Is TradeDAX a scam or legit broker?

TradeDAX has been suspected as a scam broker. This broker is blacklisted by the well-known regulatory authority and should be avoided. TradeDAX is owned by Black Parrot Limited which is an offshore company registered in the Marshall Islands.

MegaTradeFX, Finbitex and more."}" data-sheets-userformat="{"2":257,"3":{"1":0},"11":4}" data-sheets-hyperlinkruns="[null,214,"https://55brokers.com/forex-broker-reviews/"]{"1":221}[null,230,"https://55brokers.com/megatradefx-review/"]{"1":241}[null,243,"https://55brokers.com/finbitex-review/"]{"1":251}">The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex and more.

About TradeDAX
🗺️ Registered inMarshall Islands
🗺️ Type of LicenseOffshore License
🛡️ Is TradeDAX safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

TradeDAX is a Forex and CFD broker owned and operated by Black Parrot Limited, company based in the Marshall Islands. Terms and conditions on the website mention one more company behind the TradeDAX brand.

It is an Estonian company Blonde Bear OU, responsible for IT and Finance administration services of the TradeDAX. Neither company is under the oversight of an appropriate financial regulator.

Moreover, Belgian FSMA (The Financial Services and Markets Authority) and Italian CONSOB (The Italian Companies and Exchange Commission) has issued warnings against TradeDAX/Black Parrot Limited/Blonde Bear OU for targeting people without being authorized in Belgium and Italy.

TradeDAX
Conclusion

Generally, we advise traders to choose from UK, Australian or other well-regulated brokers, where their funds will be protected.

For example, the license from the UK’s Financial Conduct Authority requires EUR 125,000 of capital for the STP license aside from client deposits. Check the list of the FCA-regulated brokers here.

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