Daman Securities

qirhost

1-2 years

Would you consider Daman Securities to be a trustworthy and reliable broker for trading purposes?

WikiFX Reply

Speaking as an experienced forex trader, my approach to selecting brokers is rooted in risk management and caution—especially with firms that lack meaningful regulatory oversight. Looking at Daman Securities, several factors raise significant red flags for me. Firstly, there is no evidence of valid regulatory authorization. In my experience, dealing with unregulated brokers always carries higher risks, particularly regarding client fund security and recourse options in disputes. Reading accounts from other traders, I see recurring complaints about withdrawal delays, unexplained fees, non-response from support, and high-pressure tactics around "taxes" or commissions before allowing access to funds. Even though one review notes diverse market offerings and a modern platform, these positives are outweighed by serious concerns regarding the ability to safely access funds and overall transparency. For me, this is non-negotiable—a broker may offer competitive spreads and modern technology, but without trustworthiness in handling client money, those features are irrelevant. Despite its relatively long history, Daman Securities presents a risk profile that, given my experience, I would not be comfortable accepting. When real trader complaints consistently question a broker’s integrity, and there's a lack of credible regulatory protection, caution isn’t just advised—it’s essential. Personally, I would not consider Daman Securities a trustworthy or reliable choice for trading.

Broker Issues

Daman Securities

Regulation

08-04

United States

kennis2244

1-2 years

What paperwork do I need to submit to process my initial withdrawal with Daman Securities?

WikiFX Reply

Speaking strictly as an experienced trader, I would exercise considerable caution before proceeding with any withdrawals from Daman Securities, based on what I've learned about their operations. Although I was unable to find specific, reliable guidance on required paperwork for initial withdrawals, my understanding from user reports is that attempts to withdraw funds have frequently resulted in significant challenges, including demands for additional payments under the guise of taxes and ambiguous requirements. Clients have shared experiences of being required to pay “taxes” or commissions before a withdrawal, and even after submission of such payments, withdrawals were still not processed or new, unexplained obstacles were introduced. With the absence of valid regulatory oversight and a history of unresolved withdrawal complaints, I am concerned that the standard process—for example, submitting identification documents, proof of address, and a completed withdrawal request form—may not be sufficient, or even relevant, in this context. In regulated environments, those documents are typically all that’s needed, but Daman Securities’ user exposure reports signal that, in practice, bureaucratic and financial barriers may be arbitrarily imposed. For me, these patterns raise red flags about the safety of initiating and completing a withdrawal. If I were to try, I would be extremely vigilant, document every communication, and never send additional payments without ironclad justification and independent verification. I recommend proceeding with the utmost care, given the reported issues and lack of transparency.

Broker Issues

Daman Securities

Withdrawal

Deposit

07-27

United States

webgalaxy

1-2 years

Which deposit and withdrawal options are available with Daman Securities, such as credit cards, PayPal, Skrill, or cryptocurrencies?

WikiFX Reply

Based on my research and experience reviewing Daman Securities, I found that the broker's transparency regarding deposit and withdrawal methods is insufficient for my personal comfort as a trader. The WikiFX page provides basic details about their contact options, trading platform choices, and account types, but it does not outline specific accepted payment methods like credit cards, PayPal, Skrill, or cryptocurrencies. This lack of information is a red flag for me, especially since clear, accessible funding and withdrawal options are a cornerstone of trust for any brokerage. Equally concerning, there are several serious user reports about issues with withdrawals. Multiple clients have described being unable to access their funds, with some being asked to pay additional “taxes” before being able to withdraw. Even after fulfilling these requests, users have claimed that withdrawals were still delayed or not completed, and the broker offered little to no support. This, in my view, raises significant doubts about the company’s reliability when it comes to handling client money. Given the absence of regulatory oversight and these documented withdrawal problems, I would exercise extreme caution. I insist on using brokers that are fully transparent about their payment methods, fees, and withdrawal policies, as this aspect can have a direct and profound impact on one’s financial security in trading. For me, Daman Securities does not meet the minimum standards required to make me feel secure about my deposits and withdrawals.

Broker Issues

Daman Securities

Withdrawal

Deposit

07-25

United States

mohdfazlan

1-2 years

Are there any payment methods with Daman Securities that allow for immediate withdrawals?

WikiFX Reply

In my experience as a forex trader, immediate withdrawals are a key factor in evaluating the safety and practicality of any broker. With Daman Securities, I have serious reservations when it comes to withdrawals—both the speed and, more importantly, the reliability of actually receiving funds. According to the data, there have been multiple unresolved complaints from users who were unable to withdraw their money. In several cases, traders reported that after making requests, Daman Securities imposed unexpected additional tax payments and created further obstacles rather than processing the withdrawal. Even after clients paid these extra fees, funds were still withheld, with justifications that did not seem logical. Furthermore, as an unregulated broker, Daman Securities does not provide the safeguards I expect when it comes to fund security or transparent payment processes. There is no detailed information provided about available payment or withdrawal methods, and the absence of any regulated oversight is a significant red flag for me. Based on these issues, I do not see any evidence to support the claim that Daman Securities offers any payment methods that guarantee immediate, or even eventual, withdrawals. I advise extreme caution before depositing any funds, as the risk of not being able to access your own money appears to be very real with this broker.

Broker Issues

Daman Securities

Withdrawal

Deposit

07-19

United States