First founded in Sydney around late 2007 by local finance experts, AxiTrader (also known as AxiCorp) is an online Forex and CFDs broker which extended branches around the world. The online broker was set up on one simple philosophy: to become a broker that they would want to trade with.
Its first branch in the UK was established in 2012 and would later open another office in China during 2015. Later on, AxiTrader would continue to establish several other branches in Germany, Latin America, and the Middle East in 2016. The broker would also open more offices and in many other countries later.
AxiTrader has grown over the years and now has a monthly trading volume of $100 billion and has garnered trust from over 30,000 clients to whom they provide service to over 100 countries worldwide.
In this AxiTrader review, we will delve into the features and services of this online broker and come to a conclusion if the broker has lived up to its reputation and whether they had remained true to their initial philosophy or not.
AxiTrader: Services and Offerings
AxiTrader chiefly uses the popular MetaTrader4 (MT4) platform, which provides Forex and CFDs services to its clients online. According to the AxiTrader login page, the broker provides a vast array of financial instruments with over 80 currency pairs and 65 CFDs ranging from commodities to indices and even to cryptocurrencies such as BitCoin.
The AxiTrader account types are simplified in that they only hold two types of accounts: the Standard and the Pro accounts. While their Pro account holds slightly more benefits and interesting features, it is advisable to choose the one that suits your trading strategy best. One thing that attracts many traders to open an account with Axitrader is the fact that they charge next to nothing to open an account – Standard or Pro. You read that right – when it comes to the AxiTrader deposit, they provide its accounts for $0 charge. This is especially true for those opening accounts through its branch in the UK and its AxiTrader Canada branch.
However, for Australian residents, the minimum deposit Axitrader charge is 1,000 AUD for a Standard account and 2,000 AUD for a Pro Account. Non-residents in Australia would need a minimum of 2,000 AUD for a Standard Account and 5,000 AUD for a Pro account.
The AxiTrader deposit methods are fairly simple, which includes credit and debit cards, wire transfers, and even e-wallets.
While the two accounts AxiTrader offers are mostly the same in costs and features, there are slight variations between their Standard and Pro accounts – with that variation being commissions and spreads. For the Pro account, Axitrader charges a $7.00 Round-Turn (RT) commission for every standard lot if your account is denominated in U.S. Dollar or Australian Dollar. Other countries are charged in the same amount in their respective countries.
With spreads, AxiTrader ‘s Pro and Standard accounts differ, albeit slightly. Average spreads for the EUR/USD pair, for example, are 1.24 pips for the Standard accounts, while the Pro accounts are 1.14 pips.
Fee Structure for Standard and Pro accounts also differs. As mentioned before, the Standard account generally has higher spreads while the Pro account generally has lower spreads. It is possible to open a Spread Betting account if you are registering in the UK where you can opt for a tax-free account.
In terms of cryptocurrency, AxiTrader had launched the Contract for Difference (CFDs) on BitCoin with leverage of over 2:1 at a 40% initial requirement. BitCoin’s maximum trading size of 10 lots. While the charges are good, trading is only open for its clients from Monday through Friday.
For the currency market, AxiTrader’s margins differ through various currency pairs. For major currency pairs, margins are around 1%, while for exotic pairs and cross pairs, margins are around 10%.
The trading platform AxiTrader chiefly runs on is MetaTrader – which is seen as a popular and widely-used trading platform. This would mean that AxiTrader’s products come from a line released by the MetaTrader platform’s developer, MetaQuotes Software. The AxiTrader platform is provided from a variant of the MetaTrader4 (MT4) or the MetaTrader5 (MT5) platforms and can be readily accessed through web browsers for desktops and personal computers and an app for smartphones and tablets.
MetaTrader4 (MT4) is still considered as an industry-standard despite the availability of the MetaTrader5 platform (MT5). However, while the MT4 and MT5 hold many similarities with each other, certain features such as setup, execution speed and processes, tools and features accessibility, and administrative areas can greatly affect the entire trading experience.
AxiTrader: Is it safe?
Above all else, whether reputable or not, it is important to run a background check on any online broker that you are interested in opening an account with in order to make sure your funds are secured and not violating any regulation standard. To prove this, brokers often get their licenses from major financial entities to guarantee that they hold their clients’ best interests a priority.
With AxiTrader regulation, it maintains several, and it depends on the region its offices are located in. Its U.K. branch is regulated by the Financial Conduct Authority (FCA), while its branch in Australia holds an Australian Financial Services (AFS) license. It also holds regulations from the Dubai Financial Services Authority (DFSA) and New Zealand’s Financial Markets Authority (FMA).
So for the question, if AxiTrader is safe, the answer would be a solid yes.
AxiTrader: Conclusion
AxiTrader is considered a highly reputable broker that does live up to its standards. Providing competitive prices for its services and holding multiple regulatory statuses with various leading financial authorities around the world, it is a safe bet that AxiTrader ticks most of the boxes that traders look for, and there is no harm in giving it a try.