DashFX Trade Review – What Kind of a Broker is it?

DashFX Trade Review

The internet has added a great deal of value to our lives and no one can deny this fact. Many barriers have been eliminated and things have become simpler and more accessible. A lot of functions, activities and markets have evolved and online trading is a result of this advancement. It is one of the biggest trends to have existed and continues to remain strong, with online brokers facilitating people who want to trade in the financial markets. Yet, you need to go through this DashFX Trade review before you decide to open a trading account with this broker.

With the opportunities in the financial markets, it is very tempting to start trading as quickly as possible, which means signing up with the first broker you find, be it DashFX Trade. However, you shouldn’t forget that this is the internet and not everything is what it appears to be. This means that a platform that appears to be a professional one could turn out to be the complete opposite. After all, this is how frauds happen and you definitely don’t want to be defrauded, do you? The only way to ensure you don’t fall in this camp is to know the broker you are considering.

You have to find out what kind of a broker it is, no matter what it claims. No website comes with a warning sign and this also applies to DashFX Trade. When you check out their website, you will discover that they are offering you some very lucrative returns as well as the MetaTrader platforms for trading. But, this is just the surface and you have to go below it in order to know the truth. What kind of a broker is DashFX Trade? You can find the answers below:

It is not licensed

The first thing you need to check when you are looking at any broker is their license. You should only deal with a platform that has a proper license to provide trading services because this offers you security and ensures you are not falling into a trap. The license depends on where the broker is based and in the case of DashFX Trade, you will find that they are operating from Saint Vincent and the Grenadines. While they have certainly not attempted to conceal their location, this doesn’t reassure much.

It is because this is an offshore destination, notorious for being the home of scammers. The authorities in SVG have clearly said that they do not regulate forex brokers and this means any company can set up operations there and do whatever they like without any accountability whatsoever. Yes, it is possible that not all brokers operating from there are scams, but DashFX Trade certainly is.

If you need further proof of this fact, then you will find that the Financial Conduct Authority (FCA) in the United Kingdom has issued a warning against DashFX Trade. This is the regulatory authority for the region and it has stated that the broker is providing its services illegally to investors in the UK. In order to do so, it has to have a license from the FCA, but it does not and yet, is still offering its services. No legitimate company would ever do so because it would be automatically blacklisted, which DashFX Trade is. This is all the confirmation anyone can need, but there is more if you require it.

It makes unrealistic promises

Another problem with DashFX Trade is that it is using the oldest tactic in the book for luring clients; it is promising high returns to get them to sign up on its platform. All you have to do is look at the account types they have added on their website and you will see that they are promising minimum and maximum returns on your deposits. It is essential to remember that no brokerage will ever guarantee you any kind of returns, let alone returns as high as they have advertised on their website.

They have even mentioned the duration you can earn these profits in, which is just not possible for any broker to do. Most importantly, you should bear in mind that DashFX Trade is a crypto broker and this market is even more volatile and uncertain than any other financial market. Even expert traders cannot make a profit on every trade. Plus, legitimate brokers usually warn their clients about the risk of trading in the financial markets instead of giving them any profit guarantees.

It does not have a trading platform

By now, you have probably realized that DashFX Trade is definitely not a legal and reliable broker. Therefore, it shouldn’t come as a surprise that it is also lacking in one of the most important features that an online broker has to have. This is the trading platform that allows people to actually execute their trades, so it is crucial to the entire process.

When you check the DashFX Trade website, you learn that they have mentioned the MT4 and MT5 platforms that are known as the top ones in the market. But, once you register an account, you will find that there is no platform at all. Instead, they offer you some kind of a dashboard that only shows some quotes taken from the crypto exchange Coinbase that doesn’t have a trading option at all. The purpose is to only create an illusion of a platform, which it does.

It only accepts crypto deposits

A look at the payment methods supported at DashFX Trade website shows that they only allow you to make payments in cryptocurrencies. Some might consider this impressive, as it is a modern payment solution, but there are problems with crypto payments. These are usually final, which means there is no possibility of a chargeback in case something goes wrong. They also tend to be anonymous, so there is no tracing them either and your money will be gone.

Closing Thoughts

After a study of their offerings, it is apparent that DashFX Trade is not really a broker, but a scam pretending to be one and should be avoided at all costs.