Axitrader's scamming boiler room just stole USD $10,280.63 from me!

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Kerobokan

Banned for uncivilized conduct
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138
It all began when they sent me out an updated client agreement,stating that they would close any positions open for more than five days and any hedged positions would be closed if a third position was opened,meaning that they were happy for you to lose money for five days but they would automatically close out your position in the market before it had time to reverse.
It was very covertly worded and slipped through with an email stating :

"New in May - Updated Client Agreement, Copper Now Available and Trading Comp Winner"


Here's the two parts I questioned :

"Hi Ajak,

I just received an updated client agreement and wanted to ask you a couple of things,firstly about opposing positions :

3.5 Opposing Positions

Subject to Schedule 1, you may run opposing Positions in the same market, and a Position in a market where you have an opposing Position already open will automatically be deemed to be an instruction to close out the earlier Position

(to the extent of any overlap).

Does this mean that you can only have two positions at any one time in the same financial instrument,a buy and a sell position?

6.2 Automatic Closure

A position will close automatically on the fifth anniversary of the date on which the Position was first entered into.


What does "anniversary" mean here?The fifth anniversary of a date is five years later but I'm guessing this doesn't mean all positions will be automatically closed after 5 years does it?The wording is very unclear could you please explain and clarify the meaning for me?

When will these changes take place please,I assume it won't affect already open positions?I look forward to hearing from you."

[Laughably I receive an email from Alex Mackinnon who I believe may be one of the directors claiming that ‘6.2 Automatic Closure’ did actually mean that any positions still open after FIVE YEARS would be automatically closed!]


So I emailed two different departments at Axitrader to try to confirm this,my account executive Ajak Biar and a girl called Cherry Hong in customer service but they both refused to answer my emails as they were engineering the situation.Out of desperation and to protect my assets and those of my retired Father,luckily these were only the two clients myself and my Father that I had brought on board to this IB so far,I told them that if they closed any of my trades without my agreement I would consult my lawyer about bringing a private prosecution against a staff member Cherry Hong for gross misconduct and fraud.
This was what they were waiting for and they told me they would close down my introducing brokerage,at this stage the market was moving against me as I tried to exit my positions leaving me no choice but to send them extra money for trading margin to prevent my trades from being stopped out.
No sooner had I sent them USD $9,000 of trading margin to keep my positions open as the market had reversed against me,they closed all my positions just 9 days later and stole my money a total of USD $10,280.63,so had I done nothing they would have kept my money as the account would have been stopped out.Sending extra margin kept the account open until they closed my trades just 9 days later without my agreement,knowing that sooner or later the market would reverse and I would get my money back and close the trades myself,just thieves and scammers!
Any company that puts you into a situation so that no matter what you do or what course of action you take they will keep your money is a boiler room fraud operation,pure scammers and nothing more!
I want to put my case into trader’s court to make sure that everyone can see it and nobody else is scammed in the same way by this bucketshop Axitrader.
 

Pharaoh

Colonel
Messages
19,690
It looks like your balance went negative. When that happens, brokers will close trades.

If you find yourself needing to deposit extra money to avoid a margin call, you aren't following good risk management rules. If you have poor risk management, sooner or later, you will wipe out your account with no special help needed from a broker.
 

Kerobokan

Banned for uncivilized conduct
Messages
138
There was nothing negative and plenty of free margin left,they closed my trades without my permission and scammed me there's a bit of a difference!They engineered the situation to close my IB down and steal my money they are an absolute disgrace of a company.
Like all these big brokers they are market makers and nothing to do with STP or ECN,they only want totally inexperienced retail traders that will deposit and lose all their funds within 1-3 months!
My Father's second account is still running alongside and fine,I spoke to the FOS in Australia yesterday and I am waiting for them to appoint a case officer to get my money back in a week or two.
 

Kerobokan

Banned for uncivilized conduct
Messages
138
It looks like your balance went negative. When that happens, brokers will close trades.

