Axipip review 2023: 5 things you should know about axipip.com

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

RECOMMENDED FOREX BROKERS

Visit Site

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

Choosing the right forex broker could be quite overwhelming, especially given the fact how many unregulated, scam firms are there. Unfortunately Axipip is yet one of them – this broker is based in a country where forex brokerage activities are not authorized in general, so don’t expect it to follow any rules or guidelines. On top of that there is no actual trading software you can invest on – what you can download is actually a demo version offered by another broker. As you see, Axipip happens to be a perfect example of an outright scam. For more details on this broker and the reasons to avoid it, please keep reading the following lines.

Axipip Regulation and safety of funds

As we mentioned above Axipip is registered in St. Vincent and the Grenadines – an offshore destination that doesn’t regulate forex brokerage activities at all. This fact alone is enough to convince us that this broker is not to be trusted, as it’s not supervised by any financial authority nor being authorized to offer financial services. If you doubt this statement, you are free to visit the official website of the local Financial Services Authority (FSA) – an important notice pops up the moment you land on the page. Take a look at it:

As you see, FSA also warns potential clients that forex trading is not licensed in SVG and there is a huge risk if you decide to deal with such a firm. Beware that a lot of scam brokers are located in this offshore destination exactly because of the freedom they can have. Because of that we definitely don’t recommend trading with one of those offshore firms at all.

On top of that there seem to be some legal documents, however this turned out to be yet another gimmick. None of these links actually works, so in fact Axipip doesn’t present any legal documentation like Terms and Conditions or Deposit/Withdrawal Policy and that’s quite a worrisome fact for sure.

Axipip Trading software

Axipip claims to provide MetaTrader 5 and posts a few download links for desktop and mobile. The issue here is that these links either don’t work at all, or they are false and deceptive. To be precise, we managed to download the platform, but it was just a demo version, offered by another broker, but not Axipip itself. Take a look:

As you see, this software has nothing to do with the broker we are dealing with – for example it doesn’t provide any data about the spreads or leverage Axipip offers.

After we registered there was no platform in our profile as well. This firm is nothing more than a fraud disguised as a broker, so better don’t waste your time or money with it!

Axipip Trading instruments

Axipip claims to offer a variety of trading instruments like forex, commodities, metals, stocks and crypto. Unfortunately we couldn’t see any of it, as there was no software provided by this broker.

Axipip Spreads and cost of trading

On its website Axipip claims to offer three account types – you can see some more details about each of them down below:

As you see, this broker promises spreads from 1.6 pips without commissions for its Standard account. That is not so bad, but it’s not great either. A lot of the reputable firms provide much more favorable amounts below 1 pip anyway. Moreover, as there was no trading platform, we can’t confirm if this broker really provides such volumes.

Axipip Maximum leverage

The maximum leverage is said to be 1:1000 and that’s an insane amount! Note that such a volume comes with the inevitable risk of losing your money in a flash and looks nothing like real trading, but rather like gambling. Apart from that, when we created our account we were able to choose the everage and the lowest amount was 1:100. This is too risky as well and is not recommended for retail traders. As you see, this broker doesn’t offer anything advantageous or safe, just the opposite. However, if you still want to trade with higher leverage, it would be way better if you choose some of the offshore subsidiaries of legitimate forex brokers.

Axipip Deposit and withdrawal methods

On its website Axipip claims to accept a variety of payment methods and lists wire transfers, Skrill, Neteller, PerfectMoney and Tether. After we registered some of the options were missing, but as a whole the list was more or less the same. There was PerfectMoney, Skrill, Tether as well as a wire transfer with a bank based in Pakistan, which seems rather strange. Take a look:

Apart from that Axipip claims that there are no deposit/withdrawal fees for Skrill, Neteller and Perfect Money, however no data is displayed about the rest of the payment options, so keep this in mind.

As for the execution time, all deposits are said to be completed within 24 hours, excluding the bank transfer, which takes up to 3-5 business days. All withdrawals are said to take between 24-48 hours.

In addition, note that crypto transactions are highly speculative and tricky as they leave you no chance to retrieve your money. We don’t recommend investing here, no matter the payment method.

Axipip Minimum deposit

The minimum deposit this broker requires is not specified. In general, what most reputable brokers tend to ask for is around 250 USD for regular accounts or around 10 USD for micro accounts.

Axipip Withdrawal requirements

As we mentioned above, there are no real legal documents, so we are unsure of this broker’s withdrawal requirements. And even though Axipip claims that there are no withdrawal fees, we recommend remaining cautious. Knowing how sneaky and deceptive scammers can be, it’s quite possible that there are some quite high withdrawal fees.

Apart from that the minimum withdrawal amount for wire transfers is said to be 10 USD, while for the rest of the payment methods it’s 1 USD. This is yet another alarming sign, since legitimate brokers don’t usually require any minimum withdrawal sum at all.

All in all better refrain from investing here as this firm is absolutely unreliable!