AXEX Coin – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
AXEX Coin - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2023
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://axexcoin.com
Founded: 2023
Regulations: Unregulated
Languages: English, Turkish, Japanese, Vietnamese, Korean, Thai, German, French, Spanish, Chinese
Deposit Methods: Not Mentioned
Minimum Deposit: Not Mentioned
Free Demo Account: Not Provided
Number of Assets: Not Specified
Types of Assets: Cryptocurrencies, Foreign Currencies
Trading Accounts and Conditions
This broker does not provide us any information about their trading accounts or trading conditions. There is absolutely no information provided on either front.
AXEX Coin – Advantages
There are no advantages to trading with AXEX Coin.
AXEX Coin – Disadvantages
Here is a list of all the issues that tell us that AXEX Coin is not a safe broker and is actually a scammer:
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Anonymous and Unregulated Broker
The first thing we have noticed about AXEX Coin is that this broker is operating completely anonymously. And this is the first indication that we are dealing with a scammer.
Legitimate brokers ensure that they identify themselves clearly. There is no ambiguity about who they are. Their websites tell us the name of their parent company, their location, how we can contact them and so on.
With AXEX Coin, we have none of this information. We do not know which company runs this online brokerage. We have no idea where they are located and there is no information on how to contact them. The only way that we can get in touch with them is via the Contact Us form on their Customer Service page. Such complete lack of information clearly tells us that we are dealing with an untrustworthy broker.
Added to this, we do not know anything about their regulation status. This information is linked with their corporate identity, which is blank. And this tells us that we are dealing with a scammer.
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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Public Warning by French Regulator
While trying to find out more about AXEX Coin, we found out that the French regulator, the Autorité des Marchés Financiérs, or the AMF, has issued a warning against this broker.
The AMF clearly states that this broker is unauthorized and is operating illegally in France.
When a regulator denounces a broker, it is a clear warning that that broker is not to be trusted in anyway at all; that broker is a scammer. It would be best to heed the warning given by a financial authority and stay away from AXEX Coin and brokers like them.
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No Legal Documents
AXEX Coin does not bother providing their customers with legal documents. Legal documents include the Terms and Conditions / Terms of Service/ Client Agreement, Privacy Policy, AML, KYC and so on. These documents together constitute the contract between you and them.
If these documents are incomplete or missing, then you know that you are dealing with a scammer – as in the case of AXEX Coin.
Legal documents detail the relationship between the trader and the broker. They tell traders what they can expect for the payment they give the broker – the services the broker offers, the terms of using those services, the broker’s policies around all those services, and so on.
If you deal with a broker without that contract in place, you can get scammed and there will be no one who will be able to help you get justice.
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Non-Functional Trading Platform
A broker has only two things to offer – a product and a service. The product is their trading platform and the service is their trading conditions. If there is a problem with either of these two offerings, then it would be best to stay away from that broker.
AXEX Coin has issues with both. But first, let us address the issue of their trading platform.
This broker claims to offer a superior trading platform. However, once we registered with AXEX Coin and accessed their client page, we found out that this broker has lied about that. AXEX Coin does not have a working trading platform at all. What this broker does offer is a facsimile of a trading platform. It only looks like a trading platform, but you cannot do anything on it. It is just a bunch of charts put together to create an image!
When a broker does not even have a working trading platform, then you know you are dealing with a scammer.
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No Trading Conditions
The second offering – their trading conditions – is also a cause for concern.
AXEX Coin does not even make the effort to manufacture trading conditions. The broker simply does not present any trading conditions on their website – not even their minimum deposit requirement. And this is a clear red flag that we are dealing with a scammer.
A legitimate broker offers their clients the most competitive trading conditions possible – great spreads and low commissions to give a competitive cost of trade, low leverage ratios so that the risk element of a trade is under control, great order execution methods so that trades are almost instantaneous, and so on.
When all of this information is missing, it is a sign that that broker is not to be trusted. In AXEX Coin’s case, it is a clear sign of their scam since they do not even have a working trading platform.
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No Payment Methods
AXEX Coin does not even bother to tell their clients – or prospective clients – what kind of payment methods they offer.
Legitimate brokers will clearly tell all who visit their website all the ways in which you can make payments. Such brokers usually offer as many payment methods as they can, ranging from the traditional banking methods (credit/debit cards, bank wires, checks) to the more modern e-wallets (Skrill, Neteller, PayPal, etc.) and even the latest cryptocurrencies.
When a broker simply does not even mention what types of payment methods they offer, this is yet another sign that we are dealing with a scammer.
Conclusion
AXEX Coin is not a broker that you should do business with – they are not safe.
AXEX Coin
Pros
- None
Cons
- Anonymous and Unregulated Broker
- Public Warning by French Regulator
- No Legal Documents
- Non-Functional Trading Platform
- 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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