In the world of trading financial instruments, forex pairs have been one of the most lucrative assets ever. By registering high returns, forex trading has instantly profited investors around the world. However, the domain of forex trading is not so easy for everyone to champion it. Since there is a high risk of losing money when trading forex, it is important to decode the complicated trading process and implement some effective trading strategies. Things become simpler when trading brokers offer their financial services to assist people in their trader journey. One of the Top Forex Brokers in the forex trading market is AxiTrader. Over the years, AxiTrader has become a sought-after name in the forex trading market. The platform serves as a broker to millions of traders around the world. From beginners to seasoned traders, AxiTrader has enveloped the globe by becoming an efficient ecosystem of traders, brokers, and trading platforms.
Like any other platform, AxiTrader has also been thoroughly reviewed to clear out the doubts raised by traders. In this AxiTrader review, different aspects of this broker have been explored and analyzed. The services provided by AxiTrader’s trading platforms and tools have been tested to gauge their efficiency. From its pricing spreads to its key features, this XM review dives deep into the core of AxiTrader and highlights what the broker puts forth for its users.
What is AxiTrader?
Founded in 2007, AxiTrader started as an Australia-based forex broker service. It is primarily regulated by the Financial Conduct Authority and the Australian Securities and Investments Commission. The global financial authority in Dubai Financial Services Authority also governs the workings of AxiTrader. Being a heavily-regulated broker, AxiTrader is widely considered safe. In 2020, the broker is compliant with several top-tier authorities. In October 2020, AxiTrader made an official announcement of rebranding its company from AxiTrader to Axi. Trader communities of the platform will be rebranded accordingly. With this announcement, the AxiTrader UK – the trusted Forex Brokers in UK entity further launched a one-year sponsorship of Manchester City FC, a British football team, which is considered to drive brand awareness in mainstream media and increase its popularity concurrently.
What is AxiTrader?
On the technical side, AxiTrader is the official trading name of the company – AxiTrader LTD. As a broker, AxiTrader is a company that is supposedly regulated and authorized in St. Vincent and the Grenadines region’s Financial Services Authority. The AxiTrader LTD company is a fully-owned subsidiary of Australia-based AxiCorp Financial Services Pty LTD. The review further discovered that in July 2019, New Zealand’s Financial Markets Authority suspended AxiCorp Financial Services Pty LTD’s derivatives issuer license. The company had made four different counts of brokerage violations under the regulator’s Financial Conduct Act 2013. According to the regulator, AxiCorp Financial Services Pty LTD lacked some proper procedures and resources, on account of which its license is set to remain suspended until the broker rectifies the violations. In January 2020, the Australian Securities and Investments Commission also revoked AxiCorp’s license for non-compliance with its regulatory demands.
This regulatory suspension, however, has no impact on the international clients that AxiTrader LTD operates. Both entities are different and fall under distinct jurisdictions. Hence, AxiCorp LTD, which runs AxiTrader, has not suffered any license suspension. It remains fully compliant with all the designated regulators. While these issues fall under its corporate umbrella, AxiTrader continues to work as a genuine broker, expanding its market share across the globe with every passing year.
How AxiTrader Works
AxiTrader – one of the best Forex Brokers in Australia is offering its service for more than 80 currency pairs. This gives the broker ample coverage in the forex trading market. There are plenty of exotic and minor currencies available for trading on the platform as well. The broker delivers its services for hard and soft commodities, including 31 equity CFDs and 6 cryptocurrency CFDs. The asset selection of this broker is quite limited, which makes a proper diversification of cross-assets unfeasible. AxiTrader’s pure Forex accounts have the privileges to select assets and indices with proper diversification. Moreover, AxiTrader helps new retail traders start their first trading account before becoming advanced traders and running into the platform’s limits sooner or later. It also brings down the high risk of losing money in the initial trades by simulating the outcomes of those forex trades.
