AximTrade – honest company or another scam? Review with feedback.
AximTrade: trends and recommendations
Questions have arisen regarding the impartiality of AximTrade’s activities: doubts have arisen due to the company’s offshore location and the abnormally high leverage of up to 1:3000 offered. The offer seems excessively attractive, but it may lead traders straight into financial difficulties. There are no opinions about AximTrade on Russian-speaking forums, however, reviews from foreign clients do not speak in favor of this company. Let’s start considering the real status of this broker.
Licensing and management of AximTrade
According to official information, AximTrade has been serving clients for over ten years. However, based on reviews, this claim seems doubtful. The first reviews began to appear quite recently.
An investigation conducted through whois showed that the website aximtrade.com was registered only in 2019. It seems that the company is trying to artificially increase its age in order to give itself authority and reliability in the eyes of potential clients. This approach seems fraudulent.
The broker’s website indicates that it is managed by the company AximTrade LLC from St. Vincent and the Grenadines on behalf of Thara Heights Owner’s Corporation. Although the scheme is quite complicated, careful study allows for understanding of it.
AximTrade LLC is an offshore company registered under number 328 LLC 2020. Authenticating this information is impossible due to the lack of an open register of legal entities in St. Vincent and the Grenadines. In our experience of compiling reviews, the last four digits in the registration number confirm the actual registration date (in the case of AximTrade – 2020).
The parent company Thara Heights Owner’s Corporation also has an offshore nature. Its official history dates back to January 2010 and registration in the British Virgin Islands under the supervision of the local regulator (license number – 1566389).
Checking the registry of the regulatory body did not lead to finding the mentioned document provided by the scammers. In addition, a scan copy of the license on their website is missing. We suspect that this broker never obtained permission from the Financial Services Commission of the British Virgin Islands. This case appears to be a fraud not subject to control or regulation.
Trading conditions offered by AximTrade
For starting cooperation with AximTrade, a $500 bonus is offered. Registration and deposit are required for activation. This promotion is aimed at inexperienced newcomers in the field of trading on financial markets and choosing a broker. By using this method, scammers will not allow you to play back the bonus, but will attempt to draw you into their schemes and force you to invest funds.
The brokerage firm offers a choice of different versions of MetaTrader 4 (desktop software, as well as mobile versions for Android and iOS) available for download only from the scammers’ website. According to reviews, the software is under the control of scammers, through which they promptly transfer clients’ deposits into their pockets. At the same time, when trading on a demo account, the balance constantly grows:
Now let’s consider the trading accounts:
- STANDARD. Minimum deposit – $1. Includes spreads up to 1 pip, leverage up to 3000x, stop-out at 30%, margin call – 60%, ticket limit – 50 lots. Hedging is allowed, protection against negative balance is provided, as well as trading bonuses,
- CENT. Starting threshold – $1. Provides leverage up to 2000x, spreads up to 1 pip, stop-out at 30%, margin call is at 60%, ticket limit – 150 lots,
- ECN. Minimum deposit – $50. Features: leverage up to 1000x, spreads up to 1 pip, commission – 3 USD, ticket limit – 50 lots.
Various payment methods are offered, however, it should be noted that the company does not cooperate with Visa and Mastercard cards, which provide chargeback options.
Customer reviews
So far, reviews about AximTrade are only available on English-speaking forums:
“Scam broker. Stole my profit.”
“All traders need to be careful with this intermediary. It will find plenty of reasons to steal your profit.”
“100% scam! I traded with https://www.aximtrade.com and earned profits legitimately, risking my own money, but the broker accused me of accessing other accounts and canceled all trades. They have no evidence. This brokerage is 100% a scam. Stay away from AximTrade.”
“Aximtrade stole my $1011. I deposited $1550 into my account, then Aximtrade offered a $697 bonus. When I had a profit of $1011, the support service informed me that I logged into the account from the same device as other accounts on MT4, so they took the $1011. I confirm in the review that Aximtrade is a fraudulent broker. They lure novices with promotions but don’t allow them to withdraw profits.”
Typical fraud scheme of AximTrade
The fraudulent mediator attracts users with high leverage, which exceeds European limits by ten times. Many novice traders fall for this, as well as the generous bonuses and minimal initial deposit. Gradually, they are convinced to invest more funds under the guise of successful trading on controlled MT4. When it comes to withdrawing profits, AximTrade simply blocks accounts.
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Summary on the AximTrade broker
AximTrade is an offshore broker operating without proper legal grounds. The company distorts its true creation date and conceals the names of its leaders. Unscrupulous scammers will drive you into a financial abyss and not even allow you to withdraw the remaining funds from your account. This is evidenced by reviews of deceived clients. Do not trust promises, stick to the facts!