An Investor Complained About Difficulty Withdrawing the Balance in AXECAP and Equinox Markets

He was unable to withdraw the balance from his account and did not receive any response from customer service about the situation. After hearing the customer's description, we are basically sure that the investor has encountered an investment scam.

Currently, AXECAP's website is no longer available, although Equinox Markets' websites (https://www.equinoxmarkets.com/ and https://equinox-markets.com/) can still be accessed. According to the victim, AXECAP and Equinox Markets are actually operated by the same company, and his account was transferred from AXECAP to Equinox Markets.

In fact, WikiFX exposed the scams and warned investors against trading with it back in May of this year, and answered in the negative when some investors asked us if the company was safe.

Trade, then you can withdraw？ Nonsense!

The victim was initially a client of AXECAP and traded on this platform several times. After a while, AXECAP transferred his account to Equinox Markets. And he did not make any transactions on Equinox Markets at that time.

After some time, the victim requested a withdrawal from Equinox Markets but was denied. The reason given by the broker was that the victim's withdrawal without having traded on the new platform would be considered by the regulator as suspicious of money laundering, so the user had to make at least 15 trades at Equinox Markets before he could withdraw his money. At the same time, the company also repeatedly emphasized that it was “regulated”, and it was because of the supervision of the regulator that it required the customer to trade before withdrawing.

The user chose to trust that the withdrawal problem would be solved, so he invested $1000 in the platform and started trading while waiting for the withdrawal. However, in the process of trading, the victim felt that the trading conditions offered by the counterparty were silly and that he had to follow the trading signals given by the company. All this made him feel that the broker did not want to process his withdrawal request.

Not surprisingly, the victim was not able to withdraw his money, but was instead blocked by the company and is now unable to even log into his account.

About the “Regulation”

AXECAP (AXECAP GLOBAL LIMITED) falsely claimed to be a company registered in St. Vincent and the Grenadines and regulated by the NFA and Belize FSC (aka IFSC). Equinox Markets (Equinox Markets International Limited) also claimed to be registered in St. Vincent and the Grenadines and regulated by the NFA, as well as being registered with FINTRAC in Canada.

Upon checking, AXECAP was not an SVG-registered firm and according to the search results at the NFA and Belize FSC, it was not regulated either. In May of this year, WikiFX searched the NFA and found a company called AXECAP GLOBAL LIMITED, but the NFA clearly stated that this company is “Not An NFA Member”, which means that AXECAP is not regulated by the NFA, let alone providing investment services in the United States. The NFA is currently unable to search for the company.

Although Equinox Markets was registered with SVG FSA and FINTRAC, it was not regulated because it was also “Not An NFA Member”.

Again, even if a company has a business registration, that does not mean it has the right to provide investment services to you, because SVG FSA and FINTRAC are not Forex regulators. Registration is not the same as being regulated.

WikiFX Reminds You

There are not a few scammers like AXECAP and Equinox Markets in the market, and if you are not careful, you may be lured into putting your money into the scammers' pockets.

Scammers change their names and transfer the clients' accounts to another platforms simply because enough people are scammed and more people know their scammer identities, planning to continue the scams with new identities. They will tell you their new identities and websites if you are still “valuable”; if not, the scammers will just sneak away.