Axofa Review 2026
Pros
- Low ECN spreads were available from 0.0 pips, plus reasonable commissions at $3.50 per side
- Axofa offered the MetaTrader 5 platform which would particularly serve intermediate to experienced traders looking for advanced charting tools
- There was a proprietary social/copy trading service for beginners looking to follow strategies and for experienced traders looking to sell their strategies
- The $1 minimum deposit across all 3 accounts would appeal to novices and those on a budget
- The broker offered a range of local payment methods, especially for clients in Asia, as well as crypto deposits
Cons
- The offshore operations and lack of any regulatory oversight were a major concern
- There was a lack of transparency around pricing and account conditions, which significantly reduced the trust score
- Our team found inconsistencies between international subsidiaries and website information
- There was limited verifiable information about the broker’s owners and background
Axofa Review
Axofa was an international forex broker that offers the MT5 platform, low starting deposits and high leverage. But was the broker legit or a scam? In this review of Axofa, our experts uncover spreads and commissions, live account options, accepted payment methods, and joining bonuses. We also look at the broker’s regulatory status.
Given that Axofa has closed, the review below is provided for historical purposes.
Company Details
Axofa Markets LLC was based in St. Vincent and the Grenadines with an additional office in London, United Kingdom.
The brokerage offered multi-asset trading on forex, stocks, indices and commodities. Clients could access the financial markets using the MetaTrader 5 platform or the broker’s in-house mobile app.
Axofa was not a particularly well-known broker, with less than 100 YouTube subscribers and Instagram followers. There was also limited publicly available information about the history of the brand and its founders, which may be a red flag.
The broker may be registered with the St Vincent and the Grenadines Financial Services Authority (FSA-859/2022), but this is a ‘red tier‘ body for retail trader safety and the SVGFSA does not actively regulate forex and CFD trading for retail investors.
The Saint Lucia Government Gazette also issued a notice that “AXOFA MARKETS LTD” would be struck off the register of International Business Companies for failing to pay its annual registration fees and penalties.
Trading Platform
The forex broker offered the MetaTrader 5 (MT5) platform, which could be downloaded to Windows, Mac, and Android devices.
MT5 offers sophisticated tools and features to help clients analyze assets and make trades. Functionality includes:
- 21 timeframes
- One-click trading
- Live streaming financial news
- Integrated economic calendar
- Advanced Market Depth feature
- Real-time signals for copy trading
- MQL5 wizard to create auto-trading bots
- Up to 100 charts can be opened at any time
- 80+ in-built technical indicators and analysis tools
With data encryption between servers and the platform, as well as one-time passwords for mobile devices, MetaTrader 5 is also a secure terminal.
How To Trade
MT5 is a globally recognized platform, so making trades when Axofa was live was straightforward:
- Open the MT5 WebTrader or download the desktop client
- Make a deposit into your Axofa trading account
- Select the asset you wish to trade using the search bar
- Select ‘new order’ from the top menu bar
- Input the order details, including asset symbol, order type, volume, stop loss and take profit options, plus any comments
- Confirm the position
Assets & Markets
Axofa offered major and minor forex pairs (including EUR/USD, USD/JPY, and USD/AUD), metals (including XAU/USD, XAU/EUR, XAU/AUD, XAG/EUR, XAG/USD, XPD/USD, and XPT/USD), indices, and commodities (including energy futures, energy spots, and softs).
On the downside, the broker did not offer trading on cryptocurrencies.
Axofa was an STP and ECN broker. Straight Through Processing (STP) brokers essentially eliminate the middleman and ensure traders’ orders are received directly by liquidity providers, reducing slippage.
Electronic Communication Network (ECN) brokers allow traders to place their orders, after which, liquidity providers bid for the order, meaning that the trader gets the best price out of a series of options.
Spreads & Fees
The Pelow account offered raw market spreads from 0.0 pips, with a commission of $3.50 per lot. The Cent and BiMax profiles did not charge any commission fees and instead applied spreads from 1.6 pips.
However, it’s worth noting that Axofa was not particularly transparent when it comes to trading fees. The broker did not publish details of any payment charges or dormancy penalties.
Axofa Leverage
Axofa offered high leverage up to 1:1000. This means a $100 deposit would provide $100,000 in buying power.
All accounts had a 100% margin call and a 20% stop-out level.
Leverage could be amended within the client area. We recommend beginners start with no or low leverage due to the risk of huge losses.
Mobile App
Axofa offered a proprietary mobile app available for free download to iOS and Android devices. You could open an account, deposit/withdraw, restore passwords and view transaction history from the application. Users could also access bonuses and contest statistics.
There were 16 videos on the brand’s YouTube account detailing how to trade on the Axofa mobile app, however, all of the videos were in Indonesian. The Axofa application was only available to customers in Indonesia.
Additionally, the MetaTrader 5 (MT5) terminal was available as a mobile application. You could manage your account, open and close positions, and customize charts while on the go. Traders could also apply technical indicators and view graphical objects on mobile or tablet devices.
Payment Methods
The broker accepted credit/debit cards including Visa and Mastercard, e-wallets such as Neteller and Skrill, plus cryptocurrencies.
However, when we used Axofa’s client dashboard, we were only offered direct bank transfers from the Indonesian Bank of CIMB Niaga or cryptos/stablecoins to fund an account in US Dollars.
Funds could take between one to three days working days to appear in your trading account, and withdrawals could take up to seven days, depending on the withdrawal method. Identity verification was also required before you can request a withdrawal.
There were no fees charged by the broker, however, third-party fees may apply. Currency conversion fees could also apply for deposits made in a currency other than your account denomination.
Demo Account Review
Axofa offered a demo account service with $100,000 in virtual funds and flexible leverage up to 1:1000.
