71% of retail CFD accounts lose money. You should consider whether you can afford to take the high risk of losing your money.
81% of retail CFD accounts lose money
Your capital is at risk
DAXBase is a Forex and CFD trading platform that offers CFD trading over a wide range of financial assets to the vast majority of the countries worldwide. It is operated by Clever Technologies Ltd, which is headquartered in the Marshall Islands. Even though it provides better trading conditions with attractive discounts and bonuses for users, it is not regulated or authorized by any organisation. Therefore, users should understand the risks involved before dealing with this trading platform.
Your capital is at risk
The web trading platform of DAXBase is so simple that even a novice trader can quickly buy or sell CFDs from this platform. It is available in multiple languages including French, Spanish, Thai and Russian. At the time of writing, DAXBase allows CFD trading over different instruments like forex, commodities, cryptocurrencies, stocks and indices.
DAXBase rewards its users with bonuses to initial or first-time trading deposits. Depending on the amount of deposit, a bonus can be as high as 100%. Moreover, it provides a free demo account for its users to improve their trading skills without losing money. It supports CopyTrading that allows users to choose from one or more successful traders and copy their trading movements.
DAXBase offers three types of accounts: Bronze, Silver and Gold based on the deposit amount as given below:
Gold and Silver account holders are eligible for a couple of features like Master Class (web session) and Personal Success Manager (only for Gold members) while other features remain the same for all types of accounts.
The following review analyses several aspects of DAXBase, whilst providing you with an all-rounded detailed overview of the platform and its services. Although Cryptimi does its best to provide you with accurate information, whilst aiming to update it on a regular basis, we strongly recommend that you visit their website for any important updates which might occur after this review has been published.
DAXBase has stated in its confidentiality policy that it will never disclose any private or otherwise confidential information of its clients to third parties without their consent. All transactions made on the CFD trading platform are processed through 256-bit certified SSL layer to provide maximum protection for users’ sensitive information. Furthermore, the trading platform claims that all users’ funds are stored safely on European banks. However, one must keep in mind that DAXbase is not regulators and licensed to perform financial trading.
DAXBase offers CFD trading over a wide range of instruments such as Commodities, Cryptocurrencies, Stocks, Indices and Forex. It lists all top cryptocurrencies including Bitcoin, Litecoin, Ethereum, Dash and Ethereum Classic. Check out their website to get the full list of instruments available on their platform.
The trading platform supports CopyTrading, a technique that can be helpful for those who want to trade automatically (by copying trading movements of other users) instead of manual trades.
At first glance, the trading screen of DAXBase looks rather basic and simplistic, with only limited controls such as the Buy/Sell button and a tick chart. However, upon looking into it, you can find a lot of features like economic calendar, technical analysis, Charting tools, fundamental analysis, trade pattern ideas which will be really helpful for professional traders.
The only downside of the CFD trading platform is that it doesn’t provide an option for users to configure price alerts, notifications or to add assets as favourites for quickly monitoring their prices.
It won’t take more than a minute to create your trading account on DAXBase, as you need to provide only your name, phone number and email address. Since the trading platform doesn’t have a Forgot Password option, you need to take a copy of your password for future reference.
Follow the below steps to create your account on DAXBase:
Now, you will be logged in to your account dashboard.
To log in to your account, follow the below steps:
After logging in to your account, you can deposit funds right away as you need not provide any documents to deposit funds on to your trading account.
DAXBase doesn’t require users to verify their identity to deposit funds. However, they need to submit all required documents in order to withdraw funds from their trading account. If the account is funded by credit or debit card, then you need to submit a copy of the front and back of the credit card, hiding sensitive authentication data, a government-issued photo ID (such as a driver’s license or passport) and a 3-months recent proof of address (such a bank statement or utility bill). If you had deposited funds by wire transfer, then a copy of the bank statement from the originating account showing the transfer will be required. Or, if you had used an electronic wallet service like Skrill to deposit funds, then you must submit a photo ID and a proof of address.
Follow the below steps to buy or sell Bitcoin CFDs on DAXBase trading platform. Before placing your order, make sure that you have deposited funds in your account.
Follow the below steps to deposit funds on your account. The minimum amount of deposit is 5000 EUR/USD for direct bank transfer. For other payment methods, the minimum deposit amount is 250 EUR/GBP/USD.
Generally, the processing time for deposits made via card or e-wallet is up to 3 hours, while it will take up to 3 business days or more for deposits made through wire/bank transfer.
Warning: The financial services provided by this platform carry a high level of risk and can result in the loss of all of your funds. You should never invest money that you cannot afford to lose. Under no circumstances does the company have any liability to any person or entity for any loss or damage cause by operations on this platform.
Now, let’s take a look at how to buy and sell Bitcoin CFDs on DAXBase.
Once your order has been processed, you can track the status of your open position from TRADING page below tick chart.
In order to withdraw funds from their trading account, users must verify their identity and payment method by providing all relevant documents. Normally, withdrawals are processed using the same method of deposit. For example, if you had deposited funds using a credit card, then you can withdraw your funds to the same card. DAXBase supports all payment methods like Wire transfer, Electronic wallets, Credit/debit cards and Cryptocurrencies.
