AIX Trader Review: A Bogus Broker aix-trader.com Warned by FMA
AIX Trader is a broker with a license and regulation issue from the Financial Markets Authority. Here’s our eye-catching aix-trader.com review.
Our review of AIX Trader exposes the risks associated with trading with an unregulated broker. What we’ve got is a platform lacking in several aspects that would put all traders at risk. Did you know the safety of funds is not guaranteed by AIX Trader?
Despite claiming to have more than 50K users, these traders are all at risk since there’s no deposit insurance placed by the broker. Once the broker decides to call it quits, no member will receive any compensation.
There have been recent delays in payouts and withdrawals causing major concerns by traders. And this is mainly attributed to the broker’s intent to defraud members. We’ve seen this happen countless times before.
Here’s our candid AIXTRADER Review
About AIX Trader
The broker claims to have founded the platform around the dawn of the Bitcoin revolution. AIX Trader further claims to do everything possible to create an accessible, dependable, and simple platform for traders.
Looking to make contact, the platform makes sure they can only use written format. Despite having a contact page, all we get is their address without a phone listing, and there’s a reason for that. The broker doesn’t want members to constantly call asking for their payouts.
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With the address provided, one would expect the broker to have a license from the country of operation. The Netherlands is the jurisdiction with the broker lacking any valid license to operate in the Netherlands or any part of Europe.
The address provided by AIX TRADER is Kon. Wilhelminaplein 13, 1062 HH. Amsterdam, Netherlands. AIX Trade categorizes itself as a financial institution and yet fails to offer a valid license to caution members.
Account Types aix-trader.com
There are six account types provided by the broker. These accounts cater for all classes of traders including institutional clients. Let’s take a closer look at what each of these tiers has to offer including an acceptable minimum balance.
Trial
With this account suitable for beginners, the platform claims it’s for small trade sizes at low risks. The acceptable minimum deposit is €250 with the broker offering global market access and financial calendar.
Classic
€1,000 is the acceptable minimum deposit with this tier and offers the same trading tools as the beginner account. There’s little to no information on the account trading conditions provided including leverage and spreads.
Gold
For the gold account holder, they must make a minimum deposit of €2,500 to get started. This account holder gets a dedicated portfolio manager 24/5 with a personal trading strategy development tool.
Platinum
The account promises traders to trade with high leverage despite not quoting acceptable leverage or spreads. Traders must make a minimum deposit of €10,000 to get started with access to trading experts and central trading signals.
VIP
It’s one of the top-tier accounts with investors having to deposit €25,000 to get started. The broker claims this is the account for traders who want to achieve their goals quickly. Added features include stacking portfolios and private communication channels.
Prestige
The prestige account is the very top tier account with the platform targeting institutional clients as well. It’s suited for professionals who want to increase their income with minimal risks. Added features include personal risk management and prestige trading group access.
Are funds safe with AIXTrader?
Your funds are far from safe with a broker who fails to use the latest security technology when it comes to trading platforms. The broker fails to incorporate DDoS protection or SSL encryption to guarantee the safety of users.
Chances of third-party attacks are imminent as these hacks will take personal data including banking details. Users are at risk especially during the transfer of funds as this is where the platform’s security is at its weakest.
Asset covered by aix-trader.com
There’s not a wide array of assets covered by this platform. Traders get only a handful of currencies to trade with including crypto and forex. The broker claims to offer over 250 cryptocurrencies and over 20 fiat pairs.
In all honesty, the broker fails to offer investors a chance to spread risks with different asset types. We also lay blame solely on the broker for failing to offer proper trading pairs such as crypto paired against major currencies.
The broker’s leverage and spreads remain unknown to beginners prior to signing up. We did notice the broker also changes these conditions depending on the success of the trader. Which means trading conditions are not entirely transparent.
Customer support AIX Trader
Don’t expect any customer support from this broker today or anytime soon. The broker avoids one of the most reliable customer support tools which is live chat and phone calls. We see a broker lacking in confidence and avoids direct interaction with traders.
And this brings us to the slow response time to the only available support channel, email. The broker takes their time before responding to most emails unless requesting how to deposit funds and adding more funds to accounts.
Educational resources lacking in aix-trader.com
For those looking to learn as you go on the platform, forget about it. This is one of the biggest setbacks beginner traders can face on any platform. Apart from free demos, there are no other learning materials on the platform.
And this means live streaming of real-time trading quotes won’t help traders as they claim. The broker fails to offer valid educational materials that would help traders improve their trading skills.
Execution speed and platform reliability AIX Trader
Another damning aspect of this broker is the fact they’ve failed to offer fast execution speed thanks to the available platform. With a lackluster custom-made platform, execution speed, and platform reliability is an issues.
When choosing a broker, the trading platform they offer is imperative to your trading. Go for a broker offering quality trading platforms such as cTrader, MT4, and MT5 trading terminals. AIX Trader is offering a platform that fails to provide advanced tools and technical indicators.
Fees and Costs
Those who get the chance to withdraw funds only get to do so in partial amounts. The broker doesn’t allow full withdrawals which is surprising as it’s clear the broker rides on your deposits. That shouldn’t happen in any trading platform as withdrawal should be free from limitations.
The cost of withdrawing funds will also come as a shocker as the broker demands a hefty withdrawal commission. This coupled with the withdrawal channel makes the entire trading activity not worth your effort and time.
License and Regulation AIX Trader
Let it be known that AIX Trader is an unregulated broker. The platform fails to offer much in terms of authentic trading conditions and faces a warning from several European regulators. One regulator has already issued a warning.
The Financial Markets Authority has already issued a warning about using this broker. An unlicensed and unregulated broker spells doom for traders in the long run. Please avoid such brokers in the future.
Our Verdict
With the broker failing to surpass regulation and not informing traders, we feel AIX Trader is an impending disaster. Please avoid it as the broker doesn’t have a formidable footing after regulators issued a warning.
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