Launched in late 2023 as a spin-off of the long-established Daman Securities group. Its differentiator is AED-denominated accounts with direct access to DFM- and ADX-listed UAE equities alongside standard forex/CFD/MT5 trading. Online claims of CySEC, FSCA, or Mauritius FSC regulation for Daman Markets could not be traced to any primary source in this research pass and should not be assumed accurate. Despite its established UAE-licensed parent, WikiFX's dealer profile gives Daman Markets a score of 2.92/10, explicitly labeling it "High Potential Risk" and "Suspicious Operational Region" with a Risk Control sub-score of 0.00 -- a notably poor rating given the parent company's history. There is also a license-number/regulator mismatch across sources: one describes a "CMA" license while others cite the UAE Securities and Commodities Authority (SCA) with a specific license number -- this inconsistency is not resolved here and should be verified directly against the UAE regulator's register.
| Regulated entity | Daman Markets Financial Services (Seychelles) Limited |
|---|---|
| Regulation | FSA Seychelles-licensed (licence number unconfirmed) |
| Other Tier-1 regulators | None confirmed |
| Founded | 2023 |
| Headquarters | Dubai, UAE (parent: Daman Securities, a UAE brokerage established in 1998) |
| Minimum deposit | Not independently confirmed |
| Avg. spread (EUR/USD) | Not independently confirmed |
| Platforms | MT5 |
| Instruments | CFDs on forex, shares (including UAE-listed stocks on the DFM/ADX exchanges), indices, commodities, metals, and futures, plus spot forex. Crypto availability is disputed -- one source lists it, while others (including the broker's own description) don't mention it. No total instrument count was found. |
See Daman Markets's full regulation dossier → · How to check whether a forex broker is regulated
Derived from the same confirmed data behind this broker's score (regulation, cost, platforms, deposit minimum) -- not a separate editorial judgment.
Via its Seychelles FSA-licensed entity, there is no statutory investor compensation scheme -- if that entity fails, there is no guaranteed fund to recover client money from.
Beyond the headline spread and minimum deposit above. Where our research hasn't independently confirmed a specific detail, we say so rather than guess -- verify directly with the broker before relying on it.
| Account types | One source lists a "DM Classic" account (spreads from 1.2 pips, leverage up to 1:500, $250 minimum deposit) on MT5; a separate tracker cites a large step up to a $20,000 "Pro" tier, not elsewhere confirmed. The broker also launched AED-denominated accounts explicitly marketed as avoiding currency-conversion charges for UAE-based traders. |
|---|---|
| Execution model | Not independently confirmed in our research -- check the broker's own site or contact support directly. |
| Withdrawals & deposits | No specific fee schedule was found. Trustpilot shows a 3.5/5 TrustScore from only 12 reviews, with the company's own page noting it "has not recently invited customers to review it" -- so the sample may be unrepresentative. Specific complaints include a withdrawal request that reportedly led to a much larger amount being removed from the account under the Client Agreement with no detailed explanation, a request for source-of-funds documentation before a withdrawal could proceed (called "serious fraud" by that reviewer), and a stalled withdrawal pending further documents. Positive reviews also exist describing same-day withdrawals. Daman responds to all of its negative Trustpilot reviews, typically with templated language that reviewers do not confirm resolved their issue. |
| Overnight financing (swap) | Not independently confirmed in our research -- check the broker's own site or contact support directly. |
| Currency conversion cost | Not confirmed generally, but the broker's AED-denominated accounts are explicitly marketed with "zero conversion fees" for UAE-currency trading -- implying a fee likely applies to non-AED accounts, though no rate was found. |
| Inactivity fee | Not independently confirmed in our research -- check the broker's own site or contact support directly. |
| Customer service | Not independently confirmed in our research -- check the broker's own site or contact support directly. |
| Mobile experience | Not independently confirmed in our research -- check the broker's own site or contact support directly. |
| Educational offering | Not independently confirmed in our research -- check the broker's own site or contact support directly. |
See how Daman Markets's spread cost compares across every researched broker → · Forex broker fees explained
Is Daman Markets regulated?
Yes -- FSA Seychelles-licensed (licence number unconfirmed). See the regulation dossier on this page for the underlying licence numbers.
Is my money protected if Daman Markets fails?
Via its Seychelles FSA-licensed entity, there is no statutory investor compensation scheme -- if that entity fails, there is no guaranteed fund to recover client money from.
What is the minimum deposit at Daman Markets?
Not independently confirmed in our research -- verify directly with the broker.
What trading platforms does Daman Markets offer?
Daman Markets offers MT5.
What is Daman Markets's average spread on EUR/USD?
Not independently confirmed in our research -- verify directly with the broker.
When was Daman Markets founded?
Daman Markets was founded in 2023.
How is Daman Markets's overall score calculated?
Daman Markets currently scores 2.21/5 overall under our disclosed nine-category methodology -- regulation & client protection 30%, trading costs 20%, non-trading fees 10%, platforms & tools 10%, execution/trading conditions 10%, product range 5%, deposits/withdrawals 5%, transparency 5%, track record 5%. It is not a comparison to other brokers and not based on hands-on testing.
A dated log of when our own published data about this broker actually changed -- not a reconstructed history of what the broker itself did. See the full change log tool for every broker.
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