Best Choice For Beginners!
Free Trading Education!
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Perfect For Experienced Traders!
Regulation: CySEC,FCA, ASIC
Min. Deposit: US$200
Platforms: eToro Platform
Found in: 2006
- eToro (UK) ltd – authorized by FCA (UK) registration no. 583263
- eToro (Europe) ltd – authorized by CySEC (Cyprus) registration no. 109/10
- eToro AUS Capital Pty Ltd. – authorized by ASIC (Austraia) registration no. AFSL 491139ACN 612 791 803
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FP Markets Review
- Our Review
- eToro User Reviews
- eToro News
What is eToro?
eToro was founded in 2006 by three partners, who aimed to create a financial trading platform suitable to the traders of all levels, offering easy and convenient trading tools. In fact, nowadays the parent company became the largest and one of the most popular brokers along with eToro social trading network that serves more than 6 million users from around 150 worldwide countries.
eToro specializes mainly in CFD assets trading and is a social trading community, also is a fully regulated broker including respected FCA and authority of Australian securities (ASIC).
eToro offers both live accounts and demo one with advanced trading capabilities.
In fact, every day thousands of new traders continue connecting to eToro expanding community globally, so let us get closer and understand a reason for that.
|•Great Social trading environment
•Free Stock and ETF trading options
Best Binary Options Brokers 2020:
•Competitive trading in the EU
|•High Forex fees
•USD is the only one account base currency
•Withdraw money or withdrawal fee is 5$
10 Points Summary
2. Considered a safe broker due to its regulatory obligation set by ESMA, ASIC, FCA, etc.
3. Is one of the biggest Social Trading providers with great algorithms and selection between portfolios, particular traders and investments
4. A great amount of assets to trade including Stocks, CFDs, Forex, Commodities, Portfolios, Metals, Cryptocurrencies
5. Demo Account offered with unlimited basis conditions along with Education materials and webinars
6. Trading costs and spreads are rather high compared to competition for Forex, while Stocks and CFDs traded with no commission charges
7. Charge additional fees like withdrawal fee and inactivity fee
8. Minimum deposit – 200$ for Europeans, yet deposit may vary according to your residence
9. Base currencies as standard is USD, with deposit option including Credit Card, e-wallets, Bank Wire
10. Trading platform is proprietary web-based software with very customer-friendly layouts
How does eToro work?
Since its launch, eToro has gone a path of innovation, creation and introduction of features that moved investment technology and online trading to a new level. Apart from the fact that eToro traders obtaining fast and convenient access to the world financial markets, it provides the ability to copy successful traders from around the world without any commission.
So the way it works being a brokerage firm that uses modern technology to execute orders and provide you with live quotes available from the word exchanges also enables a trading solution to international traders despite its size and experience. Eventually, eToro trading platforms with social trading capabilities that acts as a market maker and gaining its profits from the charges of spread.
Further on we will cover how to use its platform and how to trade on eToro step by step.
Actually, it is a highly rewarded broker too, which gained not only great reviews from the global traders but also timely rewarded by the world reputable editions or international magazines, expeditions, etc. Eventually, eToro Review found that the broker holds awards as Best Broker for Cryptos, Best Broker for Social Trading and many more “best” titles are in its list.
Is eToro safe or a scam?
Apparently, this is the first question any trader should check before any further actions, obviously verify is eToro legit or not in reverse bringing you safe trading conditions. In terms of brokering services, Yes eToro is safe due to heavy regulation the company complies with.
Hereby you can trade assured of protection under eToro safety measures with the strict set of various regulatory standards, while all procedures sharply concord with the international rules. As the funds safety is the primary aim, clients’ funds’ are segregated at all times and supervised internally and externally.
This ensures maximum protection of account holders and does not allow eToro to manage client money or use funds in the company own purpose. In addition, applied negative balance protection means the trader can’t lose more than his initial balance is, therefore secures positions. Further on we will cover more details about safety in our eToro Review.
|•Authorized by leading authorities worldwide
•Regulated live trading account
•Fully audited Financial service
|•There is no financial information available for public|
How is eToro regulated?
eToro provides its trading service through headquarters in Cyprus and its additional entities eToro Europe, eToro United Kingdom and eToro Australia Capital. While entities are authorized by three separate jurisdictions FCA, Exchange Commission CySEC and ASIC.
Therefore it means the trading account and financial services fully comply with the measures and regulations set by the respected authorities. According to MiFID that serves European clients and provided by Cyprus Securities and Exchanges Commission (CySEC) and UK Financial Conduct Authority (FCA) licenses eligible to trade.
