Axes – an Extensive Look at the Brokerage’s Full Functionality
Axes, an online brokerage firm, has foreign exchange and contract for difference as its flagship services. These trading structures are made available through the MetaTrader 5 platform. Covered in this review are the broker’s other salient features including its fees, account types, level of security, and customer support. This is conducted with the intention of providing adequate insight for those who take interest in opening an account with Axes.
Axes is a foreign exchange platform introduced by Axes LCC, a financial institution that debuted in the market in 2018. Having been established just recently, it is laudable to see that Axes already gained a long list of international recognitions. It is currently headquartered in London, and has over one million clients across 153 countries at the time of writing.
The broker’s tight market traction could be attributed to its large selection of financial instruments including 70 currency pairs, 150 shares, global spot indices, commodity-backed futures, energy CFDs, highly-valued metals, and cryptocurrencies. Its strong compliance with the Financial Services Authority also cemented its name as a reputable financial solutions provider.
Axes Trading Platform
MetaTrader 5
The broker uses the popular MT5 as its primary trading platform. It was developed by MetaQuotes Software Incorporated, and this comes as a highly-regarded system mainly from the convenience and intensive level of efficacy it provides for trading. The platform, which is an upgrade of the MT4, is equipped with 21 timeframes, 100 simultaneous charts, rapid execution, multiple order types, technical indicators, Expert Advisors feature, Trading Central, Tick charting, and Market Depth.
It also has its web-based counterpart which can be accessed in almost every browser. Much of what is offered in the desktop version is also available, and clients may access the link on Axes’s official website. As for its mobile version, trades are more manageable with the help of live quotations, technical analysis, and real-time news updates. More so, rough points are reduced since push notifications and live chat support are both available. Installation would not come daunting since the mobile application is supported in multiple operating systems including iOS and Android.
Account Selection
Axes has a decent selection of three accounts. The Live, Professional, and VIP accounts work in a tiered structure, and as how it usually functions, minimum deposits increase and spreads are tighter as clients transfer from one account up to another. There is also a 30% bonus once clients reach the VIP tier. More so, those who subscribed in the VIP account are provided with limitless VPS use and an account manager.
For those who are still hesitant in opening a live account, they might want to open a demo account where one can freely practice trading in a zero-risk environment. The purpose of this is to give clients a rundown of what to expect in the platform and for familiarization purposes. To open a demo account, interested parties need to visit the Axes’s homepage. From there clients may test the waters before fully subscribing to a live account.
Regulation
Axes LCC is filed under the Financial Service Authority (FSA) of Saint Vincent and the Grenadines and the International Financial Market Relations Regulation Center (IFMRRC). But while the company is regulated by these two, the financial authorities are not strict in terms of inspection.
The aforementioned do not hold enough regulatory power if we are to compare them with the Financial Conduct Authority (FCA) and Cyprus Securities and Exchange Commission (CySEC). As this is the case, clients need to be mindful in subscribing to brokers registered under FSA and IFMRRC as most of them are offshore brokers that commonly put investors’ funds to daunting wipeouts.
Customer Support
Axes has a wide selection of communication lines for clients who need assistance. These means of support are also available in several languages, attesting to the broker’s customer-oriented approach. However, its live chat feature is not responsive and its Frequently-Asked Questions portal renders obsolete links. For those who have queries, they may still contact the customer support team through,
- Email – [email protected]
- Telephone – +44 (0) 20 8016 2377 (UK)
+1 415 212 7833 (Saint Vincent)
Conclusion
Axes is a decent brokerage firm equipped with multiple payment methods, wide selection of assets, and tight spreads. However, its conditions remain subpar compared to industry standards. Other issues that may come disadvantageous for clients is its weak regulatory status and poor customer service. Putting this in consideration, it is suggested that interested parties opt out from subscribing and go for other platforms that would not compromise trading.
