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AxCap247 Review - is it scam or safe?

AxCap247 Review - is axcap247.com scam or good forex broker?

RATING: 3 / 1 REVIEWS ForexBrokerz AxCap247
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Trading Accounts and Conditions

 

Trading account  Min. deposit Max. leverage Spread
Standard  $100 1:30  1.9 pips

 

AxCap247 is a UK-based brokerage that appears to offer a single trading account type and access to the good old MetaTrader4 platform. Most importantly, the broker holds a license with FCA, which means it is held to high security and transparency standards. Here are our impressions of this broker, after we made a thorough research on the company and tested its platform.

 

 

AxCap247 Advantages

 

FCA license

AxCap247 is a trading name of Axis Capital Markets Limited, which is authorised and regulated by the Financial Conduct Authority in the UK – one of the most reliable financial watchdogs in the industry.

 

 

We should note that FCA regulated brokers are obliged to follow strict financial and ethical rules, including to file regular reports, to allow external audits, to maintain a minimum operational capital in the amount of 730 000 EUR, to keep all the invested capital in a segregated, protected from creditors account and to participate in the Financial Services Compensation Scheme (FSCS). The FSCS coverage means that, if for any reason your broker is unable to pay, you will be entitled to a compensation of up to 85 000 GBP.

 

Access to the MT4

Another advantage of AxCap247 is the availability of the well-familiar MetaTrader4 (MT4). This reliable and user-friendly platform offers one of the best charting packages, in-depth market information, as well as automated trading via Expert Advisors, API connectivity, and more. It can be used as a web platform on any browser, as a desktop download, and as mobile apps.

 

 

>> The best MT4 forex brokers << 

 

   

Reasonable initial investment
Clients of AxCap247 can open an account by investing $100 – a reasonably low minimum deposit, which is more or less the industry’s average.
 
 


AxCap247 Disadvantages

 

Spread above the average

Although we believe that the cost of trading is not as significant as the security of your investment, spreads are still an important factor in the trading world. That being said, it seems that the offer of AxCap247 is not that attractive in terms of spreads. According to the information on its website, the broker’s target EUR/USD spread is 1.9 pips, while the average for the industry is 1.0 – 1.5 pips for this pair.

 

When we tested the broker’s platform in demo mode, things looked slightly better. Here is a screenshot:

 

 

AxCap247’s demo desktop MT4. Click to zoom in.

 

No stock and cryptocurrency CFDs

This is not a major flaw, yet we decided to mention it. When we tested the broker’s platform, we noticed that AxCap247’ CFD offering is not as comprehensive as that of other brokerages. It offers trading in CFDs on precious metals, commodities and indices like UK100, US30, however one cannot trade any stocks, nor cryptocurrencies like Bitcoin. 

 

   

Conclusion

 

The strongest selling point of AxCap247 is the FCA license, which means solid level of credibility. UK is one of the most popular online trading hubs in Europe and on a global scale, which is unlikely to change even after they exit the EU. Below, you may check out our comprehensive list of forex brokers licensed in the UK:

 


>> Compare top FCA-licensed brokers here <<

 

 

Here are the highlights of our review on AxCap247:

 

Pros Cons
FCA license Spreads above the average
MT4 available Not that many CFDs
Reasonable initial deposit  

 

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Traders` reviews for AxCap247

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