Dax1001 is allegedly the trading name of One Thousand One Ltd, an offshore company registered in the Trust Company Complex based in the Marshall Islands. Brokers who are based in this offshore country are not subject to any licensing and financial supervision regime.
In our reviews we continue to reiterate the importance of financial regulation, as this is the most important factor in the safety of any investment. The trading world is sadly plagued by scammers and most of them operate without authorization.
Furthermore, we found that the Italian financial regulator, CONSOB, recently blacklisted Dax1001 and even ordered it to stop illegally offering investment services and activities to the Italian public.
Dax1001 is an international foreign currency broker that offers its services to both novice and experienced traders.
Some of their main strengths are listed as the fastest trading order execution system, daily customer support with quick problem solving, multiple account types to choose from and a powerful and customizable trading platform.
Too bad that Dax1001 is also an unregulated offshore broker offering up to 1: 300 leverage which is very tempting if you don't know the risks associated with trading and offshore brokers.
And apart from the lack of regulation, they have some rather "unusual" withdrawal conditions, so if you are considering opening an account with this broker, be sure to read this review first.
Is it registered and regulated?
As mentioned above, the broker's website Dax1001 is owned by One Thousand One Ltd, which is based in the Marshall Islands, a real tax haven used by anyone who wants to scam online. Furthermore, we found out during our review, that the broker is also operated by a company based in Bulgaria, One Lable limited Ltd.
Is Dax1001 regulated? No! And that only diminishes its reliability. Remember: brokers who are neither registered nor regulated have no legal responsibility towards your funds and therefore, the safety of your capital depends only on the reliability of those who manage them ...
If you want to trade online, then you have to rely on a broker that has valid regulation such as CySEC, ASIC or FCA.
Account information and minimum deposit required
Dax1001 offers 3 different account types. The account comparison page doesn't provide much information (obviously, as it is a scam), but there is at least the general information we list below.
- Basic Account: This type of account is the one that is aimed at beginners who are starting to take their first steps in the world of online trading.
- Gold Account: the Gold account is aimed at more experienced traders; includes a wider range of tools.
- Platinum Account: The Platinum account “would be” perfect for professional and more experienced traders, ready for big deals and big risks.
Since the trading conditions they offer are not indicated on this page, it is clear that something is wrong. Usually, when a site is not very transparent, it means that there is something wrong and with the broker Dax1001 there is much more than "something".
For this reason, we don't recommend opening an account with this broker, but rather doing it with a regulated one as suggested above. For example, it's very easy to create an account with Bitcoin Bank. All you need to do is follow these steps:
The platform used for trading
Dax1001 offers only one platform and it is the popular MT4. MetaTrader 4 is a software highly appreciated by users, because it offers many useful features, such as the ability to use interactive charts and online indices. Thanks to these features, traders can monitor the movements of the shares and open or close trades accordingly. There are many technical indicators and different analytical objects available on the platform that can help traders predict price fluctuations.
Furthermore, on MT4 it is possible to install all the Expert Advisors that you prefer, thus giving practically infinite analytical possibilities. Furthermore, all users also have access to a large and free library of extra indicators. MT4 can be downloaded both on PC and mobile device. Or, access the web trader directly from a browser on any device connected to the internet.
Do they offer a bonus to traders who sign up?
Dax1001 offers bonuses, however, even in this case they are very unclear and transparent. These bonuses are in fact linked to special withdrawal conditions and not to the first deposit, as happens in other cases.
If you have accepted a $ 200 bonus for example (but don't understand how), you will need to trade 50 standard lots or $ 5 (!) Million first before you can make the withdrawal ...
And as if all this were not enough, the broker also reserves the right to change the conditions of the bonus at its discretion and whenever it wishes. Not really the best for the user.
No trading information available
We always read the Terms and Conditions and other documents submitted by brokers, as sometimes there are some rather "weird" things written in very small and hard to read fonts. In the case of Dax1001, we found that the broker's T & Cs urge clients to declare that they accept that all types of fees and commissions are deducted from their account.
Additionally, Dax1001 claims that withdrawals will be processed within the first 30 days of opening an account, which sounds strange and likely means no withdrawals will ever be processed.
Another worrying sign is that this broker offers quite high trading costs. All reputable brokers present their target or reference spreads to prove that they are transparent about their pricing and services. Dax1001 no.
What do regulators say about the broker?
Dax1001 and the company that manages it are not authorized to offer financial services on regulated markets such as the EU, the United States, Japan or Australia.
However, the broker obviously caters to investors from those jurisdictions, as the Italian financial supervisory body has blacklisted it. This definitely obscures all the possible advantages offered by the Dax1001.
As usual, our best advice for forex traders is to invest only in reputable brokers who are duly licensed by reputable financial authorities, such as ASIC in Australia or the Financial Conduct Authority (FCA) in the UK.
You can access the website of Bitcoin Bank and start trading by clicking the button below.
Is Dax1001 reliable?
Although it is stated on the broker's website that it is one of the best financial intermediaries in the industry, the truth is that it has no regulation and for that alone, we would advise against its use.
Are there brokers similar to Dax1001?
Yes, there are many brokers that offer similarities with Dax1001, however, unlike the latter, the safe and reliable ones are registered, regulated and transparent.
I was scammed by Dax1001. What should I do now?
Unfortunately there is nothing you can do at this point. The only advice we can give you is to invest your money in a regulated broker to try to recover what was lost.