AxiTrader

AxiTrader

4
Score: Good

AxiTrader Broker Review: three things you need to know:
> Well-regulated, trustworthy, award-winning broker
> Low fee rates and crypto CFDs on offer
> MT4 only, though MT4 NexGen software offers additional functionality

About AxiTrader

Established in Sydney in 2007, AxiTrader is among the largest forex brokers currently operating in Australia. After opening its UK branch in London in 2012, AxiTrader’s continuing success, proven by client trading volumes of over $100bn per month, saw offices opening in China, Germany, Latin America and the Middle East by 2016. Today, AxiTrader is lauded as one of the leading forex brokers in the world. Indeed, this has been validated by the accolades that it has picked up as recently as the 2018 UK Forex Awards, where AxiTrader won ‘Best MT4 Provider’ and ‘Most Trusted Forex Broker’.

The company considers itself to be a local firm but with a global reach, one with old-fashioned values at its core – including honesty and integrity – complemented by a modern vision. The introduction of five new cryptocurrency CFDs at the beginning of 2018 is considered proof of this. AxiTrader’s founding principle is certainly a commendable one: namely, to be the platform created by traders, for traders.

But does AxiTrader really live up to this promise? This AxiTrader broker review will explore whether or not AxiTrader is a reliable platform for you to trade on, while detailing the offerings available. Read on to discover the products, commissions, fees, features and tools that AxiTrader provides, and find out if you should invest with AxiTrader in 2019.

Products and Trade Offers

Principally a MetaTrader brokerage, AxiTrader offers forex and CFD traders with a number of social-copy trading platforms and tools in addition to over 80 different currency pairs and 65 CFDs. These are available on commodities, indices, metals and bitcoin across its two account offerings: Standard and PRO MetaTrader 4 (MT4). The broker also provides an add-on package in the form of its MT4 NexGen offering, which is targeted towards traders with a minimum $1,000 deposit.

AxiTrader reinforces its strong regulatory background with a choice of different accounts to facilitate alternate trading strategies as well as traders with varying levels of expertise. At the outset, it is worth mentioning that because AxiTrader primarily promotes itself as a MetaTrader broker, it does not have its own name-brand platform. This does not appear to pose a problem, however, as AxiTrader uses the technology of MetaTrader 4 – the world’s most popular trading platform – in order to conduct its business. This means that AxiTrader will appeal to a large number of money managers and investors already trading.

For those unfamiliar with MT4, AxiTrader also offers a free demo account, which is preferred by those with limited experience. The demo account imitates the live market environment and allows you to train with virtual currencies on real-time spreads in order to familiarise yourself with the products and platform. This way, you do not have to put actual capital at risk while you acquaint yourself with the trades available, such as gold, silver and oil. Forex trading is available 24 hours a day, five days a week, and offers all major currencies such as GBP, EUR, USD and JPY.

One limitation is that the demo account is only available for a fixed-term period of 30 days. Whether or not this is long enough is at the discretion of each trader, though it is a little frustrating for novices wanting to trade with AxiTrader. Furthermore, the free demo account must be fixed to GBP, USD, EUR, CHF or PLN, and after you have selected your chosen currency, it cannot be amended.

  • 80 major currency pairs with 61 different currencies
  • CFDs: commodities, indices, metals, bullion, gold, silver, oil
  • Crypto trading available with bitcoin as CFD
  • Limited term available for demo account
  • AxiTrader is not CySEC-regulated
  • Non-forex CFD choice is limited

Commissions and Fee Charges

If you are new to the platform and you are reading this AxiTrader review to get some insight on how the platform itself works, you are likely also wondering what AxiTrader will cost you. There are a few different commissions involved, subject to the different account offerings available, so here we’ll break it down for you.

If you set up an account through the Australian arm of AxiTrader, you will be required to deposit a minimum amount of AUD $1,000. This is applicable to Australian residents who are looking to open a Standard AxiTrader account. Non-residents are liable to pay a minimum of AUD $2,000 for the initial deposit, whereas the PRO Account offering is AUD $5,000. If you are looking to go through the UK entity, then you’re in luck as there is no minimum deposit fee for either the Standard or PRO accounts.

AxiTrader’s PRO Account includes a $7.00 Round-Turn (RT) fee per standard lot (100K units) for accounts in AUD or USD. For other currency denominations, these accounts will include a commission that is similar or equivalent to the $7.00 RT dependent on the relative exchange rate.

When dealing in the AxiTrader Standard Account, the EUR/USD currency pair, for example, offers 1.24 pips on average, while the PRO Account offers 1.14 pips all-in – that is, after you factor in average spreads of 0.44 pips in addition to the 0.7 pip commission. There is a fairly wide range of variance with regard to margin rates for forex and currency pairs on the AxiTrader platform, which can jump from 1% on major pairs all the way up to 10% on others. There are no inactivity fees involved and AxiTrader does not charge a withdrawal fee. On the negative side, AxiTrader occasionally involves higher financing rates when compared with other brokers.

