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Is Axe Invest a scam broker?
The offshore forex broker called AXEINVEST provides commission-free six account types. The leverage offered ranges from 1:100 to 1:10000 depending upon account type. Let’s see the overall performance of this broker and check it’s legitimacy.
The six accounts provided by this broker are Micro, Standard, Platinum, Premium, VIP, and Business. The minimum deposit rages from $250 to $500000. The best thing about this broker is that it provides a wide range of leverage from 1:100 to 1:1000. This leverage range is sufficient to meet the needs of all kinds of traders. Be it aggressive or rookie trader. Also, there is a high risk associated with this, it can give more profit and big loss as well. According to AXEINVEST’s website, it is owned by Marshall Island-based company called Madar Partners LTD. The website also shows registration number but these offshore companies are not licensed and unregulated in the regulated markets viz Europian Union, the US, Japan, etc. Also, the Marshall Island is a hub for the scam brokers. The Australian Securities and Investments Commission (ASIC) accused AXEINVEST of providing illegal trading facilities in its jurisdiction. ASIC also warned traders on its website regarding AXEINVEST showcasing legal warning against them. This increases the broker’s scam probability. The broker’s website does not provide information about spreads and commission fees. The offshore nature and opaque trading conditions is a big red flag. All major brokers offer significant 1 or 1.5 pips on EURUSD pair. Another aspect which leads us to conclude this broker is a scam, that it does not provide a demo account. Demo accounts are useful tools for traders to sneak peek into the trading environment provided by the brokers without any investment. The trading platform provided by AXEINVEST is web-based and designed to offer foreign exchange and binary options. The absence of the MetaTrader platform will decrease the trust quotient for AXEINVEST. The AXEINVEST is loaded with several withdrawal fees like bank wire transfer of $50, credit card withdrawal of $35, and ePayment withdrawal of $25. Also, an additional 10% is charged on non-meeting of volume trading requirement and from unverified accounts.
Is AXEINVEST scam or legit?
The AXEINVEST is an offshore unregulated broker. The platform provided by this broker is self-developed and not promising. The potential scam broker warning is a big red flag. Opaque trading conditions and unclear terms make it worse. All being said, AXEINVEST poses a serious risk to investors hard-earned funds. This scam broker should be avoided at any cost.