Axe Invest Review
Axe Invest is an offshore broker that was founded in September 2017. The company’s parent company goes by the name of Madar partners Ltd. The company is registered in the Marshall Islands. And has phone numbers mentioned on its website from Switzerland and the UK. The broker doesn’t use the Meta Trader 4 platform and rather uses a different web based platform. And unfortunately doesn’t have mobile support. The broker offers trading on a variety of underlying assets, from forex currency pairs, to cryptocurrencies, to gold, silver and indices. Read the full Axe Invest review here.
About Axe Invest
While we do know the parent company and where the company is registered, it is not good news. Marshall islands is a place where a lot of shady and scamster companies set up shop because of the next to no regulation conditions. Setting up shop here is easy, cheap and doesn’t require adhering to strict regulations of any kind. Which brings our attention to the regulation and licences. The company has no licences that we could verify, from any government based or private financial regulator. Rather, a bunch of regulators have either blacklisted the company or warned about it. Matter of fact the ASIC, the Australian regulator, also warned the public against investing with Axe Invest recently. In March 2019, FINMA, the Swiss financial regulator also blacklisted the company. Axe Invest is reportedly linked with AxeCC.com, which is another scamster broker that the FCA warns the British traders against.
Looking at the platform itself, it misses out on some features that are available on Meta Trader 4, and the decision to go with a web based platform might not have been the best in this case. Some of the good things about this broker are the leverage it offers and the minimum deposit required for its basic account. The broker offers leverage up to 1:500, which is quite lucrative but should also be looked at very high risk. The company offers you 5 different types of accounts to choose from, of which the basic has a minimum deposit of 100 USD, which is quite modest. The brokers however remains ambiguous about some of the crucial information that traders need before trading with them. There is no clear mention of the average spread it offers to its users. The market average is around 1-1.5 pips. Also the broker doesn’t have provisions for a demo account, which is also concerning since there is no information about spreads and it is not on Meta Trader 4. So it seems a trader would have to go in blind, when trying out the platform. COming to the last part, the broker has a lot of fees when it comes to withdrawals as well. The broker charges a 50 USD fee for withdrawal via bank transfer, 35 USD for payment via credit cards and a 25 USD fee for payment via e payment apps.
Given that the company chooses to operate out of a very low regulation location, and has been actively blacklisted by financial regulators. Apart from the fact that there is demo account to try out the platform developed by them; We believe it is only safe to avoid investing with Axe Invest, to avoid loss of funds.