AxiTrader Review 2024
Website: www.axitrader.com
Min. Deposit: US$ 0
Leverage: 1:400
Trading Platforms: MT4
Regulation: ASIC, FCA
Headquarters: Australia
Founded: 2007
Regulatory Licenses:
- AxiCorp Financial Services Pty Ltd - authorized by ASIC (Australia) registration no. ACN 127 606 348 AFSL 318232
- AxiCorp Limited - authorized by FCA (UK) registration no. 509746
Updated on March 27, 2024
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AxiCorp Financial Services Pty Ltd, operating under the trading name AxiTrader, is a Forex and CFD broker established in Australia in 2007. Since its inception, the broker has garnered a reputation as one of Australia's most reliable Forex brokers, known for its strong brand presence.
AxiTrader is recognized for its credibility, offering low-risk Forex trading opportunities. It is not a scam, underscored by its endorsements for trustworthiness. The broker is governed by leading regulatory bodies, ensuring client protection and compensation mechanisms in the event of insolvency.
AxiTrader operates under the strict supervision of leading regulatory authorities, including the Financial Conduct Authority (UK) and the Australian Securities & Investments Commission. This regulation ensures that AxiTrader upholds transparency, with client funds securely held in segregated accounts at top-tier banks. All transactions, executions, and online activities are fully encrypted, adhering to strict operational standards. The broker's commitment to regulation provides a solid foundation for trust and reliability amongst traders.
Pros
Regulated by reputable FCA and ASIC authorities
Offers a variety of trading platforms and funding methods
Low forex fees and free deposits and withdrawals
Smooth, fully digital account opening process
Excellent customer support
Cons
Limited range of instruments, primarily Forex and CFDs
Restricted research tools, posing challenges for beginners
Customer support is not available 24/7
AxiTrader Review Summary in 10 Points ▲
Headquarters: Australia
Regulation: FCA, ASIC
Instruments: Forex, Commodities, CFDs, Indices, Bitcoin, and Cryptocurrencies
Platforms: MT4
EUR/USD Spread: 1.24 pips
Minimum Deposit: $0
Demo Account: Available
Base Currencies: AUD, GBP, USD, EUR
Education: Comprehensive education center with analysis
Customer Support: 24/5
AxiTrader stands out as a reputable broker with excellent trading conditions and appealing offers. Its low trading fees and the flexibility of depositing as little as $1, due to the lack of minimum deposit requirements, make it an attractive option for traders. The broker's overall score is 7.9 out of 5, derived from our meticulous testing and comparison against over 1000 brokers.
AxiTrader has received several accolades, including the UK Forex Awards Best MT4 Provider 2019, Best Forex Brokers Australia 2019, and Best Forex Broker Middle East 2019, showcasing its excellence in the industry.
Leverage is a well-known tool that effectively multiplies the initial capital you trade with, potentially magnifying your gains if used judiciously. However, it's crucial to remember that high leverage can also amplify losses.
AxiTrader, as a broker regulated in various jurisdictions, adheres to different trading conditions to meet regulatory obligations. For instance, Australian clients or international traders with ASIC-regulated AxiTrader accounts are entitled to leverage of up to 1:30. Similarly, traders under the European FCA regulation can access leverage up to a maximum of 1:30 for Forex instruments.
These changes were implemented recently and are mandatory for the authorized broker. However, traders have the option to choose under which entity to open an account, thereby selecting their preferred leverage level.
AxiTrader offers three account types: the MT4 Standard Account, MT4 Pro Account, and Elite Account. Beginners can start with a 30-day trial Demo account, equipped with a virtual cash balance of £50,000 to practice trading skills in a real-market environment. Additionally, traders adhering to Muslim Sharia laws can open a Swap Free Account, which exempts them from swap fees on FX Major, FX Minor, and Precious Metals Symbols.
How to Open an Account with AxiTrader ▲
Opening an account with AxiTrader is straightforward. Follow these steps for the account opening process: choose your preferred account type, fill in your personal information, verify your identity with an ID or a bank statement, fund your account, and start trading.
