AxiTrader Broker Review
AXITrader is the trading wing of AXICorp Financial Services Pty Ltd., which is an Australian based company that has been in the industry since 2001. They had ventured into the Forex Market by offering a wide range of FX brokerage services since 2008 and have recently been awarded numerous accolades, including the award for the most trusted broker in Australia. AXITrader is one of the largest Forex brokers in Australia and is among the fastest growing companies in several parts of the world, including US, UK, and Europe.
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US Trader Accounts & AXITrader Regulation
AXITrader accepts US traders, which is a huge positive for the company. AXITrader is one of the very few brokers that operate in the US as well as EU and Australia. However, AXITrader is not a full-fledged entity; rather, the company offers its services as an Introducing Broker under the AXITrader white label platform. AN IB broker can bypass several regulatory guidelines that are usually reserved for mainstream Forex brokers, which helps the company to set up its base in the US. However, as far as NFA and CFTC regulations are concerned, AXITrader should conform to all regulatory protocols to ensure that they traders receive honest and transparent brokerage services.
Since AXICorp is situated in Australia with its headquarters in Sydney, AXITrader regulation is carried out by the ASIC. AXITrader has also set up a representative office in the UK and is regulated by the FCA as well. Therefore, AXITrader can be considered as a trusted and reliable broker that satisfies most of the modern-day traders’ requirements. Being regulated by multiple regulatory organizations also require the broker to adhere to the most varied set of regulatory guidelines, which makes it more oriented towards safeguarding client interests.
What Is The Minimum Deposit & AXITrader Account Types?
The company allows you to open an AXITrader account without any minimum deposit. Of course, opening an account without an initial deposit doesn’t serve the purpose of trading. Therefore, the absolute minimum that traders can deposit into the broker is $200. $200 is a small amount of money, but the broker does not support smaller deposits that most other companies provide, which can be a disadvantage for ultra-small traders. Nevertheless, the $200 initial deposit allows clients to open an MT4 standard account, which is basically a market maker model. The AXITrader spreads on the Standard account starts from 1 pip, but the company promises to offer even lower spreads according to the market conditions.
There is a second type of account at AXITrader that is available for a minimum deposit of $1000. The MT4 Pro account is an ECN account that offers up to 0 pips in spreads and a commission of $7 per round lot. All other features of both the Pro and Standard accounts are similar to each other, and the only difference provided by the different spreads and the commission per trade. Both accounts have access to over 80 different financial assets including currency pairs and commodities and supports features such as VPS access, free Autochartist, and a maximum AXITrader leverage of 1:400. AXITrader supports high margin trading for all countries except the US, where AXITrader is forced to reduce the maximum available leverage to 1:50 due to the NFA and CFTC regulations.
Traders can also take advantage of the AXITrader demo account, which offers unlimited access to the market. AXITrader does offer an unlimited demo account that does not have an expiry, and can be operated with a virtual $10,000 balance. Most of the trading conditions are simulated in live markets; therefore, the demo account should be able to offer a good indication of how an AXITrader account performs in a live market scenario. Although the company offers tight spreads, there can be differences between the demo and real accounts. Traders have reported a significant difference in spreads between a demo account and a live account, which is something that the broker should address if they are supposed to gain the trust of their clients.
AXITrader clients can deposit and make withdrawals using bank transfers, credit card payments, or through online payment processors such as Neteller, which seems to be the standard form of payments for most FX brokers. Strict ASIC and FCA regulation force the broker to keep client funds secure in segregated accounts, which prevents the company from misusing such funds.
Efficiency Of AXITrader Platforms & Promotions
AXITrader offers the MT4 platform as the standard interface for Forex and commodities trading. The broker hasn’t bothered to design any proprietary trading interface. The MT4 platform is indeed popular and highly trusted, which makes it easy for AXITrader clients to enjoy a simple trading software for all trading needs. AXITrader mobile trading can also be performed on MT4 mobile apps, therefore, mobile traders will be able to access their AXITrader trading accounts through multiple devices supporting Android and iOS.
The company guarantees to offer no re-quotes, which induces slippage. The company is open about its policy on slippages and warns their clients on both positive as well as negative slippage. The only significant problem is that the broker can increase spreads, which will negative affect traders, especially those who trade for the short term such as scalpers.
It is also impossible to get an AXITrader bonus, as the company does not entertain any promotions. The company had offered bonuses in the past but has faced several criticisms on their terms and conditions. Conflicts of interests had forced the broker to remove promotions entirely by providing a straight-forward brokerage service without indulging in rewards or bonuses.
AXITrader is an excellently regulated broker that provides high-quality FX brokerage services by actively indulging in the best practices in Forex trading. They also employ a team of highly professional and friendly AXITrader customer support agents, who can be accessed through live chat, email, client portals, or by calling the respective offices in more than 12 different countries. The customer service department is available for 24 hours a day, and will take care of all client problems in a meticulous manner.