Axiance Review: Is the Regulated CFD and Forex Broker, Axiance, a Scam?
Is Axiance scamming its clients? Who regulates Axiance? Can you withdraw your money from Axiance? Is it safe to trade with Axiance?
Axiance wouldn’t be the first licensed broker found to be a scam. Many unregulated and regulated brokers and investment companies have turned out to be scams with questionable track records.
If you’ve lost your money trading with Axiance, there are avenues to get your money back. Book a free consultation, and we’ll help you recover your funds.
Axiance used to go by the name EverFX before rebranding. Here’s everything you need to know about this forex and CFDs broker.
Axiance review: Axiance (formerly EverFX) at a glance
Axiance is an offshore multi-asset forex broker that operates from the Cayman Islands. The brokerage was established in 2008 with an address in Cyprus. It’s owned by the ICC Intercertus Capital Limited (now Axiance Group of Companies).
Its services are not offered to residents of certain jurisdictions, including the UK, USA, Canada, Iran, Belgium, and North Korea.
Axiance operates under the group licenses of its parent company. There’s no mention of its regulation on its new website.
Axiance parent company, the ICC Intercertus Capital Limited, is regulated and authorised by the Cyprus Securities and Exchange Commission (CySEC). Other brands that trade as Axiance (Axiance) include Aererium Limited and Aurum Capital Limited. The former is regulated and authorised by the Seychelles Financial Services Authority (FSA), while the latter is licensed by the Mauritius Financial Services Authority (FSA).
The fact that the parent company only has a CySEC license is suspicious. Because no globally accepted regulatory body directly regulates Axiance. So, as much as its parent company is regulated, Axiance itself is not considered a regulated broker.
Axiance offers a variety of financial instruments to trade with. These include;
- Forex – Over 50 forex pairs
- Stock – Hundreds of stocks CFDs
- Commodities – Precious metals. coffee, cotton, and more
- Indices – Equity indices in 15 markets
- Cryptocurrencies – 17 of the most popular cryptos
Axiance trading accounts
Axiance offers three different accounts you can open to start trading. You’ll need a $100 minimum deposit to open a standard account, which features minimum spreads from 1.2 pips. A $5,000 minimum deposit is needed to open a premium account with minimum spreads from 0.8 pips. You’ll need a $30,000 minimum deposit to open a VIP account with a minimum spread from 0 pips.
All accounts offer a maximum leverage of up to 1:500. Only offshore brokers like Axiance have been offering such high leverages. Since 2018, the European Securities and Markets Authority (ESMA) followed moves made by the US, Canada, and Japan regulators to cap the allowed maximum leverage forex transactions at 1:30.
With such high leverages, the risk of losing entire capital remains hidden from traders.
Axiance offers traders both the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. MT4 is very popular among forex traders, and it reigns supreme with over 10 million users worldwide.
It provides a complete and customisable trading environment with analytical charting tools, technical indicators, 1-click trading, and many more. MT5 is suitable for institutional traders, and it provides access to a wide variety of markets, including commodities, stocks, crypto, and indices.
While this technology provides users with a great trading experience, it’s not uncommon among scam brokers.
Is it safe to trade with Axiance?
At face level, Axiance brands itself as a trustworthy and reliable broker, with many positive trading options and good regulatory standing. However, as the next sections of this Axiance review will show, it’s at best a big bad wolf in sheep’s clothing.
Trading with it is not recommended under any circumstances, even with their new branding.
Axiance scam red flags
1. FCA stops Axiance from operating in the UK
On 14th May 2021, the Financial Conduct Authority (FCA), the UK’s top financial regulator, took action against ICC Intercertus Capital Ltd and other members of its group that operate as Axiance (formerly EverFX).
The FCA banned the brokerage firm from offering CFDs to UK traders after a series of serious compliance violations.
Axiance hid behind ICC Intercertus Capital Ltd to convey legitimacy in the UK. They induced consumers to transact despite their lack of authorisation, which left traders unprotected.
Traders identified serious concerns with Axiance’s practices. These led to the loss of significant sums of money among consumers and included misleading promotions, pressuring customers to invest, and denying customers’ withdrawal requests.
2. Terrible reputation with countless complaints
Before investing with a broker, it’s recommended that you conduct some online research to find out a bit about the firm and the experience of previous customers.
EverFX (now Axiance) has a poor rating on Trustpilot, with over 62% of users rating it as bad. As identified by the FCA, most complaints involve consumers being unable to withdraw their money. It regularly denies clients’ withdrawal requests, especially if they want to close their accounts.
The more you dig, the worse it gets. Here are some Axiance reviews from forex-ratings.com:
Going through the testimonies of Axiance investors is heart-breaking. More and more people recount how they lost their hard-earned savings, some meant for their children’s education, to this brokerage whose main goal is to milk you dry.
3. Pushy and unhelpful customer service
Almost all customers have reported that the customer service is terrible at Axiance. They’ll only sweet talk you into injecting your money, and once you’re invested, no one will assist or guide you in using the platform.
A common theme is that account managers are extremely rude and pushy. They want you to trade quickly, even without any research. If you do make a profit, they’ll convince you to upgrade, complain or use delaying tactics when you try to withdraw so you can lose all your money!
Axiance review conclusion
Is the CFD and forex broker, Axiance, a scam?
The verdict from this Axiance review is that it’s indeed a scam hidden under the shadow of ‘regulation.’
Despite what any other Axiance review says, Axiance (formerly EverFX) is a scam. If you’re already trading with them, you need to stop right away.
If you’ve deposited funds into Axiance and have difficulty withdrawing, we can help you retrieve your money. Simply schedule a free consultation, and our experienced experts will guide you through the process.