Forex Daman Securities Broker Review

Performance Matrix

Main Score & Risk Matrix

N/A

Score

1.6

Very Poor

Our review desk considers this broker unsuitable for most traders until transparent licensing, stronger compliance evidence, and clearer client-fund protections are demonstrated.

License 1.8

Business 1.1

Risk Control 1.4

Software 2.1

Regulatory 1.6

Terminal Snapshot

Daman Securities Trading Conditions

Registered Region United Arab Emirates

Operating Period 5-10 years

Minimum Deposit $100

Spread N/A

Licenses N/A

Contact Email INFO@DAMAN.AE

Contact Number +97143324140

Website www.damansecurities.com

Balanced Review

Pros & Cons

Pros

Regulated by the Securities and Commodities Authority (SCA) of the UAE
Offers a diverse range of trading instruments including forex, commodities, and cryptocurrencies
Access to advanced trading platforms such as MetaTrader 5 (MT5)
Multiple account types tailored for different trader needs
Dedicated customer support available through various channels

Cons

Lack of valid regulatory oversight
Complaints regarding withdrawal delays and high-pressure tactics
Limited educational resources and support
High minimum deposit for professional accounts
Inconsistent customer service quality

Compliance Desk

Regulatory Licenses

0.0/10

No structured regulatory license cards have been configured yet.

Peer Benchmark

Broker Comparison

Feature	Daman Securities	GTCFX	APM Capital	AvaTrade
Operating Period	5-10 years	See review	See review	See review
Region	United Arab Emirates	See review	See review	See review
Minimum Deposit	$100	See review	See review	See review
Spread	N/A	See review	See review	See review
Trust Score	1.6/10	See review	See review	See review

Product Fit

Account Types

What Account Types and Fees Does Daman Securities Offer?

Account Type	Target User Group	Essential Characteristics	Applicability Notes
Retail Account	Beginners and intermediate traders	Low minimum deposit, no commission, swap-free options available	Suitable for small-capital practice
Professional Account	Experienced traders	Advanced features, lower spreads, commissions apply	Requires higher trading volume qualifications
Islamic Account	Clients seeking sharia-compliant trading	Excludes overnight interest fees	Available upon request
Demo Account	All traders for practice	Risk-free environment to practice trading	Ideal for testing strategies

Account Opening Process

To open an account with Daman Securities, clients must follow a straightforward process. Initially, they will need to provide personal information, employment details, and financial information. Identity verification is essential, requiring submission of a valid ID and proof of address. Once the account is set up, clients have the flexibility to upgrade to a professional account as their trading needs evolve.

Trading Fees

Product	Spread (pips)	Commission	Notes
Forex (Major Pairs)	Varies	$0 (Retail Account), $35 per million (Professional Account)	Competitive spreads for major pairs
CFDs (Stocks, Indices, Commodities)	Varies	Varies	Fees depend on the specific product
Cryptocurrencies	Varies	Varies	Fees may vary based on market conditions

Other Fees

Additional fees may include deposit and withdrawal fees, which depend on the chosen payment method. Inactivity fees may apply after a certain period of account inactivity. There may also be platform usage fees, overnight interest (swap rates), and currency conversion fees associated with trading activities.

Editorial Verdict

Expert Verdict

R

Research Desk

Senior Broker Analyst

Our review desk considers this broker unsuitable for most traders until transparent licensing, stronger compliance evidence, and clearer client-fund protections are demonstrated.

Funding Desk

Deposit & Withdrawal Methods

No structured payment methods have been configured yet.

Trader Feedback

Daman Securities User Reviews

3.0

★ ★ ★ ★ ★

4 total reviews

5 star

4%

4 star

4%

3 star

4%

2 star

20%

1 star

60%

Mohammed Al-Farsi

Dubai

★ ★ ★ ★ ★

I have been trying to withdraw my funds for weeks now. Every time I contact support, they give me vague excuses and keep asking for additional fees. It’s frustrating and feels like a scam. I’m very disappointed with my experience so far.

Fatima Zahir

Abu Dhabi

★ ★ ★ ★ ★

Daman Securities has a solid platform with a variety of trading instruments. I appreciate the ease of use and the speed of transactions. However, customer support could be more responsive, but overall, I feel secure trading here.

Ali Hassan

Sharjah

★ ★ ★ ★ ★

This broker is a nightmare. I cannot withdraw my money, and they keep making excuses about taxes. I’ve submitted all the required documents, but nothing seems to get resolved. I feel trapped and regret opening an account with them.

Sara Al-Mansoori

Ajman

★ ★ ★ ★ ★

I’ve had a great experience with Daman Securities. The trading platform is robust, and I love the range of assets available. Customer support has been helpful whenever I’ve reached out. I feel confident in my trading decisions with them.

United Arab Emirates Market