Can a broker with a minimum deposit of $5,000 and no license be considered safe and reliable? Unlikely, but AxysTrade thinks otherwise, calling itself an international brokerage firm offering over 500 financial instruments for trading. What do the reviews say, what signs of fraud does this partner exhibit, and what is it all about? Read on to find out.
Brief Overview
- 🖥Official Website: axystrade.com
- ✈️Contact Address: Berkeley Suite, 35 Berkeley Square, London W1J 5BF, UK
- 📞Customer Support: [email protected]
- 🔐Licensing and Accreditation: no
- ⏳Track Record: 2024
- 🧰Specialization: brokerage service
- 🤝Terms of Cooperation: $5,000, 1:500
- 💰Additional Services: personal manager, investment research, analytics
Axystrade.com Examination
The company’s official website is unremarkable. Despite listing tariff plans, an address, email, and some features, other equally important information is conspicuously absent. The broker does not disclose what licenses they hold, when the platform was launched, or what business model they operate under. Another serious drawback is the absence of essential legal documents, such as the user agreement, AML&KYC policy, data storage policy, and others.
The site lacks a visually appealing and unique design, though it is translated into several languages: German, Spanish, Italian, and French. This selection of languages suggests the regions the firm is targeting. It’s also worth noting that the website is built on a pre-made template, meaning the developers used an existing model rather than creating something original and unique.
AxysTrade contradicts itself in several places. For example, the tariff plans state a minimum deposit of $5,000, but in the FAQ section, this amount is lower — $250. Additionally, the functions for selecting and copying text are disabled on the site. Are the scammers really that afraid of their information being copied?
Company Contacts
The only contact provided for reaching out to AxysTrade employees is an email address. Although users also have the option to send a message via a special form in the contact section, they are unlikely to receive a response. In fact, the email address is fake, so there’s no point in writing to it — it literally does not exist. And there are no other ways to contact the managers.
Key Conditions
The company promises access to six market classes: forex, metals, indices, commodities, cryptocurrencies, and stocks. To get started, all you need to do is register and choose one of the offered plans. A demo account is mentioned in the FAQ section, but there is no functionality to open one.
The minimum deposit is $5,000, which is quite a substantial amount. In practice, brokers rarely require such large sums; it is usually scammers who do this to make more money from inexperienced clients. Moreover, other account types require even larger deposits — $25,000 and up. What are the advantages of the more expensive plans? They offer lower spreads, higher leverage, and more extra services. In this way, AxysTrade extracts more money from traders.
The minimum spread is from 1.5 pips, but there is no table showing real-time values for some reason. The leverage is enormous, ranging from 1:200 to 1:500, which clearly violates the requirements of serious regulators, so the broker is unlikely to hold any licenses, but more on that later. There is also 24/5 customer support, a personal manager, research, analytics, exclusive trading strategies, and sessions with a market analyst.
AxysTrade’s offerings are not unique and are unlikely to surpass those of more well-known forex brokers. Moreover, such conditions definitely do not fall under the category of “favorable and client-oriented,” as the requirements are unreasonable, and some parameters are not even specified.
Exposing AxysTrade
Is it wise to trust a little-known broker with a minimum of $5,000? After all, that’s a significant amount of money. The answer to this question will be explored further, but already a few red flags suggest fraud: a fake email address and a template-based website.
The company claims to be based in London, United Kingdom. This means the organization should be officially registered as a legal entity, undergo financial commission checks, and obtain a license. In the UK, brokerage firms are regulated by the Financial Conduct Authority (FCA), so the first step is to check their register. Unfortunately, AxysTrade is not listed there, meaning it has no licenses, and its activities are therefore illegal. Next, the Companies House register, which lists legal entities, should be checked. However, the broker is absent from there as well, which is a direct indication that the legal address in London is fake.
Moreover, the website lacks any legal and registration documents, as well as detailed information about the company’s activities and the date of its founding. All of this clearly indicates a huge risk to client funds and the potential for fraud. The platform is extremely non-transparent and appears to be an outright scam. The actual operational period is only a few months because the website’s domain was registered at the end of May 2024. Without the website, AxysTrade could not have been providing brokerage services. It’s a typical fly-by-night company that will soon cease to exist, with all traders’ deposits likely to be stolen.
Additionally, the business model has a conflict of interest, and there is no insurance or partnerships with other organizations. However, this is almost irrelevant, as the key indicators of fraud have already been identified.
What Reviews Do Users Leave?
As previously established, AxysTrade is a young brokerage platform that was launched only a few months ago. Therefore, there are no reviews about the company on the internet. No one is trading here, and the firm is not popular among users. This is yet another reason why you should not risk your money with them. It is recommended to choose brokers with thousands or tens of thousands of reviews.
Conclusions
By now, there should be no doubt that AxysTrade is engaged in fraudulent activity. The firm operates illegally because it lacks a license, and beyond that, it isn’t even registered anywhere. Essentially, this is just a website created by anonymous scammers to extract money from unsuspecting traders.
Pros/Cons
- None.
- No license for brokerage activities.
- The company lists a fake headquarters address.
- The actual operating period is very short.
- No guarantees of reliability.
These scammers are not returning my money. How else can this be interpreted? I’ve been waiting for more than a week for my $2.5K withdrawal request to be processed, but nothing is happening. I cannot contact the scammers because I do not know their contact details, and the email on the website is fake. Honestly, I’ve already come to terms with the fact that the money is lost. I just recommend staying far away from this scam, which is actually a fake broker. No government body, no registered headquarters, no CEO, anonymous owner, no email support, etc.