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Is DAX1001 a scam broker?

Overview

Dax1001 is a forex broker that seems to offer its customers with various account types and also claims to offer leverage of up to 300:1. It also provides its customers to trade with the MetaTrader4 platform. All this seems to be pretty much typical for a forex broker, but the real thing is that it is unregulated and comes with some unusual registration and withdrawal conditions. So, if you are thinking about start trading with Dax1001, please read this review till the very end and then decide for yourself.

About Dax1001

To begin with, Dax1001 is an unregulated broker and doesn’t even bother to provide its whereabouts to its customers. Yes, we cannot find any contact information, including the name of the company that owns and operates Dax1001. We could only see a phone number and email address present.

Next, the company claims to offer MetaTrader4 platform for its customers. Most of the traders seeing this might think that it is a legitimate site as MT4 is a credible trading platform. But remember, the scammers also know this very well, and they will make every promise to make you signup and invest your money.

Dax1001 offers its customers three types of accounts including Basic, Gold and Platinum. But, there is no information provided about the minimum deposit required to open a new account.

We tried to create a demo account, but couldn’t see the account getting created at once. Instead, the message said, “One of our managers will contact you soon.” We really don’t understand why should anyone contact me to create a demo account. So, either there is no demo account at all or something is fishy here.

Another shocking revelation that we found with Dax1001 is the site is not secured with SSL encrypted. So, it is pretty apparent the owners of this website don’t care about the safety of their customer’s money. Hence, we can say that your money will not be in safe hands.

Is Dax1001 Legit or Scam

From time to time, we have been advocating people to go only with regulated and licensed brokers, but still, many unsuspecting traders fall into the hands of scammers. All the evidence collected about Dax1001 only points to one fact that it is indeed a potential scam broker. Why would any authenticated broker need to hide his identity from its customers? Hence, we suggest our readers to stay away from this scam broker.