Review – 5 things you should know about AxisCapital Review – 5 things you should know about AxisCapital

Rating: 1

Beware! is an offshore broker! Your investment may be at risk.


Don’t put all your eggs in one basket. Open trading accounts with at least two brokers. is a broker who managed to put together a good-looking, comprehensive website but that is pretty much it. This is just another offshore company with dubious Terms and Conditions, and no license insight. Trusting them could not lead to anything good for you as you will surely get scammed. The broker even urges you to install remote access software -supposedly to help you with settings and/or trading but actually to be able to access your bank accounts most probably.

Don’t invest with this broker if you don’t want to suffer losses. REGULATION AND SAFETY OF FUNDS gave quite contradictory information about its location. On the website, they claim to be based in the Commonwealth of Dominica. In the footer, and in the MT5 information, however, it is stated the broker is based in St. Vincent and the Grenadines. This is a weird lie since the financial regulators of both of these countries do not monitor the activities of forex brokers and do not impose any laws in the sphere of forex trading – so the lie does not give the broker any more credibility.

Be careful with brokers based in St. Vincent and the Grenadines and do not invest with them unless if you are sure that they are an offshore branch of an established company. Many scammers set up companies at such locations in order to avoid the laws and procedures brokers in stricter jurisdictions have to face, and the attention of stern regulators. Such countries also have a fairly relaxed approach to transaction reporting which makes money deposited to an offshore company more or less untraceable.

We would suggest that you turn to a broker regulated in the UK, the EU, or Australia – such brokers are obligated to follow many rules and meet many requirements in order to prove that your funds would be in good hands. In order to obtain a license, a broker is obligated to maintain a minimum operational capital of €730 000 in the UK and the EU, and A$1 million respectively – this way, the company could prove its financial stability. Negative balance protection is a must – the losses you could suffer while trading could not exceed the amount of money you have in your account. Client funds are kept segregated – your money will be kept separate from the broker’s own funds so you can be sure that the broker would not be able to reinvest your deposits. UK and EU brokers must also participate in compensation funds – so in case your broker becomes insolvent, you could receive a compensation of up to €20 000 in the EU and £85 000 in the UK. TRADING SOFTWARE offers both a Webtrader, and the most popular platform in the industry – MetaTrader 5. The web platform did not exactly surprise or impress us – average software with decent functionality that is easy to use but lacks a lot of essential functions:

The broker supposedly offers the alternative of MT5 accounts – which sounds tempting since this platform combines efficiency and accessibility. MT5 is packed with useful tools – Expert Advisors, VPSs, Strategy Testers, custom script creation possibilities, the chance to exchange strategies with others in a community chat, set signals or subscribe to those set by others. The platform comes with a full charting and analysis package that could suit the needs of even the most demanding of traders. Definitely try out the platform – with one of the many licensed brokers who offer it. The promise of MT5 is not enough to make us trust a broker like

Here is what a typical MT5 terminal looks like: TRADING CONDITIONS offers a few account types and asks for at least $25o in order to open the most standard among them. Considering that brokers like FBS and FXTM who are reputable and trustworthy offer accounts that cost $10 or less, there is zero point in you seeking out scammers.

The leverage we got on the broker’s web platform was 1:200 – that could not be changed from the settings which is bothersome. Trading with high leverage could lead both to bigger profits, and to bigger losses – which is why leverage restrictions exist in many jurisdictions. Always be careful to not go too high with your settings – especially if you are a beginner.

We got different spreads on the broker’s web platform and on their MT5 terminal which is unusual at the very least. The spreads were enormous on the web platform – 3 pips on EURUSD – while on MT5 we got just 0.2 pips on the same pair.  Trading with a spread of 3 pips would not be very lucrative for you – most brokers could offer something around 1.5 pips or even lower. We cannot explain the huge difference in the spreads – this could only imply that  has done something to manipulate MT5, as scammers sometimes do. DEPOSIT/WITHDRAWAL METHODS AND FEES

Although the broker clearly states in the Terms and Conditions that you would be able to deposit via wire transfer or with a credit/debit card, the truth was entirely different. We were indeed allowed to deposit with a card – which is good news since it would be fairly easy to get a chargeback if you have used this payment method since both Visa and MasterCard allow chargebacks within 540 days of the transaction. The only other option for depositing, however, turned out to be a number of cryptocurrencies. Never deposit in crypto unless you are not sure you can trust the recipient completely – such payments are irreversible which would make it impossible for you to ever get a chargeback. states that it charges inactivity fees – but does not specify their size or after what period of time they are charged.

The broker also offers bonuses but has attached some dubious clauses to them – if your account has been credited with a bonus, you would have to reach a turnover of 25 times the deposit plus the bonus in order to be able to withdraw at all. This also includes all your profits, and your own deposits. No broker who is remotely legitimate would ever deny you access to your own money.



Read the following paragraphs carefully – such scams are more frequent than you could imagine so being able to recognize them is important. They are usually not very imaginative and follow pretty much the same pattern.

The scam starts with you seeing an ad on the Internet for a broker – the promises of fast, easy money, and amazing trading conditions follow. You register with an account because you are interested to see what forex trading is all about – after all, you know that some people make decent money as day traders. The moment you provide the scammers with your phone number or email, however, you would not be left alone before you deposit. Keep in mind that these are people who scam others for a living – they can be rather convincing. Once you have made your first deposit you would probably see some profits so you will be tempted to deposit more – the scammers would urge you to do just that.

Once you try to withdraw, however, you will run into trouble – additional taxes, clauses in the Terms and Conditions, not high enough trading volume, etc. At some point, you will figure out that you are probably being played – but the broker will be long-gone by then. Don’t count on being able to contact them.


Keep in mind that, unfortunately, such stories rarely end with the client retrieving their money. That does not mean, however, that there is nothing you could do.

Firstly, change your banking passwords – you would not want the scammers to steal even more money. If you have given them remote access to your computer, make sure to remove the software immediately – they might have claimed that they could help you trade if you install software like AnyDesk or TeamViewer but the scammers just want to get free access to your computer and even make transactions on your behalf.

If you have deposited using Visa or MasterCard, ask for a chargeback immediately – both card providers allow such chargebacks within 540 days. Retrieving money if you have used a wire transfer, or an electronic payment solution is much harder – but still, contact your bank or payment method provider to see if anything can be done. And if you have deposited in crypto – as such scammers often urge you to do – you would never be able to get your money since crypto payments are irreversible.

Notify the responsible authorities, and share your story online and in your acquaintance circle – information is power, and your experience might save someone from being scammed in the same way.

Finally, don’t trust any “recovery agents” promising to retrieve your money for a certain fee – this is just another type of scam targeting desperate people.

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