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In this AxiTrader Review, you will get information of:
- Is AxiTrader trustworthy?
- Why choose AxiTrader
- Axitrader Swap rates
- Deposits and Withdrawals
- Pros and Cons of AxiTrader
Is AxiTrader Trustworthy?
Founded in Sydney in 2007, AxiTrader was created by traders for traders, with the idea of being the broker they themselves would want to trade with.
With that, the founders developed the company with the clients in mind, having excellent customer service, quick delivery and providing trading solutions to both the experienced and novice traders.
The result is AxiTrader being is one of the largest and leading forex brokers in Australia, with operations in the UK, China, Germany, Latin America, and the Middle East.
With this rapid expansion around the globe, AxiTrader is regulated by various bodies such as the Australian Securities and Investments Commission (ASIC), the UK’s Financial Conduct Authority (FCA) and Dubai’s Financial Services Authority (DFSA) for its different branches.
Additionally, the company is licensed by the Australian Financial Services (AFS) and by the Financial Markets Authority of New Zealand (FMA). Combined, these expanded its regulatory footprint on the global stage, which automatically raises its trustworthiness.
The firm actually reached a client trading volume of $100 billion per month in 2016, making it one of the TOP 10 forex brokers in the world. This is due to a loyal client base that is comfortable using the platform.
Why Choose AxiTrader
Trading Account Options
AxiTrader offers two main trading accounts, which are MT4 Standard and MT4 Pro (ECN).
A Standard account gives you a MetaTrader 4 terminal, from which you can access the multiple trading instruments such as forex, commodities and equity indices on a super-fast network.
This account also allows you to customize your dashboard with charts and analysis tools, with both secure desktop and mobile access so that you can trade whenever and wherever you want. Other features include free setup and download, no minimum deposit and no commission.
As for the Pro account (ECN), you a lot of extras as compared to the standard level, with features like deep liquidity (similar to that of banks, hedge funds, etc.), access to third party expert advisors, low swap rates, faster server speeds, low spreads and free VPS services when you meet the minimum required trade volume.
However, this account requires a $7 round trip commission per 100,000 units or one standard lot.
The third type is a demo account, which is designed for beginners. It gives you a free 30-day trial period with $50,000 in virtual funds, access to live spreads on MT4, a dedicated account manager and 24/5 client support.
Multiple Currency Pairs
With this FX brokerage firm, you get up to 80 different currency pairs, which include all the major ones (USD, EUR, JPY, and GBP) plus many more.
These are accompanied by very low spreads that can drop up to 0.0 pips when using an ECN (Pro) account and 1.1 on a standard account.
The minimum required to trade is a 0.01 lot size but you can leverage up to 500:1 if you want to go in big or you don’t have enough units.
It is important to note though that liquidation is not guaranteed because losses in client accounts that lead to negative balances also affect the firm. Such scenarios may cause systems to fail or markets to gap.
Multiple Trading Tools
AxiTrader gives you access to a number of trading tools to assist you in your trade. These include:
Autochartist is available to all accounts but has a 5-candlestick delay in the demo account. Basically, it gives you automated technical analysis using triangle, wedge, top and bottom charts, which show you the trend patterns so that you can make informed trade decisions or predictions.
Other than that, the tool helps you to understand asset volatility, delivers automated alerts when your specified charts complete or emerge, and generates daily reports that show an overview of the market’s performance.
MT4 VPS Hosting
MT4 hosting on VPS is done using third-party hosting services such as ForexVPS, Metatrader VPS, Commercial Network Services and BeekSFX VPS. These ensure you get uninterrupted trading sessions, which can be affected by poor connectivity or other technological issues.
AxiTrader allows you to copy trading strategies from other successful traders to your MT4 account, or even come up with your own strategies then share them with others.
Forex Economic Calendar
A key factor that is vital in succeeding at forex trading is getting to know the current events and market indicators, which is where this forex economic calendar comes in.
The tool is updated regularly with current data and allows you to filter through by currency pair, date or event impact for quick navigation.
The last tool is PsyQuation, which is a more powerful data analytics platform that incorporates the use of complex algorithms to determine if you are making trading mistakes.
Additionally, you get intraday performance charting with updated performance impact analysis. Basically, the tool is like a computerized trading coach.
Apart from forex trading, AxiTrader also offers CFD trading in oil, bitcoin, indices, gold & silver, metals, etc.
Since AxiTrader is based on MetaTrader, there are Android and iOS versions of the MT4 app that you can get as free downloads in the Play Store and App Store respectively.
If you become one of the best retail forex traders, AxiTrade will find a way to partner with you so that you can trade on their behalf and get some commission out of it.
Other than that, you can increase your earnings by referring new clients to create accounts and begin trading.
