AxnFX – Is It Safe?

| Publish date: 02/02/2020 (Last updated: March 24, 2020 08:12 AM)
Share

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

AxnFX - DO NOT TRADE WITH THIS PROVIDER
2.7/10
$100
Minimum Deposit
X

updated 2020

AxnFX is a Forex broker that offers its customers 3 different account types to trade with:

  • Classic: This account requires you to make a minimum deposit of $100 before you can start trading on it.
  • Premium: This account type requires a $2,000 minimum deposit to be made before you can start trading on it.
  • Pro: If you wish to open a Pro account, then you need to first make a minimum deposit of $5,000.

The leverage offered for all three accounts is 1:400, which is quite advantageous for the trader. However, we do not have any other information about the trading conditions AxnFX offers.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Europe's #1 CFD Trading Platform

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

Website URL: https://www.axnfx.com/

Founded: 2017

Regulations: Regulated

Languages: English

Deposit Methods: Visa, MasterCard, Bank Wire, Skrill, Neteller

Minimum Deposit: $100

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Commodities, Indices, Stocks, Equity

Trading Accounts and Conditions

AxnFX is a Forex broker that offers its customers 3 different account types to trade with:

  • Classic: This account requires you to make a minimum deposit of $100 before you can start trading on it.
  • Premium: This account type requires a $2,000 minimum deposit to be made before you can start trading on it.
  • Pro: If you wish to open a Pro account, then you need to first make a minimum deposit of $5,000.

The leverage offered for all three accounts is 1:400, which is quite advantageous for the trader. However, we do not have any other information about the trading conditions AxnFX offers.

AxnFX – Advantages

When reviewing any broker, we try to find both positives and negatives about it. After going through AxnFX’s website and trading platform, these are the positives we were able to find about it:

  • Low Minimum Deposit Amount

Most brokers require you to deposit a minimum of $250 before you can start trading on their platform. However, AxnFX needs you to make a minimum deposit of just $100, which is on the lower end of the spectrum, and an advantage.

  • High Leverage

This broker offers its customers a high leverage of 1:400, which is something that will appeal to all types of risk-oriented traders.

However, we also have to warn our readers that having a high leverage also comes with high risk, which is why many regulators across the world have set a limit on the kind of leverage that brokers can offer their customers.

  • MetaTrader 4 Platform Offered

The fact that AxnFX offers its users the MT4 trading platform is a big plus for the broker. The MT4 platform is by far the most popular in the trading world today, since it is easy to use, and comes loaded with extra features such as automated trading bots, multiple charting options that can be customized to your requirements, etc.

Added to the desktop version, AxnFX also offers its users the mobile version of the MT4 platform.

  • Payment Options

AxnFX offers its customers both Skrill and Neteller as payment options – besides the traditional debit/credit cards and bank wires. The fact that the broker offers multiple payment options can be viewed as another point in its favor.

AxnFX – Disadvantages

When you look at the list of advantages that this broker has to offer, it may tempt you into signing up with AxnFX. However, we would recommend that you read out entire review before you do so. The broker’s list of disadvantages unfortunately far outweighs its advantages.

  • Offshore Broker

AxnFX is an offshore broker that claims to be based in the Seychelles. It’s license (no. 191108) has been issued by the Financial Services Authority of Serchelles.

The reason this has been deemed as a disadvantage is because this regulator is known for its lax regulations, making it easy for unscrupulous brokers to work through loopholes.

The biggest issue with the FSA in the Seychelles is that it does not offer traders financial protection from broker bankruptcy or frauds and scams.

So, the fact that AxnFX is registered with a regulator such as the FSA in Seychelles is actually a disadvantage since there is no protection for you in case this broker decides to scam you.

Plus500
$100
Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade
$100
Minimum Deposit

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.

 

  • No Demo Account

All reliable brokers offer their clients a demo account so that they can test the trading conditions set and how the platform works. However, AxnFX does not offer any demo account, so we were not able to see what the actually trading platform actually worked well.

  • No Trading Conditions

The broker has not given any information about its trading conditions – with the exception of the leverage it offers. This is a huge red flag for us, since it means that a trader will be going in blind. You don’t know what transaction fees you will be charged if you trade with this broker.

We also could not get any information about the spread offered by this broker, which is a big negative. Without having information on the spread, a user cannot make informed decisions about how to execute traders.

  • No Mention of Withdrawal Fees

We also went through the broker’s terms and conditions and could not find any details about the withdrawal fees AxnFX charges its customers. This means that you could be hit with surprise fees when you try to withdraw your money.

Which is why we always advise our readers to only deposit the minimum required amount to test the broker before investing more money.

  • Trading Bonuses

AxnFX also offers trading bonuses, which are a trap for unwary traders. The broker will not allow you to withdraw your funds until you have achieved an impossibly high trading volume target.

Most regulated markets have banned the use of trading bonuses to attract customers because of its unfair terms. So, the fact that this broker offers trading bonuses is definitely a big reg flag for us and it leads us to warn you against trading with AxnFX.

To Sum Up Our Impression of AxnFX

This is what we think of AxnFX:We went through AxnFX’s website in great detail, and after having done so, we have reached the conclusion that this is not a broker that is safe. There are too many glaring issues such as it being weakly regulated, the broker not proving information about its trading conditions or withdrawal fees and the offer of trading bonuses.

Conclusion

We would recommend that you avoid this broker completely and choose a strongly regulated and reputed broker to trade with instead.

AxnFX

2.7

User Experience

3.3/10

Payment Options

2.8/10

Security

2.5/10

Support

2.7/10

Reputation

2.3/10

Pros

  • Low Minimum Deposit Amount
  • High Leverage
  • MetaTrader 4 Platform Offered
  • Multiple Payment Options

Cons

  • Offshore Trader Registered with FSA in Seychelles
  • No Demo Account
  • No Trading Conditions
  • No Information on Withdrawal Fees
  • Trading Bonuses Offered

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade
$100
Minimum Deposit

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.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 66% 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.

Share

Related Posts

CRYPTO SFS – A Scam or a...
Website URL: https://www.crypto-sfs.com/ Founded: 2019 Regulations: Unregulated Languages: English,…
RedMapleFX – Is it a Scam?
Website URL: https://www.redmaplefx.com/ Founded: 2020 Regulations: Unregulated Languages: English…
EliteTrading – Is It a Scam or...
Website URL: https://www.elitetrading.co/ Founded: N/A Regulations: No Languages: English,…

Leave a Comment