Scam or Legit? This is the first question popping up in our head after we find out an online broker. Scam brokers are getting more skillful at hiding their natural faces, and any average trader might find it difficult to distinguish them from the legit ones.
However, our professional reviews are dedicated to offering in-depth analysis and explaining what we should believe and what not.
Today, you will be introduced to Axes.co broker, a scammer with attractive services by first glance. Axes.co review will go through the details and expose the general red flags.
Axes.co: Who are they?
Axes broker is a CFDs and Forex broker founded in 2018. It operates under the company Axes LLC, located in London. Still, for some reason, Axes claims to be regulated only by FSA-Financial Services Authority on Saint Vincent and the Grenadines.
However, our readers should already be aware of what St. Vincent and Grenadine’s regulation means. Well, simply, it means nothing. St. Vincent and the Grenadines is an offshore zone, and its FSA also does not have any power regarding funds protection.
If the company is registered in London, why wouldn’t it try to obtain a European regulation to guarantee funds protection and recovery for the clients? Well, simply because in that case, Axes group would need to be regularly controlled by the financial authorities, which, of course, is not a scam company’s interest. That’s a severe red flag!
Axes also claim to have over million active users in more than 150 countries worldwide, offering the trading opportunity of CFDs, Forex, Shares, Spot Indices, Futures, Spot Metals, Spot Energies, with relatively tight spreads, 1:500 leverage, and MT5 trading platform.
Well, that’s the information we found on the internet, but their official website does not say anything useful for some reason.
When you google Axes.co, the first link is meant to be the official website. Even their meta description says: “Axes Provides CFDs on currency pairs and five other asset classes. Start trading forex online with the world’s best forex broker.”
But as soon as you click on the link, you are redirected to some furniture moving and allocating website. Well, they offer you a moving service, but what does this mobile phone graphic does there, advertising stocks and trading?
Hmm, it does not make sense AT ALL. Thus, here we have another serious red flag!
Trading conditions overview
We already agreed that Axes.co is not reliable and safe for your funds, as any prestigious authority does not regulate them.
Let’s still go forward and review their trading conditions.
Trading accounts and fees
We found out that for the minimum deposit, Axes requires 500 USD, which is relatively expensive as the average minimum deposit price is a maximum of 250 USD.
Besides, their account types and offers are not revealed anywhere, so we practically know nothing what features are available after depositing such a solid amount of money. Well, that’s another obvious red flag.
Leverage
Axes also offer leverage as high as 1:500. Leverage has an interesting nickname in the trading industry: the double-edged sword. Simply because the higher the leverage is, the higher risks you take. So, when it comes to working with the unregulated broker, the fewer risks you take, the better. It’s always better to choose the broker offering leverage 1:100 or similar.
Trading platform
Axes.co claims to offer a market-leading platform, MetaTrader 5. However, as long as there is no website available and obviously, no demo account, we could not actually try out their trading conditions.
Sadly, most scam brokers can only support a simple proprietary platform, but they promote it under the name MT4 or MT5. Which breaks the name of these market leader platforms. So, we strongly believe Axes.co is one of these scam brokers, claiming to offer the leader platforms while actually offering a weak and basic one,
Withdrawal methods and issues
Now, let’s say you successfully traded with Axes group. You even got the profit and are ready to withdraw the money. What withdrawal methods are available?
According to Aces, you can deposit and withdraw money with Bank Transfer, Debit/Credit Cards, PayPal, Skrill, Neteller, and UnionPay.
However, these methods are not verified by the users. The most common complaints come from the withdrawal procedure. The procedure lasts months, and their customer support is super unresponsive when you ask about the withdrawal. Of course, a scam broker does not want you to withdraw your money!
Summery
To conclude, there is no single reason why you would want to use Axes.co services. You should stay away from the broker by all means! Protect your personal data and funds from scammers.
If you desire to find a reliable and openly trusted broker, check our forex brokers list, read our in-depth reviews and choose the most suitable broker.
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