Axiance is an online trading brokerage owned by ICC Intercertus Capital Ltd, a CySEC-licensed company based in Cyprus. This, in and of itself, provides traders with some level of security for their funds.
The firm has, however, recently established two offshore entities in Seychelles and Mauritius. This is concerning, given that offshore jurisdictions have lax regulators in the Tier3 zone. As a result, we conducted a thorough Axiance review to inform you of what to expect.
To add to that, we strongly advise you to avoid brokers like Global-solution, LBLV, and Stockskey.
Is Axiance a regulated or offshore broker?
To summarize, Axiance is a regulated as well as an offshore broker. The main company was established in Cyprus in 2016 and is licensed by CySEC. This means that EU clients are entitled to the ICF – compensation fund, which covers up to 20,000 EUR if a company goes bankrupt or if any other problem arises. Furthermore, there is negative balance protection; the company keeps customer funds in separate accounts, and so on.
However, the brokerage has two offshore entities registered in Seychelles and Mauritius under the name Aerarium Limited. While these islands have regulators, the FSA and FSC only offer limited protection. There are no compensation funds, no guarantee of negative balance protection, and other risk management tools, such as leverage limits, do not apply.
Furthermore, the UK FCA ordered EverFX (the former name of Axiance broker) to cease providing services to UK residents. Is this the reason for the rebranding and name change?
We consider opening an account with Axiance to be a risk because the company has the discretionary right to assign customers to any entity.
What Are Traders Saying About Axiance?
The majority of Axiance reviews are positive about this trading firm. The negative reviews, on the other hand, are about offshore entities and the problems clients have had with them. Because there is no way for them to seek assistance from the FSA or FSC, these customers have no choice but to try to recover their funds by drawing attention to themselves by writing reviews.
If you have any problems with the firm, make sure to report them right away.
Is Axiance a Legitimate Broker?
Axiance is a Forex and CFD trading platform based in Cyprus and regulated by CySEC. Furthermore, the firm has two offshore entities that are regulated and registered in the Seychelles and Mauritius.
Mobile Trading Platforms
Both MetaTrader platforms include a mobile app for Android and iOS. This is a fantastic feature because it allows you to check your trades while you’re on the go. The broker’s website contains a link to download both versions.
Axiance offers a rather poor choice, with only 3 account types.
Standard – $100, spread 1.2 pips, bonus up to 30%
Premium – $5,000, spread from 0.8 pips, bonus up to 50%
VIP – $30,000, spread from 0 pips, bonus up to 100%
While bonuses are illegal in the EU and other countries, Axiance provides them. We’re not sure if it’s only for an offshore entity or both, but you should be wary of any incentives because they never come for free.
However, keep the names HubbleBIT, Fx24trade, and CryptoHold in mind and avoid them! Always check the history of online trading organizations before investing!
Can I Trade Using a Demo Account?
Axiance Demo account is available to anyone who wishes to test the broker system. However, there is a minor issue. To obtain access to a Demo account, you must speak with broker employees. They will almost certainly try to persuade you to invest instead, which is never a good idea.
Countries of Service – Axiance Broker
The broker is mostly found in:
As previously stated, the company has been ordered to cease operations in the United Kingdom, which raises a red flag.
What Trading Conditions Does Axiance Provide?
This brings us to the main issue with entities. Trading terms differ depending on whether you are registered with a CySEC-regulated branch of the company or an offshore branch. With the offshore entity, the leverage is significantly higher, making your trading risky. Here’s a list of what you can get.
Concerning Leverage, Spread, and Swaps
The spread for the Standard account starts at 1.2 pips and is quite solid. The swap begins at $0.6 per lot. Furthermore, the leverage increases to 1:500 for offshore entities and 1:30 for Cyprus-based entities. It means that those assigned to an offshore branch are not protected or risk managed.
Methods of Axiance Account Funding and Withdrawal
The minimum deposit at Axiance is $100, which is quite reasonable. Furthermore, the minimum withdrawal amount is $50, and withdrawals are free of charge. According to the terms and conditions, processing the request takes one business day. The clause in the Costs&Charges Policy, however, shocked us the most. If a customer requests a chargeback, the company has the right to charge a $150 investigation fee. We are confident that this is not legal in any jurisdiction.
Credit/debit cards are the only payment methods accepted. Customers can deposit up to $30,000 per transaction and withdraw up to the same amount.
This is a relatively poor choice for a regulated broker. Typically, licensed businesses ensure that they offer a variety of payment methods, such as wire transfer, PayPal, Skrill, and Neteller.
What Should I Do If I Suffer a Financial Loss With Axiance Broker?
If you lose money due to problems with your broker, please contact our chargeback specialists. They will gladly investigate your case and determine whether you have grounds for a dispute. To ensure the best service, schedule your free consultation today.
But What Exactly Is A Chargeback?
This is a method for your bank to recover funds from the merchant directly. You must provide sufficient evidence to do so. Schedule your free consultation today, and our experts will gladly assist you with the chargeback procedure.