Beware! Axe Capital 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 Capital is one of the forex companies you should not trade with and here are some reasons why.
This forex company trades in forex, raw materials, precious metals, stocks and indices. To its clients, this broker offers 5 different types of accounts – AxePamm, Axe Season, Axe Sprint, Axe Intellectual and Axe Pro Invest. What these accounts with fancy names contain, we’ll look at a little later.
Axe Capital Regulation and safety of funds
On the company’s site the location of this broker is shown to be in Saint Lucia (in the Caribbeans). There is also information saying that this web-product is made available by third affiliated company Axe Solutions Ltd. with a registration in UK. We checked the registration in FCA register and such company does not exist. What you should also know is that Saint Lucia is an offshore zone and as such, there is no guaranteed protection for your funds. It means that if the company goes bankrupt or shuts down its website, your money will be gone! In the worst case scenario, you are dealing with scammers. In any case, we do not recommend trading with this company!
You must know that only registered and regulated forex brokers can provide guarantee for the safety of your funds. These legit brokers are from well-established jurisdiction, such as EU, UK, US. These brokers must meet stringent requirements in order to be registered and regulated. In EU and UK, they must have an initial capital no less than 730,000 EUR and in the US – 20 million USD. You understand, that scammers will never invest so much money! In addition to meeting the requirements for the initial capital, legit brokers must contribute to a compensation fund from which in case of trouble with the company, the clients will be compensated with up to 20,000 EUR per person if regulated by CySEC, or 85,000 GBP per person if regulated by FCA. In addition to that, the brokers must report their transactions on a daily basis to avoid shady deals. So, our advice to you is to always look for genuine forex brokers that are registered and regulated and can provide you with safety precautions.
Axe Capital Trading software
Axe Capital offers its own trading platform. However, the process of registration and opening an account could not be finalised due to broken links in the system which prevented us from checking out the trading software.
Nevertheless, we would like to mention to our readers that over 80% of the brokers actually prefer to trade using MetaTrader 4 and MetaTrader 5. These 2 platforms have proven advantages over any other trading software. Just a few examples – MT4 and MT5 have an app market and a financial calendar, VPS and code base with customs scripts, auto trading options, various charts organising tools, etc. To our reader we always recommend to choose a legitimate broker with a MT4 or MT5 trading platform.
Axe Capital Deposit/Withdrawal methods and fees
From the screenshot below, you see that the minimum deposit amount for the Axe Pamm account is $250. For the other 4 accounts (screenshot below), the initial deposit is much higher – $10,000, $50,000, $100,000 and $500,000 respectively. To feed the account, clients have a choice between the following payment methods – VISA, MasterCard, Neteller, Skrill, WebMoney and QIWI Wallet.
Withdrawing money is unlimited for the Axe Pamm account, for the Axe Sprint account it is limited to once per month, and for Axe Intellectual and Axe Pro Invest, it is settled personally. For the Axe Season account, withdrawing money in the process is not allowed.
If we take a look at the bonus policy, we’ll find out that if the company offers a Pending Bonus after the client accumulates the required number of trading points. There is no clear explanation what these trading points mean and what the required number is. The company claims that if the client accepts the pending bonus, it will be kept in a separate account from the client’s initial account as to not to restrict the trader’s account and to be able to withdraw their funds at any time.
In case where the first closed trade is unprofitable, the broker may offer the so-called ‘1 Trade on Us’ bonus but in case where the first closed trade is profitable, then the bonus becomes void.
In addition to the above mentioned bonuses, the company also offers ‘Birthday Bonus‘ where if the client has deposited the minimum initial deposit, will receive 20% ‘trade on us’ bonus and 50% discount on account types.
For new clients, there is 200% Welcome Bonus on first deposit and is added to the trading account. It can be withdrawn only after appropriate trader points have been reached.
We must say that first, the bonus policy is not clear enough as to what accepting each of these bonuses entails and also what acquiring the required number of trading points entails. Accepting any of these bonuses might as well be a double-edged sword, so we advise you not to accept any of the bonus offers. For your information, legit brokers do not offer bonuses.
How does scam work?
Scam works in different ways. It could be either that you receive an unsolicited telephone call or you see one of these flashy ads on the Internet or the social media promising you a quick and easy profit. Scammers will promise you the sky and the earth until you give way to temptation and deposit money. Once you give them money you get caught in the scammers’ mouse trap and the cheese in the shape of a big fat money fall is gone! It may take some time before you realise that you are being scammed. Scammers are smooth talkers and they are masters of deception. They will give you some excuses as to why the big profit hasn’t come yet and will try to lure you to make even a bigger investment because according to them, the more you invest, the more you profit. After you have been waiting for awhile and you finally come to your senses, you realise that you are being scammed. All you want now is to get your money back and get out of there. However, the scammers won’t make it easy for you! They will try to delay you so that you miss the deadline for applying for chargeback.
What to do if scammed?
There are a few things that you must do immediately – file for chargeback if you have paid using a VISA or MasterCard. Those two payment providers allow you 540 days time frame within which you may file for chargeback.
However, the chances are grim if you have used bank transfer or Bitcoin as a payment method. There is no chance you’ll be able to recover your money.
In such desperate situation, some so-called ‘recovery agents’ may approach you with offers to recover your money for a fee. Be cautious as you may be dealing with another type of scammers. Always check the information about the recovery agency – make sure it is legitimate and transparent in the public eye. Also, some scammers publish personal comments after our review about how they have been scammed and how they found a recovery agent who helped them get their money back. Do not trust such comments and do not use the published contact info in them as it will lead you to another scammer!
And lastly, a reminder to cancel your credit card if you have given your CVV code to the scammers and erase any software from you PC that gives scammer access to your personal data.
