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Forex Reviews- AxiTrader

AxiTrader review

From humble beginnings in 2007, AxiTrader has rapidly grown to encompass a large portion of the forex market. Our AxiTrader review found out that they offer one of the best trading platforms globally and other unique features.

The London-based brand of AxiTrader launched in 2012, and when they expanded by 2015, they had hit $100 billion in monthly volume moved by clients.

Currently, the AxiTrader brand is regulated in the UK by the FCA under the London Company AxiCorp Limited brand. ASIC also regulates them in Australia under the name AxiCorp Financial Services Pty Ltd.

The regulation is further expanded to other regulatory agencies in multiple jurisdictions. It is safe to say that AxiTrader is a safe broker with a great reputation, making them an excellent choice for both learning and expert traders.

In 2016, AxiCorp announced that it had received a significant strategic investment from RGT - a leading Australian private equity firm. The goal of this initiative was to help drive its global growth. It is how they can offer services across so many countries.

At the moment, over 100 countries are eligible to trade with AxiTrader. Right now, they host over 40,000 traders with 8 offices around the world to ensure smooth sailing.

On their website, AxiTrader markets itself as the broker built by traders for traders. They want you to have the fastest execution speeds, the tightest spreads, and the best trading tools. That is why AxiTrader is so dedicated to building trust and ensuring proper regulation.

 

What We Like About AXITRADER

  • They are fully regulated and overseen by reputable regulatory bodies around the world
  • AxiTrader trust rating is high, as they have won multiple awards and have a clean record
  • They have no inactivity fees
  • The account opening is easy and completely online.

 

What AXITRADER Could Improve

  • The email support is a bit slow
  • They only offer CFD and currency/forex trading

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AxiTrader Regulation

 

AxiTrader has a solid reputation, even though there are some issues with the license in Australia and the subsidiary regulated in the St. Vincent and the Grenadines. AxiCorp Financial Services is the parent company and owner of all subsidiaries operating under the AxiTrader name.

Until January 2020, AxiTrader was regulated by ASIC. However, their license was suspended over some issues, and the broker appealed. They continue to operate, pending a resolution for this case.

The AxiTrader subsidiary that is regulated and authorized in the St. Vincent and the Grenadines is the one that is supposed to be for international clients. In our AxiTrader reviews, we make a point of checking the claims made by brokers.

A search on the St. Vincent and the Grenadines website for Commercial Intellectual Property Office did not return any results for AxiTrader.

However, in general, the broker seems to have a great reputation. The license issues are probably temporary as the broker continues to enjoy success and great reviews from clients and industry experts.

The theory is that this is an oversight by the company. If you feel any additional concerns, you should call in and talk to them about this. They will likely offer a good explanation for it. Other than that, they seem to take client trust very seriously.

They are members of the first independent and self-regulatory organization called The Financial Commission, based in Hong Kong. The protections offered to clients by the organization include a compensation fund of €20,000 per client.

 

AxiTrader Bonus for deposits & Promotions

Many of the regulations imposed by the regulatory agencies overseeing AxiTrader, have everything to do with client protection, among other reasons. One of the new introductions in the rules involves restricting the brokers from offering bonuses to clients.

There is no official mention of any AxiTrader deposit bonus or promotion of that kind. The reason for that is legal compliance. If you find anyone offering a bonus in the name of AxiTrader, you would be wise to ignore it. Scammers pretend to be from a legit broker all the time and try to con people.

 

AxiTrader Trading Fees

When comparing the trading fees between brokers, we always have to consider the most important things. We will look at the leverage, the commission, and spreads that you will find when trading with AxiTrader.

There is a lot to like about their fee structure. To get a clear look that contains everything that you need to know, we have to look at the details of how much you would have to pay if you were trading.

