Axe Market – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Axe Market - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://axemarket.com
Founded: 2022
Regulations: None
Languages: English, French
Deposit Methods: Credit Cards, Debit Cards
Minimum Deposit: $10,000
Free Demo Account: No
Number of Assets: Unknown
Types of Assets: FX Pairs, CFDs on Stocks and Shares, Commodities, Indices, Spot Metals, Energies, Cryptocurrencies
Trading Accounts and Conditions
Axe Markets tells us that they offer the following trading accounts for their clients:
- Bronze: The minimum deposit is $10,000.
- Silver: The minimum deposit is $25,000.
- Gold: The minimum deposit is $50,000.
- Premium: The minimum deposit is $100,000.
- Platinum: The minimum deposit is $250,000.
- VIP Club: This account is by invitation only and you need to make a deposit of at leasrt $500,000. So, you may apply for this club and the broker promises to manage your accounts for you.
Trading conditions are not explicitly stated. All that the broker states is that leverage ratios are higher, and in the same breath, they also say they offer risk free trades. There is no mention of spreads anywhere. And neither is there any mention of commissions, fees, and other trading conditions.
Axe Market – Advantages
There are no advantages to trading with Axe Market.
Axe Market – Disadvantages
Here are all the reasons why it would be a bad idea to invest with Axe Markets:
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Unregulated Broker
The first thing we always check when reviewing a new broker is their regulation status. Only legitimate brokers are regulated, while unregulated brokers are always scammers.
So, this is the first test of legitimacy we conduct.
Axe Markets claims on their website’s footer that the Axe Market brand is authorized by various jurisdictions across the world. And then the broker provides and address in London, UK – an address that belongs to a company called Eruditan Limited.
But here’s the interesting part. We checked that address and it is a valid address, as is the company Eruditan Limited. The problem is, this company has nothing to do with Axe Markets whatsoever. Eruditan Limited deals with a category called Other Education and nothing to do with the forex markets.
The other giveaway is that this broker is not even regulated by the FCA. We checked. For a broker to operate in the UK, they have to be registered with and authorized by the Financial Conduct Authority – FCA. And this broker is not!
So, what we actually have here is an anonymous clone firm that has lied about its regulation status. So, what is a clone firm? This is a scammer that steals a legitimate company’s identity and tries to pass it off as its own so that it can appear as a legal entity.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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No Trading Software
Another red flag about this broker’s scam is the fact that they don’t even have a working trading software. Considering the fact that this is the main offering of an online broker, what use is that broker without a trading software?
Axe Market lies about the fact they offer their own propriety trading software and the MetaTrader 5 platform. However, when we checked, we could not find either of these two platforms, which means that this so-called broker has lied about their offerings.
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Bonuses Offered
Axe Markets claims in their About Axe Markets section that they offer 100% welcome bonuses. The issue we have with this is that bonuses of the type offered by this broker have been banned because of the sheer unfairness of the terms of offer.
We checked this broker’s terms and conditions. And we were right about the unfair terms of such bonuses. We found out that you will not be allowed to withdraw your added funds unless you meet their trading turnover target. So, you need to achieve a trading volume of 1 lot for every $1 of bonus you have accepted.
This kind of a target is all but impossible to achieve, which is exactly how this scammer has designed those bonuses.
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Managed Accounts
The other red flag that tells us that we are dealing with a scammer is the fact that Axe Markets offers their clients managed accounts. This means that the broker offers to take care of your trades for you. It sounds really good, especially for novice traders who look for all the help that they can get.
However, this offer is actually illegal and called conflict of interest. You see, a broker earns money when you lose money. Therefore, if the broker were to manage your account, they could arrange it so that your losses are higher than your wins, and thus make a profit for themselves.
No legitimate broker would ever offer to manage your trading account for you.
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No Trading Conditions
We are not surprised to see that this broker has not even made an effort of show any trading conditions (since they don’t really have a trading platform at all).
All we know is that the broker claims that their leverage ratios are high and that you can carry out risk-free trading. These statements are contradictory, since high leverages mean high risk!
There is also no mention of any other trading conditions such as spreads, commissions and so on. But then – again – if the broker does not even have a trading software, then the lack of trading conditions is just a moot point.
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No Information on Payment Policies
Besides the fact that the minimum withdrawal amount this broker allows is $100, and that you can use either your credit or debit card to make payments, we do not know anything else about their payment policies. We do know that you need to present your ID proof every single time that you need to make a withdrawal, and it is up to Axe Markets whether they will approve your request or not!
Added to that the minimum deposit requirement of $10,000 is just ridiculous, especially when you can open an account with a legitimate broker for less than $10!
Conclusion
Axe Market is not safe. Do not trade with them.
Axe Market
Pros
- None
Cons
- Unregulated Broker
- No Trading Software
- Bonuses Offered
- Managed Accounts
- No Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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