Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
3/10 · LowGenuine, Active onshore tier-2 licence from the UAE CMA/SCA, verified on the issuer register and tied to the domain; main caveat is weak protection for the overseas clients it markets to.
Identity & transparency
3/10 · LowReal, disclosed entity with a registry-matched Dubai office and group history; minor gaps are thin on-site disclosure of the group and a brand-colliding impersonator domain.
Withdrawals & conduct
7/10 · HighCross-platform fund-integrity complaints with specific amounts, including pay-a-tax-to-withdraw reports; serious but attribution to the licensed firm is contested by a likely impersonator and some successful payouts.
Reputation
6/10 · HighMixed and net-negative leaning: a real cluster of withdrawal complaints and an impersonator harming the name, set against modest positive reviews and broker responses.
Website claims
5/10 · ModerateClaims are mostly accurate and the licence is real, but it leans on group heritage for a young brand and markets high leverage into jurisdictions where it is not locally authorised.
Operational history
4/10 · ModerateThe forex operation is about four years old (domain 2022, brand 2023, licensed entity 2024), backed by a genuine 27-year group; shorter track record than the marketing implies.
Who they are
A quick desk file on the company behind the brand.
- Brand: Daman Markets
- Legal entity: Daman Markets Financial Services LLC (United Arab Emirates)
- Registered: World Trade Centre, Sheikh Rashed Tower, Office 1401, Dubai, UAE
- Website: damanmarkets.com
- Only licence: UAE Securities and Commodities Authority / Capital Market Authority, Category 1, reference CP-0001473, number 20200000356 (Active)
- Group: part of Daman Investments; sister entity Daman Securities LLC, CMA-licensed since 1998
- Offers: forex, metals, commodities, indices, stock and crypto CFDs on MetaTrader 5, with leverage up to 1:500
- Not accepted: residents of FATF-blacklisted and sanctioned jurisdictions (per its own terms)
- Age claim: markets 'over two decades of expertise' (group heritage since 1998); the brand launched in 2023 and the licensed trading entity was established in August 2024
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Securities and Commodities Authority / Capital Market Authority (UAE)
Found by our investigation (1) — the broker does not list these on its own site
Securities and Commodities Authority / Capital Market Authority (UAE)
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
We rate Daman Markets high risk, not a scam. The licence is real, and so are the complaints.
- The UAE CMA register lists Daman Markets Financial Services LLC as Active, licensed to act as a trading broker of OTC derivatives and spot currencies. The register even records the firm's own contact email at damanmarkets.com, which ties the licence directly to this website.
- The group behind it is well established. Daman Securities LLC has been on the UAE register since 13 September 1998, sharing the same Dubai World Trade Centre address and PO Box.
- The firm's own client agreement states that client money is held in a segregated account and that a client may withdraw any positive balance. A demand to pay a tax before withdrawal is not part of its terms.
- Against that, clients report on Trustpilot and ForexPeaceArmy that withdrawals were blocked or ignored, and that they were asked to pay a tax or fee first, with specific amounts during 2025 and 2026. Most are retail clients in India, Pakistan and Iraq, where a UAE licence gives little practical protection and where a UAE broker is not locally authorised.
- Some of this may not involve the licensed firm at all. A separate, newer site, daman-in.com, uses the Daman Markets name, and impersonators like this are a common source of pay-to-withdraw demands. Because we could not cleanly separate every complaint from possible impersonation, we treat the fund-access pattern as serious but unproven against the licensed company.
- No financial regulator has published a warning naming damanmarkets.com, and the firm replies to most negative reviews, with some clients reporting fast payouts.
Evidence ledger
Every finding, with its source and how strongly it points.
E1UAE CMA/SCA register lists DAMAN MARKETS FINANCIAL SERVICES L.L.C (ref CP-0001473) as Active, licensed as a trading broker of OTC derivatives and spot currencies, with the register's own recorded email at compliance@damanmarkets.com, tying the licence to the investigated domain.
Hard proofUAE Capital Market Authority registerE2The same register shows DAMAN SECURITIES LLC (ref CP-0000085) as Active, established 13 September 1998, at the same Dubai World Trade Centre address and PO Box, confirming an established 27-year licensed group behind the brand.
E3Trustpilot (for damanmarkets.com) and ForexPeaceArmy carry fund-integrity complaints from 2025 and 2026: blocked or ignored withdrawals and demands to pay a tax or fee before release, with amounts from about 2,200 to 8,000 US dollars.
E4The firm's own client agreement states client money is held in a segregated account under UAE law and that a client may withdraw any positive balance; paying a tax to withdraw is not part of its terms, so such demands are not firm policy.
ModerateDaman Markets client agreementE5A separate site, daman-in.com, registered 23 October 2024 on different hosting, uses the Daman Markets name but is not the licensed domain; a likely impersonator that can generate complaints wrongly attributed to the licensed firm.
ModerateVerisign RDAPE6Daman Markets markets to retail clients in India, Pakistan and Iraq (the origins of most complaints), where its UAE licence gives no local protection, and offers leverage up to 1:500.
E7damanmarkets.com was registered on 6 October 2022 (GoDaddy, Cloudflare); the brand launched in 2023 through a partnership between Daman Securities and the liquidity provider Advanced Markets, and the licensed entity was established in August 2024.
E8Our stored status of noRegulation is refuted: the entity holds an Active onshore CMA licence, confirming the DB field is out of date.
