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AxnFX Review - is it scam or safe?

AxnFX Review - Is axnfx.com scam or good forex broker?

RATING: 1 / 21 REVIEWS AxnFX
AxnFX is an offshore broker. Your money is not safe.

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Trading Accounts

 

Account type Minimum deposit Maximum leverage Spread
Classic $100 1:400 ECN feed +$20 per lot*
Premium $2,000 1:400 Undisclosed
Pro $5,000 1:400 Undisclosed

*The costs of trading at AxnFX are not disclosed by the company. These are the conditions we saw when testing their platform.

 

AxnFX is a forex broker, which hasn’t released a lot of information on its trading conditions. This gives an immediate negative impression, but here are the full details about this broker.

 

The Company. Security of Funds

 

Company Country Regulation
POWER BUSINESS GROUP LIMITED Seychelles N/A

 

AxnFX is owned and operated by POWER BUSINESS GROUP LIMITED. The company is based in the Seychelles, which generally is a negative sign. The reason for that is quite simple – off-shore companies are usually not regulated as heavily as their ones based in other countries. 

 

On top of that, Axnfx is not overseen by any regulatory agency. The difference between simply having a registered company and one which is overseen by any major financial watchdog is huge. You away carry some sort degree of counterparty risk (the risk of not getting paid) with unregulated entities.

 

On the other hand, different countries have their own agencies, dedicated to monitoring financial service providers. For instance, Cyprus is a relatively popular destination for forex brokers. Being a member of the European Union, the country allows access to the entire single market. More importantly, the local regulators, the Cyprus Securities and Exchange Commission (CySEC) enforces strict rules upon the companies, which it oversees. Two of them are the most prevalent in terms of the security of your trading capital.

 

All CySEC-regulated brokers have their client’s funds kept in the so-called segregated accounts. This means the companies can’t simply take your deposit and not offer anything in return (the most ugly form of scam). These segregated accounts can only be touched under certain rules.

 

Additionally, companies registered with the Commission must participate in the local compensation scheme. This is a mechanism, by which brokers contribute a relatively small portion of their profit to a fund. The fund then acts as guarantee, in case one of the participating brokers happens to go bankrupt. In the case of CySEC, the fund covers trading accounts, up to €20,000.

 

 

Trading Conditions

 

 

Minimum Initial Deposit

AxnFX requires a minimum deposit of $100. This level can be considered the current industry average, as a lot of brokers have set is as a criteria. For instance, you can open a trading account with the FCA-regulated industry veterans at HYCM with $100.

 

That being said, this criteria is only important for those traders who can’t afford a more serious trading account, as it does not tell you much about a company’s credibility.

 

 

Average spreads & Commissions

The average spreads at AxnFX are not disclosed by the company. After doing some tests with the demo version of the trading platform, we saw relatively tight spreads and a substantial commission. While the EUR/USD spread varied in the 0.1 – 0.5 pips range, there was a $20 commission. This translates to an effective spread of around 2.1 – 2.5 pips, which isn’t attractive. Nowadays, a lot of brokers offer far better conditions. To get the full picture, be sure to try our real-time spread comparison platform.  

 

 

Leverage

The maximum leverage at AxnFX is 1:400. This is very high ratio, which can lead to substantial losses, if you don’t know what you are doing. That being said, a lot of brokers offer 1:500 or even more, in leverage.

 

While a higher ratio sounds better, it does not actually represent better trading conditions. More leverage simply allows you to take more risk. This can lead to very big losses, especially if you don’t know the basic principles of position sizing.

 

 

Trading Platforms

 

 AxnFX offers the popular MetaTrader4 (MT 4) trading platform. This shouldn't come as a surprise to anybody who is familiar with the forex market. The platform is being offered by many brokers and there is a reason for that – the charting provided by MT4 is amazing. On top of that multiple custom tools for the platform are available. The most popular ones are technical indicators and automated trading systems. Feel free to check out our reviews of the so called Expert Advisors here.

 

 

MT4 also has an excellent mobile app, available for both Android and iOS. It captures almost all of the functionality of the desktop. In fact it may actually be too complicated for total beginners, which is its only major downside. 

 

Here is a preview of the MT4 platform offered by AxnFX:

 

 

Methods of Payment

 

 

The payment methods at AxnFX are Bank Transfer, Credit/Debit Card, Skrill and Neteller. While this may not satisfy everybody, at least the e-wallets are the two most popular ones (when it comes to trading). 