The practice profile was only available on the Pelow (raw spread) account. Still, it was a popular solution for aspiring traders allowing them to practice trading risk-free.
Although there was no information regarding time constraints, you could open as many demo accounts as required.
Deals & Promotions
Axofa offered new and existing clients a 10% deposit bonus. This means you could receive an additional 10% each time you deposit into a real account.
The bonus only applies to forex, metals, indices, and commodities trading. Rewards were also canceled when you make a withdrawal and were not applicable if your total equity fell below the total credit in your account (your account is checked every 5 minutes for this).
While using Axofa, we were not offered access to any trading contests or reward schemes.
Regulation & Licensing
Our experts were skeptical of the legitimacy of Axofa. The global entity was registered under the trading name Axofa Markets LLC in St. Vincent and the Grenadines, company number 1976. The Asian subsidiary claimed to be registered in England and Wales under Axofa Ltd, company number 13744360.
Neither subsidiary was regulated by a trusted financial body so they may not provide adequate protection vs brokers with licenses from the UK Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC), for example.
Having said that, the broker did provide negative balance protection for all retail customers.
Additional Features
It was disappointing not to be offered any educational content besides the broker’s YouTube content. There were no step-by-step user guides or basic trading information for beginners.
The lack of additional trading tools and educational materials was a serious drawback vs competitors.
Axofa Accounts
Axofa offered three accounts; Cent, BiMax, and Pelow. All profiles provide access to flexible leverage up to 1:1000, had a minimum deposit requirement of $1, and facilitated trading on all instruments.
The Cent and BiMax profiles offered spreads from 1.6 pips and $0 commissions. There was no significant difference between these two accounts. The Pelow account offers raw spreads with a commission of $3.50 per lot.
Trading Hours
Axofa trading hours varied by instrument. The forex market, for example, was available to trade 24 hours per day between Sunday to Friday.
The MT5 terminal would reflect market closures and upcoming public holiday dates.
Customer Service
Axofa had a UL-based phone line and a customer service email linked on its website. Alternatively, a live chat service was available, though we struggled to receive a response upon testing. Additionally, when attempting to call the phone number, it was declined.
Security & Safety
Axofa complied with anti-money laundering and know-your-customer protocols.
The MetaTrader 5 platform was also secure with encrypted data exchanges between servers and client portals.
Axofa Verdict
Axofa offered the basics; a MetaTrader platform, a modest selection of forex assets, and a free demo account. However, unreliable customer service options and weak regulatory oversight were major concerns. In addition, the lack of transparency around fees and unverifiable company background means we would sign up with alternative brokers.
FAQs
Is Axofa Legit?
Axofa had qualities that suggest it may be a scam broker. There was limited information about the fees charged, the differences between account types, as well as inconsistencies about the company’s registration and license details. High leverage and enticing joining bonuses may also lure in unsuspecting traders.
While it may technically have been a legitimate broker, there are alternative forex brokers that are less risky to trade with.
Does Axofa Charge Withdrawal Fees?
Axofa did not provide information about payment charges. Our experts tested the broker and also reviewed the T&Cs and social media pages. As a result, the broker may have tried to levy withdrawal fees if traders try to remove profits.
Who Founded Axofa?
This was not stated anywhere online. However, the name of the person making the YouTube content for Axofa was Budi.
Is Axofa Regulated?
No. Axofa was registered in the St. Vincent and the Grenadines Financial Services Authority (FSA-859/2022). However, this is not a financial regulator and traders would receive limited legal protections in the case of disputes.
Best Alternatives to Axofa
Compare Axofa with the best similar brokers that accept traders from your location.
- Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to over 170 markets across 40 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
- FOREX.com – Founded in 2001, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
Axofa Comparison Table
| Axofa | Interactive Brokers | FOREX.com | |
|---|---|---|---|
| Rating | 1.5 | 4.3 | 4.5 |
| Markets | Forex, CFDs, Stocks, Indices, Commodities | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, Cryptocurrencies | Forex, Futures and Options on Metals, Energies, Commodities, Indices, Bonds, Crypto |
| Demo Account | Yes | Yes | Yes |
| Minimum Deposit | $1 | $0 | $100 |
| Minimum Trade | 0.01 Lots | $100 | 0.01 Lots |
| Regulators | – | SEC, FINRA, CFTC, NFA, CIRO, FCA, CBI, ASIC, SFC, SEBI, JFSA, MAS | NFA, CFTC |
| Bonus | 10% Deposit Bonus | – | VIP status with up to 10k+ in rebates – T&Cs apply. |
| Platforms | MT5 | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral, ProRealTime, Quantower | WebTrader, Mobile, MT4, MT5, TradingView |
| Leverage | 1:1000 | 1:50 (major forex pairs), 1:2-1:4 (equities) | 1:50 |
| Payment Methods | 8 | 5 | 9 |
| Visit | Visit | Visit | Visit |
| Review | – | Interactive Brokers Review |
FOREX.com Review |
Compare Trading Instruments
Compare the markets and instruments offered by Axofa and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
| Axofa | Interactive Brokers | FOREX.com | |
|---|---|---|---|
| CFD | Yes | No | No |
| Forex | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes |
| Oil | Yes | No | Yes |
| Gold | Yes | Yes | Yes |
| Copper | No | No | No |
| Silver | Yes | No | Yes |
| Corn | No | No | No |
| Crypto | No | Yes | No |
| Futures | Yes | Yes | Yes |
| Options | No | Yes | Yes |
| ETFs | No | Yes | No |
| Bonds | No | Yes | No |
| Warrants | No | Yes | No |
| Spreadbetting | No | No | No |
| Volatility Index | No | No | No |
Axofa vs Other Brokers
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Customer Reviews
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