CFDs on bitcoin were recently launched by AxiTrader – these entail a 2:1 leverage with a 40% initial margin requirement in addition to a trade capping out at 10 lots. This is certainly a step in the right direction as the cryptocurrency trade market has exploded in recent years, yet the AxiTrader platform is slightly hamstrung with regard to this development as trading is restricted Monday through Friday. It would be encouraging to see AxiTrader extend this to seven days a week and cater to those investors looking to capitalise on bitcoin developments through Saturday and Sunday.

Overall, AxiTrader offers competitive pricing compared to the rest of the market, especially with regard to the PRO Account, which is primarily structured around predetermined commissions. The broker does offer hybrid executions, which can necessitate AxiTrader functioning as a principal dealer when delivering execution across the two account types. However, the platform also has the capacity to send orders to a liquidity provider (LP) or third-party dealer, performing as an agency broker rather than a market maker.

What Others Say

“AxiTrader is an extremely trustworthy, established trader with competitive trading options. Ideal for both beginners and more experienced traders, AxiTrader is internationally trusted. The MT4 platform is widely recognised as one of the best in the industry.” – daytrading.com

Another AxiTrader review from daytrading.com focuses on both the trustworthiness and universality of the AxiTrader platform to satisfy clients.

“AxiTrader’s approach includes delivering quality service. The broker always aims to provide exceptional customer support founded on integrity, transparency and honesty.” – Blockonomi

Blockonomi celebrates the core tenets of AxiTrader’s company philosophy, which prioritise customer service and consumer trust.

“AxiTrader has a BrokerNotes triple AAA support rating because they offer a wide range of languages and support options.” – BrokerNotes

Marcus Taylor from BrokerNotes takes the time to highlight the helpful array of languages that AxiTrader offers, which makes it more accessible to traders globally.

Customer Service

AxiTrader offers customer support five days a week via phone, live chat and email. Due to AxiTrader having offices in Sydney, London, Dubai and Chișinău, support is available 24 hours a day and in six different languages. There is also a ‘request a call back’ function on its website – useful for out-of-office hours or when the phone lines are busy.

A particularly attractive feature of AxiTrader’s customer service is the assignment of a dedicated account manager to every client. This allows for a direct point of contact as well as a more bespoke service. While other brokers often reserve dedicated account managers for certain account types, AxiTrader automatically assigns one regardless of the type of account. In this regard, AxiTrader may be desirable for clients who have smaller trade sizes but still want direct contact and personalised support.

Platform Features and Tools

Essential to any AxiTrader broker review is a rundown of the software that clients use to trade. AxiTrader’s main offering to its clients in the way of trading platforms is MetaTrader 4. An extremely popular platform, MetaTrader 4 will be familiar to most experienced traders. Award-winning and well-rounded, it is almost entirely customisable and represents an excellent foundation for charting and technical analysis. The version offered by AxiTrader allows for 61 currency pairs. Clients who open an account with a $1,000 minimum deposit will also have access to MT4 NexGen, which is fitted with advanced features such as new terminal windows, an automated trade journal and an alarm manager.

Multi Account Manager (MAM) is AxiTrader’s integrated software that allows clients to manage multiple accounts from a single master log-in. This gives you the ability to carry out block trades on an unlimited number of accounts from a single trade terminal, offering speed and convenience. It supports both normal and unique order types and features six allocation methods.

AxiTrader also offers PsyQuation Premium to clients for free. PsyQuation is a highly regarded analytics tool that uses artificial intelligence algorithms to deliver insights to traders. The Premium version offered by AxiTrader is even more powerful and features tools such as the Order Flow Sentiment Indicator, which allows you to monitor over 22,000 live trading accounts. Its algorithms and analysis are highly intelligent, alerting you immediately to potential trading mistakes.

Another free tool on hand for AxiTrader clients is Autochartist, which can be easily incorporated into MT4 as a plug-in. This program scans the markets 24 hours a day in order to identify trading patterns. In doing so, it can detect and make you aware of profitable opportunities and can help you understand asset volatility. Pattern quality indicators, pattern recognition and free daily market reports can help you make more informed trades.

AxiTrader also offers clients the MT4 Forex VPS hosting service via third-party providers. The use of an external server will make sure that you can remain online 24/7, guaranteeing that your trading won’t be jeopardised by poor connectivity. Pricing for AxiTrader clients varies between providers, but for some, AxiTrader will credit a certain amount of the monthly fee if you reach monthly trading minimums. AxiTrader provides various other tools you can use to advance your trading. ZuluTrade, MyFXBook, Tradency and DupliTrade are all supported.

Overall, AxiTrader has a wealth of tools and features at its disposal to make the platform compete with the best. One limitation would be that it is primarily geared towards those with MT4 expertise, but AxiTrader offers plenty behind the machinery of the most popular trading platform out there. If you’re going to do it, do it right – this seems to be the thinking behind the implementation of AxiTrader’s commitment to the MT4 platform.

