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Their max leverage only 1:100?
John Davis
Ireland
Sep 23, 2025
ANSWER Dear Investor, We do not recommend using the Axen Broker, as it appears to be a potential scam. The platform claims that its entities, AXEN LIFE DMCC and AXEN DMCC, are registered and licensed by the Dubai Multi-Commodity Centre (DMCC). While we have confirmed their registration within the DMCC system, it is important to note that DMCC does not regulate forex activities. In the UAE, the regulatory authorities for forex trading are the Securities and Commodities Authority (SCA) and the Dubai Financial Services Authority (DFSA). Authorization from either of these bodies is required to legally conduct forex-related financial services. Therefore, DMCC registration does not equate to a valid forex trading license. Furthermore, the platform claims that another entity, AXEN TRADING CURRENCIES IN SPOT MARKET LLC, is regulated by the UAE’s SCA. However, our search of the official SCA licensed entities list did not return any record of this company, raising serious doubts about the accuracy of this claim. Similarly, the platform states it is regulated by the British Virgin Islands Financial Services Commission (BVI FSC), but we were unable to verify this in the BVI FSC’s public registry. The only verifiable regulatory link we found is that an entity named AXEN GROUP LTD is licensed by the Anjouan Offshore Finance Authority (AOFA). However, AOFA is widely considered an offshore regulator with very limited international credibility and oversight, which raises serious questions about the strength and reliability of its regulatory framework. Moreover, this licensed entity does not have a recorded domain name, and its connection to the Axen Broker platform remains unclear and unverifiable. Given all the above, we have significant concerns about the legitimacy and trustworthiness of this platform. It exhibits multiple red flags commonly associated with fraudulent operations. Therefore, we strongly advise you not to engage with this platform for trading activities until it can provide clear and verifiable proof of licensing from a reputable financial regulator.
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