Axitrader move from Australia to St. Vincents | Forex Factory

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Axitrader move from Australia to St. Vincents

  • #1
  • First Post: Jun 19, 2019 11:58pm Jun 19, 2019 11:58pm
Axitrader just sent out emails to all retail traders to choose to migrate or not.
Anyone moving there? There's no regulatory for forex trading there.
What do you all think of that?
And how come its taken off the list of brokers in this website?
I realised a number of brokers are taken off too.

Can anyone share their insight or insider info?
  • #2
  • Jun 20, 2019 5:36am Jun 20, 2019 5:36am
Axitrader is not the only one.

ASIC is imposing new regulatory requirements to FX brokers; requiring them to get more paperwork from overseas regulators (non-Australian) clients.

for example; if you are a client from Canada; an Australian broker needs to satisfy Canadian regulators on accepting Canadian clients.

This means; more paperwork; and tough client onboarding.
  • #3
  • Jun 20, 2019 5:51am Jun 20, 2019 5:51am
Quoting drstrange
Axitrader just sent out emails to all retail traders to choose to migrate or not. Anyone moving there? There's no regulatory for forex trading there. What do you all think of that? And how come its taken off the list of brokers in this website? I realised a number of brokers are taken off too. Can anyone share their insight or insider info?
Yep , I've been emailed too..
  • #4
  • Jun 20, 2019 6:23am Jun 20, 2019 6:23am
honestly, it isnt new thing, anyone cared a little could see it coming...i sure knew for a while about this upcoming ASIC changes, and the Aussie brokers move to open subsidiaries.
ICM chose the Seychelles, Axi St.Vincent, the rest whatever, i dont trade with others right now.
for real, there may be little actual effect.
the brokers still wont seize their operations in the other, higher regulated jurisdictions, and still cant risk negative publicity by going rogue suddenly.
ASIC was never an FCA...or even CySEC, and there was no actual guarantee of funds for the traders, ever.
if i read correctly, Axi will now include a 20k euro protection, or something that kind.
also, there was a hint that the spreads may be able to be lowered some.
lets just say, what i already mentioned before, that anyhow the "pure" ECNs by large nowadays really mean running a hybrid order book, and that is all right in exchange for the tight spreads ( how really do you think ICM can offer those spreads??), as long as there is no unethical ways like a plugin involved, or other games.
for one, i got last month some issue on a couple trades executions, and to my surprise Axi did credit back 400$ to my trading acct...
(at ICM usually it is dismissing it as my internet issue, even though it is 300Mbps, and has fast ping and all, too, or if really pushed maybe a flat 50$ credit back, but that is rare achievement).
i think at this stage i am not too worried about the move, if anything only wonder what this sudden worldwide push against forex, while crypto ponzis BSs are still by large overlooked...
there is always, always another trade!!
  • #5
  • Jun 20, 2019 6:24am Jun 20, 2019 6:24am
Quoting alphadude
Axitrader is not the only one. ASIC is imposing new regulatory requirements to FX brokers; requiring them to get more paperwork from overseas regulators (non-Australian) clients. for example; if you are a client from Canada; an Australian broker needs to satisfy Canadian regulators on accepting Canadian clients. This means; more paperwork; and tough client onboarding.
ya man. tough. the ea i bought, the seller don't let us use on another platform. (despite promising so in past)
and axitrader is moving onto an offshore country without forex regulation.
don't seem safe.
  • #6
  • Jun 20, 2019 6:30am Jun 20, 2019 6:30am
Quoting DavidRP
{quote} Yep , I've been emailed too..
u moving with them?
  • #7
  • Jun 20, 2019 6:40am Jun 20, 2019 6:40am
Quoting profitfarmer
honestly, it isnt new thing, anyone cared a little could see it coming...i sure knew for a while about this upcoming ASIC changes, and the Aussie brokers move to open subsidiaries. ICM chose the Seychelles, Axi St.Vincent, the rest whatever, i dont trade with others right now. for real, there may be little actual effect. the brokers still wont seize their operations in the other, higher regulated jurisdictions, and still cant risk negative publicity by going rogue suddenly. ASIC was never an FCA...or even CySEC, and there was no actual guarantee...
i agree.

i didn't see the 20k protection though.

so far axitrader service has been gd. and i been using almost 8 mths only. but so far so gd.

exactly... they shd be looking into crypto side..
  • #8
  • Jun 20, 2019 6:51am Jun 20, 2019 6:51am
Quoting drstrange
{quote} i agree. i didn't see the 20k protection though. so far axitrader service has been gd. and i been using almost 8 mths only. but so far so gd. exactly... they shd be looking into crypto side..