In regards to Australian clients, eToro entity operates and provides live trading with authorization and compliance of ASIC license.
|Legal entity||Country, Regulator and License|
|eToro (UK) ltd||UK FCA registration no. 583263|
|eToro (Europe) ltd||Cyprus CySEC registration no. 109/10|
|eToro AUS Capital Pty Ltd.||Australia ASIC registration no. AFSL 491139 ACN 612 791 803|
How are you protected on eToro?
Additional level and amount protection is also provided to eToro clients through investment protection coverage. Which is a regulatory rule that assures the traders’ accounts by the compensation scheme in case things go wrong with the company. Yet, this rule is different in each jurisdiction, therefore the clients under UK’s FCA eligible to eToro compensation of GBP 50,000 through FSCS and EUR 20,000 for the CySEC clients.
Leverage, known as a loan given by the broker to the trader is another important point in our eToro Review, as leverage enables trading with a larger size than the initial invested capital is. As the leverage significantly increases the potential to higher gains, in reverse it does increase high risk of losing money too. Eventually, it may be quite risky at the point you set leverage wrongly or too high depending on the strategy you deploy, so you may lose money when trading CFDs with this provider.
What is risk level?
Trading with a particular leverage level sets your risk level at eToro. However, as of the involved risk recent regulatory update in Europe and its ESMA regime also mandated brokers to lower a maximum leverage level to 1:30 with a purpose to protect European clients from lose money.
Thus, Europe eToro traders can use a leverage multiplier with a maximum of
- x30 for major currency pairs
- x10 for commodities
- x5 for CFD stocks
- x2 for Cryptocurrencies
However, if you are holding an account with another eToro entity that complies with ASIC regulation, as an example, you may access higher leverage ratios as the authority defines so.
Account at eToro offers conditions in a structured manner through a single account, simplifying account opening with access to Demo accounts and quite low deposit requirement or account balance at the start. designed to give tools for professional development and the potential to progress even if you are a beginner.
The traders account may be entitled to Premium services along with VIP club membership, through access to professional tools, unique promotions, exclusive multi asset platform, funding benefits as well as the personal account manager. This offer, yet, available for those traders who maintain balances from a min $5k.
|•Fast and fully digital account opening
•Single Account with VIP club option
•Easy switch between Demo and Live Account
|•Min deposit for some regions is relatively high|
Can you open an eToro account in South Africa?
If you are South African resident you may open an account as our eToro Review found. The entity which is eligible to offer its service holds an Australian license and also authorized Financial Service provider in South Africa. Moreover, there is even the South African eToro Community which is full of discussions between the traders.
How to open an account step by step?
So in order to sign up on eToro, you should follow the process with an online application form, or simply sign with you Facebook and access free demo account instantly. Obviously for opening an account with real money, you will need to submit all the necessary proves of your identity and registrations. This means you need to verify your account through a process that is clear to understand or follow.
Once your account is activated you may go to eToro login page to sign in, perform initial deposit of funds (see more details on how to fund your account in our review further) and enjoy powerful trading capabilities.
|Account opening process|
|1. Select and Click on the Sign In page
2. Enter the required personal data (Name, email, phone number, etc.)
3. Verify your personal data by upload of documentation (residential proof, ID, etc.)
4. Complete the electronic quiz confirming you trading experience
5. Once your account is activated and proved, follow with the money deposit.
Another crucial point while choosing a broker is a fees, so let us have a closer look at eToro fees defined as CFD fees and Forex fees. eToro live prices will show you spreads that may vary according to the liquidity terms and generally spreads are on average level comparing to the industry Europe offers.
Eventually, there are indeed other firms that offer lower trading conditions, see the comparison and more details below.
What are Fees?
Fees are always defined by several points, which are typically consisted of the spreads as the main fee charged on each position you take, commissions if applicable, inactivity and non trading fees. Typically CFD Brokers and eToro among them eToro charges no commissions, their fees are generated and built into a dealing fixed spread, which is a difference between bid and ask price.
|•Free Stock or 0$ Stock trading
•Competitive trading conditions in Europe
|•High Forex fees
•Additional withdrawal fees
Also, Forex and CFD assets spreads might be calculated in a slightly different way, as well as spreads for investing in Stocks or ETF fees, also may vary according to country rules alike US stock, UK or German one applies different strategy. Yet, you should not be worried as all the calculations are done by the broker so you will see fee conditions upon the opening of the trade.
Forex, CFD Spreads
Spread table and comparison between the competition on the most traded instruments gives you an example of minimum spreads. Typically EUR USD spread is fixed on 3 pips, Ripple price eToro about 50 pips and BTC eToro 45 pips while we considered eToro low CFD fees and high Forex fees among the industry.
