Axes is this a scam? Review and Customers Reviews

It is not quite clear when the Axes. On the website forex broker The article talks about its 25 years of experience, although the age of the Internet resource, if we believe the analysts, is a little more than 7 years, and the certificate of registration of the company was issued in 2019.

Little other information about the service provider: where it is actually located (addresses vary from source to source), what are its trading conditions (commission, transaction limits, swaps, etc.). How risky is it to work with this representative of the market? Axes – is it a scam or a reliable partner? We will find out.

 

Terms of trading with Axes

As already mentioned, Axes offers forex trading 260-plus assets: currency pairs (forex), cryptocurrency, futures, stocks, indices, precious metals, commodities (oil, gas). For this purpose, trading accounts are opened in 6 major currencies: Euro, American/Australian dollar, Japanese yen, British pound sterling, South African rand.

The types of accounts themselves are determined by the platforms with which the trader plans to work:

• General MT4 (MetaTrader 4). With fixed and floating (on average 1.58 pt. for Market Execution and 1.81 pt. for Instant Execution) spreads, swaps (rates are not prescribed – an error page pops up every time you click the link that supposedly leads to their description) and 50% stop-out. Minimum deposit – 100 USD, but recommended 500 USD.
• Axes MT5 (MetaTrader 5). With fixed and floating (0.37 pt. average for Market Execution) spreads, swaps, 50% stop out and the same deposit requirements.
• General cTrader. Only with floating (average 1.51 pt. for Market Execution) spreads, swaps, 50% stop out and the above mentioned minimum deposit.

(Interestingly, when registering we were offered only MT5, but in several variants: Pro, Standard, VIP).

The minimum deal step in the first two cases is 1 pip from the current price, in the last one – without any limitations. Credit (margin) leverage is set practically any in a range from 1:1 to 1:500. Trading session – Monday through Friday with evening break from 22:00:00 to 22:04:59 UK time. The broker works in NDD-format and earns on commissions (in the form of a mark-up) from spreads.

It’s interesting that on the website axes.co The following awards are listed: “Best Global FX Broker 2018, 2019 CFI.Co”, “Best Global Broker 2018 by Global Brands”, “Best FX Provider 2018 Online Personal Wealth Awards”. However, there are no mentions of Axes on the official Internet resources of these events and organizations during this period. A demo account is available for newcomers. You register as usual, but when you open the terminal, you just choose the free (training) version.

At axes.co there are links to all sorts of training videos, divided into 2 groups: for beginners and advanced traders. And several thematic blocks: fundamentals, fundamental analysis, technical analysis. But only 1 of them opens, and it contains not instructions but rather advertising. All the rest lead back to the section title. And the situation does not change after creating an account and logging into my personal cabinet. Perhaps something is provided as part of the use of terminals (Forex Trading Training).

About the same is the case with analytics. At first glance (taking into account the information on the site), we should have access to the economic calendar, income calendar, market news, technical analysis tools, calculators, VPS, trading widgets. In fact, in the personal cabinet there is only half of it.

Customer support is provided through the international UK office-center number (English only), e-mail, via the feedback form or online chat on the website, via Telegram chat-bot, as well as in the broker’s communities in social networks. There is a help center. Only typing in the search box even popular words (no matter if they are in English or Russian) does not lead to results. The options offered by the system itself do not work either. It is possible to open only the answers to 5 typical questions related to the work of the broker.

 

Access Platform

On the site axes.co three trading platforms are listed: MetaTrader 4 (MT4), MetaTrader 5 (MT5) or cTrader. MT4 is represented by a downloadable PC installation and a web version for computers, tablets and smartphones as well as a mobile version. Available options: support for 24 analytical and more than 30 technical tools, built-in templates and the ability to install third-party. All the basic types of charting (bars, candlesticks, lines, and their combinations), the execution “in 1 click”, interactive features (scrolling chart to the end, zooming, color schemes, etc.). Distinguished by a good performance. Virtually everything is provided free of charge.

The MT5 (the updated version of MetaTrader) differs from its predecessor in the greater number of timeframes and indicators (the latter numbering about 80) and a number of additional options (for example, placing previously selected positions in the “Market Watch”). But, according to traders, it does not work so “quickly” and more often reveals failures.

cTrader offers an unlimited number of charts, 50+ indicators that can be optimized and combined with each other, ChartCasts and ChartShots functions for sharing comments and materials with other market participants and built-in templates. It is not quite clear how to work with it in the NDD format that Axes is focused on, taking into account that the terminal implies opening ECN accounts.

