Daxbase Forex Review
Find out whether Daxbase is a reliable Forex broker by reading its review on the Forex Trading Bonus platform. We will research all crucial specs about Daxbase CFDs trading including regulations, spreads, commissions, bonuses, and trading platforms. After reading this review, our readers will know whether the Daxbase fraud is going on or not.
Daxbase Forex Broker History
Daxbase is an unregulated forex broker that was created recently. As such, the firm holds little to no legitimacy as it has a poorly designed website. There needs to be details about important factors and conditions. The main deposit and withdrawal method is cryptocurrencies, increasing the distrust towards Daxbase.
There are 25 Forex pairs, 10 digital currencies, 3 commodities, and 7 indices offered for trading. There are no stocks or any other asset classes offered as of now for trading. To fully answer whether can you trust Daxbase let’s dive deeper into the broker’s exact offering of services.
Daxbase Broker Review of Accounts
The accounts at Daxbase are sorted into tiers with higher deposits, traders can get higher-tiered accounts. Three tiers are Bronze, Silver, and Gold.
The Bronze account starts from a 250 USD minimum deposit and has a maximum deposit range of 1000 USD. Beyond 1000 USD to 3,000 USD traders get the Silver account, and starting from 3,000 USD the account is called Gold account.
Although there is a difference in deposits, there are no major differences between the three accounts, only some bonuses are added to higher-tier accounts.
All trading accounts have 24/7 support, withdrawals in 1 hour, and a free demo account. Silver accounts come with master class webinar sessions, and gold accounts also have personal success managers.
The broker has little to no information about the important specs of each account such as spreads, commissions, leverage, and so on. This indicates that a broker might be a scam as it does not disclose the most essential information for traders. After a little research, we found out the exact spreads and leverages. EURUSD has a 0.2 pips spread and the maximum leverage for all assets is 1:500, except cryptos which have 1:10.
Daxbase Reviews of Trading Platforms
Another big downside from the Daxbase is the need for advanced trading platforms. What Daxbase offers is a web trading platform with super limited functionality. It seems heavily influenced by the TradingView platform but much more limited in every way. Despite many disadvantages, the platform offers numerous inbuilt indicators, two chart types, timeframes, and other basic functions to open and close trading positions. The platform is not available for mobile or desktop devices, only through the web browser.
The trading platform is inside the trader’s dashboard that offers key information about account balance, and notifications and has built-in live chat.
Without opening an account there is no option to access main functions and information which is a big con of the Daxbase. From the point of view of the trader dashboard, the web platform is useful as it offers a FAQ section, market sentiment analysis, and more in one space.
Daxbase Forex Review of Extra Features
The extra features are also limited at Daxbase as it does not offer any educational resources if the trader has no higher-tier account. This is disadvantageous for beginner traders. The dashboard offers the most functionality, but other than sentiment analysis, there are no other tools.
There is a bonus system depending on the deposit amount. For the Bronze accounts the bonus is 20%, for Silver the bonus scales up to 50%, and for the Gold account the bonus is highest at 100%.
Daxbase Reviews of Customer Support
The broker offers a multilingual website and support. However, there is a catch. The live chat is only available for traders who have accounts with Daxbase. Other users can only use email support or phone support. The live chat is available on the main page, but it is not working. However, it is functional on the dashboard, so we assume the firm only offers live chat for users with registered accounts. So, is Daxbase legit broker with proper customer support? Yes, and now, the broker fails to offer top-notch support to all users while offering live chat to registered users.
Daxbase Deposit and Withdrawal
Deposits are instant and commission-free. Deposit methods accepted by Daxbase include Visa, MasterCard, Bitcoin, Ethereum, Altcoins (a multitude of popular altcoins accepted), and Perfect Money. For withdrawals, accepted methods include the same list of options, but the processing time claimed by the broker is 1 hour. In our review of Daxbase opinion, the broker seems to offering diverse payment options but has an accent on cryptos, which raises suspicions about the broker. Scam brokers usually accept cryptos to make it easier to take away the customer’s funds.
Daxbase Review Conclusion
Daxbase is a young and unregulated Forex and CFDs broker that offers minimal information about its spreads, fees, and other crucial information. The broker has multiple support channels, but the live chat is only available for registered users. While the Daxbase scam may be an exaggeration, the broker does not give us enough confidence to describe its services as a quality product.
Overall, we do not recommend this broker as it has several severe red flags including the absence of a license, higher minimum deposit, lack of live chat, and a platform with limited functionality.