AxiTrader clients can choose between two account types. The Standard account offers higher spreads and does not charge any commission. The Pro account has raw spreads but charges commissions. The spread in the AxiTrader Standard Account is marginally elevated compared to that of the Pro Account. Similarly, the trading conditions in the Pro Account excel over those in the Standard account. The broker treats all its traders equally. There is zero up-selling on the platform, mainly to abandon the practice of offering better trading conditions and vaster deposits. AxiTrader embraces this trend, which is rampantly adopted across the industry. This practice eliminates the misconception that new accounts lose money when trading forex.
Based on these trader accounts, the spreads offered by AxiTrader vary. The Pro Account starts its spreads from 0.0 pips on the EUR/USD currency pair, and its raw spreads are tagged with a price of $7 per round-trip. This makes the account charge a highly competitive commission for its raw spreads. Forex traders actively working on AxiTrader can benefit immensely from such a trading environment. Meanwhile, the Standard account spreads start at 1.2 pips in the EUR/USD currency pair and stay free of commissions throughout. This broker offers maximum leverage of 1:500. Australia is perhaps the only jurisdiction where this broker’s leverage has not been limited by the regulators.
Key Features of AxiTrader
Three unique features make AxiTrader a success at the trading game. The broker is known to harvest the best out of the Autochartist MT4 plugin, its VPS hosting, and the PsyQuation Premium service.
The Virtual Private Server of AxiTrader hosts the traders and allows them to run their automated trading solutions 24/7. This is not an in-house feature of AxiTrader. It is a partnered service that AxiTrader runs with four VPS providers, namely, MetaTrader VPS, ForexVPS, BeeksFX, and Commercial Network Services. The prices for availing of this feature range from a monthly subscription of $10 to $35. AxiTrader also credits its traders for using ForexVPS and Commercial Network Services if 20 lots are traded per month. Similarly, AxiTraders offers a 30% discount for the BeeksFX users through a coupon.
What is PsyQuation Premium?
A free-for-all feature of AxiTrader, PsyQuation Premium, helps its clients maintain a minimum balance of $500 with monthly trading of one standard lot. It is an advanced trading tool that can provide smart forex trading signals through its comprehensive forecasting, quantitative analytics, and market indicators. The trading tool offers an Order Flow Sentiment Indicator, which can potentially become the best feature for the client. Its AI-driven analysis helps the trader improve daily performances. If trader accounts lose money in some trades, it alerts the traders of their mistakes, which allows them to enhance their trades over time. This makes AxiTrader a trading coach for every new user. Despite the MetaTrader 4 platform’s limitations, AxiTrader runs excellently for its traders by offering them the most cutting-edge trading tool – PsyQuation Premium.
What is an Autochartist?
Autochartist is a software plugin used on the MetaTrader 4 platform. It is a market scanner that can detect chart patterns and find trading opportunities in real-time. It can generate daily market reports for three times, conducting a volatility analysis on the market. It also runs through the performance statistics of traders and helps them fine-tune their approach. Autochartist is not the most effective third-party plugin AxiTrader offers to its clients. The Autochartist plugin also serves as one of the most important tools for retail traders. It eliminates the conditions where retail trader accounts lose money.
AxiTrader has an end-to-end solution for its trading services. The technology suite of AxiTrader includes the MetaTrader 4 trading platform, its web app version, Myfxbook, and some additional APIs. The trading platforms run on all operating systems, including Windows, Mac, Android, and iOS. The MetaTrader 4 WebTrader runs on all web browser applications. AxiTrader platforms do not require upgrades as the service delivers them with their most powerful versions. It uses MetaTrader 4 as its dominant trading platform, and this standard approach helps it attract retail traders.
The technology infrastructure of AxiTrader is built with advanced trading tools. They provide complete support to the automated trading experience. They run backtesting on features and user capabilities and support thousands of registered third-party plugins. AxiTrader does not promote any specific platform higher than the other, which makes it quite unbiased.
MetaTrader 4, popularly known as MT4, is a digital trading platform that helps online retail forex traders execute their trades. Developed by MetaQuotes Software in 2005, the MT4 platform is licensed by forex broker AxiTrader. It allows users to access the software’s benefits in running the server component and the client features. The client software sees the live streaming prices of forex currency pairs and displays their trend charts. It suggests insights to place orders and manage investments of its users.