The minimum amount of withdrawal is $50. Refer Platform Fees & Limits section to learn about withdrawal fees.
Normally, DAXBase processes your withdrawal requests within an hour. However, it might take additional time to receive funds based on your payment method. Except for wire transfer, your funds will be credited on the same day to your payment card or e-wallet.
Currently, DAXBase supports the following cryptocurrency CFDs:
Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), ZEC/USD, ZEC/BTC, XRP/USD, XRP/BTC, XMR/USD, XMR/BTC, SAN/USD, SAN/ETH, SAN/BTC, OMG/USD, LTC/BTC, IOT/USD, IOT/BTC, ETH/BTC, ETC/USD, EOS/USD, EOS/ETH, EOS/BTC, DSH/USD, DSH/BTC.
To get the full list of cryptocurrency CFDs supported by DAXBase, check out their website.
Except for a few countries, DAXBase accepts members from all countries worldwide.
DAXBase offers its services to almost all countries in the world including Austria, Australia, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, HongKong, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and United Kingdom.
DAXBase doesn’t accept residents of the USA. Kindly note that this information was relevant at the time of writing.
Every CFD trading platform has its own fee structure and limits.
DAXBase doesn’t charge a commission for every trade. However, other kinds of fees are applicable as given below:
At the time of writing, DAXBase charges a swap fee of 0.07% of the face value of the position for keeping a position open overnight. The swap fee is calculated as the rounded result of the following formula: (23%)/360) + Libor rate, where Libor is London Interbank Offered Rate.
If the user fails to transact at least one trade in any calendar month, an account service fee of $10 per month will be levied.
The spread is dynamic and may take into account such factors as liquidity in external markets for the underlying financial instrument and competitive pricing.
DAXBase doesn’t charge any fees to deposit funds on your account. For withdrawals, there is no fee to withdraw funds via electronic wallets, Bitcoin or Altcoins. However, a 5% transfer fee is applicable for funds that are withdrawn via Credit/Debit card/ Wire transfer.
The minimum amount of withdrawal is set to 50 USD. For deposits made via direct bank transfer, the minimum amount should be 5000 USD/EUR. To fund your account using credit/debit card, cryptocurrencies or electronic wallets, the minimum amount is set to 250 EUR/USD/GBP.
The leverage offered by DAXBase for cryptocurrency CFDs is 1:10.
DAXBase supports multiple fiat payment options and cryptocurrencies:
Since DAXBase doesn’t provide two-factor authentication, it becomes the sole responsibility of users to protect their account by creating strong and unbreakable password.
DAXBase offers Live Video Chat (Group/Private) for its customers to resolve their issues. Alternatively, users can send a detailed email to [email protected] to quickly solve their problems. Moreover, DAXBase also has dedicated phone numbers in multiple languages like English, Russian, Thai, Chinese so that customers can get quick support in their desired language. Apart from the above options, users can get in touch with the support team by filling the form available on their website.
Both trading platforms follow a simple registration procedure to create a trading account. In DAXBase, identity verification is mandatory for only withdrawals whereas Plus500 expects users to complete full KYC procedure in order to start trading on its platform. Both DAXBase and Plus500 support CFD trading of all the top cryptocurrencies including Bitcoin, Litecoin and Ethereum. Regarding security, Plus500 offers two-factor authentication protection for its customers whereas DAXBase doesn’t provide any additional security features.
These CFD trading platforms claim that the customers’ funds are securely stored in European Banks. eToro provides an integrated wallet to store its clients’ assets whereas DAXBase doesn’t provide any wallet service. DAXBase is not regulated by any legal organisation whereas eToro and its subsidiaries are authorized and regulated in every jurisdiction they operate. Both DAXBase and eToro supports a wide range of payment methods to deposit/withdraw funds. As for fees, DAXBase is considered better as it doesn’t charge withdrawal fees for all payment methods except wire transfer whereas a flat withdrawal fee is applicable on eToro.
DAXBase and IQOption offer a demo account for their customers to test their trading skills without losing money. IQOption has a mobile app that allows users to trade on the go whereas DAXBase doesn’t have a mobile app at the time of writing. Even though both the CFD trading platforms are user-friendly, IQOption allows users to create price alerts and configure notifications whereas DAXBase doesn’t have an option to follow price movements of assets. DAXBase offers a huge bonus of up to 100% for first-time deposits whereas there is no such reward scheme available on IQOption.
Even though DAXBase offers some unique feature benefits like bonuses, faster withdrawals, cryptocurrency payments, low fees, the fact that it is not regulated makes it unpopular among serious traders. It doesn’t provide any kind of investor compensation for its users. Furthermore, users should remember the fact that CFD investments are always subject to high risks and it is possible to lose all their investments.
To close your DAXbase account you will need to get in touch with customer care.
No, DAXbase does not withhold any taxes on payouts. It is your responsibility to settle any pending tax payments with your local authorities.
No, currently DAXbase does not offer a mobile trading app.
The financial services provided by this website carry a high level of risk and can result in the loss of all of your funds. You should never invest money that you cannot afford to lose.