AxiTrader AFS licence suspended | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

FXTM has no more UK FCA licence? 0 replies

Axitrader feedback, anyone? 286 replies

ASIC cancels retail derivative issuers licence 0 replies

AxiTrader USA? 2 replies

axitrader 5 replies

Attachments: AxiTrader AFS licence suspended
Exit Attachments

AxiTrader AFS licence suspended

  • #1
  • First Post: Feb 3, 2020 7:08am Feb 3, 2020 7:08am
https://asic.gov.au/about-asic/news-...s-afs-licence/

Good to know, though never traded with them myself.

That should take the wind out of Nial Fuller's vigorous touting of the broker to newbies. The emperor is naked, folks.

By the way, any AxiSelect traders around, wishing to share their views?
Timing Direction Strength
  • #2
  • Feb 3, 2020 8:23am Feb 3, 2020 8:23am
More : https://www.financemagnates.com/fore...s-afs-licence/
  • #3
  • Feb 3, 2020 10:15am Feb 3, 2020 10:15am
at last one good thing from ASIC
  • #4
  • Feb 3, 2020 10:19am Feb 3, 2020 10:19am
Quoting MXT
at last one good thing from ASIC
based on what personal experience?
there is always, always another trade!!
  • #5
  • Feb 3, 2020 11:39am Feb 3, 2020 11:39am
Quoting profitfarmer
{quote} based on what personal experience?
based on this :

pay client money into an account with an Australian authorised deposit-taking institution

comply with client money reporting rules

lodge financial statements with ASIC by the due date.
  • #6
  • Feb 3, 2020 1:21pm Feb 3, 2020 1:21pm
Quoting MXT
{quote} based on this : pay client money into an account with an Australian authorised deposit-taking institution comply with client money reporting rules lodge financial statements with ASIC by the due date.
see, what i am more interested in:
free deposit/withdrawal
timely payment handling...in or out
a relative tight spread and competitive enough commission. (4.7 per lot for me)
in case if any complaint a quick response, with fair judging...literally no other broker paid me back on profit loss due to execution issues, and had not a few.
an international company; not that buy-a-license-in-Vanuatu-for-5000$.

i understand we judge on different objectives but have no major complaint about them, (ASIC or not; not that most Aussie brokers sign no residents with ASIC regulation anymore, literally all have moved to open their offshore arms), but 3 years with them ( not at all exclusively), and lot more withdrawals than deposited money, i can say there is the very least a bunch of lot worse options out there.
not based on some article, but based on solid 3000+ entries personal take.

also,add to the personal preference column: as long ASIC doesnt have any kind of compensation scheme offered, they are as worthless as the worst offshores of Belize or the Marshall Islands...
there is always, always another trade!!
  • #7
  • Edited 5:08pm Feb 3, 2020 1:44pm | Edited 5:08pm
Quoting profitfarmer
{quote} . i understand we judge on different objectives ...also,add to the personal preference column: as long ASIC doesnt have any kind of compensation scheme offered, they are as worthless as the worst offshores of Belize or the Marshall Islands...
gotcha PF , my " at last something good from ASIC " comment was mainly referring to the fact that they had been very active about lowering leverage as of late , instead of focusing on what really matters to traders :

good leverage
fund safety
segregated accounts , or at least safe accounts
solid audited financial statements
  • #8
  • Feb 4, 2020 5:45pm Feb 4, 2020 5:45pm
as I have mentioned in other threads, the client money rule that comes into play has caused headache with a number of brokers. Especially smaller ones which cannot cope with complying with new rules - especially the reconciliation between MT4 account balances and actual client Trust bank account balances.
Unless it is automated, it is hard to do. Also Brokers need its own money now to meet margin and hedging purposes which previously they can use client's money.
Berndale capital and others has gone under, i believe for that reason.

ASIC was caught sleeping during the Royal Enquiry a year ago. They are now very strict.

I did asked IC Market on their Seychelles options. They said the money (client trust account) is still with Australian banks . It will be good if they still follow ASIC reconciliation rule(although they will not report weekly to ASIC). If ASIC decide to reduce leverage, it will be a good option to sign up with seychelles.

Tickmill seychelles have the money with Barclays in seychelles, which I don't like. A tsunami could closed seychelles for a few days which will affect deposit/withdrawal.
  • #9
  • Feb 4, 2020 9:08pm Feb 4, 2020 9:08pm
Axitrader has a license in the UK under FCA. Interesting to note that there is no issue with FCA compliance.
Under FCA, you have FOS compensation. Under ASIC there is no compensation, hence have to be strict.

Having dealt with ASIC in my job, their policy is this: if you make a mistake, admit it and pay the fine and cross your heart not to offend again.
If ASIC finds out you made a mistake, the penalty is a very heavy fine, license suspension or jail time.

ASIC relies on electronic detection rather than human whistle blower. With offense relating to insider trading in shares, their conviction rate is almost 100%. All result in jail time. In singapore insider trading gets you a fine.
There is one case of insider trading in Australia where company A has a supplier B. A friend of supplier B (let's call him X) uses the information from supplier B to trade shares in company A.
X was caught and jailed on 2 years even though X has no direct relationship to company A. The profit made by X was under 100K.
  • #10
  • Feb 8, 2020 7:43am Feb 8, 2020 7:43am
Axitrader is 100% owned by axicorp.
This suspension on axicorp, is there any
Effect on the axitrader operation.
Hope it does not impact the prop trading.
  • #11
  • Feb 8, 2020 1:58pm Feb 8, 2020 1:58pm
I'm with Axitrader in the UK and having a few issues atm so this doesn't surprise me.

