WikiFX Review: Something You Need to Know About AximTrade

About AximTrade

Registered in Saint Vincent and the Grenadines, with 2-3 years of trading service experience, Axim Trade is a forex broker that was founded in 2020 and is registered in Saint Vincent and the Grenadines. The broker offers a range of account types, including Cent, Standard, ECN, and Infinite, which cater to traders with different needs and experience levels. However, WikiFX has given this broker a low score of 1.99/10 as too many complaints were received.

Is AximTrade legit？

AximTrade is registered in Saint Vincent and the Grenadines, Saint Vincent and the Grenadines is an attractive place for financial companies to operate through an offshore company. there is no sharp regulation or overseeing of the company operation implemented. The SVG broker can run its activity and accept forex payments through credit cards but is not overseen. In addition, AximTrade holds an ASIC license with the number 001294600. However, it does not mean that AximTrade is reliable.

Account Types & Minimum Deposit

This broker offers investors four different types of accounts, they are INFINITE account, ECN account, CENT account, and Standard Account. For more details, please check below.

Spreads & Commissions

When it comes to trading, spreads and commissions are crucial factors that traders consider before choosing a broker. At AximTrade, traders have the advantage of flexible spreads and low commissions. The broker offers competitive spreads that vary depending on the trading account type. For example, the Cent account and Standard account have floating spreads starting from 1.0 pips, while the ECN account has the tightest spreads, starting from 0 pips, and charges commissions ranging from $3 per lot.

Deposits & Withdrawals

AximTrade offers various payment methods for both deposits and withdrawals, including bank transfers, credit/debit cards, and e-wallets such as Skrill, Neteller, and Perfect Money. The minimum deposit amount for all account types is $1, and there are no deposit fees charged by Axim Trade. However, depending on the payment method used, there may be additional fees charged by the payment processor.

Trading Platform

AximTrade offers two trading platforms for its clients: MetaTrader 4 (MT4) and a mobile app. MT4 is a widely recognized platform in the forex industry and is known for its advanced charting capabilities, technical analysis tools, and customizable interface. It is available for download on desktops, laptops, and mobile devices.

Exposure

It's crucial to consider the reputation and track record of a broker before investing your hard-earned money. WikiFX has received 75 complaints against AximTrade within the past three months. It does indicate that some traders have had issues with the broker. We suggest that investors should take these complaints into account when making their decision.

WikiFX's Field Survey on AximTrade

WikiFX conducts field surveys to gather on-the-ground information about brokers. According to its claim, AximTrade has multiple branches all over the world, including Australia. In the case of AximTrade, WikiFX found no office in Australia, which is a negative sign of legitimacy.

Conclusion

WikiFX has received too many complaints against this broker from the traders. Even worse, AximTrade is reportedly on the edge of collapse. We believe that this broker is getting involved in a scam. And WikiFX advises you to avoid this broker as possible as you can.