DaxBase review – everything you need to know about the broker
DaxBase is a Forex and CFDs broker that provides its service internationally. The broker offers several trading instruments including currency pairs, CFDs on commodities, indices, precious metal and several cryptocurrencies. The starting capital for trading with DaxBase is 250 USD with the standard account. Traders have the ability to use the leverage up to 1:100 and trade on the inbuilt trading platform of DaxBase. There is not much information available about the broker or its regulations on the website that makes the broker suspicious and raises the question if DaxBase is a legit broker or not. While the offerings of the broker leave a good impression it is disturbing that the broker does not reveal information about itself. However, this review will provide detailed information about the regulatory side of the broker, the background of the company and the features of it to decide if DaxBase scam is possible or not.
Once you go to DaxBase.com the meta title of the website suggests to “trade with a regulated broker.” DaxBase also features that it is a trusted broker on the front page of the website and has an icon stating that the broker is approved by the regulator. However, there is nothing said about what kind of approval the broker has or who is the regulator? DaxBase does not provide a registration address and does not reveal where the company is registered, at the same time the license number is nowhere to be seen. So can DaxBase be trusted when it claims to be regulated? The answer is no, that’s why we have investigated the broker. The broker is registered in Seychelles, which is already a sign that DaxBase might be a fraud. Seychelles is one of the beloved places of scam brokers since getting regulatory approval is very easy there. However, it is unclear if the broker has a license from the FSA of Seychelles as the website of it does not work properly and it is impossible to find the information about regulated entities.
The background of the company
The company behind DaxBase is Finance Group Corp. (FGC). There are several brokages associated with the company or directly operated by it. Some of them are RaceOption, BinaryCent, BinaryMate, LiteOptions and some others. FGC was running the Binary Options brands when it was the most lucrative, however, most of the brands were blacklisted by various financial regulators. It points out the possibility of DaxBase fraud since the company has been leading the shady business in past. The French regulator AMF has blacklisted BinaryCent, CySEC has flagged several FGC brands including LiteOptions and the regulator of New Zealand has warned directly against the Finance Group Corp. As you can see, the background of the company does not look very promising for DaxBase customers. One more thing that also caught our attention is that there are no DaxBase reviews available that were made by the customers themselves. We have checked the reviews of other brands operated by FGC, unsurprisingly none of them was positive and apparently some of the brokerages even had court cases that ended in favour of customers.
There are three types of accounts available for the traders willing to trade with DaxBase: Bronze, Silver, and Gold accounts. There are not many features that come with these accounts. All of them offer 24/7 customer support, demo accounts and 1-hour withdrawals. The minimum deposit for the bronze account is 250 USD. Silver account is possible to open with the minimum deposit of 1000 USD, in addition to standard features it also offers a master class (Web session). The minimum deposit for the gold account is 3000 USD, in addition to Silver account’s features, it also provides the assistance of the personal success manager. The accounts do not differ from each other much, however, the broker features Silver account as the most popular one which can be just a trick to direct the traders into choosing this account. It does not speak well for the DaxBase rating.
As many scam brokerages, DaxBase uses various bonus offerings to lure traders into opening an account with them. The broker offers 20%, 50%, and 100% deposit bonuses. 20% bonus is applied on the 250 USD deposit, 50% bonus is when the deposit is 100 USD and 100% bonus can be attained after depositing 300o USD. The bonus requirements look shady. First of all, the page redirects to the google doc rather than a page or a PDF file, hence it is possible for the broker to simply made changes in it without the traders’ knowledge. As it seems DaxBase bonus requirements are not fully finished but the broker still features them.
DaxBase withdrawal fees and payment methods
On the front page of the website, the broker features multiple payment methods for deposit and withdrawal. However, in the deposit and withdrawal information provides only several of them. Hence, there is a possibility that the broker does not really have the possibility to offer these payment methods and simply puts the logos of the companies to create a legitimate image. Otherwise, the broker does not want to provide information about the commissions and fees related to the withdrawal. According to the DaxBase withdrawal information cashing the money is possible with the Credit and Debit card, wire transfer, Perfect Money, Altcoins or with Bitcoin. There is a deposit and withdrawal fee for the credit/debit card which is 5% of the money. As broker states there are no fees for other payment methods, however third party fees might be applied. The broker does not mention the wire transfer in deposit methods however, from viewing several legal documents of the broker it is clear that withdrawal fee while using wire transfer is 50 USD. More disturbing is that the broker requests the minimum deposit of 5000 USD or EUR when the account is funded via Wire Transfer. This amount is almost double of the minimum deposit required for the gold account. The fact that the broker does not disclose information about this kind of matters openly creates a very negative DaxBase opinion.
Is DaxBase legit?
There are too many things that reveal DaxBase scam. The broker claims to be regulated and trusted, however, is registered in Seychelles and does not have a license even from the local regulator that gives licenses to every scam broker that requests. The company that operates the brokerage is connected to the binary options brands that have been warned multiple times. DaxBase does not support any trading software and offers only own one, however, it does not provide much information about it. The crucial information about fees and commissions is not on the front pages of the website, instead, it is mentioned here and there in different legal documents that are rarely read by the traders. Daxbase.com review showed that the brokerage has not well-defined services and offerings that could be interesting for the traders. It would be time and money lost to trade with this kind of broker when there are many good alternative brokers with whom you can be sure you will not get scammed.