Daxioma Review – 5 things you should know daxioma.com

Daxioma Review – 5 things you should know daxioma.com

Beware! Daxioma is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

Daxioma says to be a reliable broker offering a wide variety of trading instruments including CFDs on crypto currencies, stocks, bonds, commodities, precious metals and over 30 forex pairs with a choice of six account types and a proprietary web based platform.

Unfortunately the broker’s presentation was not very informative so we can not be sure about the trading conditions on each account type, and yet when we tried a demo account the spread on the benchmark EURUSD was fixed at 2,5 pips, which combined with the 9 USD commission per standard lot traded looks far form attractive. Bear in mind that spreads are only considered attractive if they start below 1,5 pips without a trading commission.

That however is not our main issue with Daxioma, but the fact that this is an offshore broker with no legit license to provide financial services on regulated markets like the European Union or the UK. So if you are still considering Daxioma a reliable trading partner where you can trust your funds better read the following paragraphs first.

Daxioma regulation & safety of funds

There are several companies associated with the broker – Clever Technologies LTD, which is the principal owner and which is based offshore, on St. Vincent and the Grenadines, Credointer Limited Partnership sp. Z o. o. – a company supposedly based in Poland, which is said to be their European partner, the Estonia based DAXIOMA GROUP OÜ, which is processing all the payments and the Bulgarian DK GROUP LTD, which is mentioned as marketing and consultancy support. Also the trading platform appears to be provided by yet another company – UTIP Technologies Ltd., about which we known absolutely nothing.

And as we already said non of the above mentioned companies has a legit license to offer financial services on the EU market. Legit brokers in Europe are strictly regulated and should be authorized by one of the official national financial regulators of the EU member states like the Cyprus Securities and Exchange Commission (CySEC), BaFin in Germany, CNMV in Spain, CONSOB in Italy or let say the Bulgarian Financial Supervision Commission (FSC).

Actually, until the UK is still in a transition period after Brexit, a forex license by the British Financial Conduct Authority (FCA) will also be valid in all the 27 EU states.

And the reason why regulations is so important is pretty straight forward – this is the only way to be sure that your funds will be safe. So do yourself a favor – trade only with licensed brokers.

Daxioma deposit/withdrawal methods and fees

Daxioma says they accept payments with bank transfers, credit cards and several e-wallets – QIWI, YandexMoney, MegaTransfer, but their favorite payment method appears to be Bitcoin. Popular e-wallets like Skrill and Neteller are not accepted.

And they say it would take them five business days to process your withdraw request, while legit brokers will generally do that within 24 hours.

Otherwise the minimum deposit requirement is more or less acceptable – 250 EUR, but there is a salty inactivity fee – 50 EUR a month, which will be collected after just three months without trading. This is highly unusual – legit brokers may charge you some dormant fee if you have not traded for more than a year or so.

Finally beware of trading bonuses. Trading bonuses always come with additional withdraw condition – some minimum trade volume requirement, which scammers will use as a pretext to cancel your withdraw requests. Besides, the offering of trading bonuses is prohibited on the European market altogether.

How does the scam work?

Probably you have not hear about the so called robo scam websites like Bitcoin Profit and Brexit Trader, but if you happen to land on one of those you might be surprised by how inventive scammers might be. Such sites are always build around some video ad, which might be pretty convincing and which usually will tell you the story of how easily you can get filthy rich by joining some revolutionary trading platform, most probably focused on the crypto currency market, where with the help of trading robots your funds will multiply within days. And all you will be asked to do in the beginning will be to leave your e-mail and phone.

And than, after you register you will be transferred to the website of some unregulated, offshore broker, where scammers will ask you to deposit about 250 USD. Now, do not be surprised by how successful your initial trades will be – that is just prat of the scam, and the idea is that you get carried away and invest more.

And that is exactly what your “senior account manager” will tell you – if you really want to make some real money you should definitely deposit more – like ta least 10 000 USD or so. This might surprise you but at this stage most people do invest that kind of money without realizing they have been scammed right until the day they file a request to withdraw some of their funds. Than all of a sudden it will turn out this is not possible, because they have not met some minimum trade volume requirement, most probably linked to their welcome bonus. Certainly the excuse might be different, but in the end it will all come to the same – scammers will not pay a single penny back.

What to do if scammed?

You may have a chance to see your deposit back if you file for a charge back with your credit card company. That of course will be possible only if you have paid with a credit card. Fortunately both VISA and MasterCard will allow you to do that within 540 days since the day you have made the deposit – that is according to their latest anti scam policy.

And scammers might try to steal money directly form your bank account – that will happen if they have tricked you to tell them your credit card number, security code or online banking password. Also this might work if they have convinced you to install TeamViewer or AnyDesk and share the installation details. If they have succeeded in that, be sure to immediately cancel your credit card, delete the programs and change your online baking password.

And one final word of advice. Do not trust the so called recovery agencies – in general this is just another form of scam. Despite their promises they will not help you in any way. They will just collect some fees in advance, basically scamming you a second time.

Rich Snippet Data
Review Date
Reviewed Broker
Daxioma
Broker Rating
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