Unlicensed Operations Laid Bare! Client Comments Shed Light on DUTTFX's Fraud

An influx of client comments left on BrokersView’s website has accused forex broker DUTTFX of running a scam. The truth is that DUTTFX is indeed a fraudulent broker, leaving investors’ funds at risk, as reported by clients. 

These clients have provided feedback on more serious issues, including being blocked, cheated, denied withdrawals, and having their funds looted.

A client revealed some noteworthy details, highlighting branch manager Sahil, portfolio managers Arabaz and Pooja, and owner Rahul, who allegedly defrauded both investors and employees. The client warned others to be cautious of DUTTFX's deceitful trap.

Revealing DUTTFX’s questionable licensing status

DUTTFX MARKETS LTD claims that it is regulated in the Autonomous Island of Mwali (Moheli), Comoros Union, under Company license number HT00124002 and Broker number BFX2024006.

In Mwali, the MWALI INTERNATIONAL SERVICES AUTHORITY (MISA) is the purported regulator for forex activities. While MISA’s Brokerage Companies registry lists DUTTFX, the Central Bank of Comoros has indicated that MISA is a fictitious financial regulator. It does not possess the proper authorization to oversee offshore companies or issue licenses for financial products and services to online platforms and entities. Consequently, DUTTFX’s MISA license does not constitute valid authorization.

Additionally, DUTTFX claims to be registered in Saint Lucia and lists its registered office address located in Anguilla. However, neither jurisdiction provides local regulatory oversight specifically for forex brokers.

Debunking DUTTFX’s false claims

DUTTFX highlights its supposed 10+ years of experience in the forex industry, but its domain was only registered in 2020, casting significant doubts on this assertion. The company also markets itself as “a trusted and reputable partner” offering “one of the safest online trading platforms”, which starkly contrasts with clients’ feedback.

Bottomline

Given that DUTTFX lacks valid authorization to operate as a forex broker, investors’ funds are not protected under any regulatory framework. Client reviews have exposed the broker’s fraudulent practices and unethical behavior. These severe allegations paint a disturbing picture of DUTTFX’s operations. As a result, BrokersView strongly advises against engaging with DUTTFX to avoid potential financial loss and other risks associated with dealing with an unregulated and deceitful broker.