Mobile Trading

Trading from your mobile device is not a problem with AxiTrader, as MetaTrader 4 is available on both iOS and Android. The app is highly rated with plenty of customer reviews, and it manages to incorporate the tools you need while not feeling too busy or cluttered onscreen. You can stay up to date with live market data and news, while you can also easily change any live trades and enter new ones. The MT4 app also lets you access historical data as well as charting and analysis. This, in addition to the ability to set up alerts, means that the information you need is at your fingertips and you can keep up with the market wherever you are.

The mobile app could benefit from a security upgrade in the form of installing a two-step authentication process during log-in. The one-step process is the same as its online log-in on the web trading platform, which feels like an oversight. Security should be a primary concern and this does negatively affect the overall safety and peace of mind for clients looking to deal with AxiTrader.

Robo Trading

The MetaTrader 4 platform is well established in automatic trading, with many traders utilising it to trade their own algorithmic models. Through the MQL4 Integrated Development Environment, you can create your own technical indicators to analyse markets and robots to enter trades on your behalf. Once developed, your strategy is automatically moved to the Strategy Tester, where you can check its functionality before using it for real. If you’re not interested in creating your own trading robot, then MT4 also allows you to install third-party Expert Advisors.

As well as MT4, if you choose to make use of DupliTrade, you can benefit from its auto execution mirror system, which duplicates the trading behaviour of experienced traders. This allows for automatic trading in forex, indices, commodities and cryptocurrencies. This type of robo trading maximises user-friendliness and ease of use, which is particularly handy for novice traders and those getting to grips with MT4 for the first time.

Research and Learning Section

AxiTrader offers substantial educational support and training for traders. This includes extensive guidance on how to use MetaTrader 4, which covers everything that a beginner trader needs to know. Installation, placing and managing trades, charts and how to use trading signals are all covered. Guides are also available for MetaTrader 4 NexGen in the way of videos and PDFs.

The Forex Education section of AxiTrader’s website specialises in introductions to forex basics, CFD essentials and slippage. There are also several free e-books that offer an understanding of forex market types as well as advice on managing trading systems and strategies.

AxiTrader also has a free Education Centre. Here, you will find video tutorials, more e-books – on forex, CFDs and stocks – and online courses that you can work through at your own pace. Courses cover market analysis, trading psychology and trading strategies, among other topics. There is also a glossary, which is handy for those just getting acclimatised to the trading world.

Educational resources can also be found on the Market News & Blog section of AxiTrader’s website. Unlike much of the introductory training material, this caters to more experienced clients as well as beginners. It provides topical information about market developments as well as more general articles offering tips and advice.

Regulatory Details

One of the most important purposes of this AxiTrader broker review is to evaluate the safety and risk factors involved when you are in the process of becoming an AxiTrader client. Therefore, international regulatory bodies are a prime concern and can be a useful barometer for gauging the trustworthiness of a forex and CFD brokerage.

AxiTrader is operated and owned by AxiCorp. Licences and authorisations covering AxiCorp’s services are awarded by official bodies such as the Australian Securities and Investments Commission (ASIC) and the UK Financial Conduct Authority (FCA). AxiTrader was also granted regulatory status with the Dubai Financial Services Authority (DFSA) and obtained a licence by the Financial Markets Authority (FMA) in New Zealand in 2018.

The company does not operate a bank and is also not publicly traded. All funds from clients are held in separate trust accounts with top-tier banking institutions. Furthermore, AxiTrader encrypts all data throughout transmission, and the broker installs cutting-edge security software and firewalls to ensure that traders remain protected. Considering the above regulations and licences, The Bull is comfortable with evaluating AxiTrader as a safe, average-risk and trustworthy broker to deal.

OUR SUMMARY

3 things you need to know

4
Score: Good
GET STARTED

AxiTrader is a leading, award-winning broker with a global reach. While it does not offer its own in-house platform, clients have free access to the ever-popular and effective MetaTrader 4, as well as MT4 NexGen, in addition to a range of other tools. What’s more, 80 currency pairs and 65 CFDs are available on commodities, indices, metals and bitcoin. For beginners, a free demo account is a useful offering, though it is limited by the fixed term of 30 days. The good news is that in the UK, there is no minimum deposit for either of the two accounts offered: Standard or PRO. While financing rates may sometimes be higher than other brokers, AxiTrader doesn’t charge for inactivity, deposits or withdrawals. In terms of overall cost, AxiTrader is competitive, with the PRO account working out as its most economical account offering.

AxiTrader supplements MetaTrader 4 with many tools to enhance trading, including Autochartist, PsyQuation and DupliTrade. This distinguishes it from other brokers whose offering is limited to MT4. Educational resources are readily available and beginners will find the basics well-covered. Customer support is adequate and available internationally, and the blanket assignment of individual account managers is an appealing offer unmatched by other brokers. While the 24-hour-a-day support is convenient, some may be put off by the fact that crypto CFDs are only tradable five days a week at the time of writing in 2019.

AxiTrader is a well-rounded broker that can cater to a broad range of traders. Some may find the product range limited, and higher-volume traders might begrudge the lack of active trading. Having said that, the majority of traders will be adequately provided for. Overall, AxiTrader’s low-cost, solid offering of platform and tools and strong regulatory reputation make it a safe bet for a significant proportion of traders.

BACK TO TOP