Fee conditions upon opening of trade
Why is this comparison important?
It is always important to see and know what you should pay and compare other industry offerings. Even though eToro costs are quite high, they are still bearable with our point of view and considering other great points we saw in etoro Review.
You don’t choose a broker only based on a spread. So along to numerous other eToro investment benefits, you’re still winning. For instance, you may check out and compare this broker with its peer Plus500.
Costs are not guaranteed and presented for reference only, the fee may vary according to market conditions and liquidity.
Trading Fees of eToro vs Similar Brokers
eToro overnight fee
You should consider also overnight fee charged by the broker in addition to the traditional spread, in case you hold a leveraged position for more than a day. The fee given by this broker is rather to be high, yet still among the competitive ones in comparison to a similar offering, e.g. eToro EUR USD fee is 3.7%.
Non trading fees
Lastly, there is an inactivity fee, which exists too when depositing account deemed inactive for 12 months, a monthly fee to the sum of $10 will be charged. There are no account charges if you remain active, also additional fees will be charged as deposit fee and withdrawal fee which you may read about further in our eToro Review.
Deposit and Withdrawal
The money management and funding methods at eToro are also quick and simple, which is very pleasant and important for your account management convenience.
•Withdrawal requests take up to 3 days
|•Withdraw money fee – 5$
•USD is the only one base currency
Money transfer may be performed through the following methods, while all transactions are made as secure as possible and protected by SSL technology. However, methods may vary according to the regulatory obligations in the region or another.
Account Base Currencies
eToro account base currency defines only USD as its measure.
So an additional conversion fee will be applicable while transferring the money either by the broker or by the bank account you use.
Minimum deposit requirement
Minimum deposit depending on clients’ region and country regulations and varies from $200 for Europe clients and up to $10,000. See some of the examples below, yet you should always check with particular entity customer support in terms of its conditions.
Deposit fees are set to a 0 fee, so whatever amount you deposit also according to the chosen account base currency, it will be all available as your eToro dividend, which is, of course, an advantage.
Deposit Option Comparison
eToro withdrawal funds requests are usually processed quickly, while you shouldn’t have any withdrawal problems. Also, recently since February 2020 eToro significantly improve its withdrawal policy and establish a Withdrawal Dashboard, where the process of withdrawal may be seen along with other information.
Is it a long process to withdraw your money from eToro?
So in order to withdraw funds from your trading account you should proceed with a withdrawal request available from your account management area. Also note, you can withdraw money only to account with your name, third party transactions are restricted and never allowed by any regulated broker.
How do you withdraw money from account?
|1. Select and Click on Withdraw Funds’ at the menu tab
2. In the form enter the withdraw amount
3. Choose the withdrawal method either Credit Card, Debit Card, Electronic wallets etc
4. Complete the electronic withdrawal with necessary requirements
5. Confirm withdrawal fee and Submit
6. Check the current state of withdrawal through your Dashboard
Upon confirmation, you will receive notification about the withdrawal request along with updated statuses to your email. The broker will process the withdrawal transaction request within a few business days. In addition, you should allow your payment provider to process funds into your account, which also takes a few days and depending on international laws or requirements.
However, you should count eToro withdrawal fee is now only – $5, which is subject to every withdrawal request from your eToro wallet, while the minimum withdrawal limit is $50. This is a great improvement, as before eToro charged 25$ but now significantly lower its fee, which is definitely fantastic.
In addition, eToro Club members of the Platinum tiers and above pay no withdrawal fees.
Can I trade Cryptocurrencies on eToro?
eToro markets range is generally among the most advanced in the industry, as offers a truly wide range of products through thousands of different financial multi-asset platform which offers categories with flexible eToro market hours. Each class has own characteristics and can be traded by a strategy suitable to your style or through a choice of the successful strategy to follow using eToro copy trading.
The eToro products range include Forex, commodities, eToro gold, investing in stocks indices, eToro CFD and a recent growing trend of eToro Bitcoin or other cryptocurrencies as well.
And yes, you can trade Cryptocurrencies on eToro, eventually, the platform offers popular cryptocurrencies through CFDs, yet always sick for CFD trading tips to know how to make best out of it. Cryptocurrency CFD indeed is a great instrument as it fluctuates widely and brings big advantage due to its affordable and secured nature that allows trading Bitcoin, Ethereum Classic, Binance Coin, Dash, eToro Ripple, eToro Litecoin etc.
eToro strives constantly develops not only its huge selection of assets while including more and more eToro Crypto pairs alike eToro xrp, or other instruments. But also advances controls, features and other innovative tools that enhance its already strong trading technology timely. Nevertheless, along with the regulatory framework and investor protection Cryptocurrency is not regulated in some jurisdictions which remains your responsibility to be verified.
