Reported as a scam / unregulated
Why Axen Broker is on the register
Axen Broker states that it holds multiple licenses, however, upon investigation, several red flags appear. Axen Broker claims its entities are licensed by DMCC. While the claimed entities could be verified to be registered with DMCC, this does not authorize forex trading. In the UAE, only SCA and DFSA regulate forex. DMCC registration is not a valid trading license. The platform claims AXEN TRADING CURRENCIES IN SPOT MARKET LLC is regulated by the UAE’s SCA. However, no record of this entity appears in the SCA’s official registry, casting doubt on this claim. Axen Broker also states it is regulated by the BVI FSC, but we found no evidence of registration in the BVI FSC’s public database. The only verifiable regulation is AXEN GROUP LTD under the Anjouan Offshore Finance Authority (AOFA). AOFA is known for weak oversight and lacks international recognition. The entity has no registered domain, and its link to the platform is unclear. Given these red flags—false regulatory claims and reliance on a disreputable authority—we conclude that Axen Broker is a scam.
If you have money with this broker
- Stop sending funds. Do not pay any further “fees”, “taxes” or “verification” charges to release a withdrawal — this is a common secondary scam.
- Preserve evidence. Save transaction IDs, wallet addresses, chat logs, and every screenshot before the account is closed.
- Report it. Notify your bank/exchange and your national financial regulator so the activity is on record.
- Get guidance. Tell us what happened and we will point you toward the right next step. We are a free public registry — we never charge any fees.
SentFunds is an information and referral service. Listing reflects reported concerns and public findings; it is not a legal determination.