The other side
The strongest case in this broker’s favour.
The honest case that Daman Markets is sound:
- It holds a genuine, current licence from a real onshore regulator, the UAE Capital Market Authority, confirmed on the regulator's own register, not an offshore flag of convenience.
- It is not a clone. The licensed entity, the website and the regulator's recorded contact details all match.
- It sits inside a group that has been licensed and operating for 27 years, with a real, staffed Dubai office recorded by the regulator.
- Its client agreement provides for segregated client money and withdrawal of any positive balance under UAE law, and several withdrawal complaints describe exactly what a compliant broker must do: ask where deposited money came from and request documents before releasing large sums, which frustrated clients can read as a block.
- There is no regulator warning against it, and positive reviews, including same-day withdrawals, sit alongside the negative ones.
What would change this
What we would need to see to revise the verdict.
What would move our view, in either direction:
- Toward legitimate: evidence that the licensed firm pays out overseas clients normally, and confirmation that the pay-to-withdraw complaints trace to impersonator sites rather than the licensed platform.
- Toward scam: a regulator warning naming damanmarkets.com; a documented, first-hand case of the licensed firm's own staff demanding an upfront tax or fee to release funds; or the CMA licence being suspended or withdrawn.
- Any confirmed, repeated demand to pay money to unlock a withdrawal would move this from high risk toward a withdrawal-trap finding.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Daman Markets official website
The broker's own site. Verify the address matches exactly.
UAE CMA register: Daman Markets Financial Services LLC
Regulator record showing the licence is Active.
UAE CMA register: Daman Securities LLC (group entity, since 1998)
The group's long-standing licensed brokerage.
UAE CMA licensed-companies search
Search any UAE-licensed firm by name.
Frequently asked questions
Quick answers about this broker’s safety.
Is Daman Markets a scam?
There is no clear evidence it is an outright scam. It is a genuinely UAE-licensed broker, but it carries high risk because of unresolved withdrawal and fund-access complaints, especially from clients outside the UAE. Treat it with caution rather than as either clearly safe or clearly fraudulent.
Is Daman Markets a fraud?
We found no regulator warning, no enforcement action and no court ruling of fraud against Daman Markets Financial Services LLC. Some clients describe conduct they call fraudulent, such as being asked to pay a tax to withdraw, but we could not confirm those demands came from the licensed company rather than an impersonator using its name.
Is Daman Markets regulated?
Yes. Daman Markets Financial Services LLC is licensed and Active on the UAE Capital Market Authority register (formerly the Securities and Commodities Authority), reference CP-0001473, to act as a trading broker of OTC derivatives and spot currencies.
Who owns Daman Markets?
It is the forex and CFD brand of the Daman group. Its sister company, Daman Securities LLC, has been UAE-licensed since 1998, and the group parent is Daman Investments. The forex brand was launched in 2023 through a partnership with the liquidity provider Advanced Markets.
Can I withdraw my money from Daman Markets?
Many clients do, and some report same-day payouts. But several report blocked or ignored withdrawals and requests to pay a tax or fee first. The firm's own agreement allows withdrawal of any positive balance, so treat any demand to pay money to release a withdrawal as a serious red flag.
Is my money safe with Daman Markets?
The client agreement states that client money is held in a segregated account under UAE law. However, the UAE licence mainly protects UAE clients, and clients elsewhere have little recourse to the UAE regulator, so risk is higher for non-UAE residents.
How old is Daman Markets?
The damanmarkets.com website dates from October 2022 and the brand launched in 2023. The licensed trading entity, Daman Markets Financial Services LLC, was established in August 2024. The wider Daman group dates back to 1998.
Is Daman Markets a clone of another broker?
No. The licensed entity, the website and the regulator's recorded contact details all match. However, a separate site, daman-in.com, uses the Daman Markets name and is not the licensed domain.
What is daman-in.com?
It is a separate, India-focused website registered in October 2024 that uses the Daman Markets name. It is not the licensed domain, which is damanmarkets.com, and it should be treated as a likely impersonator.
What products and leverage does Daman Markets offer?
Forex, metals, commodities, indices, stock and crypto CFDs on MetaTrader 5, with leverage up to 1:500. High leverage sharply increases the risk of large and fast losses.
What should I check before depositing?
Confirm the web address is damanmarkets.com, verify the licence on the UAE CMA register (reference CP-0001473), start with a small deposit, test a withdrawal, and never pay any fee or tax to release funds.
What do I do if I cannot withdraw or think I was scammed?
Stop depositing, gather your records, and file a complaint with the UAE Securities and Commodities Authority / Capital Market Authority, quoting licence reference CP-0001473. If you dealt with a look-alike site such as daman-in.com, report that separately.
What we recommend
The practical takeaway from everything above.
If you are considering or already using Daman Markets:
- Check you are on damanmarkets.com and not a look-alike such as daman-in.com before depositing.
- Never pay a tax, fee or extra deposit to release your own funds. No legitimate broker collects capital-gains tax upfront before a withdrawal.
- Keep any deposit small and test a withdrawal early.
- If you live in India, Pakistan or another country where this UAE licence does not protect you, understand that you have little local recourse.
- If your funds are blocked, file a formal complaint with the UAE Securities and Commodities Authority / Capital Market Authority, quoting licence reference CP-0001473.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 4, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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