Daxbase is a trading company based in the Marshall Islands, and it is considered an offshore broker owned by Clever Technologies Ltd. Marshall Islands are a very popular offshore zone, which is why there are several things to consider when choosing this type of brokerage.
Offshore FX brokers are quite unreliable and do not always have regulation, or even have relevant licencing. In addition, the basic details and information about the registration, deposits, or even available trading instruments are nowhere to be found. Even if you try digging deeper, you will most likely find misleading information about the year of establishment, demo accounts, and other key features. The key fact that represents a major red flag is that this company lists that it is regulated, but there is no information about the regulatory body. This info about regulation is quite important, since it protects the clients from fraud and misuse.
This lack of information should be a red flag for clients, especially if you cannot find who is the CEO of the company, which regulatory body is responsible for the brand etc. So, checking if these facts are available online is always a good idea before choosing the broker for you. Some of the most reputable regulatory bodies include CySEC and FCA.
Platform and Execution SCORE: 50%
The Daxbase trading platform is pretty standard looking. It doesn’t particularly stand out when it comes to the design, which is good for first-time brokers. There is no clutter of information, and the display of trading assets is easy to research and go through.
For example, if you redirect to the currency trading part of the website to check the spread on EUR/USD, you will find that it amounts to just 1 pip, while the leverage is higher than usual - 1:100. This is a piece of good news for the clients, especially considering that most brokers offer as much as 1:30 leverage. This principle is accepted by the majority of the trading companies because of the fact that it protects the clients and their funds during highly volatile times on the market, which are quite often.
However, the platform is not MT4, which is disappointing. This means that Daxbase clients are stripped of some of the crucial advantages in the trading community, especially when it comes to Forex trading. Furthermore, the platform is not customisable and adjusted to the use of mobile devices, meaning you cannot access it unless you have your computer on you 24/7.
Withdrawal Speed SCORE: 71%
When it comes to withdrawal and deposit methods, Daxbase has made sure that they provide a wide variety of payment options for their clients. From debit and credit cards to e-wallets and even some crypto methods, this section is evident to be a major advantage for the brand on the market, as well as its clients. The time for processing these requests is between 2 and 5 business days, which is standard in the trading industry. However, if you choose any of the crypto payment options such as Primecoin, your request is guaranteed to be processed within an hour.
Still, we shouldn’t discourage the smaller letters on the terms and conditions page, which reveal something quite discouraging about Daxbase. And that is - the broker will charge you $10 dollars of inactivity fee for each month that you don’t make a trade with them. This is a big commitment to make to a company, especially the one that does not provide any information about how they manage their business in return. In addition, the company will remit the funds to the client if there is no recorded transaction for 12 months on the clients account.
The minimum deposit that you need to make in order to start trading is $250. It should be noted that if you choose debit or a credit card as your preferred method of payment, you will be charged a 5% fee. Other than this condition, there seem to be no additional fees and commissions.
Support and Assistance SCORE: 86%
The support team of Daxbase is always available through the live chat option, which you can find on the home page of the website. The response is quite prompt and informative as well. As for the other methods of contact, you might not have better luck with phone or e-mail, since the response is somewhat slower to non-existent.
Still, the live-chat option is so efficient that we could say that it makes up for the lack of other channels of communication. After you click on the chat option, you will have the opportunity to choose your language including English, French and Spanish, as well as to talk privately with the agent or rather engage in a group chat with other traders like yourself.
The thing that is quite comforting and appealing about Daxbase is that you can talk to an agent in your own language. This makes it easier for you to get useful guidance, as well as feel at home while trading, no matter where you come from. With the majority of other brokerages, you can chat with the agent in English, and that’s pretty much it. However, with Daxbase, you don’t have to struggle with a language you might not necessarily know how to use proficiently. Clearly, the language barrier should never be an obstacle, and this company makes sure of that.
Education and Tools SCORE: 64%
The educational section of the Daxbase website can be found under the “How to Start?” tab, which has some of the most extensive and detailed information displayed. From opening your account to creating a suitable trading strategy, Daxbase covers everything you can possibly question about your trading experience.
In addition, you can also find the Frequently Asked Questions section, which is again divided by the topics that may interest you - such as the trading platform, deposits and withdrawals, and more. Also, there is a whole separate section that explains the bonuses and promotions which are available for clients. For example, each client that deposits a $1000 will get 20% bonus.
Still, an important thing to note is that Daxbase lacks that intimate and direct approach to each of their clients. There is an evident lack of educational tools, tutorials and even trading news. Rather, you can only find articles and some basic questions answered, which you can also find by typing them into your browser. Also, the educational section as such does not give any indication of getting regular updates. This is another disadvantage, especially considering there are more trading tools being discovered and improved each day.