Still Refusing Withdraws: What's New on AximTrade Thailand?

Since BrokersView received the first complaint about AximTrade in August of this year, there have been numerous complaints about the broker obstructing users from withdrawing their funds.

In September, AximTrade conducted a Mid-Autumn Festival promotion on Sep 29th despite facing accusations from many users who were stranded with their funds. Many Thai investors received promotional e-mails from this company at the time. AximTrade was actively looking for more new clients to bring in funds while denying existing users' withdrawal requests.

While AximTrade Thailand's customer service and sales departments are still accepting deposits from users, they keep delaying withdrawals.

^{(Informed trader tells us about AximTrade's recent situation about deposits and withdrawals)}

About two weeks ago (early December 2023), a post by one of the broker's staff mentioned AximTrade, but the post was subsequently deleted.

^{(Post by AximTrade staff)}

AximTrade Thailand's Facebook was last updated on July 28th of this year, and many complaints about withdrawal issues can still be seen under that post. However, the account administrator has not responded to them.

In addition to the fund withdrawal issues, some traders are also experiencing difficulties in withdrawing a non-deposit bonus worth $250. Although the traders fulfilled the conditions for receiving the bonus, the did not pay him the bonus since August, blaming the problem on the payment gateway. As of December, the bonus has still not arrived.

^{(Trader's bonus not credited)}

Besides the trading community, a lot of videos about AximTrade appeared on well-known video sites, with no response from the company.

Meanwhile, AximTrade's regulatory situation is also a cause for concern. The company's references on its website to the St. Vincent and the Grenadines Financial Services Authority (SVG FSA) and the National Futures Association (NFA) are potentially misleading, as it does not state that it is not a member of the NFA (non-members do not have an FX authorization), nor does it clear that SVG FSA is not an FX regulator.

^{(YouTube video comments on AximTrade)}

While AximTrade is indeed an Australian Securities and Investments Commission (ASIC) financial services representative, it is regulated far less stringently than an Australian Financial Services (AFS) licensee.

Repeated attempts by our team to contact the ASIC-regulated company that authorized AximTrade's representation have gone unanswered.

Traders should be wary of a broker being criticized for having lots of withdrawal issues. To protect your money, it is recommended that you conduct a thorough investigation of a broker before initiating any money transactions.