Is Daweda Exchange a Scam?

Summary

WATCH OUT: Daweda Exchange Broker! Find Out the Truth.
Is Daweda Exchange a Trusted Broker? Payouts, Deposits, Withdraws?
Read this Daweda Exchange Scam Review.


One of the most complicated issues that face prospective traders is how to find the right broker, but you should have no cause for alarm as we have performed the research for you. The whole truth about brokers, both scammers, and legit ones are illustrated in our fair scam review which takes into account issues such as the trading platform, complaints of clients as well as policies regarding withdrawals. The question is not just are they a scam. Even if they are legit, are they any good? Do you really want to deposit your money with them when there are so many well-respected brokers with proven track records providing better services with better prices?

Daweda Exchange Broker

Daweda Exchange looks like a simple website where even newbies to binary trading can quickly get up to speed. Once you land on the official website of the broker, you will be prompted immediately to create an account, and since the platform is web-based, there is no need for you to install any software before you start trading. One of the first things we noticed when we paid the website a visit is the absence of informative materials.

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Brokers who take their reputations seriously go out of their way to provide free eBooks, tutorials as well as webinars which are enlightening enough for a new trader to get started. The lack of interest Daweda Exchange portrays indicates that they are not overly interested in making sure their traders – whether new or old – make money via their binary trading platform.

A distinguishing feature that separates good brokers from bad ones is to take a look at their homepage. The information displayed there will give you an indication of what type of broker they are. Looking at the top of the homepage, you will notice four slides, each bearing different messages. One slide announces the fact that they have a mobile application. Another slide proclaims that they accept deposits with no fees attached and also accept credit cards. These features are not innovative at all.

How legit is Daweda Exchange?

There is no substantial evidence to prove that Daweda Exchange is a platform that is run by scammers, although rumors are making the rounds that the broker didn’t conform to the regulations laid down by ASIC.

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There was a certain post as stated by FPA about how Daweda Exchange got removed from the official list of brokers, though this claim was refuted with a strange explanation that the organization only changed its registration details. A thorough search online revealed an increasing number of criticisms, one of which stated that Daweda Exchange was meddling with trading prices.

But then, that particular development is implausible. The most common complaints were about their responses to the queries of their clients. Some claimed Daweda Exchange’s support team was slow in responding to queries, while others claimed they got no responses at all. When you begin to see that lots of people lodge the same type of complaints, then one should endeavor to find out more about the authenticity of the broker.

Daweda Exchange Markets

When it comes to trading or investments, it is always wise not to place all your eggs in a single basket, but to diversify as much as possible. This makes sense for traders who wish to have a wide-ranging exposure to markets for this reduces the risks attached to each portfolio.

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But despite the fact that Daweda Exchange has been in operation for some time, the broker offers the minimum currency pairs for traders to choose from. Even more unusual is the fact that Daweda Exchange doesn’t facilitate the trading of commodities and stocks.

Trading Platform on Daweda Exchange

You will find no tutorials whatsoever on the Daweda Exchange website, so you’re left on your own to cope until you figure it out for yourself. This will not take long since the platform is designed in such a way as to bring to mind the first generation trading platforms that were in existence but have now been upgraded to the latest models. At particular times during the day, the platform begins to be sluggish, which could be as a result of user activities, or it could be that the general performance is dominated by the current internet speed which is a familiar experience with non-downloaded operating systems.

Deposit and Withdrawals on Daweda Exchange

The word ‘scam’ is a strong word that should not be thrown about lightly. If we could find enough evidence to prove that Daweda Exchange is engaged in fraudulent activities, then you can be sure that they would already be changing their name and base of operations. What we were able to uncover is that Daweda Exchange looks to be behind when it comes to technological advancements. Brokers who know their onions always ensure that users of their platforms have access to an overabundance of video tutorials and other tools which will teach both novices and professional traders how to use the platform. The best of these brokers even go as far as providing loyal personal account managers that will walk every trader through the process of market analysis as well as money management. They will go as far as helping those new to binary trading to surmount any difficulty which is usually encountered by newbies, thus preventing them from making trading mistakes.

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The conclusion

Although we couldn’t precisely pin any incriminating acts on this broker that would be strong enough to shut them down. , what we were able to dig up about them wasn’t particularly good either. But one thing is sure: we advise that you have nothing to do with this broker. If you are just getting started in binary trading, your morale can be dampened if you consort with Daweda Exchange, for you will not have access to the essential support tools and other related services.

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Pros
  • Good for Beginners
  • $10 Deposit Fee
Cons
  • Missing information on withdrawal methods
  • No Live chat
  • Slow and unresponsive email services
  • Pushy contact managers with little to on trading experience

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