The unregulated Forex brokerage DAX1001 supposedly based in St. Vincent and the Grenadines has been added to the warning list of the Italian financial watchdog Commissione Nazionale per le Societa e la Borsa (CONSOB). CONSOB keeps and updates one of the most comprehensive list of unauthorized financial service providers that are operating illegally in Italy.
DAX1001 operates via the website – dax1001.com – which, according to the information from the terms and conditions of the brokerage, is registered both in St. Vincent and the Grenadines which is a haven for shady brokerages and scammers.
The brokerages provides the MetaTrader 4 platform and extend clients a generou leverage of 1:200 and floating spreads. However, readers are urged to take heed of the warning issued by the Italian authorities which reads that the brokerage is providing financial services unauthorized and is targeting Italian traders illegally.
We always remind readers that the best way to exclude all risk of fraud in trading is by associating only with entities that fall under the regulatory oversight of prestigious agencies such as the FCA in the UK or CySEC in Cyprus.