It is a fully functional web application of the MT4 platform. The MT4 WebTrader eliminates the compulsion of using the platform’s desktop application and helps you run the same software on your web browser. The MT4 WebTrader is best used to get a quick visual overview of the markets, study the charts, and monitor the existing trades. A full module of this web app provides dozens of indicators, which work as drawing tools for completing the order management functionality.
MT4 WebTrader also makes an ideal replacement for the traditional MT4 application in terms of functionality and mobility. The MT4 WebTrader is perfect for using its custom scripts to access a trading account on the go. The feature ensures that no trader accounts lose money when trading remotely from their mobile devices or web browsers.
As a third-party application, Myfxbook Autotrade comes with the technology to make AxiTrader clients run their auto trading tasks. It is an online and fully-automated analytics tool connecting a forex trading account with its tools and plugins. It can build an online investment portfolio and organize trading accounts and help users monitor these accounts from a unified interface. Traders can automatically check the data with its innovative tools that run statistical analysis. It also allows them to see their trading performance via third-party audits.
The above platforms and tools help AxiTrader users stay ahead of the curve. From economic events calendar to real-time market news analysis, these tools deliver reliable forex quotes through their accurate market indicators. Facilitating these platforms and their rights reserved with AxiTrader make it a key recommendation in the trading community. Without these tools, implementing any trading strategy could render it useless. The use of these applications is suitable for specific circumstances, which is why AxiTrader clients must determine their use for their needs.
AxiTrader Review – Pros & Cons
|Low Trading Fees||Limited to Forex and CFD Trading|
|No Dormant Fees||Finite Market Research Plugins|
|Zero Charges on Withdrawals & Deposits||Email-only Customer Support|
|No Minimum Deposit Requirement||Prolonged Response Time|
|Digital-only Account Opening||Reachable for Only 5 Days a Week|
|Multiple User Support|
AxiTrader Review – Research
Several AxiTrader reviews reveal that the broker does ample market research to provide its users the best-in-class information. The bulk information from multiple authentic resources is scanned and filtered to identify high-value data. This information collection process is outsourced to Autochartist or PsyQuation Premium. AxiTrader also generates researched information from a market analysis section that taps into online content and runs a market commentary. This information is packed with trade ideas that support the outsourced research produced by the tools. Overall, the research capabilities of AxiTrader are remarkable, and their combination makes traders make informed decisions at all times.
AxiTrader Review – Education
Training-wise, AxiTrader follows a similar approach by relying on the PsyQuation Premium tool. This helps users get exclusive educational articles on the market. The AxiTrader website also runs video tutorials and offers eBooks to increase the understanding of trading among users. An online trading course by AxiTrader is available for new traders, giving them access to all the tools that train them in becoming a better trader. This AxiTrader review finds the training aspect of the software quite impressive. Outsourced training is further complemented by in-house educational content, which contains high-quality articles.
AxiTrader Review – Customer Support
AxiTrader has customer support that runs 24/5 every week. The trading platform mainly communicates with traders via email. But, it also has a toll free number where traders register their inquiries. The response time for emails and phone calls is usually long. To request a call-back, traders may face difficulties in reaching off-shore customer support teams. By using the live chat feature, it is easy to connect and get immediate help. AxiTrader representatives are available on live chat to assist the traders with their key issues. A live chat can also cover some training topics wherein an expert answers the questions and satisfies them. Besides the live chat feature, an FAQ section educates the clients with reliable answers and improves their trading experience. In most cases, the need to contact customer support arises when the AxiTrader user faces some minor issues in opening the account or managing multiple accounts. If new accounts lose money when trading with the software for the first time, the customer support staff connects them with experts for quick recovery.
How to Open an Account on AxiTrader
To open an account, users need to fill up an online application form, which is part of the standard procedure followed by all market brokerages. Creating an account is an easy AxiTrader login process conducted digitally to help the users save time and effort. The below steps must be followed to open a new AxiTrader account:
- Submit personal information: Provide the email address, phone number, country of residence, and other particulars in the online application form.
