Warning! Dax100 is an offshore company! Your deposit may be at risk.
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Read the review of Dax100 to see if this broker is worthy of your deposit, or if this is one that should be passed. Read on to find out.
We have to note that Dax100 is actually pretty good looking, and at first glance, encompasses quite the professional feel. Yet, the illusion is quickly dissipated when we learn that the broker is registered in St. Vincent and the Grenadines. For those out there not yet on point, the small island nation of St. Vincent and the Grenadines is well known as a top destination for many shady broker firms for the simple reason that the country does not have a financial markets regulator. Which in turn gives unlimited power to brokers registered there. So, Dax100 may be registered there; it matters not. The main concern here is that Dax100 is UNREGULATED, and thus a risk to all investments made in it.
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 requirement 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).
What’s more is that we were unable to register. The process would not load, even after our third attempt. This means that for the rest of the review, we will depend on the information provided by the website, and will give you objective opinion concerning some of the trading conditions.
The only two languages are English and Russian. The languages shift unexpectedly, mostly when opening different parts of the website, which can be quite the annoying thing.
Without opening an account we could not give you a proper spread value, because the broker has not provided any info. On the forex sub page, we are greeted by a third party chart that does not help at all. As for the leverage value, we were not once presented with a number.
The trading assets are said to be Forex Pairs, Indixes, Shares, ETF’s, Commodities.
Since we could not register we were unable to access a trading terminal. Furthermore, when we clicked on the webtrader button on the top of the page, we were greeted by the fact that the platform is “currently unavailable” (written in Russian). It seems that the broker does not want to reveal its platform, which leads us to believe that it either has no such terminal, or the platform is poor in quality. What ever the case is, Dax100 unlicensed status shows its wings again.
DAX100 MINIMUM DEPOSIT
According to the website the minimum deposit is $1, which basically means that there is no minimum deposit amount.
Furthermore, the payment methods are said to be Credit Cards, Bank Transfers, and “other” methods that are ambiguous.
This unregulated broker should not be trusted with you deposit, hence our vote against making any investments in it. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.
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, often times 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.
DAX100 WITHDRAWAL TIME AND FEES
The process for withdrawals takes up to 5 days.
It is said that there are no withdrawal fees.
There is no minimum withdrawal amount indicated anywhere.
There is also a $50 inactive fee, if an account ahs been dormant for three months.
ADDITIONAL FEES AND TAXES
For an unregulated broker, the legal documents are actually pretty clean of any serious clauses. Here are two, however, that made us look twice.
The first is that the broker charges commissions for the provision of services.
The next clause gives us the right to withdrawal bonuses, but warns us that if we do so without “observing the conditions of repayment of the securities” there will be consequences, such as the cancellation of all bonuses or profits.
Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception, the most popular one being the denial of your withdrawal request. The most common excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a chargeback. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
Filing for a chargeback is the best adviцe we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you choose to indulge them, they will disappear with the money without a hint of remorse.
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!
Dax100 is unregulated, and thus a risk to all investors. That is all that matters. The broker may look professional, but all the things pointed above work against it.