An offshore brokerage with a Russian address operates as a part of the UK conglomerate? This is how the Axis Capital Group broker represents itself. So, we decided to check out what this is all about. It could be confusing for clients not to know where to submit their complaints if they have been scammed.
So, let’s start our Axis Capital Group review and check it all out.
|Broker status:||Offshore Broker|
|Regulated by:||No regulation|
|Blacklisted as a Scam by:||CNMV, FSMA, CONSOB|
|Owned by:||Olympus Investment LLC|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Supported Platforms:||Web trader|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
Axis Capital Group Regulation and Security
Axis Capital Group is a brand of Olympus Investment LLC from Saint Vincent and the Grenadines. However, in the contact section, the broker listed an address in Moscow, Russia. All the support phone numbers are Russian. On top of that, in the section “Company,” you can see that Axis Capital Group is a part of the UK conglomerate established in 2002 that expanded to Eastern Europe and opened offices in Moscow.
All this sounds lovely, but it does not give us the answer to the most important of all questions – is Axis Capital Group regulated in any of those countries? It looks like all these entities are listed to confuse an average person into thinking the operation is legit because Axis Capital Group regulation doesn’t exist.
Make sure to choose a Tier1 regulated broker when investing your funds.
Warnings From Financial Regulators
Since the broker has no regulation, several of the regulators noticed. It looks like the Spanish CNMV received so many complaints about Axis Capital Group. They just couldn’t delay it anymore. They needed to warn their citizens about this broker’s scam.
After CNMV, we got the same warning from Belgium FSMA in June this year. The statement is the same as Spanish, do not deal with Axis Capital Group brokerage.
And for the end, we’ve got Italian CONSOB, giving us the same statement. Axis Capital Group is a fraud, do not deal with it. You won’t be able to get a refund.
Fund Withdrawal Issues
Suppose you invested the minimum deposit of $250 with Axis Capital Group. The broker redirected you to an account manager whose job is to assist you with trades. And you’ve made some profit. How to withdraw it?
Since the operation is not regulated, nobody is supervising the broker’s activities. The broker is using this to defraud clients and not give them a payout. According to Axis Capital Group reviews, once you invest your money, there’s just no way out. Broker’s support team stops replying. An account manager becomes unavailable, and no one will assist you with a refund.
Beware of such offshore scams, and make sure you always have all the information about money transfers saved.
If you check Axis Capital Group reviews, you will see that the broker is terribly rated. And for a good reason. Due to many withdrawal issues and many complaints traders filed, the broker is not just blacklisted internationally. Still, traders published all the small tricks this broker is using to scam clients.
Make sure to read those before starting anything.
How Does Online Trading Scam Work?
Conducting an online scam has never been easier. Thanks to the pandemics of Covid-19, everyone needed a bit of extra income. And fraudsters used it to scam as many clients as possible. Usually, you will see some ads showing a good life, paid off debts, money to travel and enjoy. After signing up and investing an initial deposit, a so-called account manager will explain to you it’s not possible to make money from such a small investment. He will give you some numbers and calculations and ask you to deposit a couple of thousands more. At first, you might even see some profit.
But everything will change once you want a withdrawal. As we already explain, Axis Capital Group doesn’t give up on money easily.
Scammed by Axis Capital Group?
If you were scammed by Axis Capital Group or similar illicit brokerage, do not hesitate to report it. File a dispute and request a chargeback.
But what is a chargeback? It’s a way of refunding your card in case of an online scam. Tell us what happened on our chat, book a free consultation for you and give you all the information about the refund process.
What is Axis Capital Group?
Axis Capital Group is an online trading platform without regulation.
Is Axis Capital Group a scam?
Axis Capital Group has been blacklisted by 3 European regulatory bodies and marked as a scam.
Is Axis Capital Group regulated?
Axis Capital Group is not a regulated brokerage.