RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Axiance is licensed in a few jurisdictions and was formerly known as EverFX (labelled as a scam by too many customers, actually). In this article, we are going to review the CySEC authorised Axiance. It offers Standard CFDs (Forex, Stocks, Indices, Commodities and Crypto) with seemingly low spreads traded on MT4 and MT5. However, while assessing the broker, we found certain inconsistencies, which we are going to discuss in the full Axiance review.
Axiance REGULATION AND SAFETY OF FUNDS
Axiance is licensed in the following jurisdictions- Cyprus (CySEC regulated), Mauritius (FSC) and Seychelles (FSA). The broker also has EEA cross-border registration in various countries in Europe- for more info, you can see the screenshot above. Out of the three licenses mentioned, the CySEC one is the most reliable, as the regulator is generally viewed as trustworthy. The other two simply can’t deliver customer protection, and the regulatory framework in the overseen jurisdictions is lacking in terms of safety and customer protection. Keep in mind that we are reviewing the CySEC Axiance that’s run by ICC Intercertus Capital Ltd.
On paper, your funds will be safe if you deposit with Axiance because it’s licensed and regulated. However, there are too many issues we need to discuss, and we’ll start with the story about EverFX.
First of all, too many customers swear that EverFX is a scam, and they are probably right to do so. Actually supporting their claims, the British regulator FCA banned EverFX and its parent company Intercertus Capital from offering CFDs in the country for various reasons. The list includes: inducing clients to open accounts outside Britain, using misleading promotions, pressuring clients, disallowing withdrawals and failing to inform customers of the risks involved. FCA concluded that the EverFX practices led to some consumers losing very significant sums of money. To put it another way, FCA kicked Intercertus out of Britain because it was found to operate similarly to a scam scheme.
As you can guess, it’s not only impossible for us to recommend Axiance, but we strongly suggest avoiding it! That said, see the high-rated EU brokers and British brokers instead. We generally recommend European FX companies because they are strictly regulated and, most importantly, covered by deposit insurance funds. Hence, clients of CySEC brokers can get up to €20 000 in compensation, while the British protections are even greater- up to £85 000 per person.
Axiance TRADING SOFTWARE
Axiance comes with MT4 and MT5, which are the two leading platforms on the market. The EUR/USD spread is good- 0.3 pips most of the time, so the broker reviewed isn’t in any way costly. It charges a commission of $4 per round lot, but it applies only to ECN VIP accounts only (more than 30 000 USD deposited).
However, as we already know that the broker reviewed is highly controversial, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists. We recommend MT brokers because both terminals are market leaders packed with sophisticated indicators, reliable charting tools and EAs making automated trading possible.
As for leverage, it’s 1:30 for European traders (the maximum allowed by the regulator), but we found a critical irregularity, which will be discussed shortly. Besides, regulated EU and Australian brokers also have to limit FX majors to 1:30, while the US brokers to 1:50. That said, we need to warn that most of the high-leverage brokers are either poorly regulated or not at all, so you need to be careful with such business creatures- the other Axiance entities offer 1:500, and none of them can offer any security whatsoever.
However, the CySEC MetaTrader4 distribution allows Demo trading on 1:300 leverage, which is totally unacceptable. Cyprus regulated brokers can’t offer real accounts with more than 1:30, so the Demo is actually misleading in this case, which is a red flag nonetheless. For more information, have a look at the screenshot below.
Axiance DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $$250, which is twice more than the regulated brokers’ demands on average. Moreover, too many legit companies are now offering their services for as little as $5, and by following the links provided in this article, you’ll find better and more affordable brokers.
As for funding, the broker accepts Credit/Debit cards, Wire Transfers, Skrill, Neteller, iDEAL, EPS, Sofort, AstroPay and Przelewy24. We need to note that out of those, Credit/Debit cards is by far the safest method as it allows clients to chargeback for up to 540 days after the transaction.
As for withdrawals and transaction fees, the broker states there are no minimum restrictions, and it processes requests free of charge. However, in the FAQ section, we found solid evidence that Axiance is an unreliable careless broker. Have a look at the bottom of this section to get what we are talking about. Also, pay attention to the domain name- it’s not CySEC approved, and that can indeed cause problems at a later stage. It doesn’t seem important at first, but keep in mind that these people will handle your money if you deposit, so even the most minute detail is of utmost significance.
As for other charges, there are two fees we need to discuss- inactivity fee and investigation fee:
Inactivity fee– an account becomes dormant after 12 months of inactivity and will be charged $10 per month, which is generally in line with the industry standards.
Investigation fee– $150, and it incurs in case of a chargeback. Well, it turns out that the unhappy clients will be penalised if they want to take their money back. That’s ridiculous behaviour for a CySEC licensed broker. Avoid!
The Bottom Line
Axiance is regulated, but the company operating it was kicked out of Britain by the local regulator FCA. From the information provided by the authority mentioned, we believe that it’s overly risky to deposit with this broker. Moreover, our assessment revealed critical inconsistencies, so you’d better steer clear of this broker as soon as you see it.