Daxbase Reviews 2020

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Daxbase Reviews 2020
Price
Quality
Guarantees
Support
Summary

Daxbase review – 5 things you should know about daxbase.com

Daxbase is a Vanuatu-based brokerage which provides it’s own web-based trading platform. The brokerage requires a minimum deposit of $250, which is just about the industry average, and provides clients with a wide range of payment methods, including many e-wallets.  Clients are also extended a generous leverage of 1:500. The spread on EUR/USD stands at 1 pip which is quite favorable for traders and half a pip below the standard for the industry.

Daxbase regulation & safety of funds

The brokerage chooses not to disclose any information about itself. The website does not inform us about neither the company behind the brokerage, nor its country of origin. However, in the terms and conditions of the brokerage we read that the company behind the brokerage is registered in Vanuatu. Here is a screenshot:

The government of Vanuatu does regulate Forex trading through its regulatory body Vanuatu Financial Services Commission, however, we find no mention of a license in the brokers website and after checking with the online registry of the Vanuatu authorities we may safely assume that the brokerage does not fall under any regulatory oversight.

Furthermore, the brokerage provides a web-based trading platform which we were able to access. Here is a screenshot:

As you can see – the spread on EUR/USD is just 1 pip which we view as an advantage for traders. Furthermore, the leverage the brokerage provides is 1:100 which is quite high and generous compared to the maximum of 1:30 which EU-regulated brokerages may provide. However, we remain unimpressed with such web-based platform and suggest traders take a look at the brokers that provide the MetaTrader 4 trading platform which is the foremost trading terminal at the moment, equipped with many unique features such as it’s easy and accessible programming language. All in all, we are inclined to suspect that potential clients of the brokerage may be open to substantial risk due to the lack of regulation.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the Financial Conduct Authority in the UK or CySEC in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy.

Daxbase deposit/withdrawal methods and fees

It seems as though there isn’t a payment method that Daxbase does not support since it has splattered its web page with all sorts of logos of payment service companies. We see the logos of popular e-wallets such as WebMoney, Neteller, QIWI, Yandex, Perfect Money, Dash, as well the standard Visa, MasterCard and Bank transfer. The brokerage also purports to support several crypto currencies including Bitcoin.

We could not find in the Terms and Conditions any nasty withdrawal conditions. However, we do read that there is a dormant account fee. Here is a screenshot:

10 dollars will be charged for every month the traders hasn’t executed at least one trade. This certainly isn’t excessive, however, the most worrisome provision in the terms of the brokerage is that “Daxbase reserves the right to charge any withdrawal fees it sees as necessary.”

Such ambiguous provisions induce us to remind readers that there is no guarantee that the brokerage may not charge some unexpected withdrawal fee once it has received the initial deposit. This is why we remind readers of all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Scammers mostly rely on vulnerable and easily tricked people, that is why a well-informed trader is, perhaps, their most difficult target. That is why we believe all traders should be well-versed in the different ways of the scam. Here is the most popular one:

In most cases through clicking a tempting ad with promises for quick and easy profits, you will be redirected to a website like Crown Signals or Top-Algo Trade where registration will require  your address, email and phone number. Your personal information will be immediately shared with brokers in call centers who are just waiting for fresh leads. After a few minutes on the phone listening to the whole prepared brokers pitch , you decide to deposit some $200-250. And just like that –a 25 per cent commission gets wrested from the initial deposit by the broker on the phone.

After stinging you for a few hundred bucks, senior scammers will take you up and begin pushing you to further invest. You may even budge and continue investing.  At some point, however, you’ll probably begin to consider closing the account and getting back your money.

However, now comes the “recovery” part of the scam. After stating that you wish to withdraw your money, it will be high time for the “recovery people” to take it from here. They will begin further stalling in any way possible in order to remove the last guard you may have – filing a chargeback with your bank. This options expires for good after six months or more have passed since the initial deposit.

What to do if scammed?

A scam could happen to anyone, including you, and, in such a case, it would be best to know what options are still available to you. That way you’ll be certain your reaction will be adequate and on spot.

You may contact your bank or credit card provider and file a chargeback, but only within six months of the initial deposit, as was noted above.

If however you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should change it asap!

So-called “recovery agencies” should not be trusted! Such agencies target scammed and vulnerable traders in an attempt to further swindle them into giving away their money. They will require from you an “up-front payment” in order to get your money back, but no such thing will happen!

