Beware! Axi24 CFD 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.
Axi24 CFD tries to present itself as a trustworthy forex broker. But fact-checking reveals only clues that this is just another online scam. At the time of writing this review Axi24 CFD lacks even basic functionality that one would expect from a genuine financial services provider.
Axi24 CFD Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|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|
The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities.
Axi24 CFD does not disclose which company is behind this website. On the homepage we see a contact address in Australia:
But in the “Contact Us” section, a UK address is listed:
The Client Agreement is only available after account registration and also does not name a specific legal entity.
The document states that the applicable jurisdiction is in fact the Saint Vincent and the Grenadines (SVG).
While this country has a financial regulator, unlike other offshore areas, it does not regulate the activities of forex and CFD brokers. Тhe local Financial Services Authority has repeatedly issued warnings on this issue.
Due to the large number of scammers taking advantage of this lack of regulatory oversight, starting in 2023, the financial authorities in the SVG began requiring international brokerage firms registered in the country to provide proof that they hold the necessary licences in the jurisdictions in which they provide financial services.
A different brand nameс has been used in various places on the website instead of Axi24 CFD – PXFX and Profit Expert. These are probably leftovers from other projects by the same scammers.
Before investing your money in financial instruments, it is imperative to make sure you do so through a licensed intermediary and not one of the many scammers lurking online.
Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in the US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).
Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds. In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK.
Axi24 CFD Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|cTrader||40+ indicators||✅||✅||Android and iOS|
Another obvious sign that we are dealing with fraudsters is that Axi24 CFD does not have trading software – i.e. it cannot facilitate trading in financial instruments.
Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
Axi24 CFD Trading instruments
When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc. This information is completely missing from the Axi24 CFD website.
Axi24 CFD Spreads and cost of trading
If you invest through a diligently licensed broker, you can expect very competitive terms. The only thing you can expect from Axi24 CFD is to be scammed.
Axi24 CFDMaximum leverage
|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||❌||❌||❌||❌|
High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.
Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.
If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.
Axi24 CFD Deposit and withdrawal methods
|Deposit time||Withdrawal time||Price|
|Bank wire||2-5 business days||2-5 business days||$25+|
|Credit card||Instant||Not specified||Not specified|
|Cardpayz||1 hour||24 hours||Not specified|
|Gateway||1 hour||24 hours||Not specified|
|Paypound||1 hour||24 hours||Not specified|
|Crypto||24 hours||24 hours||Fee depends on crypto|
The website states that Axi24 CFD accepts deposits via wire transfer through banks in Turkey and cryptocurrencies. Both payment methods do not allow for refunds to be requested.
In the deposit options menu are obscure payment processors that we have only seen used by fake brokers – Cardpayz, Gateway, Paypound.
Legitimate brokers typically offer clients a wide choice of transparent payment methods, including established e-wallets such as PayPal, Skrill and Neteller.
Axi24 CFD Minimum deposit
Established forex brokers usually offer beginner traders starter accounts with a very low minimum deposit.
Axi24 CFD Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Axi24 CFD||Not specified||30%||Not specified|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
If you attempt to close your account, Axi24 CFD will charge a whopping 30% fee. This is a typical scam clause.