Baxter FX Review 2024
Website: www.baxter-fx.com
Min. Deposit: US$ 50000
Leverage: 1:400
Trading Platforms: Currenex, Hotspot, FxAll
Regulation: ASIC
Headquarters: Australia
Founded: 1996
Regulatory Licenses:
- Baxter Financial Services Australia Pty Ltd. - authorized by ASIC (Australia) registration no. ABN 11 159 867 571 ACN 159 867 571 - no longer active
Updated on March 4, 2024
Quick Links
Our Review Method ▲ At Broker Insight, our review methodology for evaluating brokers is comprehensive and multi-faceted, ensuring a well-rounded analysis. We start by examining the broker's regulatory compliance and background, assessing the security and reliability of their operations. This is followed by a thorough evaluation of the range and diversity of trading instruments and markets offered, as well as the variety and suitability of account types available for different trader profiles. We delve into the trading platforms and tools provided, focusing on user experience, functionality, and technological robustness. Fees, spreads, and overall cost structure are scrutinized for transparency and competitiveness. A key component of our review involves testing the effectiveness and responsiveness of customer support. Additionally, we consider the ease and efficiency of the deposit and withdrawal processes. Finally, we incorporate real user feedback and the broker’s community reputation into our assessment to present a holistic and unbiased review that serves as a valuable resource for traders seeking reliable and insightful broker evaluations.
Baxter FX, based in Australia, is a brokerage firm specializing in currency markets. It stands out for providing competitive access to FX markets through a unique approach. Established as a technology group, Baxter FX has developed its proprietary technology, ensuring reliability and seamless integration with third-party platforms. The firm offers access to several popular Electronic Communication Networks (ECNs), enhancing flexibility in the largest markets.
Baxter FX operates as an ECN, No Dealing Desk broker, ensuring real-time clearing without dealer intervention. Transactions are executed with no mark-ups, based solely on commissions, and are known for their high speed and low latency.
Pros
Globally recognized financial institution
Excellent trading capabilities and technology solutions
Swift account opening process
Access to various ECNs
Commissionbased fees
Cons
Primarily suited for professional traders due to high initial deposit requirements
Lack of Forex and CFDs trading
Is Baxter FX Safe or a Scam? ▲
Baxter FX is a regulated entity under ASIC, Australia's top-tier regulatory body, categorizing it as a low-risk trading platform. The importance of trading with a regulated broker cannot be overstated, as it guarantees the safety of funds and transparency in trading activities. ASIC's rigorous oversight ensures that Baxter FX operates within the confines of stringent policies, offering a secure trading environment. Regulation by ASIC signifies that client funds are kept in segregated accounts, prohibiting their use for any purposes other than trading.
Baxter FX offers the advantage of trading with leverage, allowing traders to potentially amplify their gains. As an Australian broker, Baxter FX provides the opportunity to trade with high leverage levels, such as 1:200 or even 1:400 on some instruments. This is a significant advantage, as ASIC, unlike many global authorities, still permits the use of high leverage ratios. However, traders should exercise caution and fully understand how to use leverage effectively, as it also increases the potential for losses.
Baxter FX presents two unique account options: Treasure Style and Futures Style, each designed to cater to different trading preferences. The Treasure Style account operates by breaking down trades into two positions, focusing on a single currency component, offering traders a nuanced approach to managing their investments. Conversely, the Futures Style account treats each currency as a separate entity, with trades executed through offsetting transactions within the same currency, thus providing a distinct way to handle currency fluctuations. For corporate clients or fund managers, Baxter FX extends its offerings to include comprehensive PAMM accounts. These accounts offer a sophisticated solution for managing multiple client accounts simultaneously, making it easier for fund managers to execute trades and manage investments efficiently.
How to open Account?
