As one of the few brokers that offer spread betting (but only in the UK), AxiTrader is a prominent presence in the forex market, that seeks to give you every opportunity to succeed as a trader. With both MT4 and MT5 accounts available, there is someone for everyone, in three different jurisdictions. Find out if they have an account that suits you, by reading our AxiTrader Review today.
AxiTrader was founded in 2007 and currently operates out of Australia. The broker has grown from that time to become of the most popular brokers in the world. AxiTrader MT4 is all you will find here, in terms of platforms. In this AxiTrader review, we will be looking at all the important things you need to know about this broker.
At the moment, they are regulated by the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Dubai Financial Services Authority (DFSA).
By giving traders access to the latest data from the markets on Forex, indices, and CFDs, they ensure that you never lack what you need. With such information at your disposal, you could become very good at trading.
There are CFDs on metals, shares, indices, Forex, and commodities. Accessing all of these will be easy when you use the web-based trading platform. It comes in many languages.
To put the cherry on top of the cake, AxiTrader has mobile compatibility for trading. You can access your account and trade from numerous devices. They have servers in New York. This puts them close to the exchange. That way, the traders get fast execution speeds.
AxiTrader provides its clients with several account types. There is an individual account, joint accounts, and corporate accounts. The structuring in terms of fees is different to make sure that the variety, covers everyone.
From the Standard Account to the Pro Account and finally the Spread Betting account, there is something for everyone here.
Let’s find out what this broker can offer you in the long run.
Pros
Cons
We have mentioned that three major regulatory agencies regulate them. These are the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Dubai Financial Services Authority (DFSA).
If you trade with them, you can be assured that your funds are safe because they have been operating for so long.
NOTE: As of July 29th, 2019, the FMA (New Zealand’s Financial Markets Authority), suspended the derivative issuer license for AxiCorp Financial Services Pty LTD. The regulator cited violations of the Financial Markets Conduct Act of 2013 on four counts. In January 2020, ASIC, the Australian regulator, also revoked AxiCorp’s license, citing that the company did not comply with the regulatory demands. Until they meet these demands, their licenses shall remain revoked.
Clients should know that the regulatory suspension will not affect the international clients; AxiTrader still operates under the FSA and FCA jurisdiction. Overall, the broker remains genuine in all ways since its founding in 2007. So far, they have expanded their reach across the globe.
When it comes to security, we need the clients to feel safe. For that reason, if you have any questions about something you think may affect you, feel free to ask AxiCorp. They have been fully compliant for a while now and are still allowed by the FCA and FSA, to offer their services to clients.
The international traders can feel safe as they are protected through the membership of AxiTrader to The Financial Commission. This body is a regulatory, organization, and external dispute resolution center based in Hing Kong.
Their provisions include the Compensation Fund, which is limited to €20,000. However, it is easy to see that AxiTrader still has to fix its trust with the clients. For example, their website claims that they are authorized and regulated in St. Vincent and the Grenadines.
On checking this, we found no such thing on the St. Vincent and the Grenadines website. As for the client funds, you can rest easy because they are fully segregated in Tier-1 banks. AxiTrader regulation is not stable, and that might be a downside for some.
AxiTrader offers its clients access to many markets. However, all of the activities you will do here are limited to CFDs and Forex. They mix hard and soft commodities, offer 31 equity CFDs, and six cryptocurrency CFDs.
The assets and markets available are limited, when compared to the other brokers, we have reviewed. For our AxiTrader review, we looked at the details, and here is what we found.
This table only shows some of the available items. To see all of them, feel free to visit the broker’s website.
On their products page, you will find that AxiTrader offers Forex, gold & silver trading, oil trading, general CFDs trading, commodities trading, indices trading, and crypto trading.
When it comes to fees, you should know that they vary depending on the account you get and what you trade. You will not be charged inactivity, deposit/withdrawal, or account fees. To get the details on this, we will have to look at the accounts closely.
Determining the account you choose allows you to know how much money you will spend on trading. On that note, we now go to the account opening section.
AxiTrader has been called the best MetaTrader 4 broker. It is the only platform you will find here. For beginners traders who would like to get started on their education about platforms and accounts, the AxiTrader demo account will give you the tools you require.
As for the account types, you will have the following choices:
The accounts have differences in fee structure. That is why they are classified in the following way:
To get even more details on this, let’s look at what you will be getting, depending on your choice.
Here, we are going to show you the information in a table. We will feature both the Standard and Pro Accounts:
Account opening is quite simple and easy on AxiTrader. You will get your account approved in less than 3 business days. AxiTrader does not accept clients from the United States, Japan, Iraq, Iran, Colombia, and Singapore.
