Broker Review: Daxbase (Regulation, Copy Trading)

Daxbase is a new Forex and CFD broker promising top level security, regulation, and the best trading conditions in the entire industry. With deposits as low as $250, and a minimum trade size of just $1, this broker is doing everything they can to attract new traders that want to test the markets, while risking very little capital.

The broker is owned and operated by Cullinan Bros INC. 2018. Despite my efforts, I’ve been unable to find any information about this Corporation, or where its corporate headquarters are located. It’s unclear why this information is not provided by the brokerage. To get in touch with support, traders can fill out a contact form on the sales page, or call via one of the customer support phone numbers listed on the contact page.

Daxbase Review

There are 7 main advantages that the Daxbase broker wants to voice to the community as reasons why they are a step ahead of their competitors in this market. They offer guaranteed withdrawal processing within one hour, we can trading, 100% secured trading, free guidance, multilingual customer support, more than 10,000 daily processed transactions and a wide range of deposit/withdrawal methods.

All of these elements are what I expect from a reliable broker, but not all of them make sense with this offer. To be more specific, I have trouble believing that a broker that is just being marketed this week for the first time is processing more than 10,000 transactions per day. In order to hit this number, they would have to be doing business under a different name. Based on how the website is structured, and the company that emailed me to promote this broker, I believe that there is a relationship, and potential ownership between Daxbase and KayaFX.

This doesn’t necessarily have to be a negative, but it is worth noting that the client feedback in my KayaFX review is quite poor.

Breakdown

• Type: Forex & CFD Broker
• Founded: 2018
• Location: Undisclosed
• Minimum Deposit: $250
• Minimum Trade Size: $1

Regulation

At the top of the Daxbase front page, they claim to be a regulated broker, and in the next section there is an image which claims that they are approved by a Forex regulator. Yet, I have made my way through their frequently asked questions section, and every other area of the website, without finding any information to verify the regulating body that is watching over this brokerage.

Copy Trading

Another benefit of the broker, is the copy trading service they offer to inexperienced traders. They claim that traders can copy the most successful traders in the market “and get high profits.” This can be accomplished by following 3 steps, which include registration, activating the trading account and choosing from a collection of traders to start copying.

The general public is not given access to the traders that can be copied, so we can’t analyze any of these traders and verify the viability of this offering.

Trading Contest

According to the Daxbase website there is a trading contest every single week that offers a prize pool of $20,000. At this point in time, the both of the active contest, and past contest leaderboard’s are empty. I believe that this is because the broker is brand-new, and is not gathered enough members yet to activate to this portion of their services.

That being said, I imagine that contest will be available when more clients start to sign up with the broker.

Conclusion

As this broker is brand-new, it’s hard to really come to a final conclusion without filling in some of the blanks without real evidence. Most of what we know right now is coming from a brief analysis of the Daxbase website, which isn’t the most accurate way of providing a review, but we did find out a few important elements. On the positive side, the broker comes across as very professional, with a sleek website and a pleasing aesthetic. On the negative side, the broker isn’t providing enough transparency, especially when it comes to regulation, their copy trading service and just exactly who they are and where they are located in the world.

Hopefully the vendor provides more information, so that we can increase our rating, but we will have to remain skeptical at this point in time and provide a rating below 3 stars. If you have anything you would like to add to the review, please leave your questions and remarks below the article now.