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Axen FX Review: A Deceptive Forex Platform

Axen FX Review: A Deceptive Forex Platform

Like most offshore forex investment platforms, Axen FX offers a deposit bonus of 30 percent. In addition, the platform offers access to over 16,000 markets with no forex commissions. Although the platform claims 1:400 is flexible leverage, regulators don’t. The platform is registered in St Vincent and the Grenadines and claims to have won several accolades. These are all sales pitches on the platform. Let’s take a closer look thanks to the detailed AXEN FX REVIEW.

A Brief Overview of Axen FX

Axen FX Review

Axen Markets LLC is the platform claiming to run the website. The entity was registered in 2020, and since then, they have been providing online financial services. AxenFX claims to commit itself to provide better brokerage for traders.

What we see from the platform is the intent to offer low-cost forex investment services. The website’s design looks appealing, and it’s easy to navigate. Being an offshore platform, you expect them to go against set regulations.

And this is the case with the high leverage. Industry regulators have put a cap on maximum leverage at 1:100. On their part, Axen FX offers high leverage of 1:400. And this is a risk to investors as they are bound to lose huge volumes.

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Apart from mentioning the parent company, we know little about who runs the whole operation. In our eyes, this is another anonymous and offshore platform. These two attributes make us question the intent of the platform.

Transparency is imperative in any investment solution. Sadly, axenfx.com does not provide transparency. When you enter the domain name, Google lets you know about the security risks involved. And that’s one way of knowing Axen FX is not your cup of tea.

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Accounts and packages Axen FX

Axen FX offers four account types. 

There are four accounts to choose from, including Plus, Mini, Prime, and VIP. One hold this platform has is the low acceptable minimum deposit for the standard account. So you can start trading with as low as $10.

Most of the account features are the same such as maximum leverage. Here’s a closer look at what this platform brings to the table. We will be looking at each account and the advantages of having it.

Plus

It’s the most basic account and comes with floating spreads. The spreads start from 0.01, which is considered fair. You get instant execution with the minimum deposit set to $10. Members get 150 maximum simultaneous open orders. The spread type is variable.

Axen FX Account types

Mini

With the Mini account, spreads start from 3 pips. The minimum deposit allowed is $100 with fixed spreads. There’s a single-tap order execution and 150 maximum simultaneous open orders. Apart from the spreads and deposits, the account is similar to the Plus tier.

Prime

You must deposit $100 to start trading with this account package. Spreads also start from 3 pips, and the type is Fixed. There’s a single-tap order execution with 300 maximum simultaneous open orders.

VIP

It’s the most exclusive account type on the platform. To use the account, you must deposit $10,000. Spread type on this account is variable, and they are from 0.10 lot. Although it’s the most enticing account of them all, sadly, the deposit amount is high.

All the above accounts come with a bonus of 30 percent with each deposit.

Affiliate programs

You can also join their affiliate program and earn passive income. Unfortunately, the platform fails to disclose whether they offer commissions, percentages, or rates. There’s also no information on how you can track conversions.

We know earning passive income is exactly what we all need. However, you have to ask yourself the consequences of directing users to an unregulated platform. There’s a chance you will lose your credibility if things head south.

Assets and Instruments

Axen FX provides five trading assets to use on their platform. These include commodities, Forex, indices, metals, and stocks. Commodities found on the platform include cocoa, coffee, cotton, and sugar. 

There are over 40 currency pairs available on the platform, and these include major and minor currencies. You also get forward deals with more than 20 currency pairs. In addition, the platform promises comprehensive analysis and research on Forex platforms.

You can trade indices 24/5 with the platform promising unparalleled liquidity. Gold, platinum, and silver are the major metals to trade with. Members also get to trade with the FAANG shares and other international company stocks.

Available Trading Platform

AxenFX MT5 trading Platform

One of the positive aspects of the platform is having a world-class trading platform. MT5 trading platform offers users a chance to engage in an intuitive platform. With advanced tools, you can learn to predict the market.

MT5 is highly stable and offers fast execution. We recommend using MT4, MT5, and SIRIX trading platforms as they are the best. You can use these platforms using any device, making it easy to manage your trading.

Axen FX License and Registration Status

Axen FX is not a fully licensed or registered platform. The platform claims to have a registration number which is far from the truth. It’s an offshore platform with no chances of following strict forex rules.

And this is the reason they turn to the Marshall Islands of St Vincent and the Grenadines. The two locations offer hands-free restrictions. We recommend using platforms registered by reliable organizations.

Ensure you sign up with platforms licensed and registered by ASIC, CySEC, FCA, and SEC. Other regulators that protect the interests of investors include BaFIN, CNMV, and CONSOB. The platforms under these regulators follow set industry guidelines.

Bonuses after depositing

There’s a 30 percent bonus you get with each deposit. It may seem enticing to users but, there’s a catch. The platform won’t allow anyone to withdraw funds unless you pay back the full bonus amount. And this is why regulators had to step in.

Offshore platforms are operating unlawfully by offering deposit and welcome bonuses. It seems they are offering small loans to investors in the form of bonuses. These platforms will hold your account for ransom. You end up losing more than what you bargained for.

Customer support

The platform is registered in St Vincent and the Grenadines and yet, has a US Phone number. We believe the platform is using virtual phone service providers. Members get calls from this number, leading them to believe it’s a US-based platform.

Is axenfx.com Licensed or Registered?

You can’t make the call as they refuse to take calls on that line. So your only option is to email them, which might take ages to get a response. From what we’ve seen, the platform tries to control the communication channels.

Funds Safety

Your funds are far from safe with an offshore and unregulated platform. AxenFX does not provide insurance cover for deposits made. We also suspect the platform does not segregate funds.

Bottom Line

Due to the fact they fail to comply with regulations, we can’t recommend them. Here are the reasons why we doubt Axenfx.com

  • No License from reputable platforms
  • Safety of funds is not a guarantee
  • Withdrawal is not certain

You can only invest and trade easily, knowing your funds are safe. So take the bold move and sign up with credible forex investment platforms.

If you have any questions, feel free to write to us.

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