AXEN Trade – Can you Trust this Broker?
Unfortunately, you will discover that it is not a broker that deserves your trust because of the following issues.
Online brokers are plentiful these days and you just need to run a Google search to get an idea of the numbers. But, you have to understand that this not make all of them same. Every company is different, some more than others, which means you should do your homework to find a good fit for your needs. This means that you should not just depend on their claims alone and check for yourself. After all, your criteria and expectations can be different from others and this AXEN Trade review can help you in this aspect.
Why is it important? It is essential because not all brokers that operate in the market are trustworthy. There have been too many scams over the years for you to not be aware of them. Even though it might seem simple to be able to identify a scam, it is more complex than it sounds. Setting up a front over the internet is extremely easy because only a website is required for this purpose. Since there are lots of website design software available for free, it is not that complex.
Therefore, these fraudulent companies have become rampant and this means you have to approach the task with caution when you go about your search for an online broker for trading purposes. This means not falling for any claims the company makes and always checking everything to ensure they are up and up. You can save yourself from a lot of stress with a little bit of effort.
The same approach is needed in the case of AXEN Trade, which advertises itself as a reputable and legitimate brokerage. But, is it? Unfortunately, you will discover that it is not a broker that deserves your trust because of the following issues.
Lack of regulation
When you are looking into a broker, you should always start with their regulatory status. Usually if the broker is unregulated, it is best to give up on it straight away. This is because if you check most of the scam and fraudulent companies, you will find that they all have one element in common; lack of regulation.
Hence, it is best to not take risks and not opt for an unregulated broker. In addition, even if the company claims to be regulated, always follow up and confirm their status to avoid unnecessary risks. In the case of AXEN Trade, you will come to know that it claims to be based in Saint Vincent and the Grenadines. This makes it dangerous because this offshore jurisdiction is known as a scam haven.
The financial authorities in the region do not regulate the forex industry, which means anyone can set up a business and there is no oversight. This means you will get no help in case of a problem and the brokerage can come up with its own rules and policies, even if they are exploitative and nothing can be done. You will find that AXEN Trade is no different in this regard, which makes it untrustworthy.
Going through the Terms and Conditions of a brokerage before you sign up with them is a must. This will alert to any issues that might happen later on and help you avoid disaster. Doing so in the case of AXEN Trade turns out to be a smart move because you will find out just how malicious the company is through its legal documentation.
It becomes evident pretty quickly that AXEN Trade is offering bonuses to its clients and these come with strings attached. This itself is worrying because trading bonuses have been banned in most jurisdictions, which means that most reputable companies do not offer them altogether. Apart from that, you should note that they were banned because of the conditions associated with them, as apparent in the Terms and Conditions of AXEN Trade.
They indicate that in order to withdraw the bonus, traders are required to meet a certain trading volume requirement. These requirements are deliberately kept high, which can make it difficult to reach them. Even if you do manage the task, you will find that AXEN Trade can change its policy anytime, which means they will just change it and never let you withdraw. No genuine company would ever make such a move.
False trading software claim
One of the most impressive claims that AXEN Trade makes is that it is offering its clients the best trading software in the market i.e. the MetaTrader 5. It is true that the MT5 is known as the leading and most powerful software for trading and at first glance, it does seem that the broker is offering you the distribution.
However, when you attempt to make an account on the MT5 platform at AXEN Trade, you will discover that it does not really work. This means that it is nothing but a sham and just meant to draw in people.
The fact that leverage ratios on the AXEN Trade platform go as high as 1:500 might be attractive to some, but you should consider them a warning. Leverage can be lucrative, but it is also equally risky and can lead to hefty losses. Therefore, regulatory authorities impose limits on leverage ratios to be offered.
Cryptocurrencies have become very popular these days and are also being used for payment online. But, the fact that AXEN Trade only offers crypto as a payment method is a big warning sign. This is because crypto payments are also popular amongst scammers and fraudsters.
This is because crypto payments are final, anonymous and irreversible. If you deposit money with AXEN Trade, you will not be able to recover your funds in case you get scammed. This only happens with payment methods like credit cards because they come with a chargeback option that allows you to get a refund. It is not possible when you use crypto payments.
Keeping in mind these issues, you can come to the conclusion that AXEN Trade is not a broker you can trust.