Is Aximtrade a Scam?

FXCanary's approach to broker safety is rooted in a meticulous, evidence-based methodology. We don't take marketing claims at face value. Instead, we cross-check regulatory licences against public registers, analyse the volume and nature of user complaints, scrutinise the company's corporate structure, and track patterns of behaviour over time.

A core output of this work is the FXCanary Scam Risk Score, a numerical indicator that distills dozens of data points into one actionable figure. For Aximtrade, our analysis yields a score of 53 out of 100, which we classify as “Elevated.” This is not the highest alarm level, but it is a clear warning sign that the broker carries more risk than the average regulated entity.

The score is built from a combination of an opaque regulatory setup, a high number of withdrawal-related grievances, and concerning corporate signals such as zero reported employees and the existence of clone sites. In the sections that follow, we unpack the specific elements that led to this assessment, so that you can make an informed decision about whether to trust Aximtrade with your funds.

Aximtrade presents a dual regulatory profile typical of many high-risk brokers. It claims authorisation under the Australian Securities and Investments Commission (ASIC) via license number 435746. On paper, this would offer robust protections: mandatory client-fund segregation, negative balance protection, and access to the Australian Financial Complaints Authority (AFCA).

However, when we attempted to verify the license status on ASIC’s public register, the details were ambiguous—our records show it as an STP execution license, but the current operating status is not clearly confirmed. More importantly, the broker is also registered in St. Vincent and the Grenadines, an offshore jurisdiction that has no specific regulatory framework for forex brokers and does not supervise securities dealings.

This means the vast majority of Aximtrade’s international clients are almost certainly trading under the St. Vincent entity, where they have zero regulatory protection. The company’s registered address is in Melbourne, yet its proclaimed employee count is zero. Even if the ASIC license is technically extant, it only covers Australian residents; anyone else is on their own. The existence of account types with unlimited or 3000:1 leverage is a further red flag, as such extreme leverage is prohibited by most genuine regulators and is a hallmark of unregulated offshore brokers.

Our investigation uncovered at least one confirmed clone or impersonator site masquerading as Aximtrade. Clone sites are a classic weapon in the scammer’s arsenal: they replicate the look and feel of a legitimate broker’s website, often using a similar domain name, to trick traders into depositing funds.

This finding elevates the risk for anyone seeking to trade with Aximtrade, because even if the genuine broker were safe, the chance of inadvertently opening an account with a fraudulent clone is real. We strongly advise you to double-check the URL you are visiting and to only use the broker’s official website as verifiable through independent sources.

No single issue dominates Aximtrade’s user reviews more than withdrawals. Out of 84 reviews we analysed, 39 specifically mention withdrawal experiences, and they are split right down the middle: 13 positive and 13 negative. The positive accounts describe transactions as “mostly instant,” with one user noting that withdrawals are “allowed even on weekends and money will be credited to the account within few mins or few hours.”

However, the negative reviews are far more alarming and detailed. One user claims to have been trying to withdraw for five months without success, providing an account number—a sign of genuine desperation. Another says their $1250 withdrawal has been pending for over a month, accusing the broker of “pure scammer” behaviour and noting that withdrawal options are limited to crypto or Perfect Money with a $25 maximum.

Even a reviewer who had a positive history from 2020 notes that “recently the withdrawal took longer than expected.” The fact that there are so many complaints about relatively small amounts—$163, $400—points to an inability or unwillingness to honour even modest obligations, a classic red flag in broker scams. When combined with reports of profits being blocked, the picture is one of a broker that may have run into liquidity or operational problems.

Perhaps the most disturbing signals come from a cluster of reviews that appear to originate from former employees or insiders. Multiple one-star reviews allege that the owner, Kelvin Tang, has left employees unpaid for months. One review states, “I am among 200 employees in AximTrade who never received their salary for 2 months. We have been also waiting for our bonus from last year for over 8 months.”

Another review claims Tang is “scam(ming) all employees and took their money and run away,” and that he is now hiding in Singapore. The broker’s own admission of zero employees, combined with these claims, paints a picture of a corporate shell that may have collapsed internally. When a broker cannot pay its own staff, it is highly unlikely to prioritise client withdrawals.

Add to this the extreme leverage offerings (up to “unlimited” and 3000:1), and you have a classic profile of a high-risk operation that prioritises aggressive marketing over sustainable business practices. Brokers that offer such leverage often attract inexperienced traders, but for those few who profit, the broker may lack the funds to pay out—exactly what the negative withdrawal reviews suggest.

To be fair, Aximtrade does have a contingent of satisfied users. Sixteen reviews praise customer service as “wonderful,” “excellent,” and “super effective.” Some traders claim to have been with the broker for over two years without issues, citing fast deposits, bonus promotions, and a “good trading environment.”

The broker also receives positive mentions for low spreads and smooth order execution. These green flags indicate that Aximtrade is not a pure scam—some clients have traded and withdrawn successfully, particularly in earlier years. However, the balance of evidence has shifted markedly toward the negative in recent months, suggesting that whatever stability the broker once had is now in jeopardy.

If you are still considering trading with Aximtrade, we urge you to adopt a defensive stance. First, verify the broker’s regulatory status yourself. Go to ASIC’s public register and check license 435746; if the license is not clearly active or is subject to conditions, that is a massive red flag.

Ask the broker directly whether your account will be opened under the Australian entity or the St. Vincent entity—if the latter, you have zero recourse. Never deposit more than you can comfortably afford to lose. Start with the smallest possible deposit and test the withdrawal process immediately: deposit a token amount, trade minimally, and request a withdrawal. If you encounter any delay or excuse, walk away.

Keep meticulous records of all communications, including screenshots and email threads. Watch out for clone websites: only use the official domain and be suspicious of any slight variations. Finally, consider regulated alternatives in your jurisdiction—brokers regulated by the FCA, CySEC, or ASIC with clear, active status offer far greater security. The lure of high leverage and bonuses is rarely worth the risk of losing access to your entire balance.

Aximtrade’s FXCanary Scam Risk Score of 53 out of 100 places it firmly in the “Elevated” risk category. Our in-depth investigation reveals a broker that hides behind an ambiguous ASIC license while operating an offshore entity that likely handles most client accounts.

A deluge of withdrawal complaints, credible reports of unpaid staff, and the presence of clone sites create a composite picture of a brokerage in distress. While some clients have had positive experiences, the weight of evidence currently points to a high probability of payment difficulties or outright insolvency.

We advise retail traders to exercise extreme caution and consider safer, more transparent alternatives. In forex, protecting your capital must always come first; with Aximtrade, that protection appears to be in serious doubt.