Axitrader broker review
AxiTrader is one of the largest and most reputable forex brokers in Australia To see how this broker compares or to have look at our best online broker reviews. Founded in 2007, AxiTrader is owned and managed by a UK based holding company called AxiCorp Ltd., which is also a wholly owned subsidiary of an Australian company called AxiCorp Financial Services Pty Ltd. AxiTrader has built its award-winning reputation on trust and reliability. It is a well regulated entity that falls under the jurisdictions of two leading financial regulatory agencies, the Financial Conduct Authority (FCA authorization number: 509746 ) in the UK and the Australian Securities & Investments Commission (AFSL number 318232 for ASIC’s authorization). Under this scheme, UK based traders can claim up to 50,000 pounds in compensation should AxiTrader ever become insolvent. It draws clientele from all over the world, but it has a very strong client base in Australia.
Markets Offered
AxiTrader offers its clients a wide range of trading products beginning with 80 different currency pairs, including all the major currencies and crosses. Most of the tradable commodities futures are also offered by AxiTrader in the form of CFDs, including gold, silver, palladium, natural gas, and oil. Some of the agricultural commodities are also offered via CFDs. CFDs are also offered for index futures and index cash futures. AxiTrader has also made available for its clients cryptocurrency CDFs for Bitcoin, Litecoin, Dash, and Ripple. AxiTrader does not make market in ETFs, stocks, or bonds. Check out the Best forex brokers and best CFD brokers for more updates.
Account Types
AxiTrader only offers two types of trading accounts, an MT4 Standard account, and MT4 Pro Account. As can be seen in the table below, both types of accounts are very similar with the exception of spreads and commissions that are payable per trade.
ACCOUNT OFFERED
| Account Feature | MT4 Standard | MT4 Pro |
|---|---|---|
| Set-up Costs | Free | Free |
| Spreads | From 1.0 pips | From 0.0 pips |
| Commission | None | $7 round trip (USD) |
| Minimum Trade Size | 0.01 lots | 0.01 lots |
| Minimum Deposit | $0 | $0 |
| Markets | 80+ FX pairs, Metals, CFDs | 80+ FX pairs, Metals, CFDs |
| Pricing | 5 digit pricing | 5 digit pricing |
| Trading Features | EA optimised for automated trading | EA optimised for automated trading |
| Mobil Trading | Yes | Yes |
| MT4 Next Generation Trading | Yes | Yes |
| Margin | Up to 400:1 | Up to 400:1 |
| Inactivity Fee | No | No |
| Free VPS | Yes | Yes |
| Free Auto Chartist | Yes | Yes |
| Available Account Currencies | AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD | AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD |
| Demo Account | 30 Days | 30 Days |
| Other Account Features | ||
| Scalping | Yes | Yes |
| Hedging | Yes | Yes |
| Micro account | Yes | Yes |
AxiTrader does charge a swap rate for Margin FX Contracts and Futures CFDs. It is a variable rate that is dependent on the currency pair or CFD, the applicable swap rate in the interbank markets for the relevant dates, the size of the position, and the AxiCorp Spread. AxiTrader does not segregate account funds. Islamic accounts, and managed accounts are available. AxiTrader does charge fees for funding and withdraw transactions. For Australian traders, there are no charges for local bank transfer. International bank transfer can cost between $15 to $25. Withdraws can take up to 5 business days. Accounts can be funded and withdraws made by the following methods:
- Debit and Credit Cards (Visa, Master, Maestro, JCB)
- Neteller
- Skrill/Moneybookers
- Global Collect (only for Australian clients)
- BPAY (only for Australian Clients)
- China Union Pay (only for Chinese residents)
- Bank Transfer
- Broker to Broker Transfer
Opening an account with AxiTrader is usually completed with 24-hours and requires a valid ID (i.e. passport, driver’s license, or national ID), and proof of address (i.e. bank statement, utility bill, or tax invoice dated within the last three months and issued to your name and address). AxiTrader accepts U.S. clients through its American subsidiary, AxiTrader USA.
