Axen Trade is an offshore, unlicensed trading firm. There are very few reasons to even consider a broker. If, however, you were already involved, then you know all the issues. Read our Axen Trade review and discover all the facts and measures to protect your funds from bogus investment websites.
Also, we want to invite you to read our recently updated reviews of fraudulent brokers Kapital Consult, Traders Powers, and Europa Trade Capital. Be careful with these brokers.
| Broker status: | Offshore Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | axentrade.com |
| Blacklisted as a Scam by: | N/A |
| Owned by: | Axen Capital LLC |
| Headquarters Country: | Saint Vincent and the Grenadines |
| Foundation year: | 2021 |
| Supported Platforms: | MT5 |
| Minimum Deposit: | N/A |
| Cryptocurrencies: | Available |
| Types of Assets: | Forex, commodities, indices, shares, cryptocurrencies |
| Maximum Leverage: | 1:500 |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
Is Axen Trade a Licensed Broker?
Axen Trade Forex brand belongs to Axen Capital LLC, a firm registered in Saint Vincent and the Grenadines. This information itself is a reason to be worried. SVG doesn’t have a financial regulator. FSA declared itself unauthorized for Forex, CFD, and binary options firms, directing them to opt for a license in the country of service.
Upon checking registers of the FCA, ASIC, BaFin, CONSOB, and more, we confirmed what we already suspected. Axen Trade is not a legitimate broker.
How Unsafe Is An Unlicensed Broker?
Trading with unlicensed brokers equals depositing funds in a bank that’s not under the Central Bank’s oversight. Your funds are at risk, and the firm can declare bankruptcy anytime, leaving you with no funds. Be careful when choosing an investment firm and seek those licensed by Tier1 authorities.
Is Axen Trade a Decent Broker or a Scam?
Axen Trade is not a legitimate brokerage. The firm is registered in Saint Vincent and the Grenadines and has no regulations. The consumer index is low, indicating that the website cannot be trusted.
Traders’ Experience With Axen Trade
Another proof that the trading company is a scheme firm is Trustpilot reviews. According to them, the firm is excellent and has no negative reviews whatsoever. Even the most regulated firms have unsatisfied clients, and that’s quite normal. Being entirely positive, we’re convinced that broker employees write Axen Trade reviews to lure customers into fraud.
If you check other websites, you will find plenty of complaints about withdrawal issues.
Axen Trade Offers Access to MetaTrader 5
Axen Trade was a pleasant surprise when it came to a trading platform. The firm offers MT5, the latest version of MetaTrader, and the industry’s best software. You will find a vast number of charts and indicators as well as advanced features, such as social trading and automated trading.
Yet, don’t be deceived. Despite the solid platform choice, this firm is still unlicensed and your funds are at risk.
Mobile App – Trading On The Go
The trading company offers an MT5 mobile app for Android and iOS devices. Every MetaTrader comes with a dedicated mobile app, so this one is not an exception either.
Axen Trade Broker – Countries Of Service
According to our research, the firm broker mainly operates in:
- UK
- US
- UAE
There are numerous other countries where you can find the firm. If you come across the name Axen Trade, run as far as possible.
Please, remember the names of the PrimeDeltas, EJMarkets, and EENmarket and stay away from them! Before investing, always check the history of online trading organizations!
Axen Trade Range of Trading Instruments & Markets
The broker offers a solid range of trading instruments, including:
- Forex – EUR/USD, GBP/JPY, AUD/CHF
- Commodities – gold, corn, soybeans
- Indices – Dow Jones, DAX0, NIKKEI225
- Shares – Google, Tesla, Facebook
- Cryptocurrencies – DOGE, ADA, XRP
What Trading Terms Are Offered By Axen Trade?
The broker decides on its own trading terms. Since the firm is unlicensed, it doesn’t have to follow any regulatory rules or directives.
Minimum Investment Amount
There are no account types and the minimum deposit is not specified. If you want to invest with the brokerage, you will have to wait for a phone call from the broker’s employees, who will evaluate your financial situation and say any amount they want.
About Leverage and Spread
The leverage is against regulations, going up to 1:500. In the EU and the UK, the limit for Forex market leverage is 1:30. In contrast, in the US and AU, this limit is set to 1:50. Since leverage can put you at high risk, it’s clear that the firm tries to be appealing without thinking about risk management.
Axen Trade Fees, Payment, and Withdrawal Methods
The only payment method Axen Trade accepts is cryptocurrencies. This is a favorite tool of fraudulent investment firms since crypto transactions are virtually untraceable and you’re not eligible for a chargeback. As per withdrawal fees, the company claims to deduct withdrawal-related charges and other commissions but doesn’t specify any.
Bonuses – A Fraudulent Method
While most major regulators prohibit bonuses and other incentives, scam brokers use them to prevent clients from withdrawals. Axen Trade approves deposit bonuses with a clause that a customer must trade the awarded bonus amount divided by two in lots before submitting a withdrawal request.
Simply speaking, if you get a $200 bonus, you have to trade 100 lots, equal to $1 million. Now tell us whether this is a perk or a fraudulent method to dissuade you from getting what’s rightfully yours.
Scammed by Axen Trade Broker? – Let Us Hear Your Story
If you were scammed by Axen Trade or a similar bogus brokerage, let us know. Our recovery specialists may be able to assist you with getting a refund. While crypto transactions are virtually anonymous, there are ways to uncover the wallet and follow the funds.
Contact us via online chat to get in touch with our experts and we will find the best method to find your stolen crypto. Time is of utmost importance, so act now.