Regulatory Status Changed: What's New on Aximtrade?

A trader submitted feedback to BrokersView a few days ago claiming that he and other traders were scammed out of a lot of money by Aximtrade. In light of the ongoing withdrawal issues and fraud allegations, we have once again checked Aximtrade's regulatory status.

Regulatory Status has been Changed

The Australian Securities and Investments Commission (ASIC) database shows that Aximtrade's previous regulatory status as an Australian financial services representative under license 435746 has ceased. This indicates that the broker is no longer currently regulated by ASIC.

Although Aximtrade's registration status with the Financial Services Authority of Saint Vincent and the Grenadines (SVG FSA) remains active, we need to re-emphasize that the SVG FSA does not regulate forex activities nor does it issue forex broker licenses. Therefore, the registration does not mean that Aximtrade is regulated.

Timeline of Events

Back in 2021, investors reported that Aximtrade was canceling client profits, and the explanation given was untenable.

The broker was exposed to serious withdrawal issues in August 2023, when a large number of Aximtrade clients reported to BrokersView that the broker had been delaying the processing of their withdrawal requests. At the time, Aximtrade also falsely claimed to be a member of the National Futures Association (NFA).

In September 2023, Aximtrade was still soliciting new customers through promotional campaigns in the face of numerous customer complaints, and by the end of 2023, Aximtrade still owed a large number of client withdrawals that had been requested in August. BrokersView made several attempts to reach out to the broker but did not receive a response.

After a lapse of several months, the latest feedback received by BrokersView on April 8, 2024, and verification of its latest regulatory status raised red flags again.

Previously, Aximtrade was warned by the Securities Commission Malaysia (SC) for conducting unauthorized capital market activities of dealing in securities.

Given the broker's current status of only being registered with the SVG FSA, its lack of regulatory scrutiny exposes traders to a higher risk of fraud, manipulation, and misconduct.

BrokersView cautions investors to be wary of Aximtrade and avoid dealing with it. We are still waiting for further feedback from the client and will keep this article updated, so stay tuned.