I have been trading with Axitrader, via a multiterminal platform.
As new clients are not obliged to tell me if they have made a topup or increase in deposits, I trade based on amount of balance and equity shown at the MT4 terminal.
On the 24th of December, i see an increase of $1000 under my managed funds. It is natural to increase lot size based on balance. And so, naturally the trade sizes of my client's accounts have become bigger, as balance is now bigger.
On the 30th of December, Axitrader's relationship manager (JiaYi) from Singapore office suddenly messaged me and told me that there was a mistake in $1000 deposit by Axitrader to my client's account. It was after 1 whole week ! Not only did Axitrader realised it 1 week later, the damage was already done. Unfortunately the trades done from 24th to 30th were closed at SL.
Axitrader then further clarified that they have to reverse the $1000 deposit, and only reimburse half of the losses during the period from 24th to 30th. This is totally unacceptable, with Axitrader RM (relationship manager) stating that it was 100% their fault, but they are only willing to take 50% responsibility.
The whole scenario would not have even occured if :
1) Axitrader did not credit my client's account wrongly
2) Axitrader found their mistake only 1 week later
Damage :
1) Increase in trading size as more balance was available for trading
2) Full damage on SL based on larger balance, but Axi was only willing to compensate half.
I have demanded a full refund. And attached the copies of transcript between their RM Jiayi and me.
As new clients are not obliged to tell me if they have made a topup or increase in deposits, I trade based on amount of balance and equity shown at the MT4 terminal.
On the 24th of December, i see an increase of $1000 under my managed funds. It is natural to increase lot size based on balance. And so, naturally the trade sizes of my client's accounts have become bigger, as balance is now bigger.
On the 30th of December, Axitrader's relationship manager (JiaYi) from Singapore office suddenly messaged me and told me that there was a mistake in $1000 deposit by Axitrader to my client's account. It was after 1 whole week ! Not only did Axitrader realised it 1 week later, the damage was already done. Unfortunately the trades done from 24th to 30th were closed at SL.
Axitrader then further clarified that they have to reverse the $1000 deposit, and only reimburse half of the losses during the period from 24th to 30th. This is totally unacceptable, with Axitrader RM (relationship manager) stating that it was 100% their fault, but they are only willing to take 50% responsibility.
The whole scenario would not have even occured if :
1) Axitrader did not credit my client's account wrongly
2) Axitrader found their mistake only 1 week later
Damage :
1) Increase in trading size as more balance was available for trading
2) Full damage on SL based on larger balance, but Axi was only willing to compensate half.
I have demanded a full refund. And attached the copies of transcript between their RM Jiayi and me.
