Minimum Deposit: $200
Maximum Leverage: 1:400
My Score: 1.6
Hello guys! It is Valentin here with Axa Markets review. Axa Markets is a forex and CFD broker registered in St. Vincent and the Grenadines.
According to the website of the broker, axamarkets.com, the company behind the broker is AXA Business Solution ltd.
In this Axa Markets review, you will be able to have all the answers to these questions. Is Axa Markets scam or good forex broker? What are the account types of the broker? What are the trading conditions such as spreads, leverage, and minimum deposit? Is Axa Markets regulated?
Regulation of Axa Markets
Axa Markets brand is operated by AXA Business Solution Limited which is incorporated under IBC (Amendment and Consolidation) Act with License No. 24448 IBC 2018. There is misleading information about the broker’s regulation.
The broker claims that all client funds are held in segregated accounts in accordance with FCA client money rules. However, the broker is an offshore forex broker and it is not regulated by any official financial conduct authority.
Moreover, the truth is that AXA Markets does not have to comply with any such rules, as it is not authorized by the UK’s Financial Conduct Authority (FCA). I always say in this website that trading with unregulated brokers is quite risky.
I always recommend you to trade with duly regulated forex brokers. There are many reputable watchdogs such as the UK’s FCA, the Aussie ASIC and the Cyprus Securities and Exchange Commission (CySEC).
These regulators require some strict rules that brokers abide. For example, the FCA and the CySEC regulated brokers must hold at least €730 000 as proof of their financial stability. Client funds should be kept separate from operational funds in separate accounts.
Also, there is a compensation scheme for the FCA regulated broker’s clients. It is the Financial Services Compensation Scheme (FSCS) covers the clients’ funds up to £ 50,000 in case of the brokers bankrupt.
Account Types and Spreads
Variety of live trading accounts at Axa Markets is suited to a different type of investor from a beginner level to experienced traders. There are 7 account types offered by Axa Markets. The broker has a significant advantage in terms of account diversity.
These account types are Beginner, Expert, Professional, VIP, Swap-free, Digital, and Variable. Let’s take a loo atk these account types one by one.
The beginner account has $200 minimum deposit. I think it is high for a beginner account. Spreads are fixed and 5 pips there is no any commission. The maximum leverage is up to 1:400 for this account type.
The expert account type requires $2,500 minimum deposit. Spreads are fixed again and it is 4 pips there is no commission also. The maximum leverage is 1:400.
The last one I want to talk about is the Professional account. It requires $10,000 minimum deposit. Spreads are fixed and 3 pips. The maximum leverage is 1:200 and it is lower than the others.
You can see the rest of the account types in the image below.
Unfortunately, the broker doesn’t provide the most popular trading platform among traders and brokers MetaTrader 4. It offers a web trading platform.
According to the broker’s website, the platform was designed for financial institutions looking to integrate a powerful and scalable web-based solution to their existing trading infrastructure.
The broker offers a wide range of trading instruments including Forex and CFDs for stocks, commodities and indices.
There is no cryptocurrency trading and this is a disadvantage for this broker. You can trade CFDs on a wide range of items, including indices and commodities such as gold and silver.
You can deposit or withdrawal with credit/debit cards and bank wire transfer. Unfortunately, there is no option offered by Axa Markets.
There is a lack of payment options. There should be more, for example, e-wallet systems and bitcoin.
Axa Markets will charge each withdrawal following the first – $30, which is quite excessive in our view. There is also an annual maintenance fee of $25 for dormant accounts which, compared to the industry average, isn’t very high.
Here is another unregulated and unreliable forex broker. Axa Markets’ trading conditions are also very bad. It doesn’t offer MT4 and the spreads are high.
There are various account types but I think they are useless. You can see the pros and cons of Axa Markets in the table below.