- Automated Trading
DaxRobot is a newcomer to the trading sector, but has garnered attention already. DaxRobot’s automated trading service offers its traders not only trading bots, but other interesting tools. Is DaxRobot right for you? Read to find out.
DaxRobot is a newcomer to the industry. The company launched in late-2018, and as yet, there is still limited information available on the company structure or past experience. They operate an automated trading service which specializes in providing the use of trading bots to implement automated forex trading strategies.
After testing eToro’s copy trading service we were interested in seeing DaxRobot’s automated tools. Here’s our review.
DaxRobot have already garnered a significant amount of attention within the sector, with many reviewing their service in a largely positive light. DaxBase is the parent company of DaxRobot, and is, at the time of writing, the only broker with which this automated trading software is partnered. DaxBase are also a relatively new broker and as yet there exists very few forex broker reviews of their service also. The company will undoubtedly have sights set on growing these two services in tandem.
As DaxRobot is a relatively new service. They are for now almost exclusively focused on operating their automated trading software and making this available to traders who wish to utilize it.
DaxRobot offers a range of trading bots through its service, with new coming online all the time. Each bot is listed according to profit, with the current profit percentage of the top ten bots ranging from 97% upwards.
Each robot which is available to be utilized operates with a number of variable characteristics. This could be the markets which they are tailored to work with, such as the Ichimoku Crypto v2 which specializes its operation within the BTC/USD, and LTC/USD markets in identifying breakouts, or the parameters within which they operate.
With a large number of robots available. Traders should be able to find one which falls within their own trading strategy in terms of performance and risk levels. From the outset, it also important to note that each bot is locked besides a short one-minute demo period. Each bot has a different minimum deposit required in order to unlock and implement its use.
Presently, DaxRobot appears only to be integrated for use with DaxBase which is the parent company and forex broker connected to the service. When questioned on their future plans to integrate other brokers such as FXTM or another major forex broker, company representatives could not provide any clear answers as to the future plans for integration of the trading systems.
Ultimately, this means that in order to use DaxRobot, you should have and use a trading account through DaxBase broker. This introduces another dynamic of having to trust the reputation and features of this one specific broker which is also new to the sector.
DaxRobot Pricing and Availability
Use of the trading software is available in most locations. This follows the same model as the parent broker DaxBase which is available to all except US residents.
In terms of pricing, DaxRobot is free to use, although a minimum deposit of between $250-$500 is required in order to “unlock” each trading system for use. Those which feature at the top of the most profitable trading strategies require a minimum deposit of $500.
For deposits and withdrawals, users are directed to DaxBase to open an account and deposit there. Deposit methods which are available include Bitcoin, Ethereum, Litecoin, Dash, Skrill, and Netteller. Credit and debit card deposits are also available.
For withdrawals, the same methods are available to traders, and the processing time with each method is almost instant.
There is no specific fee for utilizing DaxRobot in carrying out your automated trades. The caveat here however, is that you are currently restricted to using the service only if you deposit with DaxBase broker and a minimum of $250. This is also the case, even if you wish to specify the parameters of you own bot, which is allowed by the service.
There is a 5% charge on deposits and withdrawals through credit or debit cards. Aside from this, there does not appear to be any additional fees levied by the company.
DaxRobot makes several claims in order to attract traders to their service. At a foundation level, they claim to offer automated trading which is simple to get involved. They claim to be one of the best auto trading platforms in the sector, and that ultimately, your funds can double, or even triple through the course of just one day.
There is also mention of being an award winning service on the DaxRobot page and that the process is entirely simplified to allow for the greatest potential when trading forex. These claims are clearly designed with the aim of attracting those who are newer to forex trading with the lure of fast and relatively easy profits.
The offering of DaxRobot is quite clear from the outset. An easy to implement, auto-trading system or range of systems which will produce fast, effective results to your bottom line as a trader.
Indeed the service is very fast and simple to register. There are though, a number of reservations which any trader should bear in mind before engaging the service. Primarily, the idea that you could double, or triple, your investment over the course of one day by engaging the system is incorrect and far-fetched. This would all rely very heavily on the market situation and it is difficult to assess how much these trading bots can really impact that situation.
Promoting returns in excess of 200% is highly unlikely in any field, including automated trading. This makes it extremely difficult for DaxRobot to live up to the claims and numbers listed on its site. The fact that integration is limited to only their own forex broker is also confining and disappointing. The service also claims to be award winning, though no evidence of any awards can be found.
Overall, the result obtained were satisfactory of a service which is free, but traders should certainly not be depositing with DaxRobot in the hopes of realizing vast wealth overnight. This is particularly applicable to those who may have had no initial intention of using DaxBase broker.
Trustworthiness and Support
This is undoubtedly a big issue, heightened even further by the fact DaxRobot is a very new service and connected with a forex broker that is also very new to the sector. Typically, we see brokers such as Avatrade who have been active in the sector for many years and are often well-regulated. This is not the case with DaxBase, the parent company of DaxRobot where you must trade in order to use the service. They are not regulated, and this is something which rightly triggers caution among most traders.
The website, although appearing simplistic and well formed, also features a number of minor errors, such as typos. These are indicative of a less than professional approach which may concern users. This could also be the result however, of their recent start of operations.
Customer support is available via email, phone, and web-based live chat which also incorporates video and an odd ability to tip your cha support worker. That said, every interaction and question was answered both thoroughly and quickly.
Who Should Choose DaxRobot?
The service appears to be targeted at relatively new traders, providing an easy to use service with clearly visible return figures promoted and an easy introduction into the world of automated trading.
Those who are new to the industry may be served best by the DaxRobot service, although many more experienced traders would steer away from the service once they have gathered more information on other services or an ability to automate their own trading without being bound to using one specific broker as is the case here.
Overall, DaxRobot appears user friendly in its layout, and holds true on its claim at being easy to use. The customer support provided was also very good, and the service does not require an additional fees. This is a brand new operation within the industry, and users should be aware that this may make them subject to some imperfections, as can be seen through misspellings on the website.
Another large factor which may dissuade users is that they will be bound to using the company broker service, without plans in place to extend integration. This broker service is also not regulated.
Ultimately, in order to build a positive reputation, time and experience is required. Given its new status in the sector, DaxRobot presents its offering reasonably well, and if given the opportunity by traders, this may well be the positive kick start which the company needs to perform well within the sector and expand their offering.
- Presented in a simple and easy to use fashion which will appeal to many first-time users of automated trading systems.
- Customer support functions all yielded a positive and helpful response.
- No additional fees required to utilize the service for those who are planning to trade with DaxBase broker.
- As a very new service, there are still some inconsistencies on the company website, and the profit claims made would appear to be difficult to achieve.
- The service can only be integrated with one broker, DaxBase. This is very restrictive to traders.
- Demo sessions are very basic and only limited to 1 minute prior to a minimum deposit of $250.
- The partner broker in this case is unregulated and also very new to the industry.