Trading Platform
As made obvious by the names of the account types, AxiTrader uses Meta Trader 4 (MT4) as its primary trading platform. MT4 is a very popular platform that is widely used by the forex trading community. It has features and trading tools that accommodate every level of trared from a beginner that is learning the basics, to advanced traders that programs, backtests, and implements sophisticated algorithmic trading systems. There are many online MT4 resources and communities, some free and some not, that can be referred to for assistance in learning and mastering MT4. The AxiTrader MT4 platform allows for the following features and tools. As Mt4 is the standard for many brokers, it’s worth reviewing the Best Trading platform review.
Trading Platform Features and Tools
| Platforms & Tools | MT4 Standard | MT4 Pro |
|---|---|---|
| Stop loss Orders | Yes | Yes |
| Limit orders | Yes | Yes |
| One-click trading | Yes | Yes |
| Trailing stops | Yes | Yes |
| Expert advisors (EAs) | Yes | Yes |
| Direct market access | Yes | Yes |
| STP broker | No | No |
| ECN broker | Yes | Yes |
| Market maker | Yes | Yes |
| Price alerts | Yes | Yes |
| Signal trading | Yes | Yes |
| Watchlists | Yes | Yes |
| Charting tools | Yes | Yes |
| Mobile Trading | Yes | Yes |
| iOS App | Yes | Yes |
| Android App | Yes | Yes |
| Windows App | Yes | Yes |
Education
AxiTrader has an entire section of its website dedicated to a trader education center. The center includes tutorials and instructional videos that range from basic to advanced concepts and trading techniques. Also included are various online courses right from basic forex introduction to in-depth market analysis and how to improve trading strategies. Additionally, Axitrader also posts daily market updates to help its clients stay well informed of the markets that it services. Many see Axitrader as a strong contender and the best broker for beginners.
The educational content that AxiTrader offers are as follows:
Axi Academy: AxiTrader’s Axi Academy offers four investing courses: forex, gold, cryptocurrency, and shares. The courses are designed by experienced traders, making them exceptionally helpful and easy to understand. Users can access the courses for free globally.
The courses contain written content, videos and quizzes which will give you various ways to learn trading according to your taste. They are available 24/7 to accommodate different time zones and learning paces. You can also practice trading with a free demo account with US$50,000 in virtual funds.
Axi Blog: AxiTrader regularly updates its online trading blog and global market news. Axi Blog contains various articles that are well-written and easy to read. Users can easily filter articles based on topics from blockchain technology to forex trading.
MT4 Video Tutorial: AxiTrader provides instructional videos to learn how to use the MetaTrader 4 trading platform. These step-by-step tutorial videos will aid new users in navigating through MetaTrader 4. Nine videos are available, from installing MetaTrader 4 to backtesting with Axi MetaTrader.
Ebooks: AxiTrader offers free ebooks written by professional traders. The ebooks are a five-part series for beginners that breaks down trading’s basic concepts. AxiTrader also provides other educational ebooks, such as “7 Lessons for Understanding Forex Market Types.”
Crypto Glossary: AxiTrader has a crypto glossary where users can discover and understand the terms used in the crypto markets.
Customer Support
AxiTrader offers 24 hours a day during the entire trading week. Communication with the support team is available by email, live chat or by calling the support team via telephone. Languages supported include Arabic, Chinese, English, German, Hungarian, Italian, Polish, Russian, Spanish, Thai.
Safety
Is Axitrader safe?
Axitrader does not openly trade and does not run a bank, making it an average-risk broker.
The company has registered with Saint Vincent and the Grenadines Financial Services Authority under license number 25417 BC 2019 by the Registrar of International Business Companies.