 

 

Conclusion

 

 AxnFX is an unregulated broker, with an off-shore registration. These two factors immediately spell “danger”. Additionally the company does not fully disclose its trading conditions on the website. The spreads we observed after opening a demo account were not even close to the current state of the industry. Here is a summary of our experience with AxnFX:

 

Pros Cons
MetaTrader4 available No regulation
  Off-shore registration 
  No information about the trading conditions on the website
  Wide spreads on the demo account

 

Latest news about AxnFX
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Traders` reviews for AxnFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Scam fraud

Scam fruad no invest any body

Mahammad Faiz 03/14/2019

AXNFX- trading service

It is found to be a cheat trader. They will provide a advisor or a guide with a new customer. They will handle your account in such a way that you will be requiring add more to keep safe your account. at the end they will put so many odd script with high volume and reverse market trend. Which will made you total loss over night. started with $100 and gone adding upto $2400. at the last day the advisor made such and so many script at a time with high volume that made you total loss. It is their strategy. There is no advantage of premium account incompare with classic.
Very bad experience. they trained their advisor to cheat the investor

Tushar Kanti Dhar 12/24/2018

Warning

Hi Axnfx, You will receive a withdrawal request in dis. Hope you will just process my quite amount of withdrawal.

Otherwise I have your personal landline number and a COMPLETE ADDRESS, if you think I don't have your info.

No - 0** 428* 1***
Add - Pincode ****26

I will just post your numbers and complete address in all review websites.

Amar 11/02/2018

Fraud !!

Hello I am a freelance trader and i have my client account with this broker. My client has started account wid 100$ for their personal trading knowledge. but he was too buzy wid his work so my client has given me a account of 100$ and now I made that account a sum of 2200$. I thought will be getting a good money on dis account. but after seeing your guys review, so i just fucked up with fraudster.

Also I don't know how was the payment done by my client. In some review people has put mention their merchant Id so dis is the only way you can take your money back.

Just do one complaint to their payment merchant, coz the merchant will never allow to take money in the name of forex. If you guys do dis den dey just gone forever. Or else u can directly go to the merchant office they will provide you the complete office address of them. If they are not provide you the address then complaint a file against merchant(You don't have to complaining against merchant just you have to say). But remember you should have merchant name den only u can do dis things.

Amar Ahuja 11/01/2018

AxnFX - 1000% cheaters

These AXNFX guys are 1000% cheaters they don't even care of your account or Hard earned money... Due to their false promise and wrong guidance I have lost $15000 account... They are so well trading cheaters calling themselves experts they don't even help us to keep our well secured account to maintain & give profit instead due to wrong guidance I lost $15000 within 5-6 hours after constantly keeping in touch with me and promising that there will be no risk on my account...

Manoj Choudhary 10/18/2018

Shocking news

I have shocking news today my trading account was going on smoothly, but when i got up in the morning, there was some issue with the terminal it was hanging since opening of the market.. I sent mails to the concerned and support team but till now I havn't received any reply.. My equity was $2400 plus but once the terminal started after 6-7 hours hanging, my account is showing $-70401.70 & all the orders are automatically Closed...I have been trying to contact them since last 4 hours but there is no response. Can somebody Help me

Manoj Choudhary 07/02/2018

Fraud company

Any person no belive this company
This company is very bigger fraud company hi say u invest 100$ but acount opens after says minium 1000$ and totally loss my money he say 400 deal after withdrawal my money


Fraud company
Any person di not believe this company

Avanish kumar tripathi 06/01/2018

No.1 criminals. Blood suckers!

Axnfx.com is World top forex fraudsters, unethical, unregulated..*******

Unfortunately I opened account with axnfx.com, with $1000, with my own effort after 6 months my account balance is $4221.00, but they are not giving withdrawals.

I have every evidence to prove they are No.1 cheaters..

To whom we can complaint, if it is unregistered to which country/which government/which department we can file complaint on this fraud trading broker..

Their income is not the brokerage, total deposits of traders is their income. Once you deposit the money it is their revenue, whether trader in loss or profit

Axnfx.com cheated so many traders all over the world.. still cheating continuing…..

I think their employees are trained Robbers, they will distribute money once you deposit to their accounts, ALL THIS META TRADER4/5 LOGIN, BROKERAGE , LEVERAGE ETC IS JUST SHOW PUTUP..
They are well trained criminals to trap innocent people, get deposits from them, then after 99.999% are lose their money , they will work hard to make your account zero or if you are not listening to them if you do trade on your own they won’t give your money back, in either way trader will lose money time and effort..

two of my friends also lost their entire money aprox.$14000
Axnfx.com cheated so many traders all over the world.. still cheating continuing… we need to stop them

Kiran Kumar V 05/24/2018

withdrawel issue

worest broker

No.1 cheaters
dont do trading with them

suggest me where to write complaint

kiran 05/03/2018

Fraud company

No 1 fraud company.
No details were given
He ask me to trust him
So do I
SO im asking him to trust me
Send me some amount via paytm,then I invest in your company
I'm waiting for ur reply
If u don't reply me u r fraud.
These fraud members will be punished not by law but by GOD

Vignesh 04/09/2018

A Fraud Company

I dont want to name the persons, the account manager and sales guy, but fraud company. finally they ask you to to trade into currency and finally a day you find they have closed the account.
Dont fall into their trap,

regards,
Shaji

Shaji 03/04/2018

www.axnfx.com is fraud company AXNFX

This is fraud company after deposit not withdraw only for deposit, after deposit after some you show $00 and all trading profits history empty.