We will select specific products, leverage each of them, and determine how much you will have to pay if you sell after a week. So, here are the products we are going to look at:

  • Currency pairs: EUR/USD, AUD/USD, EUR/CHF and GBP/USD
  • Stock index CFDs: EUSTX50 and SPX

We will use the following leverage for each: 1:30 for forex and 1:20 for stock index CFDs. With these as the benchmark, we can imagine a scenario where a trader buys a leveraged product, holds it for one week, and then sells.

For forex, we are going to choose a volume of $20,000 and then a volume of $2,000 for stock indexes.

CURRENCY PAIRS Fees
EUR/USD $13.8
AUD/USD $9.5
EUR/CHF $1.1
GBP/USD $11.6

 

In comparison with other brokers on the same level, like Pepperstone and IC Markets, you can see the fees differences. Pepperstone charges $14.9, $11.9, $3.7 and $12.5 respectively for the same pairs. IC Markets charges $15.8, $10.6, $4.8 and $12.1 respectively.

The CFD fees for the position we indicated, held over one week and then sold, break down as follows:

  • For the S&P 500, you would end up paying $1.7
  • For the EUSTX50, you will end up paying $1.2

To summarize the fees, as shown on the broker's website, we get this:

  • The EUR/USD pair costs $3.5 per lot per trade. There is an additional small spread cost too.
  • The S&P CFDs fees are built into the spread. The average cost is 0.6 pips.

As you can tell from these comparisons, AxiTrader charges fair trading fees. Usually, you will pay a little less when trading CFDs with AxiTrader, than with their competition.

 

AxiTrader Financial Instruments

Traders can diversify and do more when they have access to great markets and financial instruments. The selection at AxiTrader is somewhat limited when you compare them with other brokers on the same level.

However, they provide instruments in forex, stock indices, and crypto CFDs. However, they do not have Stock and ETF CFDs.

The best part about this broker is that you can CHANGE LEVERAGE when you want to. This is a useful feature that allows you to have a firm handle on how much you want to risk and how much you stand to lose.

Instead of using the 1:5 leverage on stock indices, you can lower it to something like 1:3 and only be exposed to a manageable risk. If you lose, then you know that you are losing the amount of money you can afford.

Always check the pre-set levels of leverage on forex and CFDs, as it is usually high.

 

AxiTrader minimum deposit, Withdrawal and Deposit Options

Through its Australian entity, AxiTrader requires a minimum of $500 deposit for Australian residents to open a standard account. However, non-residents have to deposit a minimum of $1,000. In the British unit, there is no minimum level for either the standard or the PRO.

You will get many options for depositing and withdrawing your money. As we have outlined in this AxiTrader review, there is a lot to like about the company. The options include:

Credit/debit cards and bank wires: clients choose Skrill, Neteller, China Union Pay, FasaPay, Thai International Banking, Vietnamese Instant Banking, and Polish Instant Banking.

Withdrawing takes 2-5 depending on the method you use. Over time, the broker has promised to introduce instant payments that can be made directly to your phone.

 

AxiTrader Account Opening

AxiTrader is overseen by strict regulatory rules that require clients to fulfill compliance checks. The checks ensure that you are safe and legible for trading. The FCA and ASIC require the broker to ask you for some documents before giving you an account.

So, as you prepare to open your AxiTrader account, make sure that you have the following things:

  • A color copy of your national ID, state-issued ID, passport, driving license, or other official identity documents. They are used to prove your identity.
  • A bank statement or utility bill that is no older than three months, showing your address clearly. These documents are used as proof of the address you provide and ensure that you live in the country you indicated.

After you deliver these documents, you will be asked to answer some compliance questions that confirm how much you know about the market. It will take about ten minutes for you to finish the account opening process.

Before you start opening an account with this broker, you need to make sure that you know enough about the markets and how they work. Otherwise, you will not be able to answer the questions they ask.

If you get someone else to do it for you, that will only hurt you when the trades finally fail.

Because of the rigorous AxiTrader regulation and compliance process, it might take a few days to determine whether you passed or not.

