This brokerage review was conducted bearing in mind an intention of rendering adequate insight for those who take interest in getting a functioning trading account with Axes
Axes is a trading firm that had been founded under Axes LCC, a brokerage institution that made its debut in the financial sector back in 2018. Despite being young business, Axes is commendable as it has earned the favor of the online trading community through numerous recognitions. Axes keeps its operations within bounds of the United Kingdom.
Axes’ strong market traction is attributed to its broad range of financial instruments, which is composed of 70 Forex currency pairs, 150 stocks, global spot indices, futures backed by commodities, oil CFDs, metals, and cryptocurrencies. Its strict adherence to the Financial Services Authority solidified its reputation as a trustworthy financial solutions provider.
Account Selection
Axes offers three different live accounts a trader can pick from. These are:
- Live
- Professional
- VIP
These accounts are organized through a tiered system. The minimum deposits increase, whilst spreads progressively tightening as clients progress across accounts. Once users are able to reach the VIP tier, a 30% bonus would be given. Owners of a VIP account have unlimited access to VPS use alongside an account manager.
For those reluctant in opening an actual account, they are advised to the avail of a demo account. Such an account permits simulated trading without having to risk actual funds. This gives clients an insightful overview of what to expect from Axes’ platform so that they may be familiarized with all its functions. Interested parties would benefit from visiting the Axes homepage for the creation of a Demo Account. This will allow usage prior to availing the services of Axes before committing to an actual account.
The MetaTrader 5 Platform: Axes’ Offered Software for Trading
MetaTrader 5
Axes employs the system of the MT5 platform as its trading platform. MetaQuotes Software Incorporated introduced the system in 2009, and it is regarded as a highly acclaimed framework for trading mainly for its simplicity and notable degree of effectiveness. MT5 has 21 time frames, 100 charts that simultaneously run, quick trading execution, multiple order forms, technical indicators, an EA feature, Trading Central, Tick charting, and Market Depth.
The MT5 platform also has under its artillery a version that works through the web accessible through almost any browser. Most of what is available in the desktop edition is reflected through the platform’s mobile version, which is available via Axes’ official website. With the support of live quotes, technical analysis, and real-time news alerts, trades may be lodged easier through the mobile application. Furthermore, with the function of push notification and live chats, the snags are minimal. The application maybe synchronized with several operating systems, making installation easier.
Axes Licensing and Regulatory Status
The Financial Service Authority (FSA) hand-in-hand with the International Financial Market Relations Regulation Center, have filed Axes LCC (IFMRRC) under their regulatory oversight. However, while these two control all of its operations, these financial regulators do not hold the same level of strictness with inspection.
Compared across the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission, the aforementioned lack regulatory authority (CySEC). As a result, clients should be cautious about subscribing to brokers registered under the FSA and IFMRRC, as the majority of them are offshore brokers who often wipe out investors’ funds.
Customer Support
For clients who need assistance, Axes offers a variety of contact lines. These forms of assistance are also available in a variety of languages, demonstrating the broker’s customer-centered approach. The live chat function, on the other hand, is unresponsive, and its Frequently Asked Questions segment is furnished with links that are not up-to-date. Those with questions may still contact the customer service team via:
Email – [email protected]
Telephone – +44 (0) 20 8016 2377 (UK)
+1 415 212 7833 (Saint Vincent)
Conclusion
Foreign exchange and contract for difference trading are the two main services provided by Axes. The MetaTrader 5 platform, an optimum third-party platform, is where these services are made available. To say, Axes is a decent brokerage company with a variety of payment options, a wide asset range, and tight spreads. However, in comparison with the industry standards, its conditions are still lags behind. Clients can also be harmed by the company’s lack of regulatory oversight and weak customer service. In light of this, it is recommended that interested parties refrain from subscribing and instead seek out other brokerage platforms that would not compromise the overall trading experience.