruments with a low spread from 0.0. The company promises seemingly good trading conditions and environment but lies about the regulatory information.

Upon closer inspection of the website, we found that it claims different information in different sections of its website.

Homepage:

On the home page of the scam, we found that it claimed to be regulated in the United States. However, we searched the National Futures Association (NFA) for the keyword "DBRS Morningstar" and got no results.

Please note that the MSB mentioned by the scammer is a registered license provided by the US Financial Crimes Enforcement Council (FinCEN). The FinCEN is not a financial regulator, so the MSB license can not prove that the broker is authorized.

"Regulation":

On this page, "DBRS Morningstar" claims to be overseen by three large financial regulators - the Australian Securities and Investments Commission (ASIC), the New Zealand Financial Markets Authority (NZ FMA), and the Vanuatu Financial Services Commission (VFSC).

After searching, we could not find "DBRS Morningstar" in the registration lists of these three regulators. Obviously, the scammer is lying.

"Frequently Asked Questions":

In this section, "DBRS Morningstar" changes its story and claims to be regulated by the Seychelles FSA, which is another lie.

"Terms and Conditions":

In the Terms and Conditions provided by DBRS Morningstar, we find two different company names - "Trademax Global Limited " and "Grayscale Forex Global Ltd".

Trademax Global Limited is a genuine company regulated by the VFSC with registration number 40356 and operates as a financial services provider under the brand name TMGM. However, the customer support of TMGM clearly stated that the website of "DBRS Morningstar" ( https://dbrsco.com/) does not belong to this legitimate company.

Grayscale Forex Global Ltd leads us to another illegal forex broker whose website is almost identical to that of "DBRS Morningstar." They even tell the same lies to pretend to be regulated.

In addition, "DBRS Morningstar" also maliciously used the reputation and credibility of a well-known company to entice customers and mislead them. It claims to be a wholly owned subsidiary of the authoritative credit rating agency MORN-Morningstar Inc. and even displays the company's NASDAQ code. Although Morningstar does have a subsidiary called DBRS Morningstar, it has nothing to do with the scam "DBRS Morningstar."

Bottomline

"DBRS Morningstar" is not only unregulated but also falsely claims to be authorized to provide Forex services. It even steals regulatory information from legitimate companies.

Such a broker is dangerous for investors. In the event of trading problems or misconduct, the victim will not be able to claim their rights from any regulator or recover their lost funds.