Daxbase Review – A broker with a variety of instruments

Daxbase is an unregulated forex and CFD broker that offers its clients the ability to trade currency pairs, CFDs, commodities, and cryptocurrencies.

The firm offers a highly attractive signup bonus that gives traders a maximum bonus of $25,000 for opening an account of the same size, which is unusual from brokerages with thousands of active clients.

As for trading platforms, Daxbase does not have access to MetaTrader, or cTrader, which are two of the most popular trading platforms on the market.

Can Daxbase be trusted or is Daxbase a scam? – Let’s discuss its terms and features further and find out more in this Daxbase review.

Safety and Security of Daxbase

The safety features of Daxbase leave a lot to be desired. The firm is not regulated by any of the top agencies in the world and holds no valid brokerage license, which can be a major red flag for most traders.

This means that clients as Daxbase are not guaranteed balance protection and the firm also does not keep segregated accounts for each of their clients.

Due to these safety concerns, traders are better off with other, better-known brokerages on themarket.

Fees and Spreads

The fees charged by Daxbase are a mixed bag. While the firm does not charge any fees on deposits and withdrawals, nor does it uphold an inactivity fee, its spreads cannot compete with some of the larger brokerages on the market.

For instance, the spread on the EUR/USD pair starts from 1 pip, while other competitors, such as Interactive Brokers, charge a minimum spread of 0.6 pips for major pairs.

It must be noted that the general information regarding the commission charges and spreads are not available on the official Daxbase website.

Such a high spread might not be for everyone, especially for traders with a large amount of funds on their accounts.

Accounts, Deposits, and Withdrawals

Daxbase offers three distinct types of accounts to its clients – Bronze, Silver, and Gold. However, it must be noted that the official website does not provide comprehensive data regarding each of the account tiers. The information available for each account is the following:

• Bronze – 24/7 live chat support, withdrawals in 1 hour, Demo account
• Silver – 24/7 live chat support, withdrawals in 1 hour, Demo account, Master class (web session)
• Gold – 24/7 live chat support, withdrawals in 1 hour, Demo account, Master class (web session), personal success manager

There are no differences stated in terms of fees, available instruments, additional tools, etc.

The firm also does not offer Islamic accounts for forex traders, which is another downside for some traders.

A demo account is available for anyone free of charge. All that is required is to register with Daxbase and get verified.

As already mentioned, deposits and withdrawals are free of charge. Clients can fund their accounts using cryptocurrencies, such as BTC and ETH, as well as a handful of altcoins like LTC.

Visa, Mastercard, and Perfect Money deposits are also supported. As for withdrawals, processing time for each of the funding methods is up to an hour.

Each of the funding and withdrawal methods are available for all regions where Daxbase operates.

Trading Assets and Features

Daxbase clients have access to a relatively diverse set of instruments, such as currency pairs, commodities, CFDs, indices, binary options, and cryptocurrencies.

As already mentioned, the spreads for currency pairs are not the most competitive on the market. As for other asset classes, very little data is available on the official Daxbase website.

This lack of information about its instruments can be a dealbreaker for most traders, as everyone prefers to have this information upfront, before they sign up and go through the verification process.

A trading contest is also available on Daxbase, with a prize pool of $20,000. However, as of this writing, the leaderboard is empty.

Customer Support

The customer support at Daxbase consists of a hotline and live chat function. The website is available in 5 different languages – English, Russian, French, Spanish, and Thai. The customer support hotline is available 24/7 and is also multilingual.

The live chat plays a video stream and it is unknown if the person on the stream is legitimately a Daxbase customer service representative or not, as the same video chat is also available on other platforms.

Education

Daxbase offers little to no educational content for beginners. The only mention of any additional educational resource is included in the Silver and Gold accounts, which vaguely state that a Master class is included in the package.

As for what the Master class includes, or any of its additional features, the website does not elaborate further.

The firm also states the “Possibility to trade under experienced trader guidance” as one of its advantages, but no additional information is provided.

Should You Consider Daxbase?

If we consider the many aspects of a comfortable trading experience, Daxbase seems to be lacking in a few key areas. The firm does not offer MetaTrader 4 and 5, or cTrader, which already puts it in a disadvantage with competitors.

The lack of transparency regarding regulations, licenses, and even trading fees makes it difficult for prospective clients to get sufficient information from the official Daxbase website.

Additionally, the spreads on major currencies charged by Daxbase are not the most competitive or affordable.

Traders should examine the offerings of the firm to get a clearer Daxbase opinion – is Daxbase fraud or legitimate? – Either way, there is a severe lack of useful information on its official website.

Traders considering using Daxbase as their primary brokerage should rethink their choice, as there are numerous other well-established brokers that offer superior terms and an overall more comfortable trading experience.

FAQs About Daxbase