AxePro Group review – 5 things you should know about axeprogroup.com

AxePro Group review – 5 things you should know about axeprogroup.com

Rating: 1

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

RECOMMENDED FOREX BROKERS

Forex.com

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

We seriously doubt that AxePro Group is the world’s number one asset broker, as it so courageously announces on its site. One good lesson that we have picked up over the years doing this job is that when a broker looking like AxePro Group brags about something, whatever it may be, there sure is something not quite right going on. Here, it’s obvious what the issue is, and if you haven’t figured it out for yourself then this review is for you.

The no strings attached registration process led us to a very limited user area, that looked like any other shady broker client portal. There we found an MT5 that we did not open for a very legit reason that we will soon reveal.

So, the following trading conditions are taken from the site. Forex currency pairs, futures, indices, shares, metals, energies, and cryptocurrencies are the advertised instruments, while according to the site the EUR/USD spread is 0.1 pip. We found talks of spread commissions in the legal docs that were nevertheless undisclosed. So we know that this 0.1 pip is not the actual spread!
There was no leverage revealed anywhere.

AXEPRO GROUP REGULATION AND SAFETY OF FUNDS

First of all, according to the legal docs users have to adhere to the laws of their respective jurisdictions, which is basically telling the user that it’s her responsibility to get regulated to use the services of this shady broker. In the real world, it’s the opposite: illegal brokers commonly refer to this.

Then, we get contact addresses/offices in the UK, France, and Canada, all suggesting local registrations by AxePro Group there. But that’s not the case. There is no such thing, none of the above harbor this broker. Not only is there no proof a license in either of these countries, but the broker barely even mentions them.

Last but not least we have a warning from the French regulator, the AMF, stating that AxePro Group provides illegal trading services.

We think the brokerage is anonymous, not to mention unregulated. This is a very dangerous combination.

Unless you wish to throw your money away for no reason , there is absolutely no incentive for investing in unlicensed brokers. In fact, you would be doing them a big favor by funding their further fraudulent projects. If you wish to trade real FX and CFD with regulated brokers, looks no further that those that are regulated, especially in well known locations such as Europe, the UK, the US, or Australia. The regulators there are pedantic to a ridiculous degree and will do everything in their power to uphold the rights of the user and the integrity of the market industry. It is within their power to penalize brokers and demand client compensation, as well as to set industry standards and introduce new rules and regulation.

AXEPRO GROUP TRADING SOFTWARE

There was a readily available MT5. However, the file itslef was suspiciously file names, and on top of that our PC warned us of a potential malware. That is the reason why we did not open the software.

There is also an alleged web trader advertised on the site, but there was no access to it; the supposed link to it reloads the page.

AXEPRO GROUP DEPOSIT/WITHDRAW METHODS AND FEES

It’s $100 to open an account, as we were told in the client portal. However, no payment methods were revealed to us. Withdrawals on the other hand are processed via crypto wallets, Interac ($1 fee), and wire transfer. So, these must also be the methods for deposits.

Please beware of the following clause that is incredibly revealing of the firm’s scammer nature.

Are we to understand that the minimum deposit requirement is above $100 through this clause? Since investing a $100 is basically losing all the money automatically.

The minimum requirement is $50 for withdrawals, and there are mentions of fees, however the only fee we found was a $1 tax on all Interac withdrawals.

According to the site, withdrawal are processed between 3 and 5 days. However, we come to the discrepancy issue, where the user area claims all withdrawals to be processed within 8 hours, and further more only Interac has a withdrawal fee of $1 (fixed).

We base our trust on the user area, as always, since there the broker cannot lie.

These have to be some of the most confusing and contradictory payment details around. Yet another reason to abandon all trust for AxePro Group.

HOW DOES THE SCAM WORK

Getting scammed usually happens without you knowing it. It’s a deceivingly simple process that owes its success precisely because it seems so avoidable.

First, there is the matter of getting in contact with the broker which happens in one of two ways. Either it contacts you, or you it. If it calls, it means that somewhere in your net journey you accidently left a phone number or an email address. Or you were persuaded by the broker to contact it, which is why many scammer brokerage sites looks so appealing.

The hardest thing to achieve, for a fraudster, is to convince a user to invest an initial deposit. Prior to this a certain level of trust must be built, centered around a false sense of rapport. The broker will fake an interest in the user and in the process talk about market and profit opportunities, as well as investment choices. It’s all a part of a retaining strategy that will keep the user invested for at least a couple of thousand dollars, on average, until, eventually, he realizes the scammer pit he has fallen in.

When this happens, the broker will seize all contact with the user, and might even block the client from the website. It will go to great lengths not to return a single penny of the user’s money.

WHAT TO DO IF SCAMMED

The first thing you should do it to file for a charge back. That’s if you have invested by means of a credit or debit card. MasterCard and VISA have a chargeback period of 540 days giving users more than enough time to try to get their money back.

Wire transfer deposits are not as easy to acquire, and the best advice we can give you is to set up a reimbursement strategy with the bank leading the transactions. Most banks have strategies put in motion when these circumstances are met. Furthermore, if scammed via a wire transfer, it’s best to change your bank account user name and password.

Unfortunately, all crypto deposits are most surely lost for good. These transactions are untraceable and therefore once they reach the scammer end it all depends on the fraudsters if you see your money back or not.

Lastly, do not trust recovery agents or agencies. These are either separate scammers trying to get a hold of any leftovers, or can even be an extension of the brokerage scam.

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite
UK, Cyprus, Belize4.94/5$5 Click for a special offerWebsite
Australia, Cyprus4.93/5$100 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite
New Zealand4.65/5$1 Click for a special offerWebsite

Leave a Reply

Your email address will not be published. Required fields are marked *