 

AxiTrader account types

Like any of the reputable and successful brokers, AxiTrader provides you with a demo account that will allow you to familiarize yourself with how it all works. They mainly use MT4 as the standard account of choice.

Traders can choose from two AxiTrader account types. There’s the Standard account and the Pro Account.

The Standard Account comes with higher spreads and no commission charges. The Pro Account has raw spreads and commission included.

In comparison, the Pro Account trading experience is better than the Standard Account. However, it all comes down to what you require to be effective.

The maximum AxiTrader leverage is 1:500 because Australia is one of the few countries where leverage has not been capped yet. In Europe, for instance, the leverage is capped at 1:30. The main features you will find in both accounts include:

  • Quote accuracy of up to the 5th digit
  • Hedging and scalping are allowed.
  • MT4 is the platform provided
  • The minimum trade sizer per lot is 0.01
  • You are provided with a 30-days free demo platform to train yourself.

The Standard Account spreads start from 1.0 pips, and the Pro Account spreads start from 0.0 pips.

 

AxiTrader MT4

As you will see in our AxiTrader review, the broker mainly uses MetaTrader. It offers forex and CFD market investors access to all asset classes. They include 54 currency pairs and 41 CFDs for goods, metal, indexes, and cryptocurrency.

Even better, AxiTrader offers traders the Multi-Account Manager (MAM) for MT4. It has all the great features that make it easy for any trader to take advantage of the provisions offered by the Pro Account.

MT4 is only a great software when it has access to all the great plugins, extensions, and other third-party tools that open up a new world of possibilities for traders.

AxiTrader excels in this field as they provide you with a host of tools that you can use to make the most out of the MT4 platform. Here are some of the features included in the MT4 platform that you can use to make your trades better.

  1. The Sentiment Indicator helps you see how the other traders are trading to understand how they feel about the markets and what trends may emerge.
  2. There is Forex News to make sure that traders know what is happening in the market as it happens and predicts how the market may respond, to be in the best position.
  3. An Economic Calendar is available to ensure that major upcoming market events and announcements don't catch you off-guard.
  4. The Session Map is another great tool that allows you to track when markets open and close.
  5. The New Terminal Window shows you the alerts, gives group function templates, and manages the OCO to make sure that forex trading in international markets is easier.
  6. There’s a Correlation Trader, which reduces your errors in money management and helps you find new opportunities to trade by finding out where there are correlations in the markets.
  7. The Alarm Manager is another tool that allows you to monitor the market actively and ensure that you do not lose out on new opportunities.
  8. Having an Automated Trade Journal will allow you to record your track record automatically. You can use this information to improve your analysis and trading activities in the markets.

There is a lot to like about these new features. They are here for your benefit and make sure you can exploit the best parts of AxiTrader MT4.

 

Top AxiTrader Additional Features

The best part about any broker is what they can offer you, which is unique. AxiTrader may not have the best platform provisions, but they have unique features that make them a good choice to trade with.

The features that stand out as unique are:

  • The AutoChartist MT4 plugin
  • The VPS hosting service
  • PsyQuation Premium

There is a delivery of market reports, done three times every day. They also allow you to do a volatility analysis that employs performance statistics. With these, you get a clear picture of the market and what you can expect to get if you start trading.

To understand exactly what they offer you, we need to know how they work and what you can get from them.

  1. The AutoChartist MT4 Plugin

Relatively new traders in the market will find this tool very useful. Autochartist is used to identify chart patterns by tracking indicators like Fibonacci retracements. The tool monitors the markets 24 hours a day and tells you when a trade opportunity shows up.

By using support and resistance levels, the tool can tell you when you should trade. Support and resistance are the fundamental points in technical analysis, so many traders base their strategies around these points.

The features of this tool include:

  • The ability to automatically analyze the markets
  • A customizable search pane to narrow your focus
  • A price movement scanner that’s built into the plugin

With Autochartist, you can enjoy pattern recognition in charts, speedier analysis, flexibility in trading, and timely alerts.

