AxiTrader’s Live Trading competition | Forex Factory

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AxiTrader’s Live Trading competition

  • #1
  • First Post: Jan 26, 2016 9:04pm Jan 26, 2016 9:04pm
In case you havent heard, AxiTrader is running a live trading competition in partnership with AxiSelect, called Million Dollar Trader. I gather there are a lot of questions on this so I wanted to start this discussion so that you can ask your questions here.

The Million Dollar Trader competition starts February 1st and will see Forex traders compete live over a three month period with the winner being fast-tracked into the AxiSelect program and allocated a trading account of US$1,000,000. There are also prizes of $250K and 2x $100K trading accounts.

To be clear, you dont win a million dollars. But you do win the right to trade $1 million, $250,000, or $100,000 earn a 25% fee on profits and start your journey to be a real money manager or hedge fund.

Are you good enough?

If you want to register, you can do so here theres also a whole lot of info on the comp and FAQs on that page too.

Cheers,
Greg
  • #2
  • Jan 26, 2016 9:36pm Jan 26, 2016 9:36pm
Here I am giving ASIC brokers a huge rap and then we get this... How this was allowed to get past ASIC or how they haven't had any problems with this scam is totally beyond me.

THERE IS NO MILLION DOLLARS. You may as well have advertised one trillion dollars. There isn't even a million dollars in trading credit if you read the fine print.

https://leaprate.com/2015/12/axitrad...g-competition/ - Read the comments.
  • #3
  • Jan 26, 2016 10:42pm Jan 26, 2016 10:42pm
Hi vinnytrades,

Yep, you're right about that you don't win a million dollars!

You may have missed it, but we said that just above in our first post:
"To be clear, you don't win a million dollars. But you do win the right to trade $1 million, $250,000, or $100,000 & earn a 25% fee on profits"

We haven't seen any other opportunity to trade a million dollars as a proprietary allocation from a broker. That sort of money is usually provided to professional traders, and that's why this is certainly a unique opportunity for those traders who are aspiring to be professionals.

No we won't be offering one trillion dollar allocations, we think almost 1.5 million in total allocations is enough

If you're unsure about anything related to the competition, ask us here.

Thanks,

AxiTrader
  • #4
  • Jan 27, 2016 2:52am Jan 27, 2016 2:52am
It's not really a scam, but a shameful marketing exercise. Read this analysis: http://www.jltrader.com/2015/12/16/m...r-competition/ Basically, you have no chance of winning the allocation if you trade responsibly, because they don't assess you based on trading skill but on luck. Don't see how any rational person would fall for this.
The worst thing I can be is the same as everybody else. I hate that.
  • #5
  • Jan 27, 2016 6:20pm Jan 27, 2016 6:20pm
Hi Gobi

As with any high profile event, there are bound to be many diverse opinions and we welcome these!

We believe we have setup this trading competition with the right conditions to give everyone a fair and equal opportunity, and by including a 3 month trading period we feel there is an environment for strategies of all different kinds which can be developed and implemented.

It's a little too early for us to announce, but we're also working on something that will see expanded opportunities for participants of the competition who have demonstrated talent in the competition, but aren't necessarily the winners. Stay tuned for more, we hope to have a Press Release on this generated soon which will provide you with more info on that...
  • #6
  • Jan 31, 2016 5:11am Jan 31, 2016 5:11am
Quoting GubyIQ
It's not really a scam, but a shameful marketing exercise. Read this analysis: http://www.jltrader.com/2015/12/16/m...r-competition/ Basically, you have no chance of winning the allocation if you trade responsibly, because they don't assess you based on trading skill but on luck. Don't see how any rational person would fall for this.
It not only shameful its a step away from how Axitrader has marketed itself through last 5 years plus. It would seem the company is in desperate financial trouble if it has to resort to such bucketshop related promotions. This is what you expect from a cyprus or russian broker.
  • #7
  • Jan 31, 2016 8:46pm Jan 31, 2016 8:46pm
Quoting balefx
{quote} It not only shameful its a step away from how Axitrader has marketed itself through last 5 years plus. It would seem the company is in desperate financial trouble if it has to resort to such bucketshop related promotions. This is what you expect from a cyprus or russian broker.
This is what I mean about how ASIC has just let it go. Making a joke of themselves and their regulation.
  • #8
  • Feb 1, 2016 7:45pm Feb 1, 2016 7:45pm
Hi balefx & vinnytrades,

Its a shame that we are seeing such cynicism!

This promotion is about unearthing traders who can manage money, and on the whole, were getting a lot of positive feedback on our offer of large proprietary allocations. This promotion gives the every-day retail trader the opportunity to obtain a proprietary allocation which is ultimately a step towards a career in professional trading thats an opportunity that you wont find elsewhere.

AxiSelect has been giving out proprietary allocations to traders it has found for more than 6 months, and now we are giving members of the AxiTrader community a chance at an allocation too by creating a wider promotion that anyone who trades well can win.

As we mentioned above, weve also been working on something that will further expand on the opportunities for participants of the competition, by embarking on a partnership with a trading company dedicated to encouraging the development of early career traders. You can read more about it here:
https://www.axitrader.com/au/market-...er-competition

Give us a call to discuss any concerns you have further,

AxiTrader
  • #9
  • Feb 4, 2016 3:30am Feb 4, 2016 3:30am
Quote
This is what I mean about how ASIC has just let it go. Making a joke of themselves and their regulation.

