AxiFinance

AxiFinance may look like a typical broker, what with its interface and general good looks, but we can say for sure that they are all misleading. In reality, users should not be poking their noses here for this broker is a complete fake. Read the review to find out more.

The broker is allegedly regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC). Quite a broad claim, but one that it ultimately misleading and not true. We checked with both regulators, and found nothing on their sites that suggests one AxiFinance to be regulated.

However, the contact details reveal drastically different things. The head office of the broker is in Switzerland, with another branch office in the UK, What about the ASIC and VFSC licenses? AxiFinance cannot even keep up with its lies.
For the record, the broker is definitely not registered nor regulated ion the UK or Switzerland.

AxiFinance is not licensed and a risk to all. It's obvious by now.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

The first thing we usually do is opening an account form which to quote the most accurate trading and payment details. Here though AxiFinance blocked our access to a registration page by stating that we have an “invalid license”. This refers back to the false belief that certain brokers make it seems like the user is responsible to get somehow licensed in order to access the company. This approach is completely scammer!

Without a real way to open an account, we have no other choice but to rely on the website of this unlicensed broker. Please take the following trading, and later payment, information with a grain of salt for most similar brokers lie to their users.

And so, according to the site of AxiFinance, the available instruments used for trading are forex currency pairs, shares, soft commodities, and indices. The spread is 0.1 pip for the EUR/USD pair, whihc may seem perfect but in reality there are to hidden sides to it: there is perhaps a hidden commission, or the whole spread has been fabricated. Whichever it is, we are sure that this is not the final spread.
The leverage is capped at the typical offshore value of 1:500.

Moreover, the account section reveal that there is a return-of-investment percentage that is expected form each account. This is is very misleading, and we actually think that it's against all regulatory trules to provide such details.

AXIFINANCE LOGIN

The broker advertises two seemingly available MetaQuotes softwares.

The first one is an unresponsive MT4, whose download link on the website did not work.

On the other hand, all the information that we were able to get from the MT5 is that it is “coming soon”. We don't believe that we will ever see the MT5, and that's fine because we don't plan on staying here for long. We think that the MT5 idleness is used to attract a paying audience.

There is no trading software as far as we're concerned.

AXIFINANCE MINIMUM DEPOSIT

You will lose all money if investing in this broker.

The only payment information is a $1099 minimum deposit requirement.

There are no payment methods revealed anywhere.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

AXIFINANCE WITHDRAW TIME AND FEES

Usually, withdrawal requests are never processed and user are left with less money.

There are no further payment details, which begs the question as to how this company ever expected to get any retaining clients? Usually one needs helpful information, and this broker clearly has not learned its lesson. But don't despair, for AxiFinance is unlicensed and a risk to all. You should not be investing here in the first place.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a chargeback with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOITTOM LINE

AxiFinance is an obvious scam and a risk to all investments. There is no reason to invest here.