AxiTrader is a broker that was founded in 2007. It was designed to serve as a broker that the team would like to trade with. Then, over the years this name was growing and thanks to this, it is now among the main currency brokers most used in the market.
Pros
· AxiTrader offers review of a product or service. This is to give customers as a sense of security just before they endorse any type of purchase decision. Here you will know if the AxiTrader product or service is appropriate for the financial circumstances in which you are.
· It is a reliable broker that is regulated by the FCA and ASIC, this is definitely a stamp of approval for any broker.
· Low trading fee and no inactivity fee.
· There are no deposit fees, so your earned money won’t be affected.
· It is used by more than 221,000 investors currently. One of the largest brokers.
· Launched CFDs of bitcoin.
Cons
· It is not regulated by the CySEC.
· Limited range of non-forex CFDs.
Overall Ranking
Overall
Investment Opportunity
Commissions & Fees
Safety
Research
Smartphone Usage
Customer Service
Education
Platforms & Tools
Overall
Investment Opportunity
Commissions & Fees
Safety
Research
Smartphone Usage
Customer Service
Education
Platforms & Tools
Extended Review and Information
AxiTrader is a Forex broker that is headquartered in Australia. This broker offers its Forex and CFD traders more than 80 currency pairs and 65 CFDs in terms of raw materials, metals, indices and bitcoins, things you can find through its offer of Standard Account and PRO MetaTrader 4 (MT4).
AxiTrader was founded in 2007. It was designed to serve as a broker that the team would like to trade with. Then, over the years this name was growing and thanks to this, it is now among the main currency brokers most used in the market. It launched operations in China in 2015. Then in 2016, AxiTrader introduced more than 30 new commercial symbols, which even included exotic crossings. In the same year, it also expanded to the Middle East, Germany and Latin America.
As of 2018, AxiTrader launched five new Cryptocurrency CFDs on its platform. Administrative operations were also initiated in Cyprus, the Philippines and Singapore. And as if that were not enough there was the opening of the Dubai branch and acquired its New Zealand financial service license.
All of this expansion shows that AxiTrader is trying to become one of the largest brokers around, and on the forefront of innovation and high-quality service to all of its users.
AxiTrader offers its customers several reasons to be considered one of the best, starting for the fact that it complies with FCA regulations. This means that client funds are in trust accounts that are segregated from first-tier banks. In addition, this broker has high liquidity because it works with 14 of the largest banks in the world and there is 24-hour support. It has fast execution of operations, something that is taken in to account to give the positive rating that we have given.
How to Open your Account
The process of creating an account in AxiTrader is simple and totally digital. To open the account, you don’t need more than a few minutes, the account approval process will take the platform normally 2 or more days.
You must provide certain basic personal information, such as your email address and country of residence. After that, proceed to select the type of account you wish to use depending on your needs. Once this is done, the platform will ask you a couple of simple questions that will determine your level of understanding in the trade. To verify your identity You must provide a copy of your identification card, driver’s license or passport, in addition to a copy of a recent utility bill or bank statement. This can be provided as a photograph, scan, or PDF.
Trading Instruments Available
AxiTrader offers various instruments to trade: From exchange operations of 61 different currencies to 80 major currency pairs. It also includes multiple Cryptocurrencies. AxiTrader provides a wide range of CFDs, such as bullion, raw materials, gold and silver, oil, and index trading.
Overall, we felt that AxiTrader was lacking in overall availability of instruments, but it provides the core Forex pairs as well as some great exotic ones too.
Deposits and Withdrawal Methods
Deposits in the AxiTrader platform can be made using the following methods:
· Debit/Credit card (Visa; Maestro; and Mastercard).
· Neteller
· Skrill / Moneybookers.
· China Union Pay.
· Bank transfer
Deposits will be reflected in the account almost instantly in most cases.
With regards to withdrawals, they are made by the same means of deposits. Normally they are completed within 1-2 days. For international withdrawals it takes between 2-5 days. AxiTrader operates in line with anti-money laundering guidelines or any scam. This means that proof of identity may be required before making a withdrawal. Also, please note that long withdrawal times are not the fault of AxiTrader, but the 3rd party which processes the payment.
Interface
The AxiTrader interface is one of the easiest to navigate in the market. The trading platforms offered by AxiTrader are from MetaQuotes. The main platform offered by AxiTrader is MT4 (MetaTrader 4), this therefore includes versions for Android and Apple devices, as well as for Mac and Windows computers. MT4 NextGen is a platform that complements MT4 and provides the opportunity for additional functionality. Not all brokers provide this service, and so it is great to see on this occasion.
However, to improve further, AxiTrader could provide a much better personalized platform to give extra tools and features to their users. It would help them stand out from the rest of the MT4 brokers.
Education and Research
AxiTrader provides research in the form of technical and fundamental analysis by the internal team of analysts to its clients, through daily articles that are published in its Market News & Blog. They usually also stream videos throughout the week, to provide market summaries. You can also find automatic technical analysis and signals through AutoChartist.
As for the education it provides, AxiTrader does a great job. You can use a demo account to practice, it has several high quality educational videos and step-by-step electronic books for novice traders. The only negative is that it does not have webinars. However, overall it is somewhat rare for brokers to provide anything to its traders, especially for free and at such a great level.
Commissions and Fees
It has a PRO account, which has an offer that charges a commission of $ 7.00 Round-Turn (RT) per standard lot (100K units) only for USD or AUD accounts. Normally the average spreads for the EUR / USD pair are 1.24 pips, with the exception of the PRO account that the total cost is 1.14 pips after taking into account the average spreads of 0.44 pips plus the commission of 0.7 pip.
AxiTrader does not charge withdrawal fees or commissions. This is quite rare in brokers and we love to see it.
Customer Support
You will always get relevant answers from the AxiTrader team, with the only disadvantage that it is only available in English. The chat is available 24/5 and can be through live chat, phone, and e-mail.
We found all methods of contact to be swift, friendly and professional, always solving the issue described to them. The problem is that some instruments trade 24/7, so if there was to be a problem on the weekend, some clients may struggle to solve whatever their problem may be, and this can be a serious pain.
Awards
Over the years, the broker has been highly honoured by the market, being ranked as having the strongest brand association with excellent reliability among current FX traders, as published in the December Australian FX Report 2014 (Investment Trends December 2014).
Previously, in 2012, AxiTrader was the winner of the best spreads at the CiOT Expo.
AxiTrader was awarded the Best Forex Broker of Asia in 2013.
Regulations and Jurisdictions
AxiTrader is regulated by the FCA. On the part of the Australian operation it is regulated by ASIC. It is well known that the FCA as the ASIC are highly regarded as financial regulators, so you can expect a lot of reliability and security from this broker.
Dubai operations are regulated by DFSA and AxiTrader users in New Zealand manage to benefit from regulation under FMA (NZ).
Conclusion
AxiTrader is a broker that has more benefits than failures, especially for its security and easy to use platform. Overall, we believe that they are solid competition with the top brokers due to low average commissions and fees and great customer service.
It is perfect for both beginners and more experienced traders due to the account options provided and research given. However, to improve, AxiTrader could expand their available trading instruments, and open customer service to 24/7.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68.5% of retail investor accounts lose money when trading with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. This does not constitute as investment advice or personal recommendations as your specific financial circumstances have not been considered. No warranty is given in regards to the accuracy and completeness of information. Past performance is not an indicator of future results.