Axitrader Suspension

".. When ASIC suspended AxiCorp’s license, it did so because the company had failed to comply with financial services laws. In particular, the requirements to:
pay client money into an account with an Australian authorized deposit-taking institution
lodge product disclosure statement (PDS) in-use notices with ASIC
comply with the ASIC derivative transaction rules
comply with client money reporting rules; and
lodge financial statements with ASIC by the due date.
AxiCorp was also found by ASIC to have breached Condition 3 of its license which requires AxiCorp to establish and maintain compliance measures that ensure, as far as is reasonably practicable, that the licensee complies with the provisions of the financial services laws.."

the first point is always my major concern
 
Wow.. that's gotta sting. Axi's been around for ages, how has this only come up as an issue in the last little while?
 
yes, surprised me as well, thought that they would have learnt after the BBY fiasco, maybe that's the reason that ASIC is now growing "a set".

I use AT and have always considered them on a par with PS and above IC
 
To be fair, it doesn't take much to be way above IC. :p But I hear you.
 
So they have not been segregating funds?

@rod178 do you plan on exiting them ASAP or hoping it’s a mistake they will rectify
 
jack said:
To be fair, it doesn't take much to be way above IC. :p But I hear you.
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their Spreads on Fiber are the very competitive, a bit like headline selling bread at under cost in a Supermarket to pull in the punters,
 
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sven said:
So they have not been segregating funds?

@rod178 do you plan on exiting them ASAP or hoping it’s a mistake they will rectify
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Most, although that is what I do anyway,
Once a month to once a quarter I balance my accounts, I only keep enough Funds with any one Broker to cover three consecutive losing trades.

I know too many people who have lost too much money in "so called" segregated accounts. As far as I am concerned "co-mingled segregated accounts" offer limited protection to your funds.

Without 'individual title' most of the Punters are living with a false sense of security
 
rod178 said:
Once a month to once a quarter I balance my accounts, I only keep enough Funds with any one Broker to cover three consecutive losing trades.
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Interesting means of protection. Make sense but I would imagine that it would be tricky to manage on anything in the shorter timeframes (not that they are needed of course) or if you have multiple systems running.
 
sven said:
Interesting means of protection. Make sense but I would imagine that it would be tricky to manage on anything in the shorter timeframes (not that they are needed of course) or if you have multiple systems running.
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I only trade H1. Averages about a total of five Trades per week, across FX Majors
TF does not matter as I review once a month or more or less

Leaving funds, that you cannot afford to lose, with a Broker is "insane"
Obviously several very large multibaggger(s) would initiate transfer of funds in less than a month.
I only trade the FX Majors
 
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