Broker quotes

Axes forex direction is 51 standard currency pairs: AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, CAD/CHF, CAD/JPY, CHF/JPY, EUR/AUD, EUR/CAD, AUR/CHF, EUR/DKK, EUR/GBP, EUR/JPY, EUR/NOK, EUR/NZD, EUR/PLN, EUR/RUB, EUR/SEK, EUR/TRY, EUR/USD, EUR/ZAR, GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/NZD, GBP/SEK, GBP/SGD, GBP/USD, NZD/JPY, NZD/CAD, NZD/CHF, NZD/USD, USD/JPY, USD/CHF, USD/CAD, TRY/JPY, USD/CZK, USD/DKK, USD/HKD, USD/HUF, USD/ILS, USD/MXN, USD/NOK, USD/PLN, USD/RUB, USD/SEK, USD/SGD, USD/SLL, USD/TRY, USD/ZAR.

It is supposed to be an open access to the foreign exchange market without the broker’s influence on the figures. In fact, we work with the same terminals as always. And the license necessary for such a format of work as NDD (No Dealing Desk), Axes has not published in the public domain. There is a certificate of St. Vincent and the Grenadines, but this jurisdiction does not issue such permits.

 

Demo account axes.co

To avoid risking your personal funds right away, you can start trading with Axes from a demo account. However, registration will still be standard (as if you create a trading account), and the training takes place in MetaTrader terminals. To start, click on the link in the upper right corner of the web resource (“Registration”) and fill in the form fields: country of residence, first name, last name, e-mail address (it must then be confirmed by clicking the link from the letter), password and its confirmation.

Then we enter mobile number, date of birth, and address of residence. Fill in information about finances (the block is not translated into Russian for some reason): status (employed, self-employed, retired, student, unemployed), industry (IT, engineering, finance, etc.), total and main annual income in dollars, source of income, expected income from trading (including investments). And finally, decide on the type of account (only MT5 is offered in several variants: Pro, Standard, VIP), the leverage (translated as “the way to achieve the goal”), the account currency.

Now it remains to switch to a demo account by clicking on the Account Information item in the top menu of your personal cabinet and set the required parameters (account type, currency, leverage). And then download/open the training platform and authorize in it, using the provided username and password. There is no time limit, but the balance of virtual currency units is limited – after its zeroing, you will need to register another demo account. If you feel that you are ready to operate with real money, you can switch back and, again, open/download the trading terminal. By the way, the switch to MT4 is available here.

 

Mobile application

Axes does not have its own downloadable mobile app – the broker uses versions of MT4 and MT5, which are installed for free from the Google Play Market and App Store. Here the functionality is the same as on the desktop. To log in use the login and password sent by the provider during registration. You only need to select Axes from the list of servers.

 

Bonuses at Axes

We did not find any information about bonuses at Axes neither on the website, nor in the personal cabinet, nor in the official communities in social networks. The broker offers bonuses only for participation in the IB (Introducing Broker) affiliate program. Let’s talk about it.

Affiliate Program

Axes affiliate programs involve two different formats:

• Introducing Broker (IB). You act as an official representative of the company and earn on your own, using the broker’s tools and giving him a share of the proceeds.
• CPA-collaboration. You place advertising materials with link to axes.co on your resources (website, blog, page/group in social networks, forum, etc.) and get reward up to 62.5% (up to $600 per client) from company profit from spreads of traders who came by your recommendation.

 

Deposit and withdrawal

Deposit and withdrawal of earnings on axes.co is carried out:

• From bank cards of MasterCard, VISA.
• With the help of electronic wallets and payment systems: Neteller, Skrill, PayPal, Perfect Money, PayTrust.
• Domestic and international bank transfers like UnionPay and SEPA.
• From cryptocurrencies.
• From other accounts opened at the broker, or between accounts of different users.

The broker himself, as we are promised on the website axes.coThe payment agent does not charge commission for transfers. But it does not cover fees charged by payment agents (banks, processing centers). Depending on the trader’s country of residence, the available methods and commissions will vary.

In order to receive your payout, an application is sent, which Axes technical service should process within a few days. For security purposes you will be asked for documentary proof of identity: photo/scan of ID (passport, ID-card of EU citizen, driving license) and, possibly, details of the card/wallet from which the deposit was made. If you withdraw funds that were not in circulation (you did not make transactions involving them), you will have to pay the broker a commission of 2%-2.6% depending on the payment method.

 

Complaints about Access

In the network (both on Russian and foreign Internet resources) there are very few reviews about the broker. It would not be surprising if Axes had existed for, say, only 1 year. Those that are available contain complaints about axes.co: users do not like the lack of clearly defined trading conditions, problems communicating with the support team and the publication on the site of information that cannot be confirmed.

By the way, serious international reviews like Trustpilot are not mentioned at all. There are also no comments on the web dated earlier than 2020 (which would confirm the earlier existence of the broker).

