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TradeDAX Review - is it scam or safe?

TradeDAX Review - Is tradedax.com scam or good forex broker?

RATING: 1 / 6 REVIEWS TradeDAX
TradeDAX is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions 

 

Account type Minimum deposit Maximum leverage Spread
Micro $500 1:400* Fixed from 2 pips*
Standard $1,000 1:400* Fixed from 2 pips*
Silver $2,500 1:400* Fixed from 2 pips*
Gold $10,000 Upon request Fixed from 0.7 pip/ Variable from 0.5*
VIP $25,000 Upon request Fixed from 0.4 pip/ Variable from 0.3*

*these are only the broker’s claims, which we can’t verify

 

TradeDAX is a forex and CFD broker, which offers account types, as described above. In doing so, they remind us of another company TradeBNP. While their overall websites are slightly different, the same key points are present. 

 

TradeDAX Advantages

 

MetaTrader4 (allegedly) available

TradeDAX offers one of the best, if not the best forex trading platforms in the market. While it is a bit old, especially in software terms, MetaTrader4 is still the preferred choice of many traders and brokers. It offers excellent charting, while being very light on the hardware. The support for mobile and web versions is just the cherry on top of the most unique functionality – the MQL Marketplace. MT4 has its own store, where you can buy, sell and even get some free custom made technical indicators and automated trading systems.

 

>>Brokers, providing MT4<< 

 

We can’t actually show you a screenshot of TradeDAX MT4, for reasons which we will cover below.

 

Alternative deposit methods

The payment methods, which a broker provides are a very important factor, as international bank transfers can be quite expensive (and slow). TradeDAX also accepts payments via Credit Card, WebMoney, Qiwi, Cashu, Moneta and even in Bitcoin.

 

TradeDAX Disadvantages

 

Not regulated 

As you may know, especially if you have some trading experience, where a broker is regulated is a key part of its credibility. TradeDAX is based on the Marshall Islands, while also having an Estonian firm perform some of the operations. It is standard for offshore brokerages to have such a “support entity” based in Europe. In most cases, as is the one here, neither company is under the oversight of an appropriate financial watchdog.

 

>>Why are offshore brokers risky?<<

  

 

Presentation is a mess

This goes for basically the entire website. TradeDAX seems to be “stitched together from various sources, which give a basic explanation of certain concepts, without revealing any details. Different sections of the website also contradict each other. We shouldn’t go in too much detail, but here is a screenshot of their front page, advertising two different maximum leverage ratios:

 

This isn’t a simple typo, it’s two different levels, which are both not in-line with the account types

 

Some countries not accepted

We can’t test a lot of the features provided by TradeDAX, as they don’t accept clients from multiple places and furthermore implement an IP detection system. As was the case with another broker, which felt very similar to this one (TradeBNP), we have already seen enough of their offer to have an opinion. Going through a proxy simply felt unnecessary.

 

Only bigger accounts get good spreads

The costs of trading at TradeDAX are very polarizing – slightly below par spreads for the first two account types and incredibly tight ones for high-end investors. Keep in mind, these levels are only claims made by this broker, which we are yet to verify. If you want to see 100% legitimate, spreads don’t hesitate to take a look at our dedicated page.

 

>>Compare real-time spreads here<<

  

Bonuses and managed accounts

There are several offerings from this broker, which simply seem fishy: the massive on-deposit bonus, their offer to manage your funds as well as one for following their automated trading. Given TradeDAX’s lack of regulation (and vague presentation), this seems more like an attempt to lure unsophisticated investors, than anything else. 

 

Conclusion

 

TradeDAX is an unregulated offshore forex broker. The company’s website feels very reminiscent to that of TradeBNP, while being distinctly different. We are not certain if both brands are operated by the same entity, but we wouldn’t recommend dealing with either of them.

 

The key reason for that is that these are unregulated companies. In the current day and age the online world is full of scammers, willing to take one’s money. This is the reason why most governments have dedicated financial regulators. Let’s take a look at some of the rules applied by the UK’s Financial Conduct Authority (FCA), to highlight the importance of regulation:

 

>> Top-tier FCA brokers<<

 

Every time you deposit funds with a company, which is under their oversight, the funds will be sent to a special segregated account. This means the broker will not have full access to your investment and will not be able to steal it. In case your UK-based trading partners declare insolvency, the Financial Services Compensation Scheme (FSCS) will protect you. This system is pretty similar to an insurance company – it collects funds from all participating brokers, in order to guarantee clients’ investments against this event. Coverage is limited to £50,000.