- Select the account type: Choose the user account between Standard and Pro based on their characteristics.
- Answer questions: Submit answers to a small questionnaire that helps assess the level of understanding.
- Verify your identity: Upload digital copies of identity and residency proofs, which could be either a driver’s license or a passport for proof of identity, and a recent utility bill or a bank statement for proof of residency.
AxiTrader has developed this four-step simple process to meet the regulatory KYC requirements. New traders are likely to feel comfortable while opening an account with this process. It takes a minimum of two business days for a new AxiTrader account to get approved.
AxiTrader Review – Pricing Spreads
AxiTrader lets the traders keep their trading costs relatively low, compared to other brokerages. This way, if new trader accounts lose money, their loss is insignificant and can be recouped easily. The broker has market-competitive spreads across a wide range of commodities, currencies, and indices. During liquidity, the spreads fall lowest to 0.0 pips, and AxiTrader adheres to ensure that the costs stay competitive.
AxiTrader Review – Pricing Spreads
As of 2020, the EUR/USD spread is 1.24 pips. The average spread for Crude Oil WTI is 0.05 pips, whereas for Gold is 26.82 pips. The BTC/USD pair spread is at 50 pips. Please note that an AxiTrader user may lose money when trading a Swap Fee. This adjustment reflects the comparative difference between yield or interest rates on the underlying financial instruments. AxiTrader can charge Swap Fees on a Long Position, but it pays back the Swap Fees on Short Positions.
AxiTrader Review – Leverage
The leverage on known financial instruments multiplies on AxiTrader, just like every other brokerage. The initial capital of trading with AxiTrader can be leveraged to amplify the potential gains smartly. It is important to note that high leverage has an inverse effect as well, where it could work in reverse of the trade. AxiTrader’s regulated environment is monitored by various jurisdictions and maintains compliance with different trading conditions. Based on the regulatory obligations, AxiTrader moderates its leverage. Only the Australian clients associated with AxiTrader’s international traders and holding a regulated AxiTrader account can benefit from the highest leverage of 1:400. Traders that work under the European regulation are limited to maximum leverage of 1:30 on forex instruments. AxiTrader updates its leverage regularly to meet the obligatory criteria of different regulators and improve the options of which leverage level to use. This way, none of the accounts lose money when trading with AxiTrader.
AxiTrader Review – Deposits & Withdrawals
AxiTrader offers multiple ways of adding or withdrawing money from the account. The supported methods of payment include wire transfer, MoneyBookers, Neteller, skrill, and bPay. Funds can be added to an AxiTrader account via these payment options. Selected companies also have the privilege to allow broker-to-broker transfers where a user can transfer their funds from one account to another within the AxiTrader brokerage. Most clients get the chance to have their account in their choice of base currency from GBP, EUR, USD, CHF, or PLN and deposit funds. AxiTrader has no minimum deposit requirements, and every user is free to deposit any amount in the account.
AxiTrader offers various withdrawal options. The standard debit cards can be linked to the account to transfer money back to the account. No fees are imposed on the withdrawal of funds from an AxiTrader account. Third-party processing securely takes place. However, the time to process deposits and withdrawals takes up to five business days. For security reasons, the account name must match where the deposit originates to where the withdrawal is being made.
Is AxiTrader Regulated?
For its regulatory limitations, AxiTrader is often considered to be a high-risk broker. The perceived high risk of losing money when trading on AxiTrader has been debunked in this review. To begin with, AxiTrader is not a scam. It is a financial service provided globally and is legit for users in the countries regulated under its authorities. AxiTrader and AxiCorp Financial Services Pty LTD are two different entities. The latter is the corporate owner of all the operating subsidiaries. In January 2020, it was authorized by the Australian Securities and Investments Commission under ACN regulation 127 606 348. It possesses a Financial Services Licence with registered number 318232. The status of the license was under review as of October 2020. In this AxiTrader review, an update on the company’s license status is pending. It was put on suspension in 2019, an appeal to which has been subsequently made by the broker.
