DAXrobot Review 2024: Is This a Scam or a Legit Broker?

Verifying the spread with customer care: DAXRobot

DAXrobot interface

Summary of DAXrobot

I have always preferred automated trading platforms to the ones that make me do everything manually. Dealing with bots ensures quick trade selections and faster executions.

But the trick is to find one that offers a diverse range of assets so I can trade forex pairs, crypto, stocks, and anything else I want.

That’s where DAXrobot shines. Not only does it have great assets, it also lets you access Binary Options, eliminating spreads and trading fees from the discussion.

After a detailed analysis, DAXrobot earns a TB score of 4.5 out of 10.

While the ease of trading is fantastic and makes it an excellent choice for beginners, its CFD-only approach won’t cater to everyone.

How seamless is trading on DAXrobot?

Pros and Cons

Before I give you a deeper analysis of DAXrobot, let’s look at the pros and cons of this platform.

DAXrobot only works with its proprietary broker, DAXbase. DAXbase allows the bot-based automated trades to go through, providing liquidity to the bots.

Evaluating High Impact Factors

User satisfaction: 8 / 10

Regulation: 1 / 10

Educational Content: 3 / 10

Webinars: 0 / 10

Spreads and commissions: 6 / 10

Customer support: 9 / 10

One of the best possible signup flows: easy and simple

Trade with DAXrobot If:

• You want to customize your own set of bots to eliminate the grunt work of manual trading (each trading robot can be use as is or customized to suit your trading strategy, such as momentum trading, mean reversion, breakout trading, and pairs trading)

Access to bots

Don’t Trade with DAXrobot If:

• You’re interested in spot trading instruments like standalone stocks and crypto assets – DAXrobot is all about CFDs
• You want a platform that is strictly regulated – you won’t get that level of licensing and transparency from this platform-cum-broker

Only CFDs, no spot instruments

Verified Office Address

Despite looking extensively, I couldn’t find a single office address in sight.

When I asked the support team about this, they asked me to contact them via email for further details. But not having an official address listed anywhere doesn’t inspire confidence.

Expert Opinion on DAXrobot

Faysal, Trader

“I’m talking about the DAXrobot, an automated CFD trading platform that makes money for you by trading fiat and cryptocurrencies in a day.

This is an excellent solution for people who need to learn how to trade profitably or don’t have the required time to deal with it but still want to take advantage of trading opportunities that happen every day.

DAXrobot auto trade is a platform that allows you to open an account, and software built of predetermined rules is trading for you.” 

Jonathan Grab, YouTuber

User testimonial

Expert Review of DAXrobot

After opening an account with DAXrobot, I found a few issues with the platform – but a lot to love as well.

What excited me the most is the straightforward and algorithmic nature of this broker. The idea behind it is simple and appealing: automating the entire trading experience.

Let’s get specific, though. Here are some things I liked about DAXrobot.

Tons of Trading Options

DAXrobot primarily lets you trade Contracts for Difference (CFDs), which are aggressive trading instruments. You can choose from a wide range of them, including:

• Every type of forex pair (e.g. AUD/CAD, AUD/CHF)
• A host of crypto pairs
• Commodities
• Indices

Here are a few picks that I found:

Index CFDs

Commodity CFDs

Crypto CFDs

Forex pairs

Multiple Account Types

DAXrobot has a number of account types you can choose from, depending on the level of trading you want to engage in.

Users can set up a Bronze, Silver, Gold, and VIP account. All tiers except for Bronze will have access to priority customer support, while Gold and VIP users will be given a dedicated account manager.

Access to Several Bots

DAXrobot is less like a standard trading platform and more like an algorithmic trading bot. You can create an infinite number of robots or copy other traders’ bots.

I tested a few copy-trading bots. The experience was seamless and now I was kick back and let the bots make moves on my behalf – fully automating my trading.

You do need to make a minimum deposit of $250 to test out these features or even create a bot, but it was worth it.

Creating your robot

Demo Account

You can create a demo account on the DAXbase broker or the platform. You can assign 1,000 USD or 1,000 units of EUR, BTC, or GBP to start trading virtually.

Other Features

Besides everything I already mentioned, DAXrobot comes packed with market analysis data for each trading instrument.

Plus, you can access every TradingView-like indicator and metric to help you time the market.

As a trader with over ten years of experience, I found this interface-specific charting tool handy. I even checked out the tick chart, alongside the standard candlestick variants, to explore additional opportunities.

Users can also subscribe to receive daily emails packed with market signals, helping them make better informed trades.