Web Trading platform
It is a fact that the eToro company rapid reveille started with the presentation of the freshly created platform called eToro OpenBook, the first platform with the concept of social trading, which offered clients to connect to trading communities and successful investors.
- Best of Show 2020 & 2020 | eToro innovative platform has received multiple awards and vast recognition as a leader in the Financial Technology industry.
|•Great proprietary Social trading platform
•Customer and User friendly
•Different platforms Web, Mobile available
•Web and Mobile App for iOS and Android
•Clean and simple to use
•Comprehensive search between portfolios
•Simple and quick to navigate
•Available languages: Polish, Dutch, English, Thai, Arabic, Portuguese
|•No MetaTrader4 offered
•Limited range of tools and analysis
•Only Web Version of the platform
Look and feel
As for the platform features themselves, the software is simple to use and understand, you can make transactions at the eToro trading platforms with no need to download or install the software. Everything happens right through the eToro website, also as a Cryptocurrency trading platform or through eToro mobile App.
So once you made a security login, you’ll see an interface with watchlists and options to manage your account, search, Portfolio settings and Fee reports with all-time statistics, which is very necessary.
One of the great features is eToro is its search function, with a comprehensive detailed search between the traders to copy, which we will see in detail further in eToro Review. Also you may find a defined instruments to trade, communities and other searches organized and easy to use.
Alerts and Notifications
Together with a set of price alerts, notifications and browser notification you may stay updated about the direction you set, which is very useful as it offers easy tracking of the price movements.
The charting itself is clear with good visual characteristics and numerous tools to use for better analysis. Also, the platform offers different tools, eToro API, including a separate schedule for each asset, featuring a number of settings with a large number of indicators for efficient functionality.
Also together with its clean charts and other functions there are various orders along with stop-loss configurations that make the trading process under good control. One click trading or icon trade also may be enabled.
So in order to trek your portfolio performance there is a full portfolio and fee report available, here the historical data is in order and detail. On the ‘Portfolio” tab you will find all the data defined by month, year or specified timeframe including fees, cash flows and orders history.
Mobile Trading Platform
• Supporting Android and iOS
|• Standard login without Face ID option|
eToro mobile trader, which been integrated through two platforms OpenBook and WebTrader allows you to stay connected at any time through one single application eToro App. All features available: checking real-time feeds, copy other traders or to perform any permitted by platform action. Both Android and iOS devices are supported, which is a great way to trade at any time and under any conditions.
Recently, the proprietary program for trading CopyTrader, CopyFund are extremely popular and is one of the largest trading communities, which allows newly joined traders to “search” the best ranked traders.
How does eToro Copy trade work?
So let us get into the essential details on how exactly eToro Copy trade works. Once you sign in and confirm all the necessary data for Live account opening you may join millions of traders from around the globe available at eToro community.
There are two options, either to invest into someone else’s by seamless automatic copying of selected eToro popular investor, or particularly developed trading portfolios specifying some layer of industry or group of instruments, traders, etc. Also, you are always defining all the necessary risk levels yourself, the amount you wish to invest and still with the capability to manage orders, see snapshot below.
Or if you are a professional you may get copied yourself and earn additional income through a commission received from your copiers.
Also, eToro measuring criteria to choose among the traders consistent with the comprehensive research based on risk level, stable weekly indicators, trading volumes, leading trades, etc. So you always may choose the most suitable trader or a portfolio, defining the most working option for you.
It is also interesting that not only transactions of individual traders can be copied, but various investments into some industry portfolio or groups too, which all in all brings truly great investment advice.
How to make money on eToro?
Well, eventually this is the most interesting and alluring question any trader is asking. As in order to make money on eToro, or with any other broker, you should either deploy your own strategy or may use Copy Trading capability as eToro offers. The copy option is definitely perfect if you just beginning with trading as it may be good investment advice if you do not wish to spend time trading yourself.
Once you found a trader you like to copy you decide how much you will put into copy account also which measures of risks to use. And of course, in parallel, you may copy as much as you find it suitable, also may gain commission from other traders that would copy you.
Nevertheless, in the trading process the most important remains the same and this is the smart management of risks, as trading is a quite tricky business that involves sufficient risk if you didn’t manage your positions correctly. eToro itself provides you will all the necessary tools to succeed in trading, yet the final result always depends on you.
You should stick to discipline strategy with eToro pending close orders and management of your close trade positions with eToro stop loss or eToro take profit limit, etc.