  1. VPS Hosting

A VPS hosting service uses a virtual private server that mimics a dedicated server's behavior and the environment in a shared environment. Using the VPS, brokers can provide clients with direct ISP connection to physical hardware.

By hosting trades on VPS, AxiTrader allows you to connect your platform from any place with a network connection for easy trading anytime, anywhere.

Trading becomes automated and can continue to happen in the background even if you experience a power outage that switches off your computer. The level of security on a VPS system is higher than anywhere else.

The other advantage is that you will get faster trade execution on a VPS system than on conventional systems. By reducing the latency, AxiTrader allows you to make the best of your time and money, so you always have the edge.

  1. PsyQuation Premium

The PsyQuation Premium tool is available to AxiTrader clients. The job it has is to offer you trading signals, in-depth forecasting, and quantitative analytics for better trading.

Some of the tools found on AxiTrader’s PsyQuation premium include the Order Flow Sentiment Indicator. That tool is not even comparable to the AI-guided analysis, which is the biggest reason why PsyQuation Premium works so well.

Imagine an AI-guided process in trading. The tool shows you when you make mistakes and helps you improve your trades.

NOTE: The tool is only free to AxiTrader clients who maintain a minimum balance of $500 and trade at least one standard lot every month.

 

AxiTrader Education and Research

Most of the research you would have to do is done by the Autochartist plugin and PsyQuation Premium tools. That is alright. If you need more tools to do your research, you can look through the market analysis section of the AxiTrader website.

They post great content that included market commentaries that give traders all kinds of ideas on how to think about the trades. If you combine that with what is provided by the Autochartist plugin and the AI-based PsyQuation Premium tool, you end up with a package that can get you through most trades.

Even the education part is outsourced to the PsyQuation Premium platform that alerts you to mistakes while trying to make you a better trader. However, that is not all there is on AxiTrader. If you want to learn more, you can access additional information.

There are educational articles, video tutorials, online courses, and eBooks.

All these provisions come together to ensure that new traders can learn what they need to know before signing up for an account.

Remember, we mentioned that the compliance checks at AxiTrader are strict. In addition to that, you should always make sure that you know what you are doing before you get into the forex market, for your good.

 

AxiTrader Customer Service Experience

There are three ways to get connected to AxiTrader. You can use:

  • Website live chat
  • Telephone numbers
  • Email

The live chat is the fastest way to get in touch with AxiTrader representatives. The relevance of answers is all customers care about when dealing with customer service. You will be happy to know that they have the correct and full answers to your questions.

In addition to these methods, they also have a comprehensive FAQ section covering most of the common questions you may want answers to.

The best part is that the broker manages everything well that you won’t need support most of the time.

The only thing about the service that is a drawback is that they are only available 5 days a week.

 

In Conclusion

Our AxiTrader review was created to find out how suitable this broker is to you. They are regulated by respected agencies like FCA, ASIC, and DFSA. With all of these requirements and compliance measures, safety is ensured.

As always, that is the first thing we look out for.

The product range is somewhat limited to just CFDs and Forex. The research tools are not all that good. It would help if they had separate and comprehensive tools that aren’t integrated into PsyQuation Premium.

The account opening is not a problem. We mentioned AxiTrader minimum deposits earlier. You should note that those are recommendations, in case you would like to use PsyQuation. AxiTrader does not have a mandatory minimum deposit.

There are no inactivity fees, and the trading fees are low enough that any trader can benefit from this broker. Feel fry to try them out using the demo, to see if they suit your strategy and style.

4 Comments

  1. brainneudorf383 on November 17, 2019 at 3:19 AM

    Very informative Reviews of AxiTrader.

  2. samuelcastrejon on December 4, 2019 at 1:58 PM

    Thank you for the review, very informative.

    • TopFXBrokersReview on December 5, 2019 at 4:45 AM

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