DAXBase Platform Review

DAXBase is a Forex and CFD trading platform that offers CFD trading over a wide range of financial assets to the vast majority of the countries worldwide. It is operated by Clever Technologies Ltd, which is headquartered in the Marshall Islands. Even though it provides better trading conditions with attractive discounts and bonuses for users, it is not regulated or authorized by any organisation. Therefore, users should understand the risks involved before dealing with this trading platform.

The web trading platform of DAXBase is so simple that even a novice trader can quickly buy or sell CFDs from this platform. It is available in multiple languages including French, Spanish, Thai and Russian. At the time of writing, DAXBase allows CFD trading over different instruments like forex, commodities, cryptocurrencies, stocks and indices.

DAXBase Bonus Structure

DAXBase rewards its users with bonuses to initial or first-time trading deposits. Depending on the amount of deposit, a bonus can be as high as 100%. Moreover, it provides a free demo account for its users to improve their trading skills without losing money. It supports CopyTrading that allows users to choose from one or more successful traders and copy their trading movements.

DAXBase offers three types of accounts: Bronze, Silver and Gold based on the deposit amount as given below:

  • 250 to 999 EUR/USD – Bronze
  • 1000 to 2999 EUR/USD – Silver
  • 3000 EUR/USD and above – Gold

Gold and Silver account holders are eligible for a couple of features like Master Class (web session) and Personal Success Manager (only for Gold members) while other features remain the same for all types of accounts.

The following review analyses several aspects of DAXBase, whilst providing you with an all-rounded detailed overview of the platform and its services. Although Cryptimi does its best to provide you with accurate information, whilst aiming to update it on a regular basis, we strongly recommend that you visit website for any important updates which might occur after this review has been published.

Is DAXBase Safe?

DAXBase has stated in its confidentiality policy that it will never disclose any private or otherwise confidential information of its clients to third parties without their consent. All transactions made on the CFD trading platform are processed through 256-bit certified SSL layer to provide maximum protection for users’ sensitive information. Furthermore, the trading platform claims that all users’ funds are stored safely on European banks. However, one must keep in mind that DAXbase is not regulators and licensed to perform financial trading.

DAXBase CFD Trading Platform

DAXBase offers CFD trading over a wide range of instruments such as Commodities, Cryptocurrencies, Stocks, Indices and Forex. It lists all top cryptocurrencies including Bitcoin, Litecoin, Ethereum, Dash and Ethereum Classic. Check out their website to get the full list of instruments available on their platform.

The trading platform supports CopyTrading, a technique that can be helpful for those who want to trade automatically (by copying trading movements of other users) instead of manual trades.

User Friendliness

At first glance, the trading screen of DAXBase looks rather basic and simplistic, with only limited controls such as the Buy/Sell button and a tick chart. However, upon looking into it, you can find a lot of features like economic calendar, technical analysis, Charting tools, fundamental analysis, trade pattern ideas which will be really helpful for professional traders.

The only downside of the CFD trading platform is that it doesn’t provide an option for users to configure price alerts, notifications or to add assets as favourites for quickly monitoring their prices.

DAXBase CFD Trading Account

It won’t take more than a minute to create your trading account on DAXBase, as you need to provide only your name, phone number and email address. Since the trading platform doesn’t have a Forgot Password option, you need to take a copy of your password for future reference.

How to Sign up on DAXBase

Follow the below steps to create your account on DAXBase:

  1. Navigate to site and click ‘Register’.
  2. Enter your full name, phone number, email and set a strong password.
  3. Then select your currency. DAXBase supports four fiat currencies (EUR/GBP/USD/RUB) and four cryptocurrencies (BTC/ETH/LTC/DASH).
  4. After agreeing to the terms, click ‘Next’.

Now, you will be logged in to your account dashboard.

How to Log in on DAXBase

To log in to your account, follow the below steps:

  1. Navigate to their site and click ‘Log in’.
  2. Enter your email, password and click ‘LOGIN’.

After logging in to your account, you can deposit funds right away as you need not provide any documents to deposit funds on to your trading account.