Desktop trading platform
So does eToro have a desktop trading platform? Eventually no, you can’t login through desktop as the only options are either Web based platform or mobile application. Also, if you prefer to use industry leader MetaTrader4 you should find another broker available from the list, as eToro does not offer MetaTrader4 as a trading platform.
As for the assistance, Customer Support is available 24/5 excluding weekends and available in various languages, with live chat, phones and emails. Indeed, eToro takes client satisfaction quite a priority, therefore, created web based ticketing system so whatever concern or question you may have customer service remains at your disposal.
|• Quick response and relevant answers
• Availability of Live Chat
|• No 24/7 customer support|
Also, all traders may use numerous features like eToro education and eToro guide also with eToro’s research that provides tutorials and education videos about a platform called all in all eToro learning Lab. Support content is intended to make you a better trader also, it is recommended to use Demo Account to run trials and test strategies in a risk-free environment, which is easily accessible and available by the simple switch between live or demo account through your accounts area.
|• Demo Account available for practice
• Educational videos
|• Education videos are rather very basic|
You may visit also eToro website and check on best practices, live webinars and the most recent data or updates. So you will learn how to sell on eToro and manage your trading positions smartly, which is crucial for trading success.
Even though, as we see eToro education materials and videos are not super comprehensive and rather medium or basic level, it is best to include some other detailed guides from leading providers in case you’re very beginner.
Also, with educational purposes and better decisions, you will stay updated with eToro’s research through updated research tools and research features with fundamental analysis too. In addition, you may get trading ideas from the community or its diverse portfolio along with analyst recommendations.
|• Numerous trading ideas
• Analyst trading recommendation
• Webinars with professional traders held regularly
|• News rather a basic level|
Together with education eToro users may benefit from news feed by the use of common technology including social streaming through twitter, etc.
So why did 6 million customers choose this platform and is eToro good or worth it? There are several reasons, as we see through our eToro Review and the main ones are the flexibility of the trading on eToro platform and the possibility of broad communication with other trading participants. Working on this platform is truly easy and convenient that offers both investing option or regular trading, along with comprehensive automated trading capabilities.
Besides, if you would add to this the advantages and possibility of traders teamwork and high deal bonuses, it becomes obvious that cooperation can bring a good impact to all. In fact, though there are other social trading platforms available, eToro has become today the best and leading in its class.
Can US residents trade eToro?
Eventually there are some restrictions towards specified county residents, which obviously happened due to regulatory restrictions including United States regulation towards CFDs trading and other lists of limitations. Therefore, if you are a resident of the following county you won’t be able to trade eToro, these including:
- United States of America
- Democratic People’s Republic of Korea (DPRK)
Lastly, eToro is especially suitable for two types of traders. Firstly, the beginning traders interested in trading but want to learn and follow traders that are more experienced. And the second is the professional or experienced group of traders that would like to share the experience or unique strategy through unique exposure.
However note that CFDs eToro cryptoassets are volatile also cryptoassets is unregulated product meaning you should deeply learn how to trade stocks and cryptoassets, along with other instruments which can fluctuate. So you should always consider whether you can afford a high risk of lose money when trading or not.
In reverse both types of investors gaining more opportunities with eToro, funds to trade, option to earn commission and possibility to copy a professional. And all that along with personal development among the community of traders around the globe, which all I all indeed made eToro so popular nowadays.
Also, we would be glad to know your personal opinion or thoughts about eToro, which you may share in the comment area below as well as verify some of the details if necessary. As we always happy to assist your choices.
No review found.
Global investment platform eToro has secured partnerships with seven different Premier League soccer clubs. These deals are especially unique because they were paid using the world’s leading cryptocurrency, bitcoin. The deal could be worth somewhere between £4 and £5 million. The seven Premier League clubs who have agreed to set up a digital wallet with.
Social trading and multi-asset brokerage company eToro has added ZCash (ZEC), the privacy-focused cryptocurrency, to its list of cryptocurrency offerings. This brings the total number of crypto assets available on eToro to 14, including Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, Dash, Stellar, NEO, EOS, Cardano, IOTA, and BNB.Zcash is a cryptocurrency aimed at.
eToro, the global multi-asset investment platform, has announced its latest sponsorship deal, signing on as a partner with Moto2 team, American Racing KTM. eToro will become an Official Sponsor to the team and its two promising young riders, Iker Lecuona and Joe Roberts for the rest of the 2020 season. Moto2 is part of the.
iFX EXPO Asia 2020 tool place in Hong Kong and lasted for three days 22-24th of January in Convention & Exhibition Center (HKCEC). iFX EXPO Asia 2020 catered to all elements of the forex industry, as well as banks, affiliates, introducing brokers, and white label partners. The iFX EXPO Asia is an international financial expo.
eToro as one of the largest and some of the most popular social trading brokers that deliver thousands of opportunities to invest, trade, copy or be copied expand its capabilities even further. Recently, social platform eToro announced its acquisition of Delta App that allows to monitor and track thousands of Crypto markets through its dynamic.
