Beware! AxaForex 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.
AxaForex has one big strength that overshadows its weaknesses- the visual side of it all. aside from the interface everything else about this broker is illicit. Read on to find out all about it.
AxaForex Regulation and safety of funds
| Guaranteed Funds | Segregated Accounts | Negative balance protection | |
| AxaForex | ❌ | ❌ | ❌ |
| UK regulated brokers | £85 000 | Yes | Yes |
| EU regulated brokers | €20 000 | Yes | Yes |
| AU regulated brokers | No | Yes | Yes |
| US regulted brokers | Yes | Yes | No |
AxaForex is s typical an offshore broker, that we can use it as an example. The broker claims to be both registered under the laws of the Marshall Islands and Saint Vincent and the Grenadines, but both claims are found in different section of the website.
Both these jurisdictions are popular scammer location, for obvious reasons. None of them have an FX regulator, the local law makers and authorities turn a blind eye to the fraudsters’ activities for unknow reasons, and for the Marshall Islands especially, it is extremally easy to base a business locally since there is no need to have a physical presence on the islands. So even if AxaForex is located in both places, it still remain unlicensed and a risk.
Then there is the FCA warning we found about, in conjunction with the very short legal documents that are about4 or 5 pages in total. This is a pure investment scam and an unregulated broker to the bone!
AxaForex Trading software
| Analytical tools | Auto trading | Custom indicators | Mobile apps | |
| AxaForex | ❌ | ❌ | ❌ | ❌ |
| MT4 | 30+ indicators | ✅ | ✅ | Android |
| MT5 | 50+ indicators | ✅ | ✅ | Android |
| cTrader | 40+ indicators | ✅ | ✅ | Android and iOS |
There was no issue opening an account, but were faced with the following web trader, which in our case was the final proof needed to know that AxaForex is useless.
This is perhaps on of the most limited and useless web traders of all. As you can clearly see form the snip, there aren’t a ton of features here, and the ones that are made available are pretty much irrelevant. The only thing that this web trader is useful for is to act as an indication that the broker has not take trading serious, but has focuses all its efforts and resources to scamming the user, and this shows in the fact that the only other user area section available is a deposit one.
AxaForex Trading instruments
| Currency | Stocks | Indices | Crypto | Commodities | |
| AxaForex | ✅ | ✅ | ✅ | ✅ | ✅ |
| XM | Yes | Yes | Yes | No | Yes |
| FBS | Yes | Yes | Yes | Yes | Yes |
| FXTM | Yes | Yes | Yes | Yes | Yes |
According to the web trader the available assets to trade with are forex currency pairs, metals, indices, commodities, cryptocurrencies, futures, and shares. But we do not have enough evidence that the deposits made here will ever be represented as funds for trading.
AxaForex Spreads and cost of trading
| AxaForex | XM | FBS | FXTM | |
| Spread EURUSD | 1.4 pips | 0.6 | 1 | 1.1 |
| Spread GBPUSD | 2 pips | 1.3 | 1.2 | 1.4 |
| Spread USDJPY | 0.9 pips | 1.3 | 1.2 | 1.4 |
The web trader reveals the following spreads: the EUR/USD spread is said to be 1.4 pips; the cost of trade for the GBP/USD pair is 2 pips; while the USD/JPY spread is 0.9 pips. These are acceptable spreads, but the fact that AxaForex is a risk, it’s completely useless to trade with them.
AxaForex Maximum leverage
| Forex | Stocks | Crypto | Gold | Indices | |
| AxaForex | 1:500 | ❌ | ❌ | 100:1 | 100:1 |
| UK regulated brokers | 30:1 | 5:1 | ❌ | 10:1 | 10:1 |
| EU regulated brokers | 30:1 | 5:1 | 2:1 | 10:1 | 10:1 |
| AU regulated brokers | 30:1 | 5:1 | 2:1 | 10:1 | 10:1 |
| US regulated brokers | 50:1 | ❌ | ❌ | ❌ | ❌ |
There are two leverages here, on the two supposed accounts. There’s the 1:500, indicated on the site for the Mini account, and 1:1000 for Standard account. These are quite high and attractive, but remember that AxaForex is a risk to all. So, look to these high leverage brokers instead.
AxaForex Deposit and withdrawal methods
| Deposit time | Withdrawal time | Fee | |
| Crypto | No specified | 24 hours | Fee depends on crypto |
Once we had opened an account the first thing we saw was the deposit area; the broker directed our attention to it at once. The greedy broker makes its case obvious by including tons of crypto wallets as the only investment methods, all of which ask of the client to invest directly into a anonymous crypto address. If you invest your money will be lost for good, and crypto gateways with unlicensed brokers are known to be untraceable.
It takes 1 day to process a withdrawal request; that’s the only other information that we gather from the broker.
AxaForex Minimum deposit
| AxaForex | XM | FBS | FXTM | |
| Minimum deposit | $1 | $5 | $10 | $5 |
As for the minimum deposit, it’s not capped at any value, meaning that the user can invest $1, and still get away with it. This creates an false sense of opportunity in the user. If you want legit minimum deposit brokers, then look to these instead of focusing on this scammer one.
AxaForex Withdrawal requirements
| Trading volume | Fee/Tax on withdrawal | Minimum withdrawal | |
| AxaForex | No information | $20 | No information |
| UK regulated brokers | No | No | No |
| EU regulated brokers | No | No | No |
| AU regulated brokers | No | No | No |
| US regulated brokers | No | No | No |
There are allegedly payment system fees applied, plus a $20 fixed withdrawal fee on each request. However, we never got to access a withdrawal section and it seems that AxaForex does not offer a withdrawal area; the registration area was comprised of a web trader and a deposit section.
The website, on its turn, offer very limited payment information, and in fact the aforementioned $20 fee is all we could get. AxaForex is a scam and a risk to all, is what our readers should remember. Brokers like it are known to launch commissions and fees out of nowhere.
