TradeDAX Review

Is TradeDAX Scam or Legit Broker?

TradeDAX has been suspected as a scam broker. This broker is blacklisted by a 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.

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex and more.

What is TradeDAX?

TradeDAX is a Forex and CFD broker owned and operated by Black Parrot Limited, a 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 Review Conclusion

We do not recommend signing in with TradeDAX. Generally, we advise traders to choose from UK, Australian, or other well-regulated brokers, where their funds will be protected. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and FBS.

TradeDAX Update

Our research showed that the TradeDAX website is unavailable to reach. Besides, it is unclear whether the broker operates or not. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.