If you find yourself needing to deposit extra money to avoid a margin call, you aren't following good risk management rules. If you have poor risk management, sooner or later, you will wipe out your account with no special help needed from a broker.
I'm not really interested in trading tips here but rather how to recoup my stolen monies from Axiscammer,this wasn't a stop out as you can clearly see it is NOT stated as a stop out.I can post one for you to see with the figure and percentage of margin at which a stopout occurred if you like but surely you must have seen one before?
 

FxMaster

Lt. Colonel
Messages
7,809
It all began when they sent me out an updated client agreement,stating that they would close any positions open for more than five days and any hedged positions would be closed if a third position was opened,meaning that they were happy for you to lose money for five days but they would automatically close out your position in the market before it had time to reverse.
It was very covertly worded and slipped through with an email stating :

"New in May - Updated Client Agreement, Copper Now Available and Trading Comp Winner"


Here's the two parts I questioned :

"Hi Ajak,

I just received an updated client agreement and wanted to ask you a couple of things,firstly about opposing positions :

3.5 Opposing Positions

Subject to Schedule 1, you may run opposing Positions in the same market, and a Position in a market where you have an opposing Position already open will automatically be deemed to be an instruction to close out the earlier Position
(to the extent of any overlap).


Does this mean that you can only have two positions at any one time in the same financial instrument,a buy and a sell position?

6.2 Automatic Closure

A position will close automatically on the fifth anniversary of the date on which the Position was first entered into.


What does "anniversary" mean here?The fifth anniversary of a date is five years later but I'm guessing this doesn't mean all positions will be automatically closed after 5 years does it?The wording is very unclear could you please explain and clarify the meaning for me?

When will these changes take place please,I assume it won't affect already open positions?I look forward to hearing from you."

[Laughably I receive an email from Alex Mackinnon who I believe may be one of the directors claiming that ‘6.2 Automatic Closure’ did actually mean that any positions still open after FIVE YEARS would be automatically closed!]


So I emailed two different departments at Axitrader to try to confirm this,my account executive Ajak Biar and a girl called Cherry Hong in customer service but they both refused to answer my emails as they were engineering the situation.Out of desperation and to protect my assets and those of my retired Father,luckily these were only the two clients myself and my Father that I had brought on board to this IB so far,I told them that if they closed any of my trades without my agreement I would consult my lawyer about bringing a private prosecution against a staff member Cherry Hong for gross misconduct and fraud.
This was what they were waiting for and they told me they would close down my introducing brokerage,at this stage the market was moving against me as I tried to exit my positions leaving me no choice but to send them extra money for trading margin to prevent my trades from being stopped out.
No sooner had I sent them USD $9,000 of trading margin to keep my positions open as the market had reversed against me,they closed all my positions just 9 days later and stole my money a total of USD $10,280.63,so had I done nothing they would have kept my money as the account would have been stopped out.Sending extra margin kept the account open until they closed my trades just 9 days later without my agreement,knowing that sooner or later the market would reverse and I would get my money back and close the trades myself,just thieves and scammers!
Any company that puts you into a situation so that no matter what you do or what course of action you take they will keep your money is a boiler room fraud operation,pure scammers and nothing more!
I want to put my case into trader’s court to make sure that everyone can see it and nobody else is scammed in the same way by this bucketshop Axitrader.
Two steps that you must follow

1st - Invite them to join this thread via email (Send email to every possible address).

2nd - Go to their website and invite them to here via Live Chat
 

Kerobokan

Banned for uncivilized conduct
Messages
138
It looks like your balance went negative. When that happens, brokers will close trades.

If you find yourself needing to deposit extra money to avoid a margin call, you aren't following good risk management rules. If you have poor risk management, sooner or later, you will wipe out your account with no special help needed from a broker.
Here is a stopout attached,you can clearly see 'so: 29.6%/456.33/1539.60' in the bottom right-hand corner.
 

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Kerobokan

Banned for uncivilized conduct
Messages
138
Two steps that you must follow

1st - Invite them to join this thread via email (Send email to every possible address).

2nd - Go to their website and invite them to here via Live Chat
Hi there,ok both done 1 and 2...and now we wait!
 
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