With the latest advent of technology in the forex market, there has been an increase in the number of new investors trying to increase their wealth and generate profits. Forex trading has gained a lot of popularity in the current times. It has become one of the most preferred trading markets among investors. With the increase in popularity of the forex market, the number of scam brokers is also increasing day by day. The creativity and experience level of these forex scammers are increasing resulting in the loss of the investor’s and traders’ funds. The scammers pretend to be genuine and legit brokers and fool the investors by offering various attractive services and high returns.
Let us go through one of the scam brokers known as Axes. Axes broker review will let you know about the detailed working of this broker and how the Axes broker scam is working.
Axes Broker Review-
Operating since 2018, Axes is an offshore broker. Axes claim to have a license from St. Vincent and the Grenadines. It is operating from the UK and is said to be regulated by International Financial Market Relations Regulation Center (IFMRCC). But IFMRCC is not a legit authority as FCA or CYPRUS because of its anonymous nature, and so it can be concluded here that Axes is not regulated by any legit authority. It is dealing with several instruments such as forex, futures, indices, shares, metals, etc. It claims to be an online trading broker offering various trading tools and features.
Axes claim to be offering the Meta Trader 5 trading platform which is the most well-known platform for investors for an effective and efficient trading experience. The leverage offered by Axes is as high as 1:500 which is high as compared to other brokers. The trading tools offered by Axes are Economic Calendar, Calculators, VPS, etc for the user convenience and easy experience. The deposit and withdrawal methods here are Bank Transfer, Debit/ Credit Cards, PayPal, Skrill, Neteller, and UnionPay. However, the truthfulness of this information is not clear yet. It can be stated that Axes Broker has zero credibility and negative reviews from its investors.
Some Other Drawbacks in Axes Review are –
- No Strict Regulation is offered by the Broker.
- The minimum deposit of Axes is $500 which is too high as compared to other brokers operating in the market.
- Account funding options are limited that limits the capacity of trading to investors.
- Inability to offer the services claimed by them.
- Services offered by them are too good to be true as compared to other brokers.
- The weak regulatory status does not ensure the protection of your funds.
- Limited education resources limiting the chance for the new investors to learn and experienced investors to explore.
Is Axes Scam Or Legit?
From the above-mentioned points, it can be stated that Axes is a potential scam broker and one should avoid investing with them. The various claims made by the broker is not clear leading to chaos in the mind of investors. The regulation status of Axes is also not clear that is enough to conclude that the Axes Scam is true and it is not a legit broker. Here, the investors are advised to invest their funds with the legally registered and regulated authority in order to gain the security of the protection of the funds. If you have been scammed, Scam Victims Help is here to help you out in your fund recovery and offering you detailed reviews of various scam brokers to avoid choosing the scam brokers and ensure the fund security.
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