Beware! Axe Markets Group is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Axe Markets Group is a completely anonymous entity, and the people standing behind are very difficult to be traced. Unfortunately for them we tracked them down and recognized the scam pattern! Read the next review to find out why you should avoid this Forex broker at any cost!
Axe Markets Group REGULATION AND SAFETY OF FUNDS
Axe Markets Group Limited is a company registered in Hong Kong which is in no way licensed by any authority to operate as a Forex broker. Despite that, they do list an UK address, probably trying to look legit in front of the potential customers.
They are linked with two other companies called Business Choice Partners Group Limited and Knight Service Group. Both are registered in the UK, sharing the same address, which is also enlisted by Axe Markets Group Limited . Both the companies are having the same director appointed, who is actually residing in China. Also both of the companies received official warnings by the British FCA and the FMA in New Zealand. Stay away from Axe Markets Group Limited , this entity is closely linked to a group of proven scammers.
There is another UK company, appearing in the mix, and it is called Sing United Trading Co Ltd. which is listed on the Axe Markets Group Limited website and linked with YUNMA TIANLONG INTERNATIONAL CONSULTING ltd. The latter in turn is linked with Business Partners Limited and few other companies, which are directly and indirectly related to China.
Axe Markets Group Limited should be considered the new name of BCP. The account opening button redirects you to their website bcpgltd.com, also the MT5 download file called businesschoicepartners5setup.exe undoubtedly proves the tie-in.
Your funds are not safe if you deposit with Axe Markets Group Limited, it is a proven scam! Their website is totally broken and unusable, which limit their chances, but only to a certain degree.
As a trader you should only trust brokers that can undoubtedly prove to be licensed, authorized and transparent, regulated by a financial authority, such as FCA in Britain, CySEC in Cyprus (Forex brokers regulated there can operate throughout Europe) or NFA in the USA.
Offshore brokers might disappear at any moment, they can refuse withdrawal or worsen your trading conditions, if they want to. If the offshore broker starts acting strangely, there is no authority to report to, and you, as a trader, are extremely vulnerable! Your funds might diminish before you know it, and it’s almost impossible to recover the losses.
A Forex broker which is regulated really makes the difference. The strict regulations in existence are only implemented for the benefit of the traders and also for the health of the financial service sector. The regulatory framework creates safer and more stable environment where the customer protection is a top priority. For example, in Cyprus under CySEC regulation and in Britain under FCA supervision there are compensation schemes in place which guarantee the deposits of the clients, in UK for example you can claim up to 85 000 GBP. In Cyprus the deposits are guaranteed of up to 20 000 EUR per client. The offshore unregulated Forex brokers might run away with your money and there is literally no one who can stop them from doing so, and you won’t get a compensation either!
Axe Markets Group TRADING SOFTWARE
We managed to download their MT5 platform, which, for our surprise, was working, displaying spreads of 0.5 pips for EUR/USD. It was actually the only link on their page that worked, and honestly speaking, we have no idea what the purpose of this website is. It is so totally unusable and will undoubtedly chase away any potential traders or investors.
Their scam patterns, however, are pretty different, they will use social media platforms such as TikTok, Instagram, Facebook and even dating apps to drag victims into the scam.
Leverage or any other information about their trading conditions is unavailable. Stay away from Axe Markets Group Limited, it is a proven scam.
Axe Markets Group DEPOSIT/WITHDRAW METHODS AND FEES
No minimum deposit requirements are to be found, and that’s good news for you, because you’ll miss the chance to waste your time and money!
No withdrawal policy is available, no minimum withdrawal amount known, and also no fees anywhere mentioned. In fact, we couldn’t find any T&Cs, Client Agreement or a similar legal document which is supposed to give more details and specifications about the products and the services offered. Even if we didn’t know for sure that Axe Markets Group Limited is a confirmed scam, there are tens of red flags to be recognized!
No dormant account policy. No bonuses or other incentives offered, as well.
HOW DOES THE SCAM WORK
A group of scammers usually operates many different scam brokers, scam websites and call centers. Sometimes they will simply rely on the quantity, they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.
The social media platforms are becoming increasingly popular among the scammers. There are hundreds and thousands shiny ads promising guaranteed returns, low trading costs, opportunities not to be missed etc. etc. People who were scammed by the group standing behind Axe Markets Group Limited described some of their methods.
The targets were usually approached by an attractive lady in a dating site or in the social media who would flirt till some point and meanwhile would show them photos of profitable trades and winnings. She would start giving them advices and redirect the traders to some analysts or account managers, who in turn would present the trading opportunities.
The victims would usually open a demo account and under the scammers guidance would register a few profitable trades. Then, pushed by the so-called experts, they would open real accounts and would deposit funds which they would never be able to return back. Avoid dealing with people who would approach you randomly, they will always want something from you, there is no free meal and you will always have to pay. Sometimes the price is really big, stay away Axe Markets Group Limited and keep your money in a safe place.
WHAT TO DO WHEN SCAMMED
Anyone can get involved in scam, scammers are constantly changing their strategies and no one must feel safe. If being scammed the first thing you should do is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what have happened to you, file a complaint, contact the financial regulator, contact other government institutions dealing with trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!
Avoid Axe Markets Group Limited, it is a confirmed scam! Report immediately if being contacted by them!