An investor’s experience with AximTrade “has been nothing short of a financial nightmare.”

Recently, one trader told WikiFX that a broker named AximTrade delayed the withdrawal and eventually caused trouble for the trader to take his money back. The trader has been waiting for two months and the withdrawal status still shows “pending”. The trader lost patience and doubted the brokers financial stability and commitment to its clients.

About AximTrade

So what is AximTrade exactly？ According to WikiFX, AximTrade is a forex broker that was founded in 2020 and is registered in Saint Vincent and the Grenadines. The broker offers a range of account types, including Cent, Standard, ECN, and Infinite, which cater to traders with different needs and experience levels. WikiFX has given this broker a fairly low score of 1.99/10.

Is it Legit？

Axim Trade is an unregulated broker that is registered in Saint Vincent and the Grenadines, a place that has relatively loose regulations on forex trading. Saint Vincent and the Grenadines is an attractive place for financial companies to operate through an offshore company. there is no sharp regulation or overseeing of the company operation implemented. The SVG broker can run its activity and accept forex payments through credit cards but is not overseen. The lack of regulation does not necessarily make a broker a scam. However, traders should always exercise caution when dealing with unregulated brokers.

This broker claimed to hold a license of NFA. However, based on what we see on WikiFX, the regulatory status of NFA (license number: 0539713) is unauthorized. In addition, the ASIC regulation (license number: 435746) claimed by this broker is suspected to be a clone.

Below is the conversation between the trader and AximTrade.

In this case, the investor had submitted a withdrawal application two weeks earlier and AximTrade had approved it, but two weeks had passed and the investor had still not received his funds. The investor tried to contact AxiTrade, and unfortunately, these efforts did not help the investor make any substantive progress.

On the other hand, this trader told WikiFX that he is not the only person who gets scammed by AximTrade. According to WikiFX, WikiFX has received more than 64 complaints against this broker within 3 months.

Conclusion

We hope AximTrade returns investors‘ money as soon as possible and stop delaying traders’ withdrawal. WikiFX is actively reaching out to the victim and other traders hoping to find more evidence to help resolve the problem. Please stay tuned for more information.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!