Despite the suspension, this review declares no high risk of losing money when trading on the AxiTrader platform. The Axi subsidiary that runs AxiTrader is authorized in St. Vincent and the Grenadines. It is regulated by the Financial Services Authority, bearing number 25417 BC 2019. A review conducted on the said regulated service proved that AxiTrader is completely legit under St.Vincent’s authority and the Grenadines Commercial Intellectual Property Office. AxiTrader is not replicated by the country’s regulator – the Financial Services Authority. It is a broker noted under its regulatory jurisdiction, as mentioned on AxiTrader international website. This website registers the highest share of AxiTrader users every year.
There is likely to be a high risk of losing money when trading with the AxiCorp Financial Services Pty LTD because the license stands suspended. Till the time it gets reinstated, traders may find the trading platform a bit dicey. An oversight in the administration of this company has resulted in the suspension of its license. Users located in off-shore jurisdictions may not be subjected to this suspension order. It is difficult to confirm how the company is mitigating this issue.
AxiTrader’s full registration and compliance stay in Australia, and its UK subsidiary gets authorization by the Financial Conduct Authority. Clients feel secure with the backing of the Financial Conduct Authority, which is why this broker does not pose any high risk of losing money when trading forex pairs. The concerned clients are likely to inquire about their regulatory situation in their resident regions. As a new user, it is valid to ask for copies of the authentic certificates and uncover the critical oversights, if any.
AxiTrader – Brand Review
Founded in 2007, AxiTrader has evolved as a trusted trading platform for large forex and CFD investors. After more than a decade in the market, the trading platform is in business with some of the world’s biggest companies and global brands. It is respected for registering such business efficiency with a team of a little over 200 people. AxiTrader’s workforce runs its regulated operations in Europe, Southeast Asia, China, South America, the Middle East, and Africa. With its regulatory success, it is expanding its geographic footprint through services provided in over 60,000 active trading accounts that handle clients from more than 100 countries globally. The annual trading volume of AxiTrader was registered at $2.58 trillion in 2019-2020.
AxiTrader – Brand Review
The company is growing from strength to strength, catering actively to its diversified clientele and substantial trading volumes. The revenue collected by AxiTrader makes it one of the top 10 retail brokers in the global forex and CFD market. It also reflects the brand’s commitment to quality. It is highly transparent with its operations, winning awards recurring for its services in the market. The valued clients of AxiTrader have helped the brand distribute its global revenue base across multiple streams, including overnight fees and dealing spreads. Due to its regulatory compliance and best practice implementation, AxiTrader stays compliant across multiple authorities.
As a brand, AxiTrader generates high volumes of cash through its operations and transactions. Its high cash flow generation is further supported by the ability to register an impressive dividend payout ratio. The brand is also known for its lucrative operating margins. Over the years, it has significantly increased its growth margin due to its process automation, market maturity, and mobile trading.
Why Trade with AxiTrader – Final Thoughts
This Axitrader review explored the depths of how the broker makes its mark in the forex market. Based on the review, AxiTrader is undoubtedly a reliable tool for trading currency pairs and CFDs. It is also a viable solution for traders of cryptocurrencies, commodities, and indices.
With tits entry-level cross-asset diversification, new traders can easily adapt to the overall asset selection process and trading conditions. The Pro Account has traders hooked on for offering competitive commissions on raw spreads at only $7 for every round-trip lot. On the other hand, the commission-free Standard account is not so recommended for traders. AxiTrader compensates this by allowing maximum leverage of 1:500, which complements the Pro account trading conditions. Either way, there are no minimum deposit requirements or withdrawal charges applied on both these user accounts.
The MetaTrader 4 trading platform is a key part of AxiTrader’s offering. It does an excellent job of providing auxiliary services, including the Autochartist Plugin and PsyQuation Premium. AxiTrader runs its in-house research to help its users with bankable insights. At the same time, it constructs educational infrastructure to train and upskill traders on new features and strategies.
Even in the view of its minor discrepancies and some unanswered regulatory questions, AxiTrader represents genuineness in assisting the forex trading requirements of people. In 2021 and beyond, it is expected to sustain its attractiveness as a top-ranked broker with a surging market share.