Axelcap.io Review – Crypto Scam Production Line In Full Swing
The first thing you’ll encounter when you go to the axelcap.io website is a fullscreen warning that you are about to enter an unsafe domain known to contain misleading and fraudulent content. If you so choose, you may enter the site at your own peril, which is what we did.
At first, we had the impression we’d made a mistake. It hasn’t been long since we wrote about another website, lewcoin.com that is completely identical to the one we were looking at.
There was no mistake, however, as these websites are just a small portion of what is known as line production scam. It’s more than likely we’ll come across numerous others just like it in due time. For now, see the remainder of our Axelcap.io review to learn how to avoid these altogether.
|Regulated by:||Unregulated Crypto Platform|
|Is This Company Safe?||No, unlicensed exchanges are not safe for investment!|
|Have Warnings from:||N/A|
|Registered in:||Malta (alleged)|
|Trading Assets:||Cryptocurrency Pairs|
|Free Demo Account:||Not available|
|How to Withdraw from This Company?||Payouts may prove difficult without the aid of legal professionals.|
Completely Illegal Exchange
Besides one single mention that the main jurisdiction of any disputes lies exclusively with the court of Malta, there is basically no legal information on the website whatsoever. This implies that the company should be registered and regulated with MFSA, which is not the case.
No other regulatory body, namely FCA, AUSTRAC, NFA, FINMA or BaFIN has issued any licenses to this particular exchange either. Of course, cryptocurrency markets have become heavily regulated over the years, and this detail explains why the site was flagged as dangerous.
Dealing with unlicensed cryptocurrency exchanges carries significant risks. These include data loss, identity theft, and various other security breaches that can compromise both your finances and personal information.
How Does The Fraud Function?
Sifting through the WhoIs register we’ve found out that the axelcap.io domain did not exist before September of 2023. This online fraud must have swindled thousands of people to warrant a security response in such a short order.
Much of the website traffic originates in these countries:
- United Kingdom
At the moment the company runs 3 separate TikTok profiles, axelcap.io.enter2, axelcap.io.enter95 and axelcap.io.enter22. The main strategy of the scheme is thus to target younger and less experienced investors, capitalizing on the current crypto hype.
The lack of any regulatory supervision and heavy reliance on crypto payment methods allows the schemers to cover their tracks with relative ease. If you’ve invested with this faux exchange, get in touch with our legal experts.
The starting Maker and Taker fees are 0.075%, and traders can allegedly rise through different VIP ranks, reducing these costs to 0.035% and 0.045% respectively. To reach this level, however, a client must trade a volume of ≥20000 BTC, which is roughly US$568,316,000!
Deposit and withdrawal fees are 0.00007 BTC (US$1.99) and 0.00018 BTC (US$5.11) respectively, as calculated for Bitcoin as a benchmark currency.
In addition to this, the exchange also charges a withdrawal fee calculated in FIAT currencies. The amounts are not disclosed, which lets the swindlers ask for additional money up-front for payouts just like the ProfiStocks con.
Referrals With No Rewards
The platform urges their clients to refer friends and family members to the exchange. In a very calculated move, they omit discussing the rewards for their referral program. Knowing how these organizations operate, any rewards are fictitious as there is usually no way to cash them in.
Lackluster Trading Features
All of the flashy pictures and empty claims on the website serve one purpose: to draw the attention of the customer from important topics. Clients won’t know much about available trading features unless they create an Axelcap Login. What we did find on the website was way behind any industry average by a large margin.
Live Trading Account Only
Besides the different VIP benefits, there is no diversity when it comes to trading accounts. Everyone gets one type of live trading account, with no demo.
Now, this is not very different to how many cryptocurrency service providers function. What is different is that this company in particular never tells you what you’re in for. There is basically no information on which services these accounts offer, or whether there are any maintenance costs attached.
Rudimentary Trading Software
The Axelcap.io platform is a barely functional webtrader, similar in form to the one on PrimoTrade. There are no advanced options like stop loss, limit order, or one-click trading. Of course, these risk mitigation options go against the company agenda, so it’s natural these conners wouldn’t include them.
Looking at the graphs and price calculators, we could see telltale signs of data tampering. The assets appreciate and depreciate for perfect, round values, and this happens in regular intervals.
Small Asset Selection
The trading instruments are in line with what you’d usually expect from a cryptocurrency exchange. The selection, however, is much slimmer compared to the tens of thousands of coins that you’ll see with regulated firms.
Without further ado, let’s take a look at some examples:
- Cryptocurrency Pairs (XRP/BTC, DOGE/BTC, ADA/ETH, VET/ETH, BTC/USDT, ETH/USDT)
Something that got our attention is that there’s an upcoming section dedicated to trading NFTs. Looks like the owners of Axelcap didn’t get the memo about the recent NFT crash.
Nothing About Withdrawals
You can’t readily purchase crypto coins on this exchange, and depositing to the platform requires that you already own some coins. Axelcap.io withdrawal is, in theory, handled the same way. We say in theory, because the company never openly says anything about payouts besides the fees we’ve already mentioned.
The lack of any clearly defined fee policy allows the con artists to invent any excuse as to deny their clients’ payouts. Getting your money back from these miscreants requires legal action. Get in touch with our experts via the live chat in order to start a chargeback.
Nobody Cares About Your Plight
If you have any issues that might require help from customer support, well too bad. The company doesn’t offer any client service options whatsoever. There’s no live chat, no phone number, no contact email, nothing. When the scammers hang up the phone, there’s no way to contact them back.
What Can I Do To Get My Money Back?
Axelcap.io is only one of numerous identical scam companies that have recently surfaced on the internet. The firm encourages clients into spending, without having much to offer in return for the money.
The website operators are completely anonymous, and use payment methods that are difficult to track. This is exactly the reason why you need professional help getting your money back. Book a free consultation with our chargeback experts today via the live chat, and start fighting back!
What Is Axelcap.io?
It is a website for an anonymous, unregulated cryptocurrency exchange platform.
Is Axelcap.io Legit or Scam?
No, this exchange has no license to provide their services. If you need help getting your money back, contact our chargeback professionals.
How Does Axelcap.io Work?
This company works through popular social networks to find new victims and rob them of money.