Daily signals

Signing Up with DAXrobot

DAXrobot has a pretty streamlined and straightforward signup process. Simply:

• Click the “Registration” button on the homepage
• Enter details (name, email, phone number) and create a password
• Specify the base currency for your account (USD, GBP, or EUR)
• Hit the Register button

Signing up on DAXrobot

Your account will be created instantly.

There’s still one more step, though. While the DAXrobots interface lists the top algorithmic trading robots, you’ll need to complete the DAXbase verification process before you can start trading.

DAXrobot and account activation

Email verification

You also need to fund the account. Once you do, all the trading-related features will be unlocked.

DAXRobot Dashboard

DAXrobot boasts a minimal user interface with two main tabs: Account Funding and Create My Robot.

• Account Funding: Brings you to the DAXbase trading interface
• Create My Robot: Allows you to choose the instruments, pair a host of indicators, and set algorithmic rules to automate your trading experience

You can choose from eight languages (including English) for the dashboard. Plus, once you create a trading bot, you have the option to make it public for others to view and learn from it.

DAXrobot dashboard

Deposits and Withdrawals on DAXrobot

DAXrobot allows you to fund your account using:

• Visa or MasterCard
• Bitcoin
• Other cryptocurrencies (including USDT and ETH)

Deposit and account funding methods

For card-based payments, DAXbase supports Payport, Changelly, and Paybis.

I tried depositing funds through Paybis because I wanted instant processing. That added speeded, however, came with a 2.5% fee.

DAXrobot funding methods via cards

You can withdraw your funds using:

• Crypto
• ACH bank transfers
• Wire transfers

However, you must first submit your personal documents and finish the KYC (Know Your Customer) verification procedure to activate these withdrawal methods.

Payouts from this Binary broker are weekly, but withdrawals are instant.

Trading Conditions

For me, the trading overheads matter a lot – I don’t want to pay out 30% of my profits to the platform. So, I decided to test this before everything else.

Thankfully, DAXrobot doesn’t levy additional charges for creating bots, funding your account, or initiating trades.

So, how does DAXrobot earn a profit without those fees? Well, their earnings come from a few sources:

• A $10 monthly inactivity fee if you haven’t executed at least one trade
• A 5% fee on card-based withdrawals
• A $50 charge for international bank withdrawals (due to the currency conversion involved)
• A fee on user profit, typically 50% but the amount depends on how aggressively the asset is trading

How to Start Trading with DAXrobot

To start with DAXrobot, simply register your account and log into the web interface.

Although DAXrobot normally provides dedicated Android and iOS mobile apps, these are being updated and were still unavailable at the time of writing.

Asking the support team why the mobile was not available

However, the web interface is mobile optimized. That means users can still trade comfortably on their tablets or smartphones, even without the app.

Useful Tools for Traders on DAXrobot

DAXrobot is packed with trading tools that can be accessed from the DAXbase interface. Some of the most useful ones were:

• Tradeback: Access to rebates and rewards for hitting specific trading volumes
• Rollovers: The ability to hold trading positions even after the official expiry date
• Trading Indicators: These tools are paired with the charts, allowing the trader in you to access every TradingView metric directly from the dashboard

SuperStrike trading feature

DAXrobot also boasts SuperStrike, an innovative feature that amplifies the trading bonus when trading over-the-counter assets. That way, if you execute sizable trades within 24 hours of initiation, you can earn better rewards or increase the payout by 1% to 3% of the trading value.

Access to trading bonus

Investing Opportunities

If you want to amplify your earnings, DAXrobot has a few options.

After funding your account, you will get access to copy trading, where you can copy bots created by other traders to maximize your earnings.

TurboSavings feature

Trading bonuses can further amplify your copy trading profits, though they vary depending on your account tier.

TurboSavings gives you another investing opportunity by allowing you to earn high yields on your idle funds.

Affiliate Program

I couldn’t immediately see an affiliate program, but after digging a bit further I found the rewarding but lesser-known referral program offered by DAXbase.

Every time a user joins using your referral link, 20% of their deposits get credited to your DAXrobot account. This creates a passive income source that can grow over time. And you can keep track of those earnings by checking your referral stats directly on the website.

Security Standards

DAXrobot has a few different security measures to safeguard user information:

• Account verification and email confirmation
• Advanced encryption protocols to protect personal information
• Deposits and withdrawals are directed by European banks
• Improved account protection via Google Authenticator

I did, however, have to dig through my spam folder to find the DAXbase confirmation email. Ensuring that the email finds its way to the user’s main inbox is one aspect the broker needs to work on.

DAXrobot’s Customer Support

DAXrobot places an emphasis on customer care, with a few key features like:

• Round the clock customer support
• A human support team, not bots
• A dedicated help center accessed through the dashboard
• Video chat with a live support agent to resolve issues more efficiently

State of customer support at DAXrobot

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