If you are in an eligible country, the process involves filling in your general details like email address and phone number.
You will then pick the account you would like to use and fill out the personal information section and address section.
To prove your identity, you will need to have your passport, government ID, state-issued ID, or other identification documents. To prove your address, you will need utility bills or a bank statement.
AxiTrader Deposits and Withdrawals
You can deposit or withdraw money from your AxiTrader account quite easily. There are 11 available base currencies to choose from. They include; CHF, AUD, CAD, HKD, JPY, NZD, SGD, EUR, GBP, USD, PLN.
Base currencies are important because when you fund your account in the same currency that you have in your bank account, you do not have to pay for conversion costs.
For deposits and withdrawals, you can use the following options:
AxiTrader only allows withdrawals and deposits into accounts that are in your legal name (i.e., the one you used when opening your AxiTrader account). The credit/debit cards reflect balances instantly.
The electronic wallets are instant too. However, bank transfers take several business days.
You will not be able to withdraw into a credit/debit card when on AxiTrader.
The bank transfers take 1-3 business days, as we found in our research for this AxiTrader review. To withdraw, just log in to the Client Portal and select ‘Withdraw Funds.’
You will be shown the options available to you so that you can pick the most suitable one.
AxiTrader Web, Desktop and Mobile Platforms
AxiTrader offers you MetaTrader 4 only. The good thing is that this platform is the most popular globally. Many traders use and prefer it. It is available for all devices, including Windows, Mac, iOS mobile, and Android.
In addition to MetaTrader, you will also get AxiTrader MT4 NexGen, which gives you more advanced tools for management, enhancing your orders, and providing sentiment trading when you add it to your MT4 platform.
AxiTrader MetaTrader 4
The MetaTrader 4 platform is available for download on the AxiTrader website. Both Windows and Mac users can download and install it on their devices. With it, you will get features like:
MT4 is a world-renown platform that will give traders the best features and ease-of-use benefits.
AxiTrader Web Trader from MetaTrader
On AxiTrader, you can access your MT4 trading account from any web browser. It has everything that the desktop app has.
On the Web Trader, the users will have:
For users of the Web Trader version, there is no need to feel like they may be missing anything by not installing the software. They get the same things that clients who have installed MetaTrader 4 get.
AxiTrader Mobile Trading Platform
AxiTrader clients have access to download the AXITRADER Meta Trader 4 app. You can get them from the Apple App Store if you are using the iOS devices or from Google Play Store if you are using Android devices.
Users can trade on the mobile app on any supported devices. The app has several features you get to enjoy. The design is such that you get the full functionality of the desktop software and Web Trader so that you do not miss anything.
With MT4 for mobile, you will have access to things like:
With the mobile trading app, you never have to be worried that you might be missing anything.
AxiTrader Trading Features
AxiTrader gives the traders access to many trading tools that include;
This tool is available for free to all AxiTrader clients. The plugin works well with the MT4 platform. With it, you can automatically follow the performance of top traders. It allows you to mirror their trades so that you can learn on the job.
With Autochartist, you will have the added benefit of being able to have continuous intraday market scanning. Autochartist is constantly trying to find trade opportunities for you that are tailored by you.
Because of that, you are left with a lot of free time to focus on other things.
In addition to all that, you will have automated technical analysis. The insights and notifications you get, show you the best chart patterns, forecasts, advanced patterns, and key levels.
To review performance stats for the past six months, use Autochartist. It will give you detailed stats to recognize trade setups that worked and the ones that did not.
Would you like to keep your operation running 24/7? Well, the VPS is what you will need. You can trade with assurances when using the MT4 Forex VPS hosting. As an AxiTrader client, you will be able to subscribe to the services from an external third-party provider.
Your trades will never be disrupted by connectivity or tech-based issues. Virtual hosting ensures that you do not have downtime 24/7. AxiTrader’s VPS partners include ForexVPS, which has state-of-the-art SSD drives in New York, to give you fast execution speed.
Even better, is the fact that AxiTrader pledges to credit up to #34.99 of the monthly ForexVPS fees for their customers who trade more than 20 lots in a month. The offer applies to the Basic VPS Edition with 1GB RAM.
At AxiTrader, you can copy trading strategies from thousands of traders from all over the world. With the forex trading signals, you will be able to:
There are many MT4 users in the world. You can even develop your strategies and create your signals for others to follow if you are good enough.
Signals give you control because you can deactivate and activate them when it suits you. With automated trades, you can trade for 24 hours a day and not have to be at your terminal for all trades.
