DashFXTrade

Some brokers are so transparent that just by a single look the expert eye can draw an very accurate conclusion. DashFXTrade is one such see-through broker. The review exposes it all, good and bad, although in reality nothin good came out of it.

The website presents us with two alleged addresses: one in the US and another in Saint Vincent and the Grenadines.
The US address we cannot take seriously. The United States is by far the most regulated FX country in the world, and no broker escapes the gaze of the CFTC and NFA- the two top market regulatory authorities in the world. DashFXTrade is not located neither licensed in the US.
The Saint Vincent and the Grenadines address is rather unimportant. I.E it does not make a difference whether the broker is registered there or not. The nation does not have an FX regulator

But most importantly, we find evidence of the broker's scammer nature in the shape of an FCA warning. The FCA being an austere regulator makes DashFXTrade an untrustworthy broker. Not only that but DashFXTrade is obviously without a license which makes it a risk to all investments.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

After an easy registration, we were led to an obvious shady user area, and immediately came to the realization that there is no trading platform used here. The broker has given two shady alternatives that do not help us one bit.

It's obvious that without a trading software, the broker cannot really be considered a broker, since there are no applicable spreads, no leverages, and no tradeable assets.

DASHFXTRADE LOGIN

There was no trading software in the user area, instead, the broker does a very scammer thing, it includes  only TradingView charts, which are essentially pretty useless. Clients cannot trade in them; they are used mostly as a reference point.

Moreover, we also have here investment packages in user area, which are perhaps the purest embodiment of the investment scams.

Clients are told that after an investment is made the users will be profitable to an astonishing degree. For example, here the broker states that for a $50 investment the broker will pay the client back $450, which is a 950% profit! The money would literally appear out of thin air!

This is, of course, all a deceptive scam!

DASHFXTRADE MINIMUM DEPOSIT

DashFXTrade is not regulated, and therefore all deposits are at a risk. Who knows where your money will go. Our advice is to stay clear of the broker.

The client portal detailed, that the only way to invest in the broker is through a bunch of crypto wallets.

There is no minimum deposit. The broker will accept any amount you throw at it, so long that you actually pay up. There are no limits to the payments, no matter what the site says.

Crypto deposits are untraceable and as a result the user will not be able to get them back. Only the broker can decide whether or not the client can be repaid or not.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

DASHFXTRADE WITHDRAW TIME AND FEES

There is no hope for withdrawals with unlicensed brokers. They take the money, and rarely if ever return it.

The client area reveals that the withdrawal methods are based on wire transfers, PayPal, and crypto wallets, although we cannot see a reason to believe that the broker will ever be giving money back.

The minimum withdrawal is $10.

There is a 3% charge for BNB (crypto wallet service) withdrawals. The other payment methods are free of charge.

And even with this withdrawal information, we do not trust that the user will get her money back.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a chargeback with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

DashFXTrade is a simple scammer broker. Throw away all preliminary impressions about the broker, and trust us on this- this is a scam!