Axitrader has been recognized by several FX media outlets, including AtoZForex.com’s 2017 Most Reliable Forex Broker award. The broker also won Most Trusted Forex Broker by UK Forex Awards.
Axitraded is regulated under three reputable organizations: Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Dubai Financial Services Authority (DFSA). While Axitrader’s license was temporarily suspended by New Zealand’s regulator, the Financial Markets Authority (FMA), from July 2019 to December 2021, the suspension was lifted after the company addressed the material breaches cited by the FMA.
Axitrader’s integrity and financial health are verified through licensing and routine external audits. The funds belonging to traders are secure and maintained in separate bank accounts. The company uses Tier-1 banks to ensure safety. A Tier-1 bank is considered the most secure place to place clients’ money due to its financial strength. This type of bank has a robust core capital reserve and can handle unexpected crises. All online transactions, executions, and trader operations adhere to operating standards and are secured behind full encryption.
Axitrader also offers deposit insurance to retail traders with balances greater than US$20,000 with insurance coverage of up to US$1,000,000. Axitrader also provides negative balance protection for forex spot and CFD trading exclusively for EU users. Unfortunately, this protection does not extend to non-EU users.
FAQ
Does Axitrader offer 24-hour support?
Axi Client’s Services is available 24 hours and five days a week. The service starts at 08:00 a.m. AEST (00:00 server time) Monday morning and ends at 08:00 a.m. AEST on Saturday.
Australian users can contact Call Client Services on Axitrader’s toll-free number, 1300 888 936. For International users, you can call +612 9965 5830 or any number mentioned on Axitrader’s Contact Us page. You can also contact Axitrader through email, Social Media or Live Chat.
Does Axitrader charge an account maintenance fee?
Axitrader does not charge any account maintenance fee on active accounts. However, inactive accounts will be charged an inactivity fee. An account will be considered inactive when the account has not performed any open trades for at least 12 months.
Why can’t I open an Axitrader account in my country?
Axitrader is not available in certain countries because they are considered high-risk or because trading is not allowed there.
Can I get dividends as an Axitrader user? Do I need to pay a dividend tax?
Yes, you can receive dividends. Your cash payout will be based on the number of shares you hold, and you will be paid according to the ex-dividend date. Additionally, a dividend withholding tax might be levied, in which a business must deduct a dividend at the time of customer payout. The tax rate varies according to the jurisdiction in which the stock or corporation is registered, and it often applies to long positions.
How do I close my Axitrader account?
You must remove the remaining balance from your account before closing it. If the account balance is negative, then you will have to cover the balance first. After your account balance is zero, you can email service@axi.com to request the closure of your account. Remember to include your account number when requesting an account closing, and you have to send the email via the address linked to your MT4 account.
Pros
- Offers numerous FOREX CFDs, as well as some CFDs on other instruments. Regulated in both the UK and Australia
- Offers CFDs for trading Bitcoin
- Clients who have an account balance of $1,000+ can upgrade to AxiTrader’s NexGen add-on to the default MT4 trading platform
Cons
- Isn’t a publicly traded company, which means that they don’t have to disclose nearly as much information
- Traders with less than $1,000 USD in their account will have to use the regular MT4 platform.
Fixed spreads
Variable spreads
Stop losses
Limit orders
One-click trading
Trailing stops
Expert advisors (EAs)
Virtual private server
Direct market access
STP broker
ECN broker
Market maker
Price alerts
Signal trading
Watchlists
Charting tools
iOS App
Android App
Windows App
Major Stock markets (US UK Germany)
Indices
Penny stocks
Forex
Majors
ETF
CFDs
Bitcoin
Commodities
ETFs
IPO
Options
Futures
Bonds
Hong Kong stocks
Japanese stocks
Listed on Stock Exchange
Scalping
Hedging
Demo account
Islamic account
Micro account
Standard account
VIP account
Zero spread account
Managed account
Credit cards
Bank transfer
PayPal
Neteller
Skrill
Electronic wallets