Axecap Review – Not A Single True Statement From These Frauds!
The first impression of axecap.co would be pleasant, if not for the myriad glitches and mistakes that will make you raise an eyebrow. There’s the overused corporate imagery, low-resolution photos stolen from other sites, frequent spelling mistakes, and a generic plaque for an unknown reward.
Further research will reveal that the broker operates with no authorization, and that they have been in business for a far shorter time than they advertise. See the remainder of our Axecap review for more information.
|Regulated by:||Unregulated Broker|
|Is This Company Safe?||No, unlicensed companies are a threat to your funds!|
|Have Warnings from:||N/A|
|Registered in:||Belize (alleged)|
|Trading Assets:||Forex, Crypto, Stock CFDs, Indices CFDs, Commodities CFDs|
|Free Demo Account:||Not available|
|How to Withdraw from This Company?||Withdrawals aren’t allowed by this firm! Better get legal help before it’s too late!|
Not Licensed Even Offshore
AXECAP GLOBAL LIMITED, the company behind the domain, is allegedly incorporated in Belize. Fortunately, we knew better than to immediately believe these claims. Even if the company HQ is located there, IFSC, the jurisdictional regulator has no records of ever licensing them.
What’s more, the shady platform holds no Tier 1 license, either. We made sure of that by searching through the databases of prominent regulators like FCA, ASIC, NFA, CySEC and BaFin.
After determining the absence of a license is certain, the situation immediately made more sense. Funds invested with this trading portal aren’t safeguarded through segregated accounts or presence of compensation funds. Forex48 does business under similar conditions, so be sure to avoid them, as well.
According to the data shown on WhoIs, the fraudulent domain has been in business for three years already, and finds the majority of victims in:
- United States
- United Kingdom
Reaching targets from any corner of the world is facilitated through social networks like Facebook and LinkedIn. Additionally, every fraudulent scheme employs dozens of boiler room agents to pester targets over the phone.
With the help of persuasion and unrealistic promises of wealth, their victims are easily convinced to invest. The deposit requirements only grow higher, until the trader asks for a withdrawal. The mask falls off and the investors find out the hard way that all the talk about profit was just lies and fabrications.
Losing Leverage And Other Terms
As soon as you see a firm offers leverage above 1:30 or 1:50, you can be sure that they do not operate within the legal limits of well-regulated areas. In that sense, this trading portal sets the maximum ratio to 1:500, which is beyond risky.
Other trading terms like spreads and fees differ from one account type to another. While the starting spreads for the cheapest account type sit at 2.0 pips on EUR/USD, the trading costs for expensive packages are 1.5 pips.
To lure in more interested traders to join their illicit scheme, this platform offers various bonuses and rewards. However, the concrete offer is fully visible only to those who own an account. The alleged offer features free trading funds or cash rebates and real prizes.
Lying About Trading Features
Overall trading features seem competitive and comparable to reputable brokerages. As the trend with axecap.co goes, none of this is actually true.
There is no actual trading application to be downloaded on the site. The advertised demo account cannot be created due to a “temporary error” that lasts forever, and the instruments are not really what they seem either.
Although it will quickly get your attention with the ads, the company fails to deliver the promised software. The promise of providing one of the most popular trading software turns to dust when there’s no download links.
Additionally, the web shortcut that should lead to the Axecap software actually redirects you to the homepage. The situation is the same when it comes to the promised mobile app.
Hidden Trading Assets
It’s easy to make empty claims, and this broker does exactly that. If you believe the website, the firm offers 230+ trading assets, but they never tell you explicitly which ones.
If you try to dig up any more information about trading instruments and costs, you’ll get another website error instead.
Here’s what you can allegedly trade through this brokerage:
- Forex (EUR/USD, AUD/CAD, GBP/CHF, USD/JPY)
- Cryptocurrencies (Bitcoin, Ethereum, Ripple, Cardano)
- Stocks CFDs (Virgin Galactic, BMW, Microsoft, Apple)
- Indices CFDs (ASX, Nasdaq, NYSE)
- Commodities CFDs (Gold, Soybean, Natural Gas)
Trading Account Types
The company offers “3 account types, and 12 years of experience”. Does this mean we get a 12 year old account, or that we instantly gain 12 years of experience upon creating an Axecap login?
Jokes aside, live trading accounts are tiered like with the INVcenter fraud. Allegedly, more expensive accounts will have lower spreads, but not enough to justify the expense.
Here’s how much these accounts cost:
- Standard- $1,000
- Premium- $10,000
- Platinum- $25,000
This broker does offer a demo, but you can’t get one. You can try as many times as you want, you’ll get a server error. We’ve already talked about that there is no actual MT4 platform, so you can’t count on the embedded demo function either. However you cut it, it’s just false advertising.
Illusion Of Education
It is true that the organization in question tries to appear professional and knowledgeable, but also attempts to make traders feel welcome and taken care of.
For that purpose, some simple learning tools and useful widgets are offered. These are the economic calendar, trading calculators and market news. However, these are far from what you’d call a rich educational programme.
Shady Payment System
The Axecap withdrawals aren’t covered with a clear policy document. Instead, only several lines in T&C only clarify that the withdrawal requests are processed within 2 to 7 business days. As for the methods, they seem very diverse:
- Credit Cards
The true availability of these payment channels isn’t verified, since we couldn’t register an account. It wouldn’t be a surprise in the least if digital currencies were the only ones accepted. It is, after all, a preferred transaction channel among all financial swindlers for its anonymity and speed.
No Live Support For Clients
Axecap customer support is allegedly active 24/5, but it features no live support options. There’s no phone number, or a live chat. The only way to get in touch with the company is through a contact form, or email.
We Offer Help!
Every scam victim out there should never accept the fact that they’ve been robbed. Just how there’s a solution to every problem, there’s a way to recover the stolen capital from cyber thieves. If you consult our legal professionals, we can guide you through the chargeback process and advise you in a legal dispute.
Do not let swindlers have their way, contact us today and book your consultation through the live chat completely free of charge!
What Is AxeCap?
Axecap is an anonymous unlicensed firm allegedly operating from Belize.
Is AxeCap Scam?
Axecap is a complete fraud with no legal backing to provide any of their services. If you need assistance with chargeback, contact our recovery experts through the live chat.
What Are The Account Types In AxeCap?
The tiered account types are Standard, Premium and Platinum. Although there are some advertisements about Axecap demo, this tool is not actually available.