"The Financial Commission is a free dispute resolution service for AxiTrader clients where AxiTrader is unable to resolve a dispute to the client’s satisfaction. The decision-making process and administration of the Financial Commission’s Dispute Resolution Committee is independent of AxiTrader, decisions are binding on AxiTrader and the Financial Commission provides AxiTrader clients access to a compensation fund to cover judgements of up to EUR20,000 per client. More information about the Financial Commission is available from their website"
there is always, always another trade!!
  • #9
  • Jun 20, 2019 7:02am Jun 20, 2019 7:02am
Quoting profitfarmer
{quote} "The Financial Commission is a free dispute resolution service for AxiTrader clients where AxiTrader is unable to resolve a dispute to the client’s satisfaction. The decision-making process and administration of the Financial Commission’s Dispute Resolution Committee is independent of AxiTrader, decisions are binding on AxiTrader and the Financial Commission provides AxiTrader clients access to a compensation fund to cover judgements of up to EUR20,000 per client. More information about the Financial Commission is available from their website"...
i see. nice. but we no longer part of it. haha.
  • #10
  • Jun 20, 2019 7:41am Jun 20, 2019 7:41am
Quoting drstrange
{quote} u moving with them?
yep "I have to",

I'm in their PRO axiselect program..
  • #11
  • Jun 20, 2019 7:56am Jun 20, 2019 7:56am
no choice but to follow them
  • #12
  • Jun 20, 2019 8:04am Jun 20, 2019 8:04am
Quoting drstrange
{quote} i see. nice. but we no longer part of it. haha.
i think you read email again.
they said they will maintain all that was there before, if voluntarily.
or how i understood. idk.
there is always, always another trade!!
  • #13
  • Jun 20, 2019 9:30am Jun 20, 2019 9:30am
Quoting profitfarmer
{quote} i think you read email again. they said they will maintain all that was there before, if voluntarily. or how i understood. idk.
By right...
  • #14
  • Jun 20, 2019 9:31am Jun 20, 2019 9:31am
Quoting DavidRP
{quote} yep "I have to", I'm in their PRO axiselect program..
Hmm. ok.
  • #15
  • Jun 20, 2019 9:32am Jun 20, 2019 9:32am
Quoting alphadude
no choice but to follow them
ya man... esp if u have long term trades running... not a lot of time to pause...
but of cos u can close trades and exit...
  • #16
  • Jun 20, 2019 9:39am Jun 20, 2019 9:39am
Quoting Divergence
So many so called great traders yet they stay in forex with forex brokers talk about manipulations totally amazing to me
Quoting VEEFX
Only regulation from all developed countries to permanently ban retail Spot FX will make a difference.
The masters of Saint Vincent and Seychelles.
Toxic Flow for FX Brokers.
  • #17
  • Jun 20, 2019 10:05am Jun 20, 2019 10:05am
Quoting anti-flash
{quote} {quote} The masters of Saint Vincent and Seychelles.
Call me cynical or skeptical but to me, it is basic common sense not to put real decent size capital with any FX broker. Under 10-20K might be okay but that limits the pursuit of being a fulltime trader unless your living expenses is under $500/month. Retail Spot FX is a DEAD industry. Relying on unregulated brokerage houses is pure stupidity imo. I am glad I got out when FXCM was busted and booted out of USA. Bottom Line: I don't trust SpotFX nor will I completely trust anyone trading it.....especially the ones who trade in MT4. End of discussion brothers. Quit Spot FX and move to Futures if you are still not making it in this field. It's not your fault to be failing. Get over it and Get out.

EDIT: And it makes me sad to say.... those who keep on creating strategies or advocate the continuance of our struggles in Spot FX are the ones whose rely on income (trading or non-trading). Self-Preservation via this propaganda machine is really what it is! They are the worst of anything mankind has to offer. I am certain there will be a few more today putting me on IGNORE.... which only proves my point!
Staying in my lane...
  • #18
  • Jun 21, 2019 6:35am Jun 21, 2019 6:35am
What about the FSA regulated UK division of axitrader? https://www.axitrader.com/uk
Also affected by the move to st vincents?
  • #19
  • Jun 21, 2019 6:58am Jun 21, 2019 6:58am
Quoting VEEFX
{quote} Bottom Line: I don't trust SpotFX nor will I completely trust anyone trading it.....especially the ones who trade in MT4. End of discussion brothers. Quit Spot FX and move to Futures if you are still not making it in this field. It's not your fault to be failing. Get over it and Get out.
Trading futures is undoubtedly more secure, with superior regulation and trading conditions. - no question.
But trading futures is just as hard. If you're not making it in Spot FX - truth is moving to futures may not help.
  • #20
  • Jun 21, 2019 7:34am Jun 21, 2019 7:34am
Quoting LFN
What about the FSA regulated UK division of axitrader? https://www.axitrader.com/uk Also affected by the move to st vincents?
not.
but that one takes EU traders only, i believe.
there is always, always another trade!!
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