If there are any complaints about Axes forex broker, we’ll be sure to post the information on social media. Sign up so you don’t miss anything!

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Access.co. broker regulator

According to the site, axes.co is operated by Axes LLC. And here’s where the fun part comes in. According to public foreign registries (the link to one of them, the SEC Edgar Filing Tracker, is published below), the company is registered in the United States. The website shows registration in SFSA (Axes is not listed in the official registry of the regulator) and Saint Vincent and the Grenadines. The certificate is published as proof – it is in the registers of FMRRC (an organization that is not an official regulator – just sells certificates here – and has a bad reputation, it is often called fraudulent).

Anyway, St. Vincent and the Grenadines does not post on its website public lists of brokers who have been issued licenses. And it is quite difficult to verify the data. Why does a company whose head office address (according to the website) is in the UK and has no Russian-language support receive not a license from the United Kingdom FSA (a body that enjoys almost limitless credibility), but a certificate of Saint Vincent & Grenadines and approval from a Russian fee-for-service company (FMRRC)? The question remains.

• View Axes registration data in the SEC Edgar Filing Tracker
• Check the Axes certificate of incorporation in St. Vincent and the Grenadines on the broker’s website
• View Axes certificate on the IFMRRC website

axes.co User Agreement

Axes User Agreement has not been translated into Russian. We will analyze several paragraphs of the document so that you can get an idea of it. Thus, it says that the broker is your only counterparty – all transactions are processed through him. Which contradicts the very notion of NDD-format, which is advertised on the site. After all, you’re not accessing the open market, you’re forwarding orders to the company. If you have not executed any trades for an extended period of time and decide to return to trading, you may be asked for proof of identity (clause 7.7).

The broker is free to reject any of your transactions and applications (clause 9.10). And in case of suspicion (not even confirmation of the fact, but just suspicion) of fraud on your part, he has the right to prohibit your access to the platform temporarily or permanently (clause 9.11).

The broker is not responsible for the solvency, actions or inactions of the institutions where the client funds deposited to the accounts opened with Axes are kept. The company also has the right to reject the withdrawal request on suspicion of violating the service rules (clause 11.10).

If you withdraw funds that were not involved in trades, Axes has the right to charge any fees. Fees are published on the website. You must be at least 18 years old at the time of entering into the agreement to be eligible to register in the system. Among other things, you guarantee that you have provided accurate and truthful information about yourself (clause 17.6). And you must notify the broker in writing of any changes.

You have the right to terminate the agreement with the broker only when you have no open positions and unfulfilled obligations to the broker. You also need to notify Axes representatives 7 days in advance of the termination. All legal proceedings between you and the company must be conducted in the courts of Saint Vincent and the Grenadines (clause 24.1).

 

Axes is a scam?

Axes – is a forex broker certified by St. Vincent and the Grenadines. This jurisdiction is not particularly trusted by traders. And so it is doubly unclear why there is no British license, because the company’s website is in English and it is noted that the main office is located in London. In addition, instead of European regulators, the Russian organization – IFMRRC (Financial Market Relations Regulation Center), which is also not considered reliable, was chosen as a confirming document.

And the fact that the service provider refers to the license of the Seychelles control authority, SFSA, and the latter is not listed, also draws attention. Axes trading conditions are very vague: at the stage of familiarization, before registration, we have only a table with spreads and stop-out. Available types of currencies, minimum (real, not recommended), commissions, SWAP rates and other actual data are not prescribed.

The training materials that we are promised do not open. Only part of the advertised analytics is available. And all this remains the same even after logging into the personal cabinet.And in the user agreement the broker indicated the right to cancel any transaction and/or close your account (without compensation of funds, judging by the following provisions of the document) on the mere suspicion of violations of the rules. Whether, based on all of the above, Axes is a scam is up to you to decide.

 

Conclusion

Axes offers a really attractive format for working with platforms: NDD (when transactions are made on the open market). But it is still the broker who will process the transactions, limit and block them. And, as we have already understood from the conditions of the service policy, on the basis of its own reasoning (for example, if your account is suspicious, it may refuse to execute your order or withdraw funds, and also block your account).

The situation with the license entitling the broker to offer NDD-access is also unclear: in St. Vincent and the Grenadines, to which the company refers, such permits are not issued, and it has no others (at least in the public domain). The Seychelles’ regulator (SFSA) does not mention Axes in its register of issued licenses. Many things published on axes.co are not confirmed on closer examination: awards, availability of training programs, analytics in the public domain.

Reviews about the broker is very little, although (again, on the official website) it is claimed that he works for 25 years. The age of the domain is a little over 7 years. The existence of the domain itself is not a proof that the brokerage site is hosted on it. What Axes is really good is the affiliate program: its participants may earn up to 62,55% of the company’s profits for the attracted users.