Damarkets does not claim to be licensed by any regulator; it only claims to be registered in Saint Lucia, and have an office in Cyprus. While we can confirm that there is a company with the same name in the Saint Lucia International Financial Centre (IFC) registry, this registration only grants it International Business Company (IBC) status. This does not constitute a valid financial licence. The IFC neither regulates nor licences forex trading activities. We searched the official register of the Cyprus Securities and Exchange Commission(CySEC) using all available details, but found no record of Damarkets Ltd. or any associated company. Being unregulated is a major red flag for a fraudulent operation. Therefore, Damarkets appears to be a scam.