Opening an account with Baxter FX is a straightforward online process involving several steps:
1. Register on the Baxter FX website.
2. Complete the Client Due Diligence application form.
3. Provide personal or company details, along with proof of ID and address.
4. Sign the Prime Brokerage Agreement.
5. Once the account is set up, you can access your account area, deposit funds, and start trading.
Baxter FX distinguishes itself by offering a 0 pip spread, as it connects traders directly to an Electronic Communication Network (ECN) of their choice. This means the spreads are essentially the raw, interbank spreads. However, Baxter FX incurs operational costs through two types of fees: Execution Fees and Clearing Fees. These fees are designed to cover the costs associated with executing and clearing trades, ensuring transparency and competitive trading costs for its clients.
The unique selling point of Baxter FX is its offering of a no-spread service. Instead of the traditional spread, traders are provided with raw, interbank spreads through the ECN, with the trading costs incorporated into commission fees. This model allows traders to benefit from more competitive pricing and greater liquidity in the market.
Baxter FX has streamlined its process for deposits and withdrawals, making it efficient for traders to manage their funds. However, specific details regarding the methods, processing times, and any potential fees associated with these transactions are not explicitly mentioned and can vary based on the trader's location and the banking facilities they use. Traders are encouraged to consult the Baxter FX website or contact customer support for more detailed information on funding and withdrawing from their accounts.
Baxter FX facilitates the trading process by allowing direct access through your account, enabling you to select each Electronic Communication Network (ECN) you wish to trade on. This choice extends to the trading platform, where you can execute trades via either Graphical User Interface (GUI) or API accounts. BAXTER-FX Clearing currently supports Currenex, Hotspot, FxAll, and is actively expanding its offerings to cater to traders' needs.
Desktop Platform
With the flexibility to choose your preferred ECN and trading platform, all your trades are consolidated into a single account. This is visible in your clearing portal, where you can monitor all margins and positions. Baxter FX's web portal integrates trades from different platforms through its STP connectivity, enabling execution across multiple platforms simultaneously and management of positions from a unified location.
Mobile Platform
The software integrates seamlessly with your chosen platform, ensuring the fastest possible execution. It also offers extensive possibilities for technological development, giving you complete control over your trading management. Additionally, you can access various supported versions of the platform, allowing you to trade on the go and optimize your trading experience according to your preferences. Despite not offering the industry-standard MetaTrader4, Baxter FX is open to providing platforms based on traders' requests, which emphasizes its commitment to customization.
An essential aspect of selecting a broker is the availability and quality of customer support, and Baxter FX seems to understand this well. Their support system is structured to ensure that traders and investors receive timely assistance when needed. Notably, they offer support during Australian working hours, which caters well to clients operating in or aligned with this time zone.
Additionally, Baxter FX further extends its customer support capabilities with a dedicated support center located in Dublin. This center operates around the clock, 24 hours a day. This is a significant advantage for global traders and investors who may require assistance outside of the Australian working hours. The presence of this 24-hour support center in Dublin ensures that clients from different time zones can access help whenever they need it. This comprehensive approach to customer support reflects Baxter FX's commitment to providing quality service to its traders and investors. By covering both specific regional hours and offering round-the-clock support through their Dublin center, Baxter FX demonstrates an understanding of the diverse needs of its clientele. This level of support can be particularly reassuring for traders who operate in various global markets and may require assistance at different times. It highlights Baxter FX's effort to offer a responsive and reliable support system, enhancing the overall trading experience for its users.
Focused on professional and seasoned traders, Baxter FX does not offer educational or learning materials. However, it ensures that all necessary tools for advanced trading are readily available and accessible through the trading platforms.
In our comprehensive review of Baxter FX, we recognize it as a forward-thinking choice for large-scale traders and professionals. The broker's unique approach, geared towards proprietary traders or fund managers, offers exceptional features such as the one account functionality and the ability to execute trades on multiple platforms simultaneously. These capabilities, combined with competitive commissions, set Baxter FX apart within its niche. However, we advise caution due to Baxter FX's loss of ASIC authorization in 2023. Traders are encouraged to conduct thorough research and remain vigilant regarding any offers from Baxter FX, considering its current unlicensed status.