The global multi-asset trading platform eToro has signed a new partnership with the Ultimate Fighting Championship (UFC), the world’s premier mixed martial arts organization. According to a six-month agreement that starts with the UFC 243 event and will take place in Australia and New Zealand, eToro will perform the duties of the official online trading.
So we start with great news from one of the largest and very popular social trading broker eToro that delivers thousands of opportunities to invest, trade, copy or to be copied. While eToro itself is a well-regulated, widely known and one of the biggest social trading communities, there were some cons on its offering. One.
Is DaxBase legit broker or a scam that must be avoided?
This is not a verified broker!
We do not recommend you trading with this broker. Its regulation and reputation is doubtful.
DaxBase FX brokerage offers trading currency pairs and CFDs to the worldwide audience, except the traders from the US. The information about the broker is very limited, the only thing one can learn about the broker is that it is operated by the Finance Group Corp. DaxBase does not even provide any information about the trading instruments or spreads that it offers to the customers. The minimum deposit is 250 USD and the leverage is 1:100. The broker does not provide the most used platforms for trading such as MT4 or MT5 and has its own WebTrader. There is no information provided about it as well. Seemingly the broker does not want to disclose much information about itself, however, this DaxBase review gives insight into what the broker is like and if it can be trusted or not.
Revealing DaxBase scam
The first impression of DaxBase is very positive. The website looks very nice with the bright colours and nice design and gives a feeling that one has found a good, modern broker that understands the needs of the traders. At one glance the broker seems completely legit and trustworthy. It provides information about the service that looks very satisfactory. However, not everything is as nice as it seems on the surface. The first sing that DaxBase scam or fraud might be real is that there is no information about the broker. There is no “About us” page and the broker does not display any information where is it registered or where it is operating from. The only information we get from the website is that the company that operates the brokerage is Finance Group Corp. and that the broker does not accept traders from the US. I assume all traders would agree that this information is not enough to trust a broker.
The website title suggests to “trade with the regulated broker”, DaxBase also has an icon on the website that says that it is approved by the regulator. Even the beginner traders might guess that this does not really look legit. There is no remark about the regulations on the website, it does not say where the broker is registered or which regulatory bodies have given the license to it. However, during making the DaxBase.com review I found a hint where the broker can be registered. In the terms and conditions, the broker mentions the laws of Seychelles which is a haven for the scam brokerages. It is not surprising that the broker does not say anything about the license, at the same time, being registered there does not automatically mean that the broker is authorised. Hence the broker is either regulated offshore or not regulated at. The broker also claims to have some award about having fast withdrawals, however, there is no more information about it, which means that it is a simple trick to lure inexperienced traders into a scam. Can DaxBase be trusted after it? Probably not.
The broker only mentions that it does not provide the service to the residents of the United States. Seemingly it is targeting traders from Europe and Asia. The main language of the website is English, it can also be viewed in Spanish, Franch, Thai, and Russian. DaxBase also provides the numbers of the customer support team. The English speaking customer support team phone number is from the Dominican Republic, other languages available for receiving customer support is Russian, Chinese, Singapore, and Thai, the broker also has a separate number for Australian traders. It means that the broker is providing unlicensed service to the European, Asian, and Australian customers when they are not regulated by the local financial authorities and do not have a right to offer financial services in these countries. As you can see, it only takes one few minutes to find out about DaxBase fraud and how they mislead their customers with false or insufficient information.
Account types review
DaxBase offers three account types to the traders: Bronze, Silver and Gold account. There is not much information about the accounts. The broker provides general information about them, such as the minimum deposit and some of the features. All of the account types that DaxBase Forex broker offers have 24 hours live support, demo account, and withdrawals in one hour. The minimum deposit for the Bronze account is 250 USD. For the Silver account, the minimum deposit is 1000 USD and for gold 3000 USD. The broker markets Silver account as the most popular, which is a simple trick to convince the traders to deposit more. The minimum deposit is not very high but many good brokers that are actually regulated and approved have better offerings. At the same time, in the terms, the broker mentions that if the trading account is funded using bank transfer the minimum amount is 5000 USD or EUR and the bank transfer fee is 50 USD.
