Most unregulated forex brokers make the same claims—that they are industry leaders and that their clients’ money is secure. That is not the case, as they are free to use your funds however they see fit if there is no regulatory body.
They also assert that you can profit from them, but there is a significant issue with that. Their business model is similar to that of the gambling sector in that they profit when you lose money.
Read our review of Axitrade to find out why we do not recommend it as a trading broker.
What is Axitrade?
Axitrade is an unlicensed, offshore FX broker. This means that they establish a business in a far location with lax rules and collect the money there. The Marshall Islands, Dominican Republic, and the Cayman Islands are just a few of the well-known offshore locales, but Saint Vincent and the Grenadines are where most of these brokers establish their businesses.
There is never any information about the personnel on the “about us” page. They conceal their identity because they are unlawful.
As another unregulated forex broker, Axitrade puts customers at risk because they can walk away with your hard-earned money since there is no regulatory body to hold them accountable.
How Axitrade Works
These businesses are more interested in scams than the Forex market. They take advantage of their clients’ trust, feed them all kinds of lies and tell them they can make money for them. They’ll make every effort to extort as much cash as they can from you. There are other methods they accomplish this, but this is the most typical one.
They will demonstrate a profit in your account and persuade you that adding more funds will make your profits increase tremendously. They will devise a different plan if you refuse to add additional money or try to withdraw money from them. To withdraw the profits, you must pay taxes. They frequently require 20% as taxes in advance to release the funds. This is another frequent fraud technique, and even if you pay the fictitious “taxes,” they will not release the money. They will stop communicating with you after that and may even lock you out of your account.
How to Get Your Money Back from Axitrade
There may be a technique or two to get your money back if you have already deposited money with Axitrade and they refuse to return it.
First and foremost, you must save the emails as evidence that you have asked them for a refund of your money but that they have refused to do so or have delayed the process unnecessarily.
Chargeback should be done as soon as possible. Inform your bank or credit card company that you were duped into depositing an unlicensed trading company and that the company is refusing to return your money. This is the most straightforward method of getting your money back, but it also causes the greatest harm.
If there are a lot of chargebacks made, their relationship with the payment service providers will be ruined. If you don’t know where to start, we can help you prepare your chargeback case. We can also help you present your case to your bank or credit card company. Contact us right away to get your money back from Axitrade.