Australia is not a Nanny state like the USA. As long as broker comply with ASIC rules, a business is free to promote their business anyway they want. e.g. a retailer giving draw for a BMW if you buy a 60 inch TV. A potential customer in the market may decide to buy from this retailer instead of one of the competitor. But if you don't need a TV but decide to buy the TV just to enter into the draw....

Axi promotion is first and foremost a marketing strategy. if you are a losing trader, would you open an account to compete?
On the other hand, if you have been winning, why not? you still have to trade with you own money and win. Regardless if you win, you may like Axi and stay.
If nothing else, it may be great for your ego to beat other contestant. You can always decline to prize.

I am not an Axi client and don't intend to become one but I see nothing wrong with this competition since it is clearly for winners, not the other 95%!
  • #10
  • Feb 5, 2016 8:19am Feb 5, 2016 8:19am
Quoting reddevil
{quote} Australia is not a Nanny state like the USA. As long as broker comply with ASIC rules, a business is free to promote their business anyway they want. e.g. a retailer giving draw for a BMW if you buy a 60 inch TV. A potential customer in the market may decide to buy from this retailer instead of one of the competitor. But if you don't need a TV but decide to buy the TV just to enter into the draw.... Axi promotion is first and foremost a marketing strategy. if you are a losing trader, would you open an account to compete? On the other hand,...
mate, you said right.. it is a personal choice.. !!

I am AXI client for last 2y, I participate in the competition and I am happy with them..
  • #11
  • Feb 7, 2016 9:12pm Feb 7, 2016 9:12pm
I will tell you exactly what the game plan is here. The competition will be won by biggest cowboy (your dealing desk will find the winner of course) who will get your $1,000,000 CREDIT ACCOUNT. Of course this account will be fully offset by yourselves (b book?)

If the guy gets lucky then he gets only 25% of his profit he makes on top. No million $ hahahahaha. But if he is the cowboy you have picked then you will smash him thanks to the conditions placed on it so he ends up blowing his CREDIT ACCOUNT where you pull the plug.

In the meantime, AxiTrader will have pocketed 100s of accounts where idiots deposit $5,000 and think they can make $1,000,000!

Horrible campaign by Axitrader.
  • #12
  • Feb 12, 2016 11:42am Feb 12, 2016 11:42am
AGREE with you Badem.
My BAD EXPERIENCE with AXITRADER. Here is the cases :
1) I have Standard Acc with EURO base currency >> Suddenly Axi change into Pro Acc without any notice. Its mean any order I must pay COMMISSION.
<< When I call CS, they said Ok, I will open new Standard Acc for you >>
2) I open Million Dollar Trader Competition Acc. After I ask to get access to FXWW Chatroom, then CS ring me and ask to deposit at least 5000 USD to get that access.
Then I fund my Competition Acc 5000 Euro in the morning GMT. I wait money didn't go through my Competition Acc until in the evening I check money go into my Standard Acc, but only 4857 EURO.
<< When I call CS on that evening, they said, maybe HUMAN ERROR, and he try to fix next morning >>
3) Next morning I check in my Competition Acc, balance is 5449 USD. It s same with 4857 EURO. SO I Sort around 150 EURO before start trading
<< When I ask CS, they said the Competition Acc must be in USD. I said why I lost around 150 EURO. And I tell them to transer all my balance in Competition Acc into my Standard Acc, I said I will withdraw all my balance.
4) Another surprise in my Standard Acc only 4816 EURO not 4857 euro. So I sort another 40 EURO.
5) I withdraw that 4816 EURO. In email they said NO CHARGE. But I receive only 4800 EURO.
So, before I even start Trading, my money sort around 200 EURO. From 5000 EURO become 4800 EURO.
BE AWARE WITH THIS BROKER: No Transparent, Just want your money, Scam, Thief, and Robber
  • #13
  • Feb 21, 2016 10:23pm Feb 21, 2016 10:23pm
Hi bonex003,

Im really sorry to hear about your bad experience, can you send me a brief summary of the above post and well as your account details to [email protected] and I will look into it ASAP,

Marc
  • #14
  • Feb 24, 2016 4:43am Feb 24, 2016 4:43am
Hello,

Any ways to access the competitors results for "spectators" ?
If not, would you mind posting a screenshot of the leaderboard ?

Thanks

Ahhh, found it:
https://www.axitrader.com/au/promoti...t-leaderboards
  • #15
  • Feb 24, 2016 4:54am Feb 24, 2016 4:54am
Quoting AxiTrader
Hi balefx & vinnytrades, Its a shame that we are seeing such cynicism! This promotion is about unearthing traders who can manage money, and on the whole, were getting a lot of positive feedback on our offer of large proprietary allocations. This promotion gives the every-day retail trader the opportunity to obtain a proprietary allocation which is ultimately a step towards a career in professional trading thats an opportunity that you wont find elsewhere. AxiSelect has been giving out proprietary allocations to traders it has found for more than...
i agree
  • #16
  • Feb 29, 2016 10:13pm Feb 29, 2016 10:13pm
Have you guys seen the DMM FX's $10,000 competition?

That is how you run a competition. With CASH prizes, not Axitrader credit.

Notice how it's not $1,000,000? Because Axi's $1,000,000 is completely pulled out of their bum! It's an imaginary number!
  • #17
  • Last Post: Mar 4, 2016 5:19am Mar 4, 2016 5:19am
in competitions like this you need to have luck at start nothing else:nerd:
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