Greendax Review – Are They Safe or a Scam?
Our Greendax Review 2024
Greendax is a fairly new arrival to the online trading fraternity. As such, it isn’t always easy to gather info on the brand. That’s why our team has set about taking this product apart to discover exactly what it has to offer.
Our Greendax review shows what trades are possible, how user-friendly the setup is and what features are lurking behind the scenes for new customers to enjoy. The team at Greendax are keen to make trading as transparent and simple as possible for everybody. And this shines through in their latest addition to the world of online trading.
Signing up for an account at Greendax gives you access to a range of markets including currencies, commodities, spot metals and others. There are currently over 1200 assets on display. Importantly, there are various different account types available to align with your needs and a range of platforms and tools to make the experience as streamlined as possible.
In our Greendax review, we quickly discovered that the aim of this brand is to make the whole process as pleasant and transparent as possible. Essentially, they give customers confidence to trade with ease. You’ll be free to access a versatile client support area that will answer any of the queries you may have. Moreover, this is also available in various languages, which is a huge plus.
Greendax provides access to the most modern technology and an extensive range of resources to ensure that you are trading effectively with every investment. They boast tight pricing, low-cost margin and low latency to give you the edge you need to get ahead in this competitive marketplace.
Getting your preferred account up and running is simple and only requires a few contact details to get the ball rolling. However, you will need to comply with know your customer rules before verifying your account and making your first deposit. There is a minimum of $2,500 required to begin trading with the most basic account.
One of the most important things for us to discover during our Greendax review is just how user-friendly the platform is. And while this brand offers a wealth of features, it still remains logical in its approach. There’s enough here to impress experienced traders while at the same time making things straightforward for newbies as well.
Charting tools are essential for customers to access real-time data and keep an eye on their assets. Greendax provides some of the most superior charts including personalised watch lists and allows you to view them in different time frames as well. The list of assets on offer is impressive, featuring over 1200 of them—including Greendax crypto— across the trading platform. Access to all of these is straightforward and coherent. In addition, you’ll also enjoy fast execution of trades thanks to the low latency which averages out at around 0.20 seconds. As our Cinpax review taught us, performing trades without unnecessary delays is definitely at the top of the wishlist for most investors.
It is possible to access the full range of features across the desktop and mobile applications as well. Trading via the web will use your standard web browser with any operating system. And we are pleased to say that both iOS and Android customers are well looked after too.
There are several account types available for new customers. And if at any point you wish to change, then contact Greendax and request to upgrade to receive more enhanced features. Let’s take a look at the basic info surrounding the different accounts available.
Firstly, there is the beginner account, which has a minimum trading deposit of $2,500. With this account, you will get basic market instruments as well as a desktop/web terminal, mobile trading, analytical materials and one-click trading as well. It’s not a bad offering for the most basic account. Moving on from there, you will see the standard account, intermediate and advanced level accounts. The highest standing that you can have with Greendax is the VIP account. You’ll need a minimum of $250,000 in your account to open up this special offering. You’ll be invited to events and have access to a VIP manager as well.
As you can see from our Greendax review, it’s possible to request an Islamic account to avoid any swaps that incur interest payments. This is the same for many brands as shown in our FXRevenues review. The only Greendax account that does not have this option is the beginner account.
An inactivity fee is payable although it isn’t easy to find information about specific fees with this brand. The terms and conditions state that you will be contacted in the event of account inactivity and informed of any fees via email.
We have to say that the high-feature platform has plenty to offer. It has a simple and easy-to-use interface with many tools that are created to make your investment choices as straightforward as possible. One of its main features is that it is a low-latency trading platform. This means that it uses algorithmic trading and is able to react to market changes quickly.
Throughout our Greendax review, we found the web-based setup to be extremely appropriate for most traders. This approach makes it available via all devices and the most popular operating systems should all cope fine as long as sufficient tech is being used. Enjoying this product on Android and iOS mobile devices means you’re able to react to market changes wherever and whenever you are.
It doesn’t cost anything to get money in and out of the green tax broker platform. The minimum amount will depend on the type of account that you choose. As we’ve seen this can range from $2,500 and goes all the way up to $250,000 for those getting on board with the VIP account.
Greendax doesn’t mention any specific info on its website regarding payment options and the size of spreads either. We have found information in other areas stating that it’s possible to pay by debit card, credit card and also using Bitcoin as well. But we cannot clarify this information directly.
Fees – Expected fees from Greendax
The terms and conditions state various possibilities of fees in certain circumstances. For unimplemented trades where shares are waiting in the completion process or are reserved, there is an equivalent percentage amount from 1% to 5% applied.
There are also undisclosed fees applied to inactivity on the account. And as we mentioned before, you won’t find out what these are until they inform you that your account is inactive. Fees like these should be clearly stated as we’ve found with other trading platforms during our CryptoGo365 review and others.
No fees are charged for making payments in any of the currencies that Greendax accepts as standard. This is fine if you are using any of the major fiat currencies or crypto that are accepted here with this platform. If you do need to change your preferred currency, then it would be best to contact the site first to make arrangements. Making payments that involve a currency conversion each time could get costly depending on the fee that they decide to apply.
Greendax reviews, like all our others, are hot on the heels of trading platforms that don’t facilitate easy contact with the brand. Thankfully, there are several ways that you can get in touch. Heading over to the support section you’ll find that it’s possible to make first contact in 4 different ways.
Firstly, there is a contact form. It’s unlikely that you will get an immediate response; however, they will get back to you in due course. You can give them a call on their 1-800 number if you need to get something sorted fast. We aren’t sure if this number is available 24/7 but it certainly should be during regular office hours. There is an email address to use to get in touch if you have a longer query that may take a little extra effort to explain. And they present the Hong Kong address as well on the support page.
In most cases, a trading platform will make it perfectly clear which jurisdiction covers their trading activity. Regulation from the FCA in the UK, or the Cyprus Securities and Exchange Commission among others are the best source of insurance against any issues that arise with a trading brand like this.
Our Finaguide review highlights just how important it is to keep investors safe while trading online. And Greendax endeavours to achieve this by implementing its own high security standards. It’s clear when you land on the site that all data is protected by the latest SSL protocols; this ensures the safety of any info in transit between the user and Greendax’s servers. In addition, the brand also maintains the highest levels of care in regards to KYC and anti money laundering as well.
One of the main things we like about this brand is the easy-to-use website and simple terms that they use. However, keeping things that simple does lead to a lack of detailed information. Moreover, it can make it difficult to get down into the raw details of the operation. Navigating the site is simple and having a web-based platform will certainly appeal to most people. There is also an addition to the site with the latest news from around the world of finance in their blog. This is a nice touch that not many brands keep up to date with. But there are regular updates to this new section, which is always helpful.
On the whole, our Greendax review produced some very favourable results. There are many ways to trade including cryptocurrencies, foreign exchange, commodities and stocks and shares as well. It’s great that you don’t need a crypto exchange to enjoy this element of their product and shows that they are keen to keep things as simple as possible. It is easy to get an account up and running. But you will need to be prepared to prove your identity before beginning to trade. The platform is available for desktop and mobile as well. So all bases are covered in that respect. The main issue that we have with the brand is surrounding the lack of clarity for licensing and regulation. And we would like to see them add more info regarding this to their website.