Good customer service is at the heart of every successful company and AxiTrader is no exception. Once you open an account, you get a dedicated account manager for personalized services.
Additionally, the firm avails several lines of communication to deal with client issues, including MT4 support.
These include British and International phone numbers, as well as toll-free numbers for clients in Australia, China, Germany, Hong Kong, Indonesia, Malaysia, New Zealand, Singapore, Spain, Thailand, and the UK.
With all these, AxiTrader employs staff from different parts of the globe to provide multi-lingual support in different time zones, which ensures help is available in your language 24 hours a day, 5 days a week.
Other ways to contact customer care are through email or live chat. There is also a detailed FAQ page with answers to all the most common questions regarding account opening, deposits and withdrawals, trading, troubleshooting, and many others.
AxiTrader Trading Education
Perhaps one of the most important things that make AxiTrader the best choice for beginners is their educational content, which covers:
- Forex trading basics
- CFD and indices basics
- Forex glossary
There are also video tutorials that explain how to install and use MT4, how to manage trades on MT4, functions of MT4, the MT4 navigator, how to place a trade, creating and loading charts, and many others.
Other educational contents that you can get include free eBooks and online training.
News and Blog Section
A lot of forex trading is dependent on the events that happen in different markets around the world. If you want to make the right trading decisions, you need to do a thorough market analysis and AxiTrader helps you in this using their in-house news and blog section.
This section is updated regularly with detailed, informative articles that give a thorough technical and market analysis so that you can have a clearer picture of the situation on the ground beforehand.
AxiTrader Swap Rates
AxiTrader imposes swap rates in 3 types of contracts:
Margin FX Contracts
The rate here is not fixed. It varies based on 4 factors, which are the currency pair, size of the position, AxiCorp’s spread and the applicable swap rate at the interbank markets for the specific date. This interbank rate is an indicator of the interest rate between those two currencies, the prevailing market conditions, and the currency demand.
Bullion swaps for CFDs are also variable rates that depend on the size of the position, AxiCorp spread and the applicable swap rate in the underlying instrument for the specific dates.
In this case, the cost is calculated by multiplying the swap rate by the total notional value of the position.
Future CFD Swaps
These swaps are the charges incurred when rolling future CFD contracts. The charge comes about when the underlying instrument is almost expiring and thus, AxiTrader derives its price from the next serial futures contract, which will trade at either a premium or discount.
This results in either a loss or profit and Axitrader adjusts for this reevaluation by charging the swap fee. However, the contract rolled forward is not affected by the bid-offer spread.
Deposits and Withdrawals
After you have created your account, the next step is to load it up with cash. Luckily, AxiTrader’s deposit options are quite many and they include:
- Debit and credit cards (JCB, Maestro, Visa, and Mastercard)
- Bank transfer
- B2B (broker to broker) transfer
- China union pay for clients residing in China
- BPAY and Global Collect for Australian residents
Each of these methods has its own waiting period before the funds reflect in your trading account. These can be broken down as follows.
|Visa, Mastercard, Maestro and JCB Debit/Credit Cards||Instant|
|Skrill/Moneybookers||Up to 15 minutes|
|Neteller||Up to 15 minutes|
|China Union Pay||1-3 business days|
|BPAY||Up to 2 business days|
|Global Collect||3-5 business days|
|Broker to Broker Transfer||3-5 business days|
|Bank Transfer||Up to 2 days for local deposits, 3-5 business days for international payments|
As for withdrawal, you can use the following:
- Global Collect
- China Union Pay
- Wire Transfer
These also take different durations to reflect into your account as shown below.
|Neteller||Up to 2 business days|
|BPAY||Up to 2 2 business days|
|Global Collect||3-5 business days|
|China Union Pay||Up to 3 business days|
|Wire Transfer||Up to 2 days for local deposits, 3-5 business days for international payments|
No fees are charged for most of these deposit and withdrawal options. Paypal is also accepted, but the transaction must be done while logged in to the secure client portal.
Pros and Cons of AxiTrader
- Licensed and regulated by multiple bodies.
- Multiple currency pairs (80 pairs).
- Multiple trading tools.
- Android and iOS MT4 apps for convenient mobile trading on the go.
- Many deposit and withdrawal options.
- It does not allow US clients.
- Non-forex CFDs are quite limited.
AxiTrader has definitely made a name for itself due to its friendly features such as low trading fees, no deposit and withdrawal fees, a 1-month trial period and no minimum deposits, just to name a few.
Additionally, the firm has gained a lot of trust from users all over the globe due to its regulation by multiple bodies such as ASIC and the FCA.
Even though its CFD trading is a bit limited in options, the brokerage firm is worth checking out. Feel free to sign up or test the waters using a demo account.