FOREX/BROKER COMPANIES TO AVOID: DAXIRON/ IS DAXIRON A SCAM?
FOREX/BROKER COMPANIES TO AVOID: DAXIRON
DAXIRON is an online broker which offers a trading platform on forex and cryptocurrency.
According to research and reviews from users of the platform, Daxiron.com does not fall under any regulating agency and they operate an “Automated Trading Software” as this system is known for scamming schemes. This is to show that this platform is totally a scam and you shouldn’t invest in them.
Daxiron, like other fraud trading platforms, is unregulated. That means the customers are not protected and are prone to being scammed and there won’t be any agency to hold them responsible.
Daxiron was launched on April 5th 2021. Now, their website is no longer accessible. Basically, this a classic scam, and stay far away from them.
Daxiron is not licensed and it is not under any regulatory bodies. Every legitimate online broker should be regulated and licensed in the country they operate, for example; ASIC in Australia or the FCA in the United Kingdom. Though they have a number in the UK but it is not regulated by the FCA, and they also provided a regional number cutting through Mauritius, and an email address of email@example.com On their website. All these are part of the scamming scheme to look legit to new customers. So it is not advisable to make any investment with them.
WITHDRAWAL OF FUNDS
One common thing about illegitimate online brokers is that when it comes to withdrawal, there is always delay and if it gets to a particular period you won’t be able to withdraw your funds from the account. For example, If you want to withdraw your money from the account they delay it for six months, and by that time you won’t be able to file a chargeback anymore and definitely your money is gone forever.. It does not matter how often you remind them or insist on withdrawing your money, you will NOT get them back. And one mistake customers make is that when they sign up on the platform, the moment you sign the Managed Account Agreement or MAA, you have basically given them permission to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
DAXIRON TRADING SOFTWARE
Daxiron claimed to be operating a Meta4 trading software platform, but as it is they just operate a web based platform which is so complex to understand. Below is the image of Daxiron web based trading platform.
As it is on the image above, on the left side, traders can see the different currency pairs available and their bid price. The center of the screen displays the price fluctuations of the EUR/USD pair at specific times. Daxiron offers a spread of o.6pips, which is very okay, the problem is that when you discover that the leverage available is 1:500, a rather high and risky ratio. If you decide to go with the broker, you will be taking a serious risk with your fund.
Unfortunately for many investors, the Forex market is a minefield of scammers and fake brokers. We have been in the industry for over 6 years now, and have seen our fair share of brokers that make promises about huge profits, and then vanish without a trace. At Forex Broker Reviews we have taken the time to look into DAXIRON and have found that it is one of the biggest scams in the broker industry. The company is not regulated by any of the major financial regulators, and has a history of stealing its client’s money. IS DAXIRON A SCAM? DAXIRON IS A SCAM