Dinesh Bajiya 02/12/2018

fraud company AXNFX

AxnFX Fraud
I had open one account in 100 $. and doing my own trAfter making some profit and they given
withdrawal 2 calls that made me complete loss and they dont even say any sl loss they will say hold till your money get washed away to 0 this is the stratagy of make money and account manager is
Mr.Aryan khann i can say who want to check the axnfrx its totally fraud company like me dont go for it
Please any one person not joint to this company and ignore it.
Be carefully.

Thanks
venugopal

venugopal 01/22/2018

AxnFX Fraud

I had open one account in 100 $. After making some profit and they given
withdrawal of 50$ to me.
Then the account manager Mr.Aryan khann is called me for another one new account opening.
I had deposited again 150$ to that company. After making profit about 300$ then i ask withdrawal of both accounts.
They are not give withdrawal to me and account is closed.

So i have loose my money about 400$.

Please any one peson not joint to this company and ignore it.
Be carefully.

Thanks
V S Soundararajan.

V S Soundararajan 01/17/2018

Lost everytime I invested

These people are cheaters. After withdrawal of my profit of 300 $ only once (that too after lot of mental harassment). I couldn't make any profit. Every time a deal was opened, it went into loss. I don't know how and why but I had lost too much money because of AXNFX

Rajni Rani 01/16/2018

AXNFX is Cunning Fraud Company

AXNFX are the most cunning frauds they grab money to invest in and gives good response in early few stages and they do not respond after few days until the spartan shows a negative or zero balance and all money invested are gone this is what it happened with me and the more is they keep on changing the instructor who guides to invest like buy and sell currencies and after a huge gap of contact with them our balance is automatically zero.

salman ahmed 01/11/2018

AxnFX is a big Fraud company

I have deposited $100 in Indian currency Rs.6650/- through PayUmoney dated on 07/12/2017. After that they have given me a trading id at SpartanFX(id is 2096574853). And showing the balance $100 and credit 75. I am totally new in forex trading. No one contacted with me after that I have emailed them several time but no reply from their side. I am now sure this is a scam side. So please advice me if there is any solution to get refund of my hard-earned money. My mail id is [email protected] below is my transaction details which I have made through my debit card with PayUmoney. PayUmoney should not allow this fraud company.
Merchant Name: AXN solutions.Order Amount: Rs 6650.00
Payment ID: 171976055
Merchant Order ID: 5682729-171976055

Jaydev Kumar Dutta 12/28/2017

Fraud company

My experience with this broker is very poor and the guidance and support from the account manager Mr. James is very bad and because of which due to my account liquidity and I losed more money. I will not support or recommend any one to go with this broker .

The account manager guided to open the deals which all was resulted in the loss and at last my account itself become liquidity.

please don't go with this company at any cost. waste of time and money.

Kumaran Ilangovan 12/19/2017

This is a Fraud Company

This is a Fraud Company, don't invest your money in this company. I know a group of who have been cheated by this company including me. They'll trick you to invest more and more money but will never ever allow you to withdraw no matter how much balance you have in you account. They'll keep on saying different rules every time why you cannot withdrawal. They'll provide a withdrawal of 200$ at first so that you'll have a belief on this company and then later they'll trick you to put more money.

This is a fraud company, I have all the proofs for it. Anyone having any doubt can ping and ask me.

Arun V U 11/29/2017

AxnFX: Delay in withdrawals

AXNFX is a company that is conning guiilble investors like me. Their spreads are huge and the trade conditions are not disclosed on the web site or explained by their account managers

I started an account with $2000/- initial deposi and sensed there was something wrong with the company within the first couple of weeks. I had made good profits but those were wiped out due to deals suggested by account manager since he wanted me to lose money.

I finally closed all open positions and put in a withdrawal request. It has been more than 2 weeks and I have not received my withdrawal in my bank account

Their london phone no lised on the website is a scam as it keeps ringing and no one answers. The chat room is also a sham as no one ever responds

Please help with my withdrawal and point to someone who I can lodge a complaint with. I would like everyone to be cautious and not deal with this fraud company

Madhusudhan Pamalparti 10/31/2017

Axnfx fraud

Axnfx is a fraud company you can not withdraw your money.
Even they don't respond your mail.

Amarjit Singh 09/22/2017
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