Who Is Axe Trades?
Axe Trades operated as an online trading platform, with its offices listed as being located in the UK. Its parent company was Rolltrade Solution LP. This broker’s website has now been shut down.
During its period of operation, Axe Trades offered CFD and binary options trading to its members using the AirSoft trading platform. The broker allowed investors to trade in over 150 different assets with potential profits of up to 86% advertised as being achievable by taking positions in CFDs. Axe Trades offered six different packages for new members to choose from and required a minimum $250 deposit for a ‘regular’ account; the platform allowed credit cards to be used to make payment of this deposit.
In the Axe Trades review below, we look at whether this broker was legit or if an Axe Trades scam was actually running, resulting in a huge loss of funds for many of its members.
Is Axe Trades a Licensed Broker?
Axe Trades was not a licensed broker. Both the AMF in France and the FCA in the UK issued warnings about this company, confirming that it held no license to trade in their respective territories.
When choosing a broker, it is crucial to ensure that it is properly licensed and regulated in terms of safeguarding your funds and to act as a safety net should any problems arise. If a broker is licensed, it is much easier to recover your funds if it runs into trouble. It’s worth noting, too, that the nature of financial regulations varies from country to country. For example, what might be allowable by a regulator in one territory may not be acceptable in another, so be sure to check this carefully before signing up to a new trading platform.
Is Axe Trades a Scam or Legit?
As well as the warnings from the AMF and the FCA and the fact that the platform’s website has now been shut down, there were other warning signs that an Axe Trades scam was underway. For example, concerns had been raised about the veracity of the claims made on its website regarding the potential for profit.
Unregulated brokerage platforms that suddenly close and disappear often turn out to be Ponzi-style schemes. This is a type of fraud in which members think they are trading in the money markets, but, in fact, no actual trading is going on at all, and the only funds coming into the organization are those invested by new members. Typically, once this investment dries up, the company shuts down its website and disappears, taking the remaining funds in the pot with it, and this could have been the case with Axe Trades.
Biggest Complaints Against Axe Trades
The most significant Axe Trades complaints were from the regulators warning the organization that it was operating in territories where it had no license to do so:
“If a broker is not licensed by the regulatory authority in your jurisdiction, that likely means that they are unregulated and should be avoided. Even if the broker is regulated, it is best to avoid it if the regulator happens to be outside your jurisdiction.”
Can I Get My Money Back From Axe Trades?
It is possible to get an Axe Trades refund. There are two main ways to go about this. You could pursue the matter yourself and confront all of the entities involved in the scam in order to get your Axe Trades’ money back. Alternatively, you may choose to instruct a professional chargeback company to act and fight on your behalf. The latter option is much more likely to result in a successful outcome, as the chargeback team will have the experience, industry knowledge and expertise gained from working on previous similar cases to reclaim your lost funds effectively.
How Does the Chargeback Process Work?
To begin the process of getting an Axe Trades refund, start by choosing the chargeback company you would like to work with. There are many options available, so be sure to check the reviews from past clients and pay attention to the companies’ success rates.
Once you’ve made contact with the company you have chosen, a representative will discuss your case in-depth with you to determine whether it is one that has a high chance of being successful. If this is deemed to be so, then your case will be taken on, and a process of document and information gathering will begin. At this point, you will probably be asked to provide proof regarding the scammed funds, such as the total amount lost and the dates on which the transactions took place. Once this stage is completed, the chargeback team will track down your funds and pursue all the parties who had any involvement in the scam and the movement of your money. In the highly likely event of an Axe Trades refund, the recouped funds will be deposited directly into your bank account. The entire process can take about six months, depending on the complexity of the case - many are resolved in a much shorter timescale.
If you have been the victim of an Axe Trades scam, then it is recommended that you make contact with a reputable chargeback company at your very earliest convenience in order to take the first step in recovering your lost funds.