Daxbase.com Review: Is Daxbase Scam or Legit Broker?

Daxbase.com Review: Is Daxbase Scam or Legit Broker?

Welcome to the Daxbase review. This is a brand new CFDs broker promising a lot of things that we fear they might not accomplish. Among the things that Daxbase promises include top security, regulated platform, minimum deposit as low as $250 and trade sizes starting $1.

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Daxbase seems to be trying very hard in order to attract new traders onto their platform. They have also adopted a copy-trading tool on their platform. Again, new traders with no experience are the focus of this broker.

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Daxbase’s activities are overseen by an entity known as Cullinan Bros INC. Cullinan Bros INC is an anonymous entity. Even if we search for more information about the company, we consistently hit a dead end.

There is zero information about the company and its headquarters. I am not sure why Daxbase is not interested in providing this information when they should make it a priority to give as much relevant info as possible.

I could possibly consider this as one of the red flags by the time we are concluding this Daxbase review.

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Daxbase Review

This is a brand new and slick website. Everything seems to be falling into place. The broker has a UK phone number at tel:+44 20 3808 8047 and is also providing video chat mechanism on their website.

There are at least 7 supposed advantages for using Daxbase. These advantages have been listed all over the site and a newbie can’t miss them.

Some of the things they promise include guaranteed withdrawal processing within an hour, copy trading (provided with all three account types), 100% secure trading, non-stop trading even during weekends, more than 10,000 daily processed transactions, wide range of funding methods, and 24/7 customer support.

These are the kind of features I expect from a quality Forex and CFDs broker. However, I have one specific issue with the way they are marketing themselves.

Daxbase claims that they are processing 10,000 transactions per day and yet this number is just too high for a new broker who is trying to find a sweet-spot in the Forex brokerage market place.

I don’t believe that they are being honest with us on this. And if it’s indeed true that these figures can be verified, then it would be right to assume that probably Daxbase broker was working under a different brand before.

This is just an assumption because it has not been mentioned in their disclaimer or ToS.

There are some reviews that have linked Daxbase broker with another scam broker called KayaFX. KayaFX has extremely negative reviews and I do not think anyone would want to be associated with their affiliated businesses.

Again, since Daxbase has not mentioned this affiliation, I am just going to dismiss the allegations as mere rumors. Having said that, I am going to break down the main features of this broker’s products in the summary section below.

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Daxbase review – breakdown of features

The minimum deposit for getting started is $250. Minimum trade size is $1. The broker was founded in 2018 but their location and licensing details are nowhere to be found.

daxbase broker features

Daxbase copytrading

This broker is giving new traders the opportunity to copy experienced traders on this platform.

One needs to register and deposit the minimum required capital before they can be allowed to select these traders for copying.

On the other hand, the public has not been given access to these so-called experienced traders. We cannot analyze their trading profile or performance to see whether they are worth copying.

Trading contest

This broker has introduced a weekly contest where traders can compete for the ultimate prize of $20,000.

This is a very high prize indeed, and I am beginning to be doubtful as to whether this broker will let you win or send you your money in case you beat the competition.

In the leader board, there is no past or active contests and this might be due to the fact that the broker is new and has not garnered a following yet.

Details of this contest will probably be available as soon as they accumulate enough user data because am sure many traders will participate.

Lack of regulation

Daxbase claims everywhere on their site that they are regulated but there is no license number anywhere on this site.

In other words, Daxbase is a broker who isn’t regulated but would love to trick you that they are regulated.

You need to keep off unregulated brokers because they have been associated with scams.

Conclusion

This broker is quite new to this market place, and we can only give them time to see whether or not they will perform. At the moment, it is difficult to describe Daxbase in a holistic way if they have not built a reputation yet.

But you also have to be aware of the fact that Daxbase is an unregulated broker, and secondly, they are using numbers to mislead new traders. You need to identify these trends.

Note: For our list of regulated brokers, go here.

About Post Author

Warren

Warren is a swing trader and an investment blogger. He mentors students who want to learn to trade Forex, manages investors accounts and also writes reviews about trading products.