I'm actually waiting to hear from their compliance department before I potentially report them to the FCA.

I'm interested to know if this issue to do with the ASIC license is similar to what I've experienced but cannot seem to find any information in it.
  • #12
  • Feb 8, 2020 5:26pm Feb 8, 2020 5:26pm
Quoting Vexxey
I'm with Axitrader in the UK and having a few issues atm so this doesn't surprise me. I'm actually waiting to hear from their compliance department before I potentially report them to the FCA. I'm interested to know if this issue to do with the ASIC license is similar to what I've experienced but cannot seem to find any information in it.
What kind of issues that you are facing now? Care to share. You can't log in and trade anymore or unable to withdraw?
  • #13
  • Feb 8, 2020 5:58pm Feb 8, 2020 5:58pm
Quoting jinsen
{quote} What kind of issues that you are facing now? Care to share. You can't log in and trade anymore or unable to withdraw?
To be perfectly Frank I'm going to wait for Compliance on Monday but they've already admitted to a fairly serious breach of FCA rules which may have only affected myself which I find hard to believe.

I will update on Monday depending on what they say!
  • #14
  • Feb 9, 2020 3:14am Feb 9, 2020 3:14am
Quoting Vexxey
{quote} To be perfectly Frank I'm going to wait for Compliance on Monday but they've already admitted to a fairly serious breach of FCA rules which may have only affected myself which I find hard to believe. I will update on Monday depending on what they say!
you said you had issues. Not sure what you faced. Be sure to update any issue to back the statement. I am more interested
In being fund by axitrader. As I mentioned earlier, as long can trade and withdraw. And in whatever event, my money not Mia. That's good enough.
  • #15
  • Feb 9, 2020 3:19am Feb 9, 2020 3:19am
Quoting jinsen
{quote} you said you had issues. Not sure what you faced. Be sure to update any issue to back the statement. I am more interested In being fund by axitrader. As I mentioned earlier, as long can trade and withdraw. And in whatever event, my money not Mia. That's good enough.
No problems with withdrawals or deposits.

No problems with executions or slippage during news.

Overall was very pleased with them as a broker.

Hopefully my issue only affects my account and pending they fix it I'll stay as a client
  • #16
  • Feb 9, 2020 10:20pm Feb 9, 2020 10:20pm
Axitrader is the trading name of Axicorp. There is only one ABN (australian business number). So it is incorrect to say Axitrader is 100% owned by Axicorp. They are one and the same. ASIC only knows of Axicorp Financial Services Pty Ltd. There no "Private Limited " Pty Ltd after Axitrader name.
All business registration, tax and other regulatory filings is under Axicorp.

The question is whether the issues justify suspension or just a fine.
Usually ASIC gives a warning before suspension,i.e. if issues remain and unresolved after a warning, then suspension.

If a company realised they make a mistake, report to ASIC and they will issue a fine. Pay the fine, everything is back to normal. If ASIC finds out the mistake before the company reports it, there will be a heavy fine and maybe a suspension. If serious enough, the director will be prosecuted and end up in jail.
  • #17
  • Feb 9, 2020 10:48pm Feb 9, 2020 10:48pm
https://www.axitrader.com/int/our-advantage/forex-faqs

Saw this on the website..confusing..It quote 100%

AxiTrader is a trading name of AxiTrader Limited (AxiTrader), which is incorporated in St Vincent and the Grenadines, number 25417 BC 2019 by the Registrar of International Business Companies, and registered by the Financial Services Authority, and whose address is Suite 305, Griffith Corporate Centre, PO Box 1510, Beachmont Kingstown, St Vincent and the Grenadines.

AxiTrader is 100% owned by AxiCorp Financial Services Pty Ltd, a company incorporated in Australia (ACN 127 606 348). Over-the-counter derivatives are complex instruments and come with a high risk of losing substantially more than your initial investment rapidly due to leverage. You should consider whether you understand how over-the-counter derivatives work and whether you can afford to take the high level of risk to your capital. Investing in over-the-counter derivatives carries significant risks and is not suitable for all investors.

  • #18
  • Feb 10, 2020 6:17pm Feb 10, 2020 6:17pm
Jinsen.
I am referring to ASIC jurisdiction entities only.

Outside of Australia, the suspension does not apply. Axicorp can call their subsidiaries outside of australia with the same name or different name, it doesn't matter.
The Axitrader you referred to is in another country.

BUT if ASIC (example only ) fined Axicorp $20 mil dollars and Axicorp cannot service this, it will definitely affect the worldwide operation.
If it is suspension alone or small fine, other jurisdiction can still function if they have enough money.
  • #19
  • Feb 12, 2020 9:51am Feb 12, 2020 9:51am
Axitrader UK provided the wrong leverage to client accounts from early 2019 and therefore broke FCA regulations. They have provided me with a refund but no form of compensation and therefore my next course of action is a complaint via the financial ombudsman.

Whilst I appreciate they have dealt with the matter this has been reported to the FCA and I do wonder if the ASIC license issue is a similar "Mess up".

I honestly would be careful dealing with Axitrader UK part of AxiCorp moving forwards.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20200212-104259__01.jpg Size: 390 KB
  • #20
  • Feb 26, 2020 3:48am Feb 26, 2020 3:48am
I'm testing it with couple $$.
0 traders viewing now