While there is a huge risk of fraud when working with unregulated brokers, dealing with a regulated broker does not mean that traders do not have to face any risks. Over the past week, BrokersView has found a large number of complaints filed by users who are faced with withdrawal problems against the broker AximTrade.
AximTrade describes itself as an international forex broker that offers clients the platform to trade forex, precious metals, energy, indices, cryptocurrencies, and stocks. There are five account types that clients can choose from, including Standard account, Cent account, ECN account, Infinite account, and Pro account, with a minimum deposit of only one dollar. Clients can trade 33 currency pairs with spreads as low as 0.0. It is worth noting that AximTrade provides detailed account information, including the available currency pairs, commissions, bonuses, whether hedging is allowed, and many other details that can be found on the account opening page. AximTrade offers more than two dozen ways to deposit and withdraw funds, including several e-wallets, cryptocurrency wallets, and bank wire.
In addition, AximTrade specifically advertises its infinite leverage account, which offers 1:∞ leverage. Although the trader offers users negative balance protection, investors are inevitably exposed to significant risk when a $1 deposit coincides with unlimited leverage.
As for regulatory information, AximTrade claims to be an Australian financial services representative regulated by the Australian Securities and Investments Commission (ASIC) under license 435746. Upon inquiry, the ASIC license 435746 belongs to a company called HLK Group Pty LTD, which does have a Representative called Aximtrade Pty Limited under its umbrella.
The company also claims to be regulated by the National Futures Commission (NFA) 0539713. Upon inquiry, AximTrade is not a member of the NFA, which means that the company is not subject to the oversight of the US financial regulator.
In addition to this, AximTrade is registered with the St. Vincent and the Grenadines Financial Services Authority (SVG FSA) as a limited liability company. Please note, however, that the SVG FSA does not regulate forex activities or issue forex broker licenses. This registration does not amount to regulation.
In conclusion, AximTrade's regulatory status is unclear. The regulatory references to SVG FSA and NFA on its website may be misleading to investors because it doesn't mention that it is not a member of the NFA, nor does it state that SVGFSA is not a foreign exchange regulator. As a financial services representative of ASIC, the company is not as tightly regulated as one might expect compared to brokers holding an Australian Financial Services License (AFSL).
BrokersView received its first complaint about AximTrade on August 24th. The user, Stealth Assassin, claimed that his withdrawal had been delayed and that even though more than half a month had passed, customer service had not provided an effective response to the complaint, merely stating that the company was processing the withdrawal request and apologizing.
According to the screenshot provided by the user, he submitted a request for withdrawal on the evening of August 9, the transaction records also show that the application "is being processed (pending)", but the length of the withdrawal is very dissatisfactory, the user does not know when they can actually get the money.
On August 26, another user, Kulleh anak empangau, also reported that he had encountered withdrawal problems with AximTrade, and at that time the customer service also used the payment gateway as an excuse to delay the withdrawal time. Two days later, the user left a message stating that AximTrade had quickly returned the money to the user's bank account after realizing that the user had filed a complaint with us about the broker. This is the only user who has successfully solved the problem of withdrawals from this trader so far.
However, it didn't end there, because over the past few days, more and more users have been leaving comments or complaints on BrokersView stating that they are also having trouble withdrawing their funds from AximTrade. Some traders have been waiting for almost a month, which is clearly not a reasonable or normal withdrawal period.
We found that the users in this situation all submitted withdrawal requests in August, with withdrawal amounts ranging from $300 to $6,000. Many of them are long-time AximTrade clients and many of them have successfully withdrawn their funds here. However, for reasons unknown, AximTrade did not approve the withdrawal requests submitted this month.
Looking at AximTrade's website and social media accounts, it appears that they have not provided any explanations or notices about the issue of users not being able to withdraw their funds.
According to AximTrade's Facebook, the failure to withdraw is not an isolated case, and we even found a message from a user who submitted a withdrawal request for $20 a week ago that has not been processed yet. The broker's Facebook was last updated on July 31, and since then it has not posted any updates or replied to users' messages.
AximTrade's LinkedIn and X (formerly Twitter) accounts were still being updated as of Aug. 30, but the updates made no mention of the withdrawal issue. The comments on X from a user who called AximTrade a "scam" because of the unresolved withdrawal issue were not answered by the operator.
BrokersView has e-mailed to convey the complaints to AximTrade. However, the company has not responded to us at the time of this posting.
We have also tried to contact HLK Group Pty LTD, the company that appoints AximTrade as a financial services representative in Australia, and have not received a response yet.
Although AximTrade is regulated to some extent, it is not strict, causing the protection of its clients' funds to be limited. AximTrade should respond to its clients' most pressing withdrawal concerns promptly rather than avoiding them if it is indeed a responsible and legitimate broker.
Overall, it is not a good thing for a broker to have a large number of clients facing withdrawal problems. While we do not yet know if AximTrade's internal problems are affecting client withdrawals or when they will be resolved to the client's satisfaction, we will update the news about AximTrade and provide as much assistance and support as we can to the affected users.
If you have a dispute with a broker, you can submit a complaint at BrokersView. As a third-party service, we are dedicated to advocating for the rights of victims and taking appropriate action against fraudulent entities. We are committed to providing support at no cost to you and doing our utmost to ensure a fair resolution to your complaint.