Illegal AXNFX Suspended Investor’s Account for No Reason

Exposed broker: AXNFX

Regulatory status: unregulated

Complainant: anonymous Indian investor

Cause of complaint: withdrawal failure

Recently, WikiFX got a complaint against the illegal broker AXNFX from an Indian investor, who suffered great losses after the broker suspended his account for no reason. The following is his story.

Event recap

The investor opened an account with a balance of US$140. But after the first few transactions, the platform showed that the investors account may be closed due to some errors in the trading process. A client manager named Vincent then offered him a discount and persuaded the investor into making more deposits in order to secure the trading account with a low account net worth.

For the next 6 months, investor eventually totaled his investment to US$7,500, with an account balance of US$ 82,000 and a net worth of US$30,000. Then the investor decided to withdraw part of his balance, and Vincent, the client manager, suggested him to break down his withdrawal into several smaller sums. So the investor applied to withdraw US$2,000 and US$2,500 separately, but he didn‘t got the US$2,500 withdrawal after receiving US$2,000, and what’s worse, while waiting for the money he found his account was closed by the client manager, leaving the rest of his account balance inaccessible. Currently the investor cant withdraw his remaining balance and suffered a total loss of US$14,000.

Investors trading record

Investors deposit records

About AXNFX

Per checking AXNFX‘s website, WikiFX failed to find any of the broker’s regulatory information among its numerous highlights listed by the broker itself. As AXNFX was registered in Seychelles, WikiFX also checked the website of Seychelles‘ regulation authorities and still couldn’t find AXNFXs regulatory information.

Conclusion

WikFX App shows that AXNFX is currently without valid regulation with a rating of 1.24. WikiFX reminds investors to stay away from this risky and unreliable broker.