Verification Requirements

DAXBase doesn’t require users to verify their identity to deposit funds. However, they need to submit all required documents in order to withdraw funds from their trading account.  If the account is funded by credit or debit card, then you need to submit a copy of the front and back of the credit card, hiding sensitive authentication data, a government-issued photo ID (such as a driver’s license or passport) and a 3-months recent proof of address (such a bank statement or utility bill). If you had deposited funds by wire transfer, then a copy of the bank statement from the originating account showing the transfer will be required. Or, if you had used an electronic wallet service like Skrill to deposit funds, then you must submit a photo ID and a proof of address.

How to Buy or Sell Bitcoin CFDs with DAXBase

Follow the below steps to buy or sell Bitcoin CFDs on DAXBase trading platform. Before placing your order, make sure that you have deposited funds in your account.

How to Deposit Funds on DAXBase

Follow the below steps to deposit funds on your account. The minimum amount of deposit is 5000 EUR/USD for direct bank transfer. For other payment methods, the minimum deposit amount is 250 EUR/GBP/USD.

Screenshots are shown for illustration purposes only. Actual product may vary.

  1. Log in to your account and click ‘ACCOUNT FUNDING’.
  2. Either drag the slider or enter your deposit amount manually.
  3. Select your desired payment method (Card/Wire Transfer/e-Wallet/Crypto).
  4. Follow the on-screen instructions to place your request.

Generally, the processing time for deposits made via card or e-wallet is up to 3 hours, while it will take up to 3 business days or more for deposits made through wire/bank transfer.

Warning: The financial services provided by this platform carry a high level of risk and can result in the loss of all of your funds. You should never invest money that you cannot afford to lose. Under no circumstances does the company have any liability to any person or entity for any loss or damage cause by operations on this platform.

Now, let’s take a look at how to buy and sell Bitcoin CFDs on DAXBase.

Screenshots are shown for illustration purposes only. Actual product may vary.

  1. Log in to your account and click TRADING.
  2. Select Crypto from the drop-down box located on left. Then, select Bitcoin
  3. Enter the amount of crypto and click Buy/Sell.
  4. Follow the on-screen instructions to place your order.

Once your order has been processed, you can track the status of your open position from TRADING page below tick chart.

Warning: The financial services provided by this platform carry a high level of risk and can result in the loss of all of your funds. You should never invest money that you cannot afford to lose. Under no circumstances does the company have any liability to any person or entity for any loss or damage cause by operations on this platform.

How to Cash Out on DAXBase

In order to withdraw funds from their trading account, users must verify their identity and payment method by providing all relevant documents. Normally, withdrawals are processed using the same method of deposit. For example, if you had deposited funds using a credit card, then you can withdraw your funds to the same card. DAXBase supports all payment methods like Wire transfer, Electronic wallets, Credit/debit cards and Cryptocurrencies.

The minimum amount of withdrawal is $50. Refer Platform Fees & Limits section to learn about withdrawal fees.

Screenshots are shown for illustration purposed only. Actual product may vary.

  1. Log in to your account and click ACCOUNT FUNDING->WITHDRAWALS.
  2. Select your payment method and enter the amount of withdrawal.
  3. Follow the on-screen instructions to place your withdrawal request.

Normally, DAXBase processes your withdrawal requests within an hour. However, it might take additional time to receive funds based on your payment method. Except for wire transfer, your funds will be credited on the same day to your payment card or e-wallet.

Supported Cryptocurrencies

Currently, DAXBase supports the following cryptocurrency CFDs:

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), ZEC/USD, ZEC/BTC, XRP/USD, XRP/BTC, XMR/USD, XMR/BTC, SAN/USD, SAN/ETH, SAN/BTC, OMG/USD, LTC/BTC, IOT/USD, IOT/BTC, ETH/BTC, ETC/USD, EOS/USD, EOS/ETH, EOS/BTC, DSH/USD, DSH/BTC.

To get the full list of cryptocurrency CFDs supported by DAXBase, check out their website.

Supported Countries

Except for a few countries, DAXBase accepts members from all countries worldwide.

Supported

DAXBase offers its services to almost all countries in the world including Austria,  Australia, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, HongKong, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and United Kingdom.

Excluded

DAXBase doesn’t accept residents of the USA. Kindly note that this information was relevant at the time of writing.

DaxBase Review

DaxBase is a broker based in the Marshall Islands and focuses on a number of key features which are its fast withdrawal times, non-stop trading (even over weekends), a wide range of deposit and withdrawal methods, 100% secure trading, 24/7 support and they have over 10,000 transactions processed every day. We will be using this review to look into what is on offer and to see how they compete with the competition.

