Beware! Axen FX 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.
Boasting that you offer over 16 000 markets to trade in is a very serious claim. Axen FX takes the responsibility of delivering this to over 140 000 customers, and counting! These types of claims are always signs of desperate scammer brokers trying to impress the most rookie of traders. In its effort to do so, Axen FX has made many mistakes, many of which are its ultimate undoing. The following review will speak of the major downfall of the broker and will give an overview of this suspicious firm. Do not invest here before reading it!
We opened an account in a couple of minutes and were soon given trading software log-in credentials. However, in an interesting turn of events, the log-in was broken. We had created an account but had no way to enter the user area. Yet, we still downloaded an MT5 and applied the credentials that were provided to us via email. The account that we opened was a live one.
The trading software revealed a EUR/USD cost of trade of 3 pips, a sum not one bit profitable to traders. While opening an account, the leverage cap was at 1:400. The available trading assets are forex currency pairs, stocks, metals, future energies, and cryptocurrencies.
The website is available in English only.
AXEN FX REGULATION AND SAFETY OF FUNDS
Axen FX is incorporated in Saint Vincent and the Grenadines, which isn’t saying too much. In fact, the only sure thing that this statement is telling us is that Axen FX is a scam. How do we know this? Well, for one, Saint Vincent and the Grenadines does not have an FX and CFDs broker license issuer, meaning that Axen FX is not regulated there.
Moreover, another very clear sign that the broker is illegitimate is the fact of the short legal documents, which keep many of the crucial clauses at bay. This company has only a couple of pages of terms and conditions, which is laughable compared to 100 pages of T/Cs held by some of the world’s leading FX brokers.
Finally, Axen FX does not even look like a regulated broker. It stays away from all the legit features, including only shady ones. This is an UNREGULATED broker if there ever was one. All investments are at a risk!
We cannot, for the life of us, recommend to our readers, or for that matter to anyone else, to register and invest in an unregulated broker. It would be like throwing money down the drain. It is imperative to check that the broker is regulated by the FCA or CySEC, or any other license issuer out of the hundreds. Regulatory agencies make sure that their brokers function with the user’s interest as their top priority. Moreover, certain agencies offer compensation schemes to all users of their overseen brokerages. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000. These funds are applied when the regulated broker cannot pay its dues.
AXEN FX TRADING SOFTWARE
Axen FX is one of those shady brokerages that was able to acquire the MT5 through some kind of miracle.
This is the best trading office in the industry, by far. It offers hundreds of options, and allows for a completely customizable trading experience!
Even with the inclusion of the MT5, we still cannot recommend the broker. It is, first and foremost, unlicensed!
AXEN FX DEPOSIT/WITHDRAW METHODS AND FEES
We have no other choice but to take all the payment information from the website. Please note that the website of this broker is not to be trusted as the broker itself is unregulated.
The minimum deposit is said to be just $10.
And that all folks! That’s all the payment information to be found on the website! We find no further details on payment methods, or withdrawal fees, or processing times.
Usually, brokers tend to offer some or all or one of the following payment methods: credit cards, debit cards, wire transfer, crypto wallets, or alternative payment systems. There are almost always some sort of fees, whether concerned with withdrawals or not. And lat but not least, the typical withdrawal processing time is around 3 to 5 days.
There is nothing appealing about Axen FX that would make anyone invest here. It’s all a bunch of empty promises stacked one on to of the other. We assure our readers that all deposits here will be lost!
How does the scam work?
Users have entered the scam once they have registered or provided certain contact details to the broker or the investment schemes.
They get to this point once after being tempted by one of the thousands of alluring online ads that promise easy money and a chill lifestyle to go with it. Most of these ads lead to either the broker’s site or an intermediary website. Whichever one happens to be the source of the ad, either one will ask the client for contact details.
Through these contact details, the scammer will contact the user and solicit a first deposit in the scam. This is the most important step, for the first deposit is the initiating ritual, where the user gets to build an artificial trust with the reps of the scam.
After the first deposit, the broker/scammer is able to build on this relationship, lying to the user. As a result of this, more deposits will be demanded, and more fake promises will be wasted.
This is all a ticking time bomb, since the user will want, at some point, to withdraw his/her money. The scammer will deny this request and those that follow, making up excuses at it goes.
What to do if scammed?
Filling for a chargeback is the best solution. Credit and debit card companies allow for this service, The good news is that MasterCard and VISA have a chargeback period of 540 days.
Users should immediately change their bank account user name and password if they have lost money to an investment scam through a wire transfer. They should also contact their bank and try to find a solution with the institution.
Forget about being able to retrieve crypto funds. Crypto deposits are the surest way to lose money!
Moreover, do not trust recovery agents or agencies. These are either an extension of the investment scam or an independent fraud. They promise to return your lost investments but not before demanding a payment for their “services”. After the user pays them, they will disappear with the money!