 

The key points about TradeDAX:

Pros Cons
MetaTrader4 (allegedly) available Not regulated
Alternative deposit methods Presentation is a mess
  Some countries not accepted
 

Only bigger accounts get good spreads

  Bonuses and managed accounts

 

Latest news about TradeDAX
No news about TradeDAX. Check back later.
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Traders` reviews for TradeDAX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

TradeDAX is a scam

TradeDAX is all about taking as much money as they can from you.
Dennis Holt
Anahi del bosque

Josef 02/08/2019

neues von TradeDax - EcnPremium

Mein account-manager "Robert Müller" hat mich nach langer Zeit wieder einmal angerufen. Das Konto weist immer noch den gleichen Wert auf wie beim letzten Trade vor ungef. 8 Monaten. Eine Rücküberweisung des Kapitals hat nicht funktioniert trotz mehrmaliger Urgenzen. Nun hat er mir einen neuen Vorschlag unterbreitet, da TradeDax angeblich aufgelöst wird. Er möchte mein Kapital auf einen anderen Broker transferieren (Brokername "EcnPremium" auch nicht reguliert!!!!).Das heißt: ich solle bei EcnPremium ein neues Konto mit einem Einzahlungsbetrag von 500,00 euro eröffnen. Somit hätte ich ein Gesamtkapital von 1078.00 euro. Mit diesem Anfangskapital würde Herr Müller für 2 Monate mit mir handeln und dann das Kapital langsam zurück überweisen. Falls ich auf diesen Deal nicht eingehe verliere ich das Kapital, dass ich in TradeDax einbezahlt und erwirtschaftet habe (578.00 euro). VORSICHT VORSICHT vermutlich sieht man die 2. Einzahlung bei EcnPremium auch nicht wieder. Falls man einzahlt!!!


Translated by Google:

My account manager "Robert Müller" called me again after a long time. The account still has the same value as the last trade before approx. 8 months. A remittance of the capital did not work despite repeated Urgenzen. Now he has made me a new proposal, as TradeDax is allegedly dissolved. He wants to transfer my capital to another broker (broker name "EcnPremium" also not regulated !!!!). That means: I should open a new account at EcnPremium with a deposit amount of 500,00 euro. Thus, I would have a total capital of 1078.00 euro. With this initial capital, Mr. Miller would trade with me for two months and then slowly transfer the capital back. If I do not agree to this deal, I lose the capital that I paid in TradeDax and earned (578.00 euro). CAUTION CAUTION presumably you will not see the 2nd deposit at EcnPremium again. If you deposit !!!

bri schu 01/16/2019

TradeDAX is a scam company

I have invested 40.000 Euros in Tradedax and we togehter doubled the capital in 4 months. When I wanted to withdraw 10.000 Euros in a cpouple of minutes my account was ruined. My broker, Dennis Holst, which I trusted made me press buy and sell buttons which were completely insane. I just did what he told me as I have did all the time when we made profits in 10 minutes he ruined my account.

When I asked him if the company was regulated he after many qouestions from me
before I invested big money he sent me after 10 days a Financial Commission certificate which afterwards was a falsification.

This is a scam company which is not regulated and be extra observant to the Dennis Holt

Thomas Bolin 08/02/2018

TradeDax is a scam

TradeDax is a scam.

Beginning of March 2018 a certain Gary contacted me by my personal Phone and made me an offer to open an account at TradeDax. ( with beautiful promises of course ). They only ask for more money because some trades are fishy.
They use teamviewer to get access to your computer and then trade for you ( badly of course )

My broker's name was Ryan Davis ( pseudoniem ??? )and Always said to me " don't worry, I'll take care of the account, you can not destroy it", but at critical moments he was not available or had suddenly to leave the office.
By accessing your computer by teamviewer, I gave him the opportunity to do the trades for me ( as he is the expert ) , silly of me !!!

Now I would liketo find a way to make a complaint or start legal juridical steps to attack this firm. How can you prosecute them ?

Best Regards

Marc Vandemaele 06/05/2018

I got ripped off by TradeDax

I opened an account with Tradedax last year December 2017. It seemed legitamate requestion compliance documentation and everything.

even though i only had $500 invested because I wanted to test the waters first, I have a broker call me every week to make trades. Then 2 months ago the calls stopped. When i logged into my account as I alway did when the broker called, I saw that I had a zero balance - i had been cleaned out and there is no way to get hol of them at Tradedax - numbers all go to the same voice message.

I am getting no reponse from any of the email addresses they used to communicate with me in the past. Hope this makes others aware so they dont loose money like I did. (PS: I'm based in South Africa)

Muammar Booley 06/05/2018

TradeDax ist ein großer Betrug VORSICHT

Ihr eingezahltes Kapital ist der Verdienst des Accountmanagers das sie niemals zurück bekommen werden. Er steck das sofort in seine Tasche Ich bin der Meinung, dass nur zum Schein gehandelt wird und ihr Einsatz oder Handesvolumens niemals die Börse erreicht. Alles Schein und Trug. Die Tradingstation dient dazu ihnen den Mund wässrig zu machen, noch mehr Kapital zu investieren.. Bitte Finger Weg von dieser Firma.

Translated by Google:

Your paid-in capital is the credit of the account manager that you will never get back. He's putting that in his pocket right away. I think it's a sham, and their bet or hand volume never reaches the stock market. All illusion and deception. The trading station serves to make your mouth water, to invest even more capital .. Please finger away from this company.

Brigitte Schutti 05/29/2018
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