DaxBase withdrawal policy review
DaxBase claims to have withdrawals that take one hour only and showcases multiple payment methods on the front page of the website. The reality is slightly different. There are several ways to deposit and withdraw the money: Visa/Mastercard, Perfect Money, Bitcoin, Ethereum, and altcoins. There is 5% transfer fee for Visa and Mastercard, as the DaxBase claims there are no other fees, however third party fees might be applied. DaxBase indicates that the withdrawal time is one hour only, however, below the information it is mentioned that the 1 hour withdrawal time is only after the broker process the withdrawal request and confirms it. How much time is needed for DaxBase withdrawal approval is not indicated anywhere. Seemingly showcasing the fast withdrawals is again something to mislead the customers.
There are some other fees traders should be aware before opening an account with DaxBase. The broker charges swap fee for keeping a position overnight. The fee is 0.07 % of the face value of the position. There is also a fee for opening unleveraged cryptocurrency CFD trading position that can be from 1% to 2.5% of the transaction. The broker also charges 5% commission of the transaction for leveraged CFD cryptocurrency positions. This information is also provided in the huge document of terms & conditions which is unfortunately often ignored by the traders. In any way, the fact that this information is not provided on the first pages of the website is not a good sign and decreases DaxBase rating even more.
DaxBase is far from the broker that can be trusted. It provides false, misleading or insufficient information about its services and the brokerage itself. It brings positive information on the front page of the website but as you dig deeper you find out that it is simply a facade that is used to lure the customers into investing with the broker. DaxBase lies about being approved or having awards, it does not provide information about the withdrawal policy and etc. There are too many signs pointing out to DaxBase scam. It is not advised to trade with a broker that could potentially be a scam especially when there is a big choice of good, regulated and reputable brokerages.
This is not a verified broker!
We do not recommend you trading with this broker. Its regulation and reputation is doubtful.
Freedom Checks – SCAM or Legit? Read This Review Before Investing!
According to a video found on a newly launched website named Freedom Checks, as of February the 1st 2020 certain companies in the USA will be paying out a combined total of $34.6 billion to American taxpayers through something called U.S. Freedom Checks…
And whilst there doesn’t appear to be much information on these so-called Freedom Checks elsewhere online, the “official” Freedom Checks website (operated by Banyan Hill Publishing) claims it can show you how to access these funds in return for a small fee.
But what’s the deal here, is the whole Freedom Checks thing actually legit or is Banyan Hill a scam company that’s just put together some clever BS to part you with your hard earned cash? Well thankfully you’ve landed in the right place to find out because I’ve done the digging, trawled through hundreds of Freedom Checks reviews & in this post I’ll be sharing everything there is that you need to know.
What Exactly Are Freedom Checks?
Freedom Checks is merely a term that’s been made up by a company named Banyan Hill Publishing & it refers to the so-called checks that will be getting paid out to American taxpayers through this alleged new scheme. It’s also the name of the website they’ve created through which they promote their “assistance” in obtaining these Freedom Checks (found at freedomchecks.com).
At a glance the Freedom Checks website looks fairly legitimate, and the video that you’re presented with on the site seems very convincing. You’re basically led to believe that this Banyan Hill company will help you obtain your “slice of the pie” from the funds that are going to be getting paid out by these designated big-name companies in the USA.
Throughout the video you’re also shown several testimonials from people who’ve apparently already received Freedom Checks (which is a little peculiar since according to the website they haven’t become available yet), but nevertheless it appears to be reassuring. Then, on top of that the website itself is also packed full of alleged testimonials too.
At a glance all of the testimonials seem amazing, and you’re led to believe that Banyan Hill’s clients are all thrilled after receiving thousands, some even millions of dollars in Freedom Checks thanks to a so-called loophole which was exploited on their behalf by Banyan Hill Publishing.
But Is Freedom Checks Actually Real?
It’s easy to get sucked into the whole hype of this Freedom Checks thing, and so far it seems many people have. In fact after a guy named Matt Badiali shared the information on these so-called Freedom Checks people have literally been going crazy about it… And who could blame them? I mean who wouldn’t want access to a “free” check that could see you depositing thousands or millions of dollars without actually having to do anything?
The problem here though is that it all just seems too good to be true, don’t you agree?
And if it’s actually real as it’s made out to be then why hasn’t it been covered by any mainstream media?
This alleged “loophole” still remains a secret, only to be known by a small company named Banyan Hill Publishing even after they have apparently successfully helped hundreds of people obtain millions of dollars in free cash.
It’s all just a little too weird, and here’s the real kicker – in order to get access to the “secret” on how to obtain your Freedom Checks you have to firstly pay Banyan Hill Publishing a fee of $49 to sign up to their newsletter…
This is where it all gets very, very suspicious.
