AXI PIP – Can We Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
AXI PIP - 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://axipip.com
Founded: 2022
Regulations: Not Regulated
Languages: English
Deposit Methods: Bank Transfer, PerfectMoney, Skrill, Tether
Minimum Deposit: $10
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Metals, Indices, Energies, Commodities, Cryptos
Trading Accounts and Conditions
AXI PIP offers their clients the following trading accounts:
- Standard Account: The lowest amount to deposit is $10. The leverage is maxed at 1:1000. The minimum spread is 1.6 pips, and it is a variable type of spread. There are no commissions.
- Professional Account: The lowest amount to deposit is $50. The leverage is maxed at 1:500. The minimum spreads is 1.2 pips, and the spread type is variable. There are no commissions.
- ECN Account: The lowest amount to deposit is $100. The minimum spread, which is variable, is 0.1 pips. There is a $3 commission per side. Leverage is maxed at 1:200.
AXI PIP – Advantages
Despite going through this broker’s website in detail, we could not find any advantages in trading with AXI PIP.
AXI PIP – Disadvantages
Here are the reasons why it would be dangerous to trading with AXI PIP:
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Lack of Regulation
The first sign that we are dealing with a scammer is that the broker is unregulated.
AXI PIP states that they are a project of AS Financial Services LLC, a company that is based in St. Vincent and the Grenadines (SVG). SVG is an offshore location and this country’s financial regulator, the Financial Services Authority has clearly stated on their website that they do not oversee or regulate binary options and forex brokerages. This means that even if AXI PIP’s registration were true, they would still be unregulated.
We also have concerns about the fact that this broker has not mentioned clear corporate information. We do not have a contact number; the only way that one can get in touch with this broker is via their Contact Us page or a generic email address presented on that page. There is no telephone number at all.
Since AXI PIP has not presented us with any other information regarding their regulation status, we can confidently state that this broker is unlicensed and operating illegally. Which makes this broker 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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Issues with Legal Documents
Legal documents are necessary for all regulated brokers. These documents are the agreement between you and the broker. Therefore, they need to be detailed, clear and specific.
AXI PIP has all the links to their legal documents on their website. However, when you click on any of those links, nothing happens. You do not get to see any legal documents. The only link that actually works is the Terms and Conditions link on the broker’s registration page.
Considering how important these documents are, it is a big red flag that we need to look for their legal documents instead of the broker making them easily accessible.
Furthermore, if you check out what this broker offers in the name of legal documents, you will be shocked. The so-called legal documents that AXI PIP has are short and vague – with no actual substance. There may as well not be any legal documents!
The issues with this broker’s legal documents tell us that we are dealing with a scammer here.
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Issues with Trading Software
The trading software a broker offers is their main product. Actually, their only product offering. So, broker make sure that they offer their clients the best trading platform they can get.
With AXI PIP, we cannot even access their trading software at all! When you click on the download link, the software you download is actually a demo version – not a live trading software. And this means that you cannot really carry out any trades on this broker’s software!
This lack of a trading software is simply another indication that we cannot trust AXI PIP.
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Issues with Trading Conditions
The trading conditions are as important as the trading software a broker offers. Therefore, they need to fair and advantageous for traders, while, at the same time, be profitable for brokers.
When these trading conditions are skewed, then you can be sure that you are dealing with a scammer.
Let us discuss the main trading conditions offered by AXI PIP.
The minimum amount to be deposited to create an account is extremely favorable. This broker asks for only $10 as a minimum deposit.
The spreads are also quite advantageous, with the minimum start spread being 1.6 pips. However, such low spreads are a little suspicious since this broker states that they do not charge any commissions. This would actually lead to losses for the broker, and they would soon be out of business. So, the low spreads are not quite right here.
As for the leverage ratios – they are illegally high! Leverage ratios, because they can be so dangerous, are severely limited in strongly regulated markets – such as the UK. Therefore, the 1:1000 leverage that AXI PIP offers is clearly an indicator that we are dealing with a scammer here.
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Issues with Payments
This broker claims to offer multiple payment options – Bank Transfers, Tether, PerfectMoney, and Skrill. Once we registered for a trading account, we found out that these claims were a little shaky.
While the options available were more or less then same, the bank transfer was to a rather unknown bank in Pakistan! The name of that bank is Habib Bank Limited.
Added to this, information on payments is incomplete. We are told that Skrill and PerfectMoney transfers are free, but we do not know the charges incurred if we use one of the other transfer methods.
Withdrawal policies are also incomplete. The minimum and maximum withdrawal amounts are unspecified. We are not clearly told what the withdrawal processing times are and so on.
This lack of clarity, the suspiciousness of the deposit methods, etc., are all indications that things are not right with this broker.
Conclusion
AXI PIP is not to be trusted; this broker is a scam.
AXI PIP
Pros
- None
Cons
- Lack of Regulation
- Issues with Legal Documents
- Issues with Trading Conditions
- Issues with Trading Software
- Issues with Payments
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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