Beware! Daxiron is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Daxiron is yet another offshore broker declaring it’s easy to invest in the global financial markets. They offer standard CFDs such as Forex, Stocks, Indices and Commodities traded on MetaTrader4, a Web-based platform and mobile apps. Well, this is not actually true, and the broker is indeed making fraudulent claims. Find out what we are talking about in the full Daxiron review.
Daxiron REGULATION AND SAFETY OF FUNDS
Daxiron is a brand of Synnfrey Sol Ltd, a company allegedly registered in Dominica. We said “allegedly” as the company is totally anonymous, and it’s impossible to unearth a single piece of information about it. In fact, Dominica is a shady tax haven that doesn’t license Forex brokers, and the Caribbean island is indeed bustling with scammers precisely due to the regulation deficit. So, your funds won’t be safe because Daxiron is an anonymous, unregulated broker that may as well be a scam scheme, and you should avoid it.
We put two screenshots at the bottom of this section to demonstrate why shady offshore brokers are untrustworthy and unsafe. Daxiron pretends to offer a maximum leverage of 1:30, but that’s not true because the default ratio upon registration is 1:100. The broker is lying, and you’d better ask yourself why and what else could be wrong with this broker.
As Daxiron is unreliable, you can consider the high-rated EU brokers and British brokers topping both lists. We recommend those because Europeans grant high-grade security and protection guaranteed by deposit insurance funds created to reimburse clients in case of insolvency. Thus, CySEC brokers’ traders can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. So if you are eligible to open accounts with European companies, you can safely go for it.
Daxiron TRADING SOFTWARE
Now, we got on to even more fraudulent claims. Daxiron pretends to provide MetaTrader4, but that’s falsehood, and the platform is not actually available for trading. The trading software is web-based and can’t offer any advantages over MT4. There are too few indicators at hand, the charting tools are unreliable, and the platform is overall displeasing.
That said, the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists are safe and deliver one of the best distributions. Both MTs are packed with sophisticated tools such as Expert Advisors, many complex indicators, sophisticated charting tools and a marketplace featuring more than 10 000 apps. You’d be much better off if you choose MetaTrader brokers over the ones delivering flimsy Web traders.
The EUR/USD spread is 3 pips, which used to be a competitive spread somewhere in the early 2000s. Nowadays, most reputable brokers offer tight spreads of 1 pip or less, so the unfavourable Buy/Sell difference is an argument enough to stay away. Daxiron is a costly broker.
As already mentioned, the actual leverage is fixed at 1:100, a risky ratio no longer considered adequate for retail clients. It is a powerful financial tool allowing traders to multiple the size of their positions, but the risks involved are immense. In fact, leverage is so dangerous that many of the respected authorities restrict its usage to further reduce retail traders’ risks. Consequently, EU, British and Australian brokers‘ clients are limited to 1:30, while Canadian brokers and US brokers can’t provide more than 1:50. On the other end, most of the high-leverage FX companies are unlicensed, and we urge traders to be careful with those.
Daxiron DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Daxiron is $250 via Credit/Debit cards only, a requirement that’s a bit higher than the regulated industry standards- $100 on average. At the same time, though, various licensed brokers have micro accounts for 5 to 10 dollars, and you can find some of those by following the links provided throughout the review.
Speaking of deposits, we can suggest our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The companies on top of both lists are adequately regulated, and you won’t face scammers.
Information about minimum withdrawals and transaction fees is missing, so people should be able to take out as little/much as they want. However, we already encountered many inconsistencies, so we can’t take Daxiron’s word for granted.
There aren’t withdrawal fees specified, but Daxiron balances out with the inactivity charges. According to the Terms, an account becomes dormant after 6 months of inactivity and will be charged $40 per month, which is almost $500 per year! That’s a scam! In contrast, the regulated brokers usually take 5 to 10 dollars per month at most. Daxiron is too costly!
Overall, Daxiron is a shady unregulated broker, which is more than enough for you to avoid this suspicious business.
HOW DOES THE SCAM WORK
The Forex scam is a popular type of fraud that’s rather distinctive because it’s actually a process. In the typical scenario, the victim clicked on an ad, then received a phone call, and at some point got convinced to deposit money. To make people accept fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes, and so on. Their imagination is rich and would invent as many stories to get the craved deposits.
Unfortunately, the first deposit is not the end but the beginning. Gradually, scammers would manipulate victims and would urge them to invest repeatedly. For example, con artists may not allow people to trade themselves but would pretend to manage the accounts. Forged results would show victims massive profits, and scammers would ask for more money, promising to secure more gains.
However, the problem starts when people ask for withdrawals. Scammers would make excuses to refuse withdrawals and even require additional deposits to let people take their money out. Those criminals won’t stop asking for funds, no matter what. In the worst case, the victim would believe in the scammers’ falsehood and deposit again and again. However, sooner or later, the scam would become evident, the fraudsters would cut the communication and eventually disappear. They would drop the website, create a new one and carry on with their criminal business untouched, while people would be left with losses almost impossible to recover.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened so that they can give you instructions and help, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush to recover funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!