With the financial markets offering substantial returns even during times of the coronavirus pandemic, many have turned towards online trading to generate high returns on investment. This means you need the services of a broker and this is where you have to navigate carefully because even a slight miscalculation can lead to disaster. The markets are brimming with brokers, but not all are genuine and the scam ones don’t come with a warning. To choose the right one, you have to make a bit of effort and this will bring you to the AxioryMarkets review below.
Most of the brokerages you will come across in your search for a platform will promise you a comprehensive and seamless trading experience. It is understood that not all of them are created equal and offer the same quality, but some are downright fraudulent and this is what you need to identify the most. There is no coming back from a scam because your money will be gone and you will find yourself back to square one. So, how do you make a decision? A genuine broker has certain qualities that a fraudulent broker will not have and you just need to look through their disguise.
The same is applicable to AxioryMarkets, which bills itself as a leading platform offering binary and forex trading in the United States. If you go through its website, you will find that it claims to be licensed in various jurisdictions as well. Do they have the qualities of a genuine broker? Let’s uncover the truth:
Licensing and regulation
The first and most important feature of a broker that needs to be evaluated is their licensing and regulation because it tells you whether you are dealing with a genuine broker or not. Brokers that go through the trouble of obtaining a license have to fulfill many requirements and follow numerous rules and regulations before they can get it, which adds credibility to their services. Plus, they can also be held accountable.
As mentioned above, AxioryMarkets claims to be licensed in several jurisdictions and these are the United States, Belize and Cyprus. Yes, there is no doubt that this sounds very impressive, but the truth is that it has been blacklisted by the financial authorities in Belize as well as Cyprus. The Cyprus Securities and Exchange Commission (CySEC) and the International Financial Services Commission (IFSC) in Belize have warned that the brokerage is not licensed or regulated by them.
Furthermore, it appears that AxioryMarkets is carrying out what is known as a cloning scam, where they are mimicking a legitimate Cypriot brokerage by the name of Axiory. Not only are they using a similar name, but even their logo and layout is very similar, which means they are clearly trying to mislead traders.
Apart from that, in order to operate in the United States, AxioryMarkets would have to have a license from the Commodity Futures Trading Commission (CFTC) and also have a membership of the National Futures Association (NFA), but you will not find the broker or its parent company AXIORY MARKETS LTD. listed, even though it boasts an address in Los Angeles. This shows that if it is operating from the US, it is doing to illegally and such platforms are obviously not worth trusting.
One of the key features that a broker offers to its clients is their trading platform and you need to assess it carefully because it has a major role in your overall trading experience. Therefore, it comes as a shock when you discover that AxioryMarkets does not have a trading platform at all. For a broker to not have a trading platform is a major surprise because it is their primary offering.
All you will find on the AxioryMarkets website in the name of a trading platform is a ridiculous dashboard that has third-party quotes and third-party charts listed and they have absolutely nothing to do with the broker at all. Any authentic brokerage worth their salt would offer their clients the MT4 or the MT5 trading platforms and this is definitely not something you will find here.
Before you choose any broker for your online trading needs, you will have to check their trading conditions as well because you want to know what kind of flexibility you can enjoy. This is another aspect where you should be ready for disappointment where AxioryMarkets is concerned. When you look for the leverage offered here, you will not find it mentioned. To be honest, it does not come as a surprise because as the broker doesn’t have a trading platform, it makes sense that it will not offer any leverage.
You would obviously want to know how much investment the broker expects you to make when you open a trading account with them. Unfortunately, this is another piece of information that seems to be missing on the AxioryMarkets website and this is certainly not good news. Genuine brokers are usually transparent and straightforward about everything and the fact that you don’t find this here is a clear indication that this broker doesn’t classify as one.
It is highly recommended that you do take a look at the payment methods supported by the broker. They might not seem very important, but they play an important role in you getting your money back in case you get scammed. The payment methods you are offered at AxioryMarkets include bank wire transfers, Western Union, MoneyGram, Skrill, and Bitcoin.
The problem is that you do not find the one method that can enable you to file for a chargeback; credit cards. These cards, such as VISA and MasterCard allow users to get a refund in case of any issue, but AxioryMarkets is smart enough to not support them. Instead, you get payment options that are irreversible and permanent.
What is the Verdict?
After going through the offerings of AxioryMarkets, it is clear that they lack the features and offerings that are expected of genuine brokers and have all the hallmarks of a scam.