In the realm of foreign exchange trading, the pursuit of profit remains paramount. Yet, recent revelations have cast a shadow over the experience of certain investors, dampening their enthusiasm for a hard-earned gain. A disconcerting issue has emerged concerning the AximTrade platform, where profit-making traders are encountering perplexing obstacles when attempting to withdraw their funds.
Additionally, there have been several claims about fabricated promises from the company’s CEO, Kelvin Tang. However, according to eternal resources in the industry, Mr. Tang has been unreachable for over a month, which leaves several question marks about him and his partners in Manila. A story is under investigation by our reporters and the authorities officials regarding further information about the investors’ activities, which will be published later on.
The Dilemma: Profits Gained, Funds Stuck
A disenchanted investor, who wishes to be identified as “Huiyou,” has come forth with a tale that exposes the unsettling reality of profit withdrawal on the AximTrade platform. With a trading history spanning over two years, Huiyou had previously navigated the platform with a mix of gains and losses, always being able to withdraw funds without undue delay. However, his narrative takes a turn when, after amassing over $60,000 in profits, he initiates a withdrawal of $20,000 on June 20. Weeks turned into months, and the funds have yet to arrive.
Inquiries and Evasive Responses
On July 3, Huiyou found himself facing an unexpected hurdle: the platform demanded detailed financial documents and video verification spanning the last 3-6 months. Although skeptical, Huiyou complied, submitting the requested materials. Despite his cooperation, over 20 days elapsed without any progress. July 28 brought a fresh request—this time, Huiyou was asked to prove ownership of a USDT address. Frustration grew, but Huiyou yielded, providing the information. Unfortunately, his cooperation yielded no tangible results.
Licenses and Regulatory Quandaries
AximTrade presents a regulatory façade that warrants scrutiny. Advertisements assert regulation by the Australian Securities and Investments Commission (ASIC) and registrations under the Limited Company Registration Office (LLC) and the Financial Services Agency of St. Vincent and the Grenadines (SVGFSA). However, upon closer examination, there are claims that the company is only a service representative and doesn’t hold a legitimate Australian ASIC AR regulatory license. Meanwhile, the St. Vincent FSA registrations lack substantive regulatory impact. According to our resources, the company is partially owned by Sherwin Quiambao who has been involved in fraudulent cases in the past and covers his business under several shell companies including Frist Global Transit Inc., AloGateway, and others.
The Lesson Amidst the Labyrinth
This cautionary tale underscores the crucial interplay between licensing and reputation in the foreign exchange realm. While a license isn’t a panacea, its absence is an unmistakable red flag. The experience of investors, like Huiyou, serves as a reminder that transparency and timely responsiveness are pivotal indicators of a trading platform’s integrity.
Vietnamese Clients Failed
In a surge of allegations that threaten the integrity of AximTrade, a chorus of clients has risen, recounting harrowing tales of withdrawal woes and dubious customer service. Kelvin Tang, the CEO of AximTrade has been involved in this with false statements about the request. The embattled exchange finds itself under scrutiny for purportedly stalling or outright denying withdrawal requests, leaving clients grappling with both financial uncertainty and a frustrating inability to engage with the platform’s support team.
Within the labyrinthine corridors of the Forex investment community’s prominent forums, a poignant account emerged. The username “LBDuy” etched his grievances into digital permanence, publicly denouncing AximTrade for its alleged misdemeanors. The core of his complaint? An insidious hindrance to the basic financial maneuver of withdrawal.
A Sisyphean Struggle: LBDuy’s Ordeal
LBDuy’s journey unfurled with forum posts chronicling his interaction with AximTrade. His accusations reverberated across digital realms as he highlighted the exchange’s reluctance to grant his withdrawal request. Frustration ripened as LBDuy’s attempts to engage with the exchange’s customer service team yielded little progress. It was a familiar saga: clients’ voices falling on deaf ears, trapped in a quagmire of stalled communication.
But a flicker of hope emerged from this digital cacophony. LBDuy’s unyielding persistence, akin to a modern-day Sisyphus, bore fruit in the form of an email. An apology emanated from AximTrade’s corner, accompanied by the promise to expedite the return of 50% of his funds. Yet, LBDuy’s skepticism remained rooted in past experiences—promises made but not upheld.
A Community’s Vigilance, A Half-Victory
The strength of the online community as a whole helped LBDuy receive an unprecedented resolution—a partial refund that made up 50% of his funds. However, amidst the faint glow of this triumph, the shadow of unfulfilled promises loomed. The exchange’s withdrawal gate was effectively barricaded, preventing LBDuy from accessing the remaining half of his rightful funds.
Mounting Fraud Accusations
Social Media Erupts as AximTrade Clients Voice Woes: Accusations and Counterclaims
The digital reverberations of AximTrade’s alleged malpractices have transcended the confines of traditional forums, finding a new battleground on social media platforms. LinkedIn and Facebook have become the arenas where aggrieved clients raise their voices, shedding light on their withdrawal plights. Yet, this virtual outcry is met with a paradoxical response, as a counter-narrative emerges, accusing the clients themselves of being scammers.
As the sun sets on conventional forum threads, a new dawn breaks on the social media landscape. LinkedIn and Facebook, these bastions of networking and discourse, have now become platforms of protest. An increasing number of users, once seduced by the allure of AximTrade’s promises, are now emboldened to share their stories of withdrawal grievances.
Accusations Fly: Clients Vs. Skeptics
Amidst the deluge of posts decrying AximTrade’s alleged withdrawal hindrances, a peculiar narrative takes shape. Counterclaims begin to sprout, accusing the aggrieved clients of orchestrating scams themselves. The tide of skepticism swirls, painting the clients as the architects of their own misfortune.
The Battle of Perspectives
In this parallel narrative, the spotlight pivots from AximTrade’s alleged misdeeds to the very credibility of those who dare to raise their voices. Accusations of ulterior motives, of subterfuge, and even financial deception bounce across comment sections, clouding the discourse.
A Call to Vigilance
As the narrative unfolds, one message stands resolute: prudence in trading decisions. Potential investors are urged to scrutinize licenses, investigate the credibility of platforms, and heed the experiences of their peers. In this challenging landscape, preserving a foundation of anti-fraud vigilance remains paramount. Asia Trading News, echoing these concerns, extends an arm of assistance to those in doubt, offering free consultation services to safeguard traders’ interests.