AxiTrader provides access to a comprehensive range of trading options through a single MT4 terminal, including Forex, Commodities, CFDs, and Indices. Bitcoin or other Cryptocurrencies can also be traded similarly to major currencies. The broker caters to the most sought-after markets, and UK residents have the added option of Spread Betting.
It's important to note that UK residents cannot trade cryptocurrencies due to the FCA's ban on crypto trading in the UK. AxiTrader's market range is ranked 7.5 out of 10. While the broker's offering is commendable, it is somewhat limited to FX and CFDs, and the availability of certain assets depends on the trader’s jurisdiction.
The fee structure at AxiTrader varies depending on the account type. The MT4 Standard Account typically offers no commission trading, with costs embedded in the spread. The MT4 Pro Account, on the other hand, provides tighter spreads but includes a commission on trades. It's essential to consider both spread and commission costs when evaluating the overall trading costs. AxiTrader's fee competitiveness is ranked 4.2 out of 5, with the broker providing transparent pricing and competitive costs for active traders.
AxiTrader stands out for its competitive spread offerings. The broker's fee structure is designed to cater to various trading styles, with the Standard account incorporating fees within the spreads starting from 1 pip, and the Pro Account offering spreads from 0 pips with a commission of $7 per round turn. An additional cost to consider is the Swap Fee, which is applied on Long Positions and credited on Short Positions, reflecting the differential in interest rates or yields on the underlying instruments. AxiTrader's fee structure is highly competitive, receiving a rating of 4.3 out of 5 based on comprehensive comparisons with over 1000 brokers.
AxiTrader offers a diverse range of funding methods, including Moneybookers/Skrill, Neteller, Wire Transfer, Credit Card, and BPAY. The broker also facilitates broker-to-broker transfers with selected companies. Clients have the convenience of choosing their account base currency from GBP, USD, EUR, CHF, or PLN and can deposit funds in these major currencies. AxiTrader's funding methods are rated excellent, achieving an overall score of 4.4 out of 5. The broker's approachable minimum deposit requirements, which are as low as $1 for most accounts except for the Elite account, which requires at least $25,000, make it an accessible choice for traders of all levels.
To withdraw funds from Axi, clients must log into their account, select 'Withdrawal' or 'Withdraw funds', choose their withdrawal method and account, enter the amount and any required description, and submit the request. Withdrawals are processed within 1-2 business days, although the duration may vary depending on the withdrawal method.
AxiTrader provides a comprehensive MetaTrader 4 suite, available on Web, Android, iPhone, and iPad. The broker's investment in advanced technology, such as co-located servers and fiber optics, ensures accurate and efficient trading. AxiTrader's trading platforms are rated 4.0 out of 5, with MT4 being recognized as an industry-leading platform. The broker enhances trading strategies with tools like Autochartist and offers the MT4NextGen for professional traders, which includes additional features like sentiment indicators and alarm managers. The platform is available at no extra charge for clients with a live account and a minimum deposit of $1,000. AxiTrader supports scalping, hedging, and copy trading, providing a supportive environment for various trading strategies.
Customer Support
AxiTrader has expanded its customer support to cover multiple regions, including China, Latin America, the Middle East, and Germany, offering multilingual support to accommodate its growing client base. The broker is known for its award-winning customer service, receiving an overall score of 4.0 out of 5. Support is provided through various channels, offering clear and quick responses, although it is not available on weekends.
AxiTrader Education
AxiTrader's educational offerings include over 60 video tutorials, articles, eBooks, and the Axi Academy, covering topics from crypto trading to forex and stock markets. While the broker provides a wealth of educational materials, it falls short in offering comprehensive research tools, only providing access to an economic calendar. The education section is rated 3.9 out of 5, reflecting the variety of materials available but noting the absence of in-depth research tools.
AxiTrader offers a comprehensive trading experience catering to both novice and experienced traders. With competitive spreads, a wide range of funding methods, advanced trading platforms, and exceptional customer support, AxiTrader stands as a strong choice in the forex brokerage market. Its educational resources, although lacking in research tools, provide valuable information for traders. The broker's flexibility with leverage options and its popularity among Australian traders further solidify its position. AxiTrader is recommended for those interested in technical trading, day trading, scalping, hedging, and using EAs, among other strategies.
