AxiTrader Review 2023 - Dishonest Broker Using Erroneous External Price to Their Advantage

(UPDATED) 24 November 2023 

I first contacted Axi(www.axi.com) via email on 14 November about the erroneous external price adjustments which happened on 13 November. Their promise is that they will "get back with a reply within maximum 24 hours". They did respond to me but with a reply that did not address my queries. I then replied them, and also called in, and also chatted with an agent via live chat. Live chat and call agent said they would get Prince, the agent who replied my email, to get back to me. I did not receive any replies or responses at all until I received an email on 23 November. That's definitely way more than 24 hours.

I had basically asked for my open trades to be reinstated or for a portion of my balance to be returned to me because had the error not occurred, my open trades even with a floating P/L of -$70000 would still be open, and the market had moved according to what I was waiting for (XAUUSD to go up) right after, and hence, I would have recovered a huge chunk of my equity (probably 50-60k by 17 Nov).

This is what they sent me :
"We were also advised that we can no longer reinstate the trades, days after the adjustments have been made as significant market movement have already taken place after the CPI release."

WOW, of course, you took 8 days to reply me, AFTER the CPI release, and say this.  

 

This clause in their contract is is obviously bullshit :

Our aim in making any adjustment to pricing will be to act fairly to you. We will not seek to take advantage of pricing errors to advantage ourselves. 

Please note that with any adjustments, our aim is always to place our company and our clients in a position as close as possible to the outcome that would have resulted had the error not occurred.
 

They obviously used the erroneous trade/external price to their advantage, using it as a reason to wipe out all my balance that I would have recovered as equity. Wiping out my unrealised losses of 70k which I would have gotten back in the 4 days after and calling it as as close as possible to the outcome that would have resulted had the error not occurred?? Where's my unrealised loss of -$70000?

What a joke. This is my honest review of AxiTrader. Folks, please find a better broker and not use Axi. AVOID AXI at all cost! I guess them exiting the Singapore market (they had an office here last time) might be because they did not want to be regulated by MAS and FIDRec. I mean, makes sense, since they have such scammy practices.

-----

14 November 2023

Hi everyone, I'm writing this post today to seek advice and help from fellow traders who use AxiTrader(AxiCorp). To begin, I'm pretty new to trading but I roughly know how it works. I'm definitely not good at it, have made tons of mistakes along the way and have sunk in a huge amount of money in just 2 months.

I was doing quite well initially, oh I forgot to mention that I trade only XAUUSD. The intense fluctuations allow me to make gains quickly, and also incur losses even quicker, but I believe that I can recover all my money inside, as I have twice before.

On Sunday night, before the market opens on Monday, my 

equity : 2625.75

margin : 170.60

margin available :  2455.15

I had 6.45 BUY lots, 5.81 SELL lots

Floating P/L : - 70308.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 On Monday morning, around 7plus am Singapore time, this drop happened, and I was instantly wiped out. All my trades were closed and I was left with -946 in my account. I was shocked.

Later on in the day, I received this Erroneous External Price email from Axi and it says that all the transactions have been voided or cancelled. I went into my account, and all my trades were still gone, but I was given an equity of 2280. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This was the end of day statement for that day. I wrote in to Axi, asking about the erroneous external price and about my closed trades. This is what they sent back to me :

"Please note that all these adjustments are done in accordance with our error handling policy, which can be found also in the client agreement, which you accepted upon opening your account with Axi. Here point 3.4 Errors in Prices clearly states the following: 

"Errors in pricing may occur from time to time. In these circumstances, we may adjust any element of your Position. Our prices reflect those in the Underlying Instrument. Prices can vary quickly and in some circumstances prices that we publish may not be available for large volumes. In addition, errors can occur, and we reserve the right to alter the price or even void the transaction. Our aim in making any adjustment to pricing will be to act fairly to you. We will not seek to take advantage of pricing errors to advantage ourselves. If we consider that a pricing Error has occurred, we may adjust various parameters of your Position, including potentially reversing or closing out Positions, which may mean that your profit is less than would otherwise be the case, or even that you incur a loss. However, such an adjustment will only occur when we are satisfied that a genuine pricing Error has occurred, that is, the price or value of the Position did not accurately reflect the price or value of the relevant Underlying Instrument."
Please note that with any adjustments, our aim is always to place our company and our clients in a position as close as possible to the outcome that would have resulted had the error not occurred.
 
If you need more help, please call or chat with us."

If the error had not occurred, my trades would not have been closed out, and my balance of around 73000 would not have been gone. I feel that they should reverse closing out my positions, and honour the TP and SL in my trades according to the current market. I held on to all my trades because I was hoping for the XAUUSD to rise, so that I can close out alot of my trades. I would have closed out 3 SELL lots and 2 BUY lots by now judging by how the market has moved in the 2 days, and I would have recovered a significant amount of my equity. How is giving me an equity of 2280 which is lower than what I even started the day with, and bankrupting my balance placing me "in a position as close as possible to the outcome that would have resulted had the error not occurred"??? Why aren't they voiding the transactions and reversing the closing out?

Even if they had to close out my trades, they could have closed out a 0.8 BUY trade to make the free margin incredibly large so that the entire wipe out wouldn't happen. I do understand as well that the computers/systems might not be smart enough to handle that, or everything happened too quickly, or they are programmed in a way to wipe people out so that Axi can make money but to say that I AM IN A POSITION AS CLOSE TO WHAT WOULD HAVE HAPPENED HAD THE ERROR NOT OCCURRED?? How is that acting fairly to me?

Has anyone experienced this before? If yes, please share with me what you did, or what I can do to get Axi to be reasonable and help me out here. I'm not asking them to give me free money, but asking them to reverse close my trades and honour the TP/SL in my trades, fairly. The rest of my open trades which are in the red could be reinstated — I'm completely fine with that. I'm not asking for an allowance, or free pass, but just really for the circumstances to be what they would have been if the error did not occur.

UGH, not trying to gain sympathy but that's honestly all the money that I had. And I was really looking forward to recovering most of them this week as the forecasts were that XAUUSD were gonna rise, and they sure did. This is so unfair.