AxiTrader Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this AxiTrader Review.
AxiCorp offers two account types – Standard & ECN, both accessible through the popular MetaTrader 4 platform. The ECN account, called MT4 Pro, offers lower spreads (the difference being around 1 pips), but involves a commission of $3.50 per standard lot per side, and requires a higher minimum initial deposit.
Micro lots are available for trade on both account types for those unwilling trade in large volumes.
The Company. Security of Funds
AxiTrader is a FX and CFD brokerage serving both retail and institutional clients. Since being founded in 2007 in Australia, AxiCorp has grown into a truly global business with offices in Sydney, London and Dubai.
AxiTrader is a registered business name of AxiCorp Financial Services Pty Ltd, authorised and regulated by the Australian Securities & Investments Commission (ASIC).
In order to serve EU-based clients, the broker has also set up a subsidiary in the United Kingdom – AxiCorp Ltd. It is duly authorised and regulated by the Financial Conduct Authority (FCA).
London and Sydney are famous forex hubs, providing favorable conditions to both brokers and traders: scalping and hedging are allowed, the FIFO rule is not applicable, and there is no leverage cap.
The Australian and UK watchdog applies certain rules and requirements to license holders, the most important being the minimum capital requirements and clients’ money rule. Both ASIC and FCA-regulated brokers must keep client funds in segregated accounts, separated from the companies operating funds. In order to prove their good financial standing, UK-based brokerages must hold net tangible assets amounting to at least €730 000 and Australian ones – at least $ 1 million.
What is more, clients of UK brokers are covered the Financial Services Compensation Scheme (FSCS) coverage. In the event of a company insolvency, FSCS is able pay compensation up to a maximum of £50,000 per person per regulated entity. Australian FX broker regulation, however, does not include any compensation scheme in case a licensed company becomes insolvent.
Minimum Initial Deposit
There is no minimum deposit required for opening a trading account with AxiTrader. Yet, you need to ivest some in order to initiate a trade. In comparison, FXCM Australia requires as little as $50 for its Mini account, and FCA-regulated FxPro – $500.
Average spreads & Commissions
AxiTrader offers floating spreads, which vary by account category. The typical ones on the MT4 Standard account amount to around 1.2 pips on EUR/USD, which is on the upper end of average, while the ones on the MT4 Pro account are dramatically lower – averaged 0.2 pips on EUR/USD. The Pro ECN account, however, involves a commission of $7 round turn, so trading costs amount to around 0.9 pips for this pair, commission included, which is quite competitive pricing.
In comparison, FXCM AU provides variable spreads averaged 1.4 on its commission-free accounts, and quotes as typical spreads of 0.4 plus on its Standard account type, where a commission of $4 applies.
You may look up and compare real-time spreads of 15 leading brokers for any further information.
The maximum leverage rates at AxiTrader are up to 1:400. Such leverage is considered comparatively high, although many other FCA-and ASIC-regulated brokers offer similar or higher leverage rates. For instance FXCM Australia also provides leverage up to 1:400, and FxPro – up to 1:500. More forex brokers offering leverage equal to or exceeding 1:500 can be viewed here.
Please, be advised that investing in over-the-counter derivatives with high leverage carries significant risks, for higher leverage ratios may multiply your earnings on a small deposit, but they may also lead to losses, exceeding initial investments.
Like most forex brokers, AxiTrader supports the popular MetaTrader4 (MT4) platform. It is preferred by most experienced traders, because it is equipped with an advanced charting package, a number of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). Due to its user-friendly interface, novice traders usually also find their way around the MT4 quite quickly. It comes in as PC, web and mobile versions.
What is more, AxiTrader offer their customized version of MT4, called MT4 NexGen. It is equipped with even more features for professional traders and is not available anywhere else.
MT4 NexGen offers a set of tools that enhance everything you do on the platform, such as:
– Sentiment Indicator, which enables you to gain insights into live market trends by viewing how others are trading;
– Session Map – an Interactive map that shows the world’s market opening and closing times;
– Forex news, which allows you not only to Import your favorite news feeds, but also follow traders on social networks.
MT4 NexGen is free to all traders who open an AxiTrader live trading account with a minimum deposit of $1,000.
Besides, AxiTrader has partnered with MyFXbook to provide its clients with AutoTrade – a platform specialized in copy trading. It is available for free (minimum $1000 deposit required), although once you start to trade using the live AutoTrade service, a part of the spread you pay on your trades will be paid to the AutoTrade signal pro vider (up to half a pip per profitable trade).
At the time of writing this review, the broker offers Refer-a-Friend bonus of $200 for each referred person who opens a live account with AxiTrader, while the referred one gets $400 in trading.
Methods of Payment
Clients of AxiTrader can make deposits to and withdrawals from their accounts via credit/debit cards, (Visa, MasterCard, Maestro), bank wire, Skrill, Neteller, BPAY, JCB, Global Collect and China UnionPay.
AxiTrader enables clients to open accounts and deposit funds in most major currencies: AUD, EUR, GBP, NZD, SGD, USD, CHF, JPY, HKD, CAD.
AxiTrader is a reliable and well-regulated STP/ECN broker, offering trading in various currency pairs and CFDs on the most widely used MT4.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
AxiTrader Review Conclusion
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