Aax Review – How We Discovered Aax.com Broker And Its Scam?
Aax broker is a typical offshore firm without regulation or any relevant details. The company offers only crypto trading, targeting those interested in digital currencies, explaining the lack of license with the fact that crypto is an unregulated asset. And while it was true once crypto first took over the market, nowadays, hundreds of regulators are in charge of this matter. Read our Aax review and find out how this scheme operates.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||AAX Limited|
|Types of Assets:||Cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
What About Aax Regulation?
Aax brand belongs to Aax Limited, registered in Seychelles. Upon checking the FSA register, we discovered that Aax never opted for a license. If a company cannot get a Tier3 license from the offshore zone, imagine how hard it would be to get a Tier1 regulation from the FCA, ASIC, BaFin, or any reputable license provider.
Why Is It Important For A Broker To Be Licensed?
Brokers with Tier1 licenses must follow strict rules about leverage, funds, compensations, and more. These firms are not likely to defraud investors since they will have to reimburse them by the regulator’s orders.
Companies like this one, on the other hand, are free to do anything they like since nobody supervises their activities.
Traders Reviews About Aax
Instead of talking, we will show you a couple of Aax reviews.
“This is a SCAM exchange. Stay away!
They trick you for a sign up bonus but you have to spend many $$ to unlock. Then they will spam you with emails and newsletters which you can’t disable.
I have contacted support but they refused to tell me how to disable those. Then I have requested to fully close my account which takes 1 week! Hopefully this will end the scam.”– Trustpilot Customer
“I decided to test this exchange with it’s futures. I only put in 20 dollars to test it out. Anyway they seem to liquidate positions even when the mark price has not reached the liquidation price and not only that they also cancel your stop loss orders so they can liquidate you. Stay very far away.”– Trustpilot Customer
What Platforms Does Aax Offer? – Available Trade Software
Aax offers a web-based platform available in the mobile version.
The platform has no special features and doesn’t support E.A.s or social trading. You can check out assets and apply several charts and indicators, but that’s all. While broker advertises automated trading and brags about providing exceptional software, it’s nothing more than a nice lure for innocent clients.
A WebTrader can never come close to sophisticated software such as MT4 or MT5.
Aax Trading App For Mobile
Besides this basic TradingView chart, clients can download the same app on Android and iOS and get the same thing through a mobile app.
American Traders – Is It Acceptable To Use AAX?
While every brokerage requires CFTC or SEC approval, Aax chose to provide unlicensed financial services. And no wonder. U.S. regulators are considered one of the world’s firmest license providers with rigorous demands. Since Aax and similar offshore schemes cannot follow these demands and are unwilling to operate legally, they simply provide services with no license.
If you’re a U.S. resident, note that the trading company provides illicit trading services in your country.
Aax Partner Program – What Does It Allow?
Brokers like Aax encourage clients to refer friends or promote the company on social media and other websites. For such a promotion, they earn a small commission, which in this case is up to 20 USDT for referrals, while there’s a friend invitation contest where the person who brought the most friends can earn up to 50,000 USDT. This, like other incentives, is just a lure to bring more people into the Ponzi scheme they’re running.
Aax Broker – Operating Countries
Based on our review, the firm mainly operates in:
Aax Range of Trading Instruments & Markets
As mentioned, Aax is a crypto trading provider. It’s the only asset clients have, and the platform allows trading, buying, selling, and converting. Basically, it functions like any other crypto exchange but without necessary regulations.
Aax Minimum Deposit
According to its website, the broker requires a minimum of $100 to get you started. However, reviews have shown that this firm doesn’t choose much. They accept as low as $10 just to get you on board and extort more funds from you by proposing fake financial plans and promising you a better future.
Aax Trading Conditions and Leverage
This company has never disclosed any trading conditions besides the leverage. While the E.U. and the U.K. regulators have set a limit to 1:2 for cryptocurrencies, the company enables leverage up to 1:100. It’s 50 times more than it’s allowed, which means your funds are at 50 times higher risk than with legitimate firms.
Aax Deposit, Withdrawal Methods, and Fees
There are just a few payment methods this broker accepts:
Since we’re unsure what the last two are, the majority of clients go for crypto deposits. But you should be well aware that crypto transactions are encrypted and hard to track. Thus, the broker can easily steal your funds and disappear, and tracking it down may be a real hassle. Of course, there’s no Withdrawal Policy, so we know nothing about fees and commissions.
Scammed by Aax Broker? – Let Us Hear Your Story
Suppose you have deposited your funds with Aax broker; there are high chances that you have issues withdrawing them. If this is the case, contact our chargeback specialists to book a free consultation.
But What Is A Chargeback?
This is just one way for your bank to reverse the transaction and recover the funds. Since this broker takes crypto deposits, we will evaluate the case thoroughly and give you the most appropriate refund solution. Even crypto wallets can be found, so don’t get desperate. Get in touch, and let’s start!
What Is Aax?
Aax is an online crypto trading provider without a license based offshore.
Is Aax a Scam Broker?
Aax is a scheme crypto broker without licenses.
Is Aax Available in the United States or the U.K.?
The firm provides unregulated trading services in both countries.
Does Aax Offer a Demo Account?
The broker doesn’t offer a Demo account, only a Live one.