Read Out AxiTrader Review For A Fresh Perspective
AxiTrader is a Forex broker that is owned and operated by a group of experienced Forex traders, who understand the discerning requirements of modern traders and investors in the FX markets. AxiTrader has its presence in both Australia and the UK and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the Financial Conduct Authority (FCA) of the UK.
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- Website: www.axitrader.com/uk
- Support: +44 207 096 7488
- 55 Baker Street
- W1U 7EU
AxiTrader is the Forex brokerage arm of AxiCorp Financial Pty Ltd, which was founded in 2001 in Sydney, Australia. The company slowly evolved into one of the largest financial companies in Australia, which led to widespread market dominance in Australia as well as in financial markets around the world. AxiTrader was introduced as an exclusive Forex and CFD trading platform in 2007 and has ever since become a segment leader in the Australian retail FX market. AxiTrader is now among the top forex brokers in the country and has also expanded to other markets, with its prominent base in the UK being a highlight in its move towards capturing the European retail trading market. The broker has a lot going for it regarding AxiTrader regulation and the strategic locations in Europe and Asia-Pacific, which provides an excellent base for the broker to capitalize on its established track record to give stiff competition to other leading brokers in the industry.
What Are AxiTrader Account Trading Conditions?
AxiTrader makes it simple for their clients to choose an account by offering only two different account choices. The first type of AxiTrader account is the MT4 Standard Account, which is a market maker account that matches orders internally. The second type of account is the MT4 Pro Account, which acts as an ECN account that connects traders to a global liquidity provider. Both accounts have largely similar trading conditions, with the primary difference lying in the AxiTrader spread, as well as the cost of trading and associated trading conditions. The Standard account has spreads starting from 1 pip on the major currency pairs, while the maximum AxiTrader leverage offered is pegged at 1:400. The Pro account does enjoy lower spreads that start from 0 pips, but every trade will incur a commission of $7 per round turn. The leverage for the Pro Account is also set at 1:400, and the minimum lot size for both accounts is set at 0.01. Both accounts provide access to more than 80 different financial assets from FX, precious metals, and CFDs. Perhaps one of the most exciting aspects of an AxiTrader Forex account is the minimum deposit since traders can open either account with a small initial capital of just $1. AxiTrader is one of the very few ECN brokers that offer a remarkably small initial deposit, which stacks the odds for the broker among the highly competitive retail trading market. AxiTrader allows traders to make payments and withdraw funds through several payment methods, including wire transfers, card payments, and online payment processors. Even though the broker specifies no minimum trading limit, the company does recommend traders to deposit at least $200 for trading purposes. Nevertheless, the AxiTrader leverage and the low deposit option is sure to invoke an excellent response from traders all over the world.
AxiTrader Platform Choice
There isn’t any confusion with regards to the AxiTrader platforms since MT4 is the only platform available for trading. The Meta Trader terminal is indeed highly popular, and the broker hasn’t bothered with creating a proprietary platform just to satisfy a minority of traders. Nevertheless, AxiTrader mobile traders can also use the MT4 AxiTrader apps on their smartphones or tablets by downloading the Android and iOS apps directly from their web store. Platform performance is as expected, and traders should feel comfortable with the speed of execution and latency offered by the AxiTrader MT4 platform. The Standard account is a market maker account, which makes it susceptible to requotes; however, the Pro account is connected through an ECN Bridge that removes requotes at the expense of slippage. Due to the volatile nature of the Forex markets, AxiTrader is keen on justifying its stance on slippages, which is considered as a fair and transparent initiative from the broker to inform their traders about the potential pitfalls of the market.
AxiTrader’s Customer Oriented Approach & Regulatory Compliance
The FCA and the ASIC stipulate several regulatory requirements for ensuring a safe and secure marketplace. AxiTrader has to abide by minimum capital requirement rules, strict auditing standards, and ensuring the safety of client funds by depositing them in segregated accounts. Traders from the UK are also protected under the Financial Services Compensation Scheme (FSCS) as part of the FCA regulatory requirements, which provides protection of funds against broker liquidation or insolvency up to £50,000. ASIC and FCA regulations explicitly require the broker to concentrate its efforts on creating an excellent environment for customers without succumbing to the temptation of profits. Both regulators are considered to be the most respected agencies in the market, which does provide great reassurance for traders while choosing AxiTrader as their Forex broker. The broker is also committed to customer service by responding to consumer complaints and feedbacks within 24 hours, which helps in increasing customer satisfaction.
Some Drawbacks of AxiTrader
Due to the unique nature of the broker, clients do not receive any AxiTrader bonus on their deposits. Traders are also not provided with any loyalty programs or any other additional benefits for opening an account, which is by far one of the major disadvantages of the company. The broker also provides a demo account that is only valid for 30 days, which rather prevents traders from trying out the broker’s services for an extended period. The spreads are also known to widen dramatically without warning, and although variable spreads are part and parcel of Forex trading, AxiTrader accounts do witness abnormal spreads. AxiTrader should provide a high-quality trading service for traders with excellent trading conditions, but other brokers offer even better Forex products with many additional benefits. Always do your research and choose a broker that satisfies your exact requirements.