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Resolved - www.axitrader.com.au witholding withdrawal of deposit funds

Discussion in 'Resolved Issues' started by 2stylsh, May 2, 2012.

  1. 2stylsh

    2stylsh Private

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    Last night i received a very cryptic email from my broker Document Moved

    "Dear Client,

    We are currently investigating a price anomaly that could involve your trades which took place on your account at approximately 07:30 Server Time (14:30 AEST).

    We wish to notify you that during this time we will not be able to process any withdrawals on your account and expect this investigation process will take no longer than 24 hours."

    This was in relation to trades that took place during the AUD/USD plunge around this time period, so simple even a donkey could have profited from it.

    I confirmed the plunge had indeed taken place and was not just a price spike.

    Forex: AUD/USD recovering halted at 1.0350

    The issue I have with this is first an foremost blocking access to my initial deposit, is akin to theft and had nothing to do with this so called 'price anomaly'

    My intentions were actually to make Axitrader my long term broker, but this behaviour is totally unacceptable as is the lack of response.

    I bet they got slaughtered by all the bears who took profit on that one, and it stung so hard they had to come up with an excuse which sounds oh so familiar to other cases which have been raised at FPA.

    I have emailed them twice now with no response, and already I sense this incident will go south, hence my post to warn all to beware.

    And just for the record I have sustained heavy losses on numerous days of trading including over $350 dollars since this email, but of course these anomalys are fine because I am losing money, not them.

    If this does not have a positive outcome, I will proceed to traders court for a judgement in the next few days.
     
  2. PipHunters

    PipHunters Private

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    I had the same problem, I had enough of their bullsh*t. withdrawing all my money and seeking a new broker!
     
  3. Pharaoh

    Pharaoh Colonel

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    Give them their 24 hours and report the results of their pricing anomaly investigation here for all to see.
     
  4. PipHunters

    PipHunters Private

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    Here is a tip for everyone. please avoid their standard account at all cost! I got adjusted for my profit TWICE IN 2 WEEKS! the first for over $30,000, and the second for over $2,000! If you're gonna use their ECN account I advise not to deposit more than $2000! I just dont feel secure with my money in their account when they can just adjust your profit when they want. The 2nd time they didn't even give a reason why! just there was another error. I have withdrawn ALL my profits now and are moving to a few other brokers.


     
  5. PipStar

    PipStar Sergeant

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    Is it really $ 30,000 adjustment to your account or is that a typo with the extra zero? If correct, was that one trade or a series of trades? It looks like a lot of money.
     
  6. PipHunters

    PipHunters Private

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    not a typo! a series of trades at 10+ lots per trade
     
  7. 2stylsh

    2stylsh Private

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    Scam alert update, after a straight talk chat with one of the higher echelons of Axitrader, my situation was resolved and profits awarded, withdrawal requested and actioned, all out at double my initial deposit.
    This would make the outcome a rare positive in an enviroment where traders are getting axed left right and centre for thier hard earned funds.
    So in short it looks like more than myself was affected by this anomaly as per Piphunters comments, and losses which far exceeded mine.
    No need to discuss which EA or which trading style as broker already knew, on the application it asked using EA or not and I ticked using EA, fair game.
    This strategy came close to losing all profits twice, so it was tough going even when conditions were favorable.
    Yes the price feed did change without notification, but axitrader were good sports on this occasion and this scam alert is closed with positive outcome.

    Now as for Piphunters and others, I guess its a case by case basis and getting 30 grand back may be a totally different story....
     
  8. RahmanSL

    RahmanSL Major

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    The fact that AxiTrader do listen to and care to resolve their client's problem, unlike some major well known regulated brokers who would simply discard the problem & stubbornly pointed to their all-so-precious T&C,, this indeed is most heartening & encouraging news to me since AxiTrader is my main broker for now :cool:
     

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