General Information & Regulation
Dakken Group, a trading name of Clandestiny Group LLC, is allegedly a forex broker registered in Saint Vincent and the Grenadines since 2011 that claims to provide its clients with various tradable financial instruments with flexible leverage up to 1:400 and fixed spreads from 0.5 pips on the MT5 Desktop, Web, iOS, Android and Webtrader trading platforms, as well as a choice of four different live account types and 24/5 customer support service. Here is the home page of this brokers official site:
As for regulation, it has been verified that Dakken Group does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and it receives a relatively low score of 1.11/10. Please be aware of the risk.
Market Instruments
Dakken Group advertises that it offers access to a wide range of trading instruments in financial markets, including forex (EUR/USD), commodities (oil, gold, silver), stocks (Apple Stocks, Amazon, Google), indices (NASDAQ, S&P 500), cryptocurrencies (Bitcoin, Litecoin, Ethereum), etc.
Account Types
Dakken Group claims to offer four types of trading accounts, namely Ripple, Ether, Bitcoin and Luxury. The minimum initial deposit amount is $250 for the Ripple account, while the other three account types have much higher minimum initial capital requirements of $15,000, $100,000 and $1 million respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
Leverage
Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Ripple account can experience leverage of 1:100, the Ether account holders have the leverage of 1:200, while only the Bitcoin and Luxury account members can enjoy the maximum leverage of 1:400. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads
Dakken Group claims to provide its clients with fixed spreads from 0.5 pips for all account types.
Trading Platform Available
Platforms available for trading at Dakken Group are MT5 Desktop, Web, iOS, Android and Webtrader. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
Dakken Group says to work with multiple payment methods, consisting of Visa, Mastercard, Maestro, Skrill and cryptocurrency. The minimum initial deposit requirement is said to be $250, and the minimum withdrawal amount is £65/€90/$100. There is no deposit fee charged. All withdrawal requests require 3-5 working days to be processed.
Bonuses
Dakken Groups website claims to offer a 35% bonus for the account you open and a 45% bonus if you bring your friend, yet we cannot be sure if the bonus can be withdrawn without any limitation.
In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Remember that brokers who are regulated and legitimate do not offer bonuses to their clients.
Customer Support
Dakken Group‘s customer support can be reached by email: tech.support@dakkengroup.com, send messages online to get in touch or ask for a callback. Company address: First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St Vincent and the Grenadines. However, this broker doesn’t disclose other more direct contact information like telephone numbers that most brokers offer.
Risk Warning
Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
