GUILTY Case# 2017-140 | VKMAZHAGAN vs AXNFX.com

Based on the available evidence, do you believe that AXNFX.com is Guilty?

  • Guilty

    Votes: 63 98.4%
  • Not guilty

    Votes: 1 1.6%

  • Total voters
    64
  • Poll closed .

VKMAZHAGAN

Private
Messages
22
Original FPA Traders Court Submission:

I am submitting the case against: AXFNX

My Case is: My name is Muthazhagan V K from India, Chennai.

My live account no with AXNFX is 2096574151 Spartan Live B2B.

I have started the Trading account with $100. Mr. George from AXFNX appointed as my trading specialist given all deals and said to increase the account balance $500 to make good profit, again I have invested $400 and made my investment rounded of $500. He also advised me to change the lot size from 0.01 to 0.03 to make good profit and initially he made some profit deals($700), and inform me to increase the account balance to make good profit when my account balance was $ 1200.

A week later some 4 deals (0.03 lot) went negative -$600. I called him and asked about this he replied don't worry a week time this will be recovered. I never made my self any loss deals so for in my trading account.

On 14th Nov 2017 he called me and send mail to increase the account balance because of the News market will have high fluctuations & can make good profit when my trade balance was -$900 . So I invested $1000 through my credit card to safe my account.

Further he gave some new deals in that 3 deals made profit other 6 deals went in negative of -$1300. I sent a mail to him asked whether this deals will recovered or what to do at this situation. He called me replied not to worry the deals will be definitely recovered. Two days later things gone worse all the negative deals gone further down and my trade balance went $1000 and - $1500 in trade balance, last 3 days my trade balance gone further down to $600 and negative rally continuous.

On 21st Nov 2017 some one from AXFNX support team called me and informed that my account was in a critical stage and asked me to increase the account balance. But I refuse to increase the account balance because I loose faith on their trading strategies and lethargic behavior.

Mr. George was appointed as my trading specialist and I believe his words on deals and do this risky trading because they are having a good experience in FOREX trading. But in my case it was not happen and my total investment lost with in a week time. I cannot manage or tolerate this loss made by AXFNX team.

AXNFX Trading team initially showing some profits later giving the negative deals and force the clients to make further deposit to save the account and finally finish the customers investments.

So I request you to intervene in this and help me to get back the investment $1500). I don't want any profit made or bonus given by them.

Thanks & Regards,

V K MUTHAZHAGAN

New thread in the Scam Alerts Folder:

Review is submitted by VKMAZHAGAN on 11/26/17

The company was first contacted about the issue on 11/24/17 the last contact was on 12/10/17

Details: Someone called from AXFNX CS department and asked about my quires and replied he will forward my mail to concerned department on 4th December


Mr. George from AXFNX called and tried to convinced me on 6th December and replied the company will not pay back my investment. I said I know what to do to recover my investment and disconnected the call.

Company representatives' emails: George Menon <george.m@axnfx.com>

 

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AsstModerator

FPA Forums and Reviews Admin
Messages
5,578
Were all of the deposits by credit card?
What were the dates of each deposit?

I see you already invited them. I'm sending the formal FPA invitation now. Please post an update on Wednesday to let me know if you've heard anything new back from them or not.
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,578
Were all of the deposits by credit card?
What were the dates of each deposit?

I see you already invited them. I'm sending the formal FPA invitation now. Please post an update on Wednesday to let me know if you've heard anything new back from them or not.
 

VKMAZHAGAN

Private
Messages
22
Were all of the deposits by credit card?
What were the dates of each deposit?

I see you already invited them. I'm sending the formal FPA invitation now. Please post an update on Wednesday to let me know if you've heard anything new back from them or not.

Dear Sir,

Apologies for my delayed reply.

1. Open the Trade account through Pay U Money and used Net banking $100 on 25/09/2017.

2. Used Standard charted Credit card for $400 on 30/10/2017.

3. Used HDFC credit card for $1000 on 14/11/2017.

I don't get any reply from AXNFX till date.

Thanks & Regards,

VKMAZHAGAN
 

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