Dax-300 is a Forex and CFDs broker offerinh the popular MT4 platform for trading. But its offering are not any special. Besides, the spreads on the demo are actually different from those in a live account. This is the bitter reality that all those who resort to using Dax-300 will have to face. Also you need to keep in mind that despite the similarity between the entities Dax-200 and Dax300, these two have nothing in common.
This broker offers 3 different types of trading accounts. These are called standard, Gold and Platinum respectively. To invest in any of these, you require at least €250 but if you want to go for the platinum account, Dax-300 will require that you invest at least €20 000.
So the question is, how safe is this broker? Can we trust them to deliver what they say they will deliver? Are they regulated? The first thing you need to know is that Dax-300 is an offshore broker, and that can be a concern especially if you are looking at the regulatory aspect of this broker.
In the meantime, you can trade with the best and reliable brokers who have full regulations. They can be found on this link.
Obviuously no broker would tell you the disadvantages of using their platform. They will always tell you all the good things, and Dax-300 is no exception. On their homepage, we learn that one of the things which they offer is an MT4 platform for trading.
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MT4 platform is a favorite for many traders because of its ease of use and flexibility. It accommodates all types of trading bots and indicators, plus it has a complete charting package that even newbies can get used to quickly. There is simply more to do on the MT4 trading platform compared to similar other trading solutions.
However, this should not be the only deciding factor when it comes to using this brokerage. The thing is that all brokers do have MT4 platform expect a few ones who have decided to run their own custom made trading platform. These are often not very good and you should be careful which broker you sigh up with if your primary concern is to trade on the MT4 platform.
The spreads on the demo are not bad since a pair like EURUSD has floating spreads of up to 1.6 pips. This is the industry standard, plus it is always best to ensure that you are using a broker who has variable spreads instead of one offering fixed spreads. You will be more successful when you trade on a variable spreads environment.
There is a wide range of tradeable assets on this platform. Their trading platform simply accommodates a number of trading instruments and if this broker is not a scam, we are sure that most traders could benefit from this wide selection. They offer Forex pairs in addition to commodities, indices, stocks and the most popular Crypto currencies in CFDs. Therefore, if you are into any of these trade able assets, you would find this broker a very convenient place for trading these instruments. Again, there is a caveat to this. We need to establish whether this broker is a scam or not before we proceed with that decision. There are many good brokers who are providing all these instruments and they are even regulated. So we should not be so desperate to use the services of Dax-300 before carrying out an in depth analysis of who they are.
They are an off shore broker and their website copies that of XM broker. They are registered under the company ELRICS Brothers Ltd which is situated in St. Vincent and the Grenadines. The reason why we try very hard to discourage people from signing up with off shore brokers is that they are never regulated and no governing authority will ever pay attention to what they are doing to their clients. Because there is generally lack of control over the conduct of this broker, it simply means that clients funds are always at risk.
Besides this, it is a well known fact that many off shore brokers are often involved in investment scams, and you do not want to place your money with an investment scam. Finally, there is another thing that bothers us even more. This broker’s website is similar to that of XM’s. Why is this the case? Why did they opt to copy the design and even content of another broker’s website?
Also, when you transition to a live account, you quickly realize that spreads are different from those in the demo. While in the demo we were able to enjoy spreads of up to 1.6 pips for a pair like EURUSD, their real accounts had a fixes spread of 3 pips. This is not acceptable at all and it only shows the cunning nature of these people. Why deceive us on a demo and give us a completely different thing in a live account? This is one of the major reasons why you should avoid Dax-300 at all cost.
They are a market maker too, and this is bad for your trading because for every contract you place, there will be conflict of interest. The broker is always trading against you and if you beat them, they lose money. If they beat you, you lose money.
Now, this is very different from brokers who route your trades directly into the worldwide Forex market. There is no conflict of interest here and therefore your trades are free from interference.
Dax-300 appears to be a shady broker and this is mainly due to its legal status. Besides this, they are misleading us with their demo account which is not good at all. Another thing is that they are copying the website of another broker. This is not professional. Our safest bet would be to stick with these regulated brokers.
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