Exposure: Scam Forex Broker Aximtrade Deletes Profit of Clients

Using bonuses to lure investors to deposit and then preventing them from withdrawing is a common tactic among fraudulent forex brokers. Brokersview recently learned that the fake forex broker Aximtrade has operated a scam, where investors could not get back their profits.

Aximtrade Cancels Profit of Clients

An investor said that he has deposited $1555 in his MT4 account and got a bonus of $700. Then he made trades and got profit of $2140. But when he wanted to withdraw his funds, Aximtrade removed all his profit and just allowed him to withdraw his deposit fund.

The broker claim that the investor had been accessing the trading account of another client from the same device, which violated its clause. However, the investor said that he didn’t know the two trading accounts and didn’t use them on the same device.

“I asked them about what other accounts did, what they traded, had anything same with me, or what problems affect my profit, but they not replied, just said because of their system showing the same device/IPs, they have right to cancel the trade result,”the investor said.

In addition, there was another investor who claimed to be a victim of the broker. He said that Aximtrade deleted his profit but didn’t cancel trades on his losing account.

(Screenshot from Investor)

Falsely Claims to Be Regulated

Aximtrade claims that it is authorized to operate under the Thara Heights Owner's Corporation brand and trademarks. And the latter is regulated by the British Virgin Islands Financial Conduct Authority (BVIFSC).

However, we searched on the BVIFSC website with “Thara Heights Owner's Corporation” and “Aximtrade” and got no results. This means that the company is soliciting customers without any forex broker licenses from regulatory agencies.

Although the regulation on the forex brokers are becoming increasingly tightened worldwide, there are many unscrupulous brokers who should not be in business. When looking for a licensed broker, it's important to verify its authenticity and business status.

Brokersview suggests investors to keep vigilant when choosing forex brokers. If you are not sure, you can search on the official website of the regulatory bodies.