With signals, you do not have to work hard, and that allows you to diversify what you do and spread your capital to markets that would have been out of reach. Signals also provide clients with flexible risk parameters so that you can determine your risk tolerance and have stop loss contingencies.
Staying in the loop on the news and big announcements is one of the best ways to grab at an opportunity or place yourself in a position that benefits you if the market moves. You can click on any news and see events before they happen.
With the filters, the economic calendar can be tailored to focus on one currency pair or an event directly linked to a position you may have taken. There is also a way to get a countdown to the news by looking at the time-left column.
This tool is the world’s leading analytics platform powered by AI. With it, you could potentially become more profitable. The best part is that it is free for all AxiTrader clients. The perks you get when using it are:
All of this is a way for you to know where you need to improve your game. Analytics is how you identify where you may be failing and then work on those areas.
One other thing, AxiTrader, has an AxiSelect program. Using the data collected by PsyQuation, you can build your score and prove that your trading ability is good. With your score as the benchmark, you could get significant funding as part of the program.
In addition to the funding, you will get mentorship and become a career trader.
AxiTrader Commissions and Spreads
At AxiTrader, you can keep your trading costs low because of the competitive spreads offered. We watched the live spreads fluctuate by the second, for this AxiTrader review.
The spreads shown below are accurate at the time of writing this review. After more than ten years in the business, AxiTrader has managed to establish a network of tier-1 brokers and liquidity providers.
This and investment tech are what make their spreads low.
The AxiTrader minimum deposit ranges from $0.00 to $1000. The Pro Account charges a $7.00 round turn commission per Standard Lot of 100,000 units for accounts denominated in USD or AUD (others are charges an equivalent of that).
Popular Pairs Live Spreads on July 8th
Majors Live Spreads on July 8th
When it comes to Forex, the commission fee comes from the bid and offers spread, which means that the fee varies. They do not have what you’d call flat commissions.
For Standard Accounts, the fees are incorporated into the bid-offer spread for every product. Since they are a market maker, the price offered depends on other factors and may differ from the prevailing underlying market rates.
Here are the specifications for Bullion, Commodities, and crypto.
AxiTrader Commodities Cash CFDs
AxiTrader Commodity Futures CFDs
AxiTrader Cryptocurrency CFDs
For more information about these details, talk to AxiTrader customer support or visit the website and check out the documentation provided. You can alternatively follow this link for more details and tables: https://az780246.vo.msecnd.net/pdf/AxiTrader-product-schedule.pdf
AxiTrader Bonus and Promotions
For our AxiTrader review, we tried to find out if they have promos and bonuses. We located some offers, but they were more than 4 years old. The most recent one is a New Year Trading bonus of up to $1,888 in the live trading account. It was a sign-up.
It would seem that they do offer bonuses, unlike many of their counterparts, under jurisdictions that do not allow this.
AxiTrader Customer Support
AxiTrader has three primary ways to get in touch with their customer support agents. They include:
The live-chat feature is quite fast, with relevant and quick answers. The phone option works well, but the email takes longer. In all instances, the questions we asked were answered relevantly. The customer support is only available 24/5.
They currently support up to 14 languages.
Here are additional ways to get in touch with the broker.
For Phone Numbers:
AxiTrader Research
At AxiTrader, you will have charting tools, the economic calendar we mentioned, and news feed access. All of these are available directly from the MetaTrader 4 platform. You should be aware that they do not have trading ideas or fundamental data.
However, PsyQuation, MyFXbook, and signals are all there to make better trades. It may not be the best way to research, but it is a way for new traders to learn.
AxiTrader Trader Education
Education happens to be one of the most important things you can have as a beginner in the forex market. At AxiTrader, education is provided in the form of:
You will not lack access to education. AxiTrader does not have webinars, though.
AxiTrader Trading Experience
With regulations issues, comes trust issues. However, the company’s longevity, the segregation of funds in tier-1 financial institutions, and the membership in investor protection bodies make up for some of the issues.
The trading experience is limited, in that the markets available are not very wide or versatile. However, the trading experience is enhanced by introducing trading tools like Autochartist, VPS, PsyQuation, copy, and social trading, among others.
The trading fees are fair, the deposit/withdrawal process is fast, and the account opening is easy.
In Conclusion
Our AxiTrader review concluded here with the impression that the broker is competitive on their Pro Account. Combining low spreads with round-turn commission per trade makes them a cheaper option that trading on the Standard Account.
With no minimum deposit outside the Australian Brand, they can cater to many people. They may lack an active offering in terms of markets, which is a disadvantage, but they make up for great research tools.
As an MT4-only broker, AxiTrader stands out as one of the best in the business.