Account Types

There are three different account types available, they do not outline the trading conditions however they each have their own features, this is what we know so far.

Bronze Account: This account requites at least a deposit of $250 to open, it comes with 24/7 live video chat support, withdrawals are within one hour and there is a demo account available.

Silver Account: This account requires a deposit of at least $1,000, it comes with 24/7 live video chat support, withdrawals are within one hour, there is a demo account available and you get access to a master class web session.

Gold Account: The Gold account requires a deposit of at least $3,000. It comes with 24/7 live video chat support, withdrawals are within one hour, there is a demo account available, access to a master class web session and a personal success manager.

Platforms

DaxBase uses its own trading platform, unfortunately, there was not much information provided about it so there isn’t too much we can say in this section of the review.

Leverage

Leverage on all accounts can go up to 1:100, leverage can be selected when opening up an account, we are not sure if it can be changed once an account has been opened though.

Trade Sizes

DaxBase does not use the traditional lot system, instead, they trade using dollar amounts. The minimum trade size is $1, we do not know what the maximum trade size is though.

Trading Costs

We do not know if there is any commission on the trading accounts, there is no mention of it anywhere on the site so we will assume that there aren’t any.

Assets

Unfortunately, there isn’t a full breakdown of the viable assets. This is a shame as a lot of potential clients will ook to ensure that the instrument or currency pair that they prefer to trade is available, not having this information present could cause them to look elsewhere. Dax Base does have several cryptocurrencies shown on their home page, so we have included those for you below.

Spreads

We, unfortunately, we do not have any information about the spreads on the accounts or due to the nature of the broker if there are any at all.

Minimum Deposit

The minimum deposit required to open up an account is $250 which will get you access to the Bronze account, if you want a different account you will need to deposit at least $1,000. We do not know if the minimum deposit amount reduces once an account has been opened.

Deposit Methods & Costs

We have outlined the available deposit methods below along with any potential fees.

  • Visa / MasterCard – 5% fee
  • Bitcoin – No added fee
  • Ethereum – No added fee
  • Altcoins – No added fee
  • Perfect Money – No added fee

While DaxBase does not add fees to the majority of the methods using some method such as crypto coins will incur a network fee that you will be responsible for paying.

Withdrawal Methods & Costs

The same methods are available to withdraw with and we have outlined the same withdrawal fees below.

  • Visa / MasterCard – 5% fee
  • Bitcoin – No added fee
  • Ethereum – No added fee
  • Altcoins – No added fee
  • Perfect Money – No added fee

Withdrawal Processing & Wait Time

The processing time for the withdrawals should happen within 1 hour from the request being made. The amount of time it takes after that will depend on the method used but should be available to use within 1 business day.

Bonuses & Promotions

You can receive a bonus up to 100% of your deposit, we, unfortunately, do not know the terms of the bonus such as what you need to do to make it withdrawable or if there is an expiration time. The available bonus is based on your deposit amount.

There is also a contest with up to $20,000 in prizes, the contest is based on the number of trades that you make within a week. Again, the terms of the bonus are not available or exactly what sort of trade counts for the competition.

Educational & Trading Tools

There doesn’t seem to be any educational material or tools on the site which is a shame as a lot of brokers are now trying to help their clients improve so it would be nice to see something similar here.

Customer Service

The customer service team is available 24 hours a day 7 days a week. You can contact them using an online submission form, you send it off and should get a reply via email. There are also phone numbers in English, Russian, Chinese, Thai, Singapore, and Australia.

English Phone: +1-829-9476391

Demo Account

You can sign up for a demo account through a link on the site, you can select the account currency but that is the only option available, the rest of the trading conditions re the same as what is written above in this review, we are not sure of any expiration times on the account. The demo account allows you to test out the platform and conditions without risking any real capital.

Countries Accepted

The following statement is present on the site: “Daxbase nor its agents or partners are not registered and do not provide any services on the USA territory.” You can also check with the customer service team to see if you are eligible for an account just in case you are still not sure.

Conclusion

DaxBase works a little different to a normal broker, their three accounts do not really offer much different apart from a little bit of extra support. The trades start low at just $1 and the minimum deposit is just $250 making them quite accessible. Lots of methods available to deposit and withdraw with including cryptocurrencies which are good to see, there are also not many fees for moving your money around. While the conditions seem good, if you are looking for a traditional trading experience you will need to look elsewhere for a more traditional broker.