The promise of easy money is one thing, but to actually have to pay money to get access to the easy money is another – this sounds like a classic scam & the whole thing actually looks very similar to one I recently exposed named the Ultimate Retirement Loophole… In fact I wouldn’t be surprised if the two were actually linked.
So Who Is This Matt Badiali Guy Anyway?
Whilst the whole Freedom Checks thing is operated by a company named Banyan Hill (as I’ve mentioned throughout this review), it seems the whole hype surrounding these checks was actually set off by a guy named Matt Badiali… So you might be wondering just who this Matt Badiali guy actually is…
Well according to his own personal website he is supposedly an expert in the mining, energy and agricultural industries. He claims that he has perfected a way of finding profitable investments in natural resources as he supposedly has solid experience as both a geologist & financial analyst.
And surprise surprise it seems Matt Badiali is also the main man beyond the company Banyan Hill Publishing, which is the company that is selling this whole Freedom Checks newsletter thing… So essentially Matt could just be feeding us a whole bunch of BS…
Sadly there appears to be nothing else online that backs up any of Matt’s claims which ultimately leans me towards thinking that he is indeed just spouting a whole load of BS, and that he is just trying to create hype around these checks to get as many people as possible to sign up to his $49 monthly newsletter. Of course though that’s just my own personal speculation, but in my opinion it looks very likely to be the case.
You might be thinking though that it would be quite extreme to go to all this trouble, but what you’ve got to realize is that if he can get even just 10,000 people to sign up to his newsletter he will be making a whopping total of $490,000 per year.
If he increases that figure to 50,000 people he will be generating an even more whopping $2,450,000 per year, so in reality it doesn’t seem so extreme at all that he would set all this up merely as a ploy to get newsletter subscribers.
And what’s even more worrying is that that’s exactly how the Ultimate Retirement Loophole scam worked so this is potentially just a re-hashed version of that…
But I will state once again that this is only speculation based on my experience with similar scams. Another worrying thing though is that if you search for “Matt Badiali scam” you will actually arrive at an article which starts out by calling the Freedom Checks a scam, but then it twists it round and refers you to the Freedom Checks website. It seems like Matt is anticipating people to call his service a scam & he has attempted to cover all bases (which is very odd indeed).
Why would you anticipate people calling you out as a scammer if you were in fact legit?
It’s all very odd.
Where Do The Freedom Checks Come From?
As I mentioned towards the start of this review the Freedom Checks are supposedly to be paid out from “designated entities”. These designated entities, according to Matt, are basically companies working within the natural resources sector (such as oil & gas companies).
Matt claims that he has been carrying out historical analysis on these companies & that he is expecting them to see gains of up to 39,832% in the coming year due to the fact the oil production has declined in Middle Eastern countries & has instead remained in the USA due to a recent fracking boom.
He states that these companies will be offloading their profits to investors through dividends & that due to the extremely large gains you could potentially see a huge ROI on your stake as an investor.
Again, this all sounds a little too good to be true, but the problem here is that even if this all were true it’s still just reliant on guesswork. Nobody can say for certain that a company is going to see such gains because anything can happen – yes you can assume, but that’s all you can do, so even if Matt is telling the truth then these so-called Freedom Checks are by no means guaranteed.
My Verdict – Is Freedom Checks a Scam?
Here’s the real bummer, unfortunately there’s absolutely no way to tell for certain whether or not this is a scam without signing up for the $49 (or $79) auto-renewing newsletter which honestly is something I’m not prepared to do (because in my opinion it all looks very sketchy).
I will say though that without signing up, based on pure speculation in my opinion I believe it shares many common traits to a typical get-rich-quick scam, and even if it’s not the whole thing still relies on guesswork so there is absolutely no guarantee of any “Freedom Checks” coming through even if you do pay the $49 fee.
You see the big problem here for me is the fact that you’re promised easy riches yet have to pay to access the “secret”. I mean if this really worked as promised then why can’t our guy Matt just take a cut of the profits handed to you?
The reason as far as I can see is because it seems unlikely that you’ll actually be making any money, instead Matt himself will be the guy making all the money & that money will be coming from everybody that’s signed up to his newsletter.
Again – it’s speculation, and my personal opinion but that seems to be the real deal here. For those reasons I personally won’t be investing & I wouldn’t advise you to invest either. There are much better, free alternatives available.
But anyway hopefully this review provided you with the insight you were looking for into this whole thing & hopefully you can see why I have decided not to recommend it. If you happen to have any further comments or questions don’t hesitate to leave them below.
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