Axen Trade Review – Who Is Behind AXENTrade.com Broker?
Axen Trade is Axen Capital LLC, based in St. Vincent and the Grenadines. An immediate warning sign, in this case, is the company’s location itself.
This means that Axen Trade is another offshore company. It is supposedly providing users with brokerage services while in actuality performing a sophisticated scam.
Axen Capital LLC is one of the many unlicensed firms that operate in this area. SVG is a convenient location for these types of shady businesses since it’s not subject to proper regulations.
|Company||Axen Capital LLC|
|Address||305 Griffith Corporate Centre, P.O BOX 1510 Kingstown, St. Vincent, and the Grenadines|
|Minimum Deposit||No minimum deposit required|
Axen Trade Regulation and Funds Security
Operating as an offshore company, Axen Trade, like many other newly registered scam brokers, possesses no licenses or regulations.
These kinds of firms aren’t under any of the government’s jurisdictions and laws that could guarantee the safety of the customers’ funds.
The official Axen Trade site clearly states that the company is not obligated to hold any licenses or authorizations in SVG for providing these services.
Despite the professional look, the site doesn’t list the regulations expected from a brokerage company. When a firm operates under no regulations, it is usually with an explicit goal of scamming and defrauding its clients.
Axen Trade’s website supposedly offers reliable 24/7 customer support, safe storage of users’ assets, and fast, round-the-clock withdrawals. Everything a legitimate-looking website should have.
Except that it sadly doesn’t work that way, and there is no proof Axen Trade can offer to back those claims.
Investments can never be safe with an unlicensed broker, that most certainly doesn’t have sufficient funds to cover the operating costs. For that very reason offshore brokers should be avoided at any cost, and Axen Trade is no exception.
Trading Platform Supported at Axen Trade
Like many other financial market scammers, Axen Trade confidently claims to be operating on MT5. This is, unfortunately, not the case.
Manipulative use of the trading platform is another method used by experienced scammers who trick users into thinking they are indeed trading and growing their funds. Their investment is actually forwarded to the scammer’s pocket with little to no chance of withdrawal.
MT5 is one of the most popular and widely used trading platforms. It is known to be available for access from most countries, unlike the fake trading platforms operated by scammers.
Ever since it was launched, back in 2010, MT5 became the most competitive in the industry. Constant growth and expansion make MT5 a leader in the market, therefore mostly recommended by professionals, as well as less experienced traders.
While users new to brokerage can get educational tutorials and plenty of learning tools, advanced features like social trading and automated trading are also available.
Axen Trade Deposit and Withdrawal
Attempting to make an account, the user will not find any limitations considering the minimum depositing amount. This is a tempting feature since an unsuspecting victim can judge this as a positive joining condition.
The depositing itself can only be done in cryptocurrencies, which is another red flag. Most competitive brokers facilitate the depositing process by enabling transfers via debit/credit card, wire transfer, and others.
Legitimate payment methods prevent brokers from keeping their anonymity. Which further decreases the risk of a user being robbed of their investment.
The victim of the broker’s fraudulent scheme can start suspecting and sooner or later attempt to make a withdrawal.
Alongside other scamming sites, Axen Trade has no clear withdrawal policy or procedure. It only claims that the withdrawals are to be processed in the following 24 to 48 hours.
Before allowing you to attempt a withdrawal, scammers will try to change your mind considering this decision.
If they do not manage to do that, they will start piling up nonsense reasons as to why you are not eligible for requesting a withdrawal.
Scammers will not refrain from using anything in their power, just so they could delay the chargeback process.
How the Scam Is Undertaken
Trained scammers presenting themselves as skillful brokers have a way with words that helps them manipulate a potential client into investing.
By knowing what exactly attracts less informed and less knowledgeable new investors, fraudsters can easily rob them of their funds, all the while asking for more investing.
At a certain point, a client might start getting suspicious and decide to ask to withdraw their funds. Unfortunately, this is highly unlikely to be allowed to happen, as funds almost immediately end up in scammers’ wallets.
After a scammer has decided that they can no longer use their current victim, it is easy for them to disappear without a trace and continue to scam others.
Axen Trade Summary
Unlicenced brokers should never be trusted and avoided by all means. In case a client becomes a fraud victim, there are still ways to recover stolen funds. Visa and MasterCard allow refunds within 540 days.
There are also recovery agents that are able to help and are familiar with scamming strategies as well as ways of making withdrawals possible.
Caution is still advised even in case of choosing a reliable recovery agent, as those could be potential scammers too.
Sharing your experiences and knowledge about different fraudsters can help authorities take legal action against them.
There’s cardinal value in acting fast, speaking up, and reporting scammers, so please don’t hesitate to share your knowledge and experience with others.
In the end, posting online what you know of certain scammers and spreading the word can lower their influence and perhaps save someone else from losing money.
FAQs About Axen Trade Broker
What Is The Minimum Deposit To Start Trading?
No minimum deposit amount is stated on the broker’s site.
Can I Create a Demo Account for Paper Trading?
Yes, it is possible to create a Demo account for paper trading.
What Instruments Can I Trade with Axen Trade?
Customers can trade in Forex, cryptocurrencies, commodities, indices, and shares.