RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Choosing a reliable broker is not easy: it involves a lot of research, since the market is full of scammers and much is put at stake.
General Company Information
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 global business with offices in Sydney, London and Dubai.
The broker offers trading in more than 80 currency pairs, as well as various CFDs on indices, commodities and precious metals on the robust MetaTreder 4 platform with low variable spreads, leverage up to 1:400 and STP execution model.
Regulation & Safety
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 better serve clients in Europe, the broker has also set up a subsidiary in the United Kingdom – AxiCorp Ltd. It is duly authorized and regulated by the Financial Conduct Authority (FCA).
London and Sydney are famous forex centers, providing favorable conditions to both brokers and traders: there is no leverage cap and the FIFO rule is not applicable.
In order to guarantee the security in the financial services sector, both the Australian and UK watchdogs apply certain rules and requirements to license holders. 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.
Besides, what is probably most important with regard to safety of funds invested in FCA-regulated companies is the Financial Services Compensation Scheme (FSCS) coverage. In the event that a licensed company becomes goes bankrupt, FSCS is able to cover your investment loss (the funds in your trading account) up to a maximum of £50,000.
Australian FX broker regulation, however, currently does not include any compensation scheme.
AxiTrader claims to be a broker founded by traders for traders, and while many such slogans are simply a marketing tool, a quick view of this broker’s trading conditions is likely to convince investors of the benefits of trading with AxiTrader;
- No minimum initial deposit required;
- Pretty high leverage – up to 1:400;
- Micro lots available for trade;
- All trading styles allowed, including EAs, scalping and hedging;
- Comparatively low cost of trading (see below).
Average spreads & Commissions
The most common costs associated with trading are the spread and commission fees charged by brokers for each trade.
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 average for the market, while the ones on the MT4 Pro account are dramatically lower – averaged 0.2 pips on EUR/USD. Even if we add the commission of $7 round trip, the trading costs amount to around 0.9 pips for this pair, which is a really good offer.
|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Average Spreads|
|MT4 Standard||$1||0.01||1:400||1.2 pips on EUR/USD|
|MT4 Pro||$1||0.01||1:400||0.2 pips on EUR/USD + commission $7 per standard lot (round trip)|
AxiTrader offers two account types – Standard & Pro, both accessible through the ever popular MetaTrader 4 platform. With this broker, investors may choose between commission-free trading, and tighter spreads plus a commission of $3.50 per standard lot per side. The good news is that there isn’t a minimum initial deposit required for any of the two account types.
Like most forex brokers, AxiTrader supports the popular MetaTrader4 (MT4) platform. It is preferred by most 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) and analysis tools like Autochartist, among others. 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.
- Economic calendar, Automated Trade Journal, and other.
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 provider (up to half a pip per profitable trade).
Forex Trading Signals is also available on the MT4. You can copy trading strategies from thousands of traders from across the world.
At the time of writing this review, the broker offers Refer-a-Friend bonus of £130 for each referred person who opens a live account with AxiTrader, while the referred one gets £260 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, and China UnionPay.
AxiTrader enables clients to open accounts and deposit funds in most major currencies: AUD, EUR, GBP, USD.
AxiTrader is a reliable and well-regulated STP broker, offering trading in various currency pairs and CFDs. In a nutshell, here are the advantages and disadvantages with regards to this broker:
Strong regulation (ASIC & FCA) No choice of trading platforms
MT4 available No Islamic accounts
Advanced tools on MT4 NexGen
No minimum initial deposit required
High leverage levels provided