Daweda Exchange Review
Daweda Exchange is a trading platform unlike any other major trading site on the web. They are not a broker, but rather an exchange where traders can buy and sell different contracts. Our Daweda Exchange review is here to give you all of the information that you need to make a smart decision about whether you should use this site. Trading is risky, and using the wrong broker can be harmful to your profitability. If you’re interested in learning more about Daweda, read on.
Because Daweda Exchange is a very different type of financial trading platform, we recommend starting out with their demo account. This is free to use, and it will help you understand just how this type of trading operates. Remember, this isn’t a broker in the traditional sense of the word, but rather contracts are bought and sold from other traders, just like on an actual exchange floor.
How Does Daweda Work?
There are two ways to trade at Daweda. You can scroll through their list of available contracts and choose one, or you can create your own contract and list it. There is an easy step by step checklist that you can follow here. First, select an asset. Daweda offers a number of different assets from their index. If you think the asset is going to increase in price, you will want to buy an order. If you think the asset is going to drop, you will want to sell an order. If your prediction is correct, then you will earn a return on your investment. In this way, their platform is much like that of a binary options broker. But because it is an exchange, you are not betting against the broker, but rather working with other traders that want to take opposing positions.
Daweda does need to make money on their site if they want to stay in business, but they do not do this buy profiting off of you when you make a losing trade, like what you see in binary options, and they do not manipulate the buy and sell prices, like what you would find in the spread at a Forex broker. Instead, they charge both the buyer and the seller of a contract a flat fee of $0.50 per transaction. This makes your expenses a lot easier to manage because you know exactly what the cost of doing business is whether you are right or wrong, regardless of the size of your contract.
Is Daweda Exchange Safe?
First of all, Daweda is licensed and regulated by CySEC, which is one of the most reliable financial regulators in the European Union. They also are in complete compliance with the European Markets in Financial Instruments Directive. They comply with all applicable anti-money laundering laws, too. In this respect, they are a safe trading platform.
However, this does not mean that you cannot lose money trading here. In fact, our Daweda review team found that traders inexperienced in this type of exchange really struggled to make money over the long term. Yes, there’s potential to make money trading here. But there’s also a lot of risk that is inherent in trading of any type, and Daweda Exchange is not immune to this. If you are going to trade here, be sure that you have familiarized yourself with their platform and that you are using a sound strategy before you begin. You are still risking money, but you will at least have a fighting chance because you will have a better understanding of what you are doing and the risk that is involved in trading.
How Can I Fund an Account?
The first step is to create an account. This is very simple and only takes a few minutes. You will need your name, country of residence, an email address, and to select a password. This will give you an account, and you can start demo trading with their platform at this point. Please note that because this is a CySEC regulated broker, traders located outside of the EU are currently not allowed to trade on this site or even open up an account. You need to be living in the EU in order for Daweda to stay in compliance of the regulations that govern them.
Next, you need to fund your account if you decide that you want to trade with real money here. You can use a MasterCard, Visa, or Diners credit card, a wire transfer from your bank, or an e-wallet like Skrill, WebMoney, or Sberbank. The minimum deposit is $100 USD, or the euro or pound sterling equivalent. If you want to start with the smallest trades possible—which is smart to do—you will begin with single $10 contracts. Even if you have trading experience in other markets and you are a quick learner, we recommend spending at least a couple weeks trading at Daweda Exchange with the bare minimum, at least until you have a strong idea of what you are doing.
When you’re ready to make a withdrawal from your account, you can withdraw as much or as little as you want from your account. Your money will go back into the same account that you had originally funded it with. There is one free withdrawal from Daweda per month, so it is best to think ahead just to save yourself the needless cost of multiple withdrawals.
The banking interface—both for deposits and withdrawals—is very simple. If you have any questions or concerns about financial transactions with Daweda Exchange, be sure to get in touch with their customer service team. You can email them at [email protected] or call them at 44 203 514 2608. They do have an in-page contact form as well. Just click on their “Contact Us” link and then scroll down a little bit.
Daweda has a platform that is not meant for the inexperienced. However, because of their low cost of entry (100 USD/GBP/EUR), there’s potential for smaller traders to come to this site and lose their money. We don’t want this to happen to you. There is potential here for some traders to make money, but only if they are approaching it correctly. Our Daweda review is designed to help you figure out whether or not this site is going to be helpful for you when it comes to creating a profit. That’s a decision that only you can make for yourself.
Trading is risky, wherever you go to do it. Daweda Exchange is a different type of site, and this means that inexperience is likely going to be an issue for many people that come to this site. Don’t fall into this trap. If you’re going to trade, be sure that you give yourself the experience and the tools that you need to succeed. Daweda does some of this for you. They provide a demo trading account and automatic trading, all with their clients’ success in mind.
Daweda Exchange is a unique site, and their platform holds a lot of potential. Many people find great success here. If you are still unsure about Daweda, create an account and try out their demo platform for a few days so you can get a feel for what it is like.Read More About Daweda Exchange Review