Reading forex broker reviews can sometimes be unfruitful. This is especially true when you do not distinguish the factual reviews from the disgruntled customers’ narratives. In order to know how a certain forex broker fares in the industry, you need to develop a knack in finding good resources or literature to help you decide on which broker’s way to go.
This writing will serve as an AxiTrader review, which will give you important scoops about its features and services as well as the considerations that you need to look closer to before deciding to make an AxiTrader login. Let us start probing into AxiTrader’s basic broker information.
AxiTrader is a Sydney-based firm established in 2007. Now known as a global forex broker, AxiTrader takes pride in being one of the few brokerage sites that have reached the $100 billion trading volume mark through its client trading all over the world (thanks to its linkages to different financial firms).
AxiTrader did not achieve this feat overnight as it started in Australia. In 2012, it expanded its operations in the U.K., then, in China, after three years. A year after, AxiTrader opened its offices in the Middle East, Germany, and some parts of South America. AxiTrader Canada is now a work in progress. AxiTrader’s trademark is its MetaTrader platform that comes with a premium version. It also offers a basketful of tradable assets in Commodities, Forex, Indices, and Cryptocurrency.
Now that we know something about AxiTrade let us scrutinize its regulatory affiliations to find out if it is safe to entrust our trading capital in their trading custody.
AxiTrader Regulation Credentials
One of the primary considerations why traders choose to open an account to a broker is the regulatory credentials of the broker. AxiTrader is a legal broker as it is authorized and certified by several financial authorities across the globe.
Although AxiTrader is not tied up with a bank to use as an intermediary and cannot be accessed by the public traders, the broker is supervised by the Australian Securities and Investments Commission (ASIC). Its London operation is approved and monitored by the Financial Conduct Authority (FCA), while its Middle East site is under the Dubai Financial Service Authority (DFSA).
These leading international financial authorities guarantee traders that Axitrader regulation is a sound one and that the service provider is a safe brokerage entity.
AxiTrader Features and Fees
Choosing AxiTrader as your trading partner does not only guarantee the safety of funds but also means having access to its various trading baskets that feature 80 forex currency pairs, 65 CFDs, and Crypto trading in CFD.
Unlike other brokers, AxiTrader does not fine its users for account inactivity and charges low trading fees. It also does not charge its clients fees for AxiTrader deposit and withdrawal transactions. AxiTrader also displays competitive spreads for its trading accounts. AxiTrader account types include the Standard and the Pro. But in terms of the account ownership, AxiTrader has three other account types classified as the individual account, joint account, and the corporate account.
It came to us as a surprise that opening an account with Axitrade through either the Standard or Pro does not cost users any amount. Axitrader minimum deposit is zero (dollar). The Standard Account features a higher spread, while the Pro Account features a lower spread. U.K.-based traders can open AxiTrader’s special account called Spread Beating account, which is a tax-free account.
Let us now consider AxiTrader deposit methods. Bank transfer, credit and debit cards, and e-wallets are the means that users can view when depositing money into their trading accounts. Using cards, however, is not part of withdrawal options. There are several other options for the withdrawal of funds for account users, and all of them do not charge fees.
AxiTrader Platforms and Tools
What else does AxiTrader offer to the table? Let’s check its platforms and trading tools.
AxiTrader is sporting the MetaTrader platforms. The MetaTrader can be customized, report fees clearly, have order confirmation notifications, and is available in many languages since it caters to several countries worldwide.
If we look at the disadvantages of the platforms available, the basic interface and design need to be upgraded. The platforms also lack price alerts and authentication features in login. Aside from the MetaTrader 4 that comes in the Web, Desktop, and mobile versions, AxiTrader does not have its own trading platform.
The mobile MT4 platform of AxiTrader is a good option. It can be downloaded using both Android and iOS devices. When downloaded, the platform will require you to access a certain AxiTrader server. Alerts and notifications in the mobile platform are not part of the available features and functions.
The MetaTrader platform features basic trading tools, including the economic calendar, market news, and charting tools. However, more advanced trading research resources are nowhere to be found. The indicator tools are not too many, and most of them have outdated designs. The Forex Market News feature was only found in the U.K. and Australian sites.
Checking up the broker’s Customer Service, AxiTrader is available on several channels like live chat, phone support, and email. Unfortunately, AxiTrader’s customer care is not 24/7.
AxiTrader in a Nutshell
AxiTrader is a safe broker, affiliated with the major financial regulatory institutions and has heavy traffic in trade volume monthly, signifying a strong and active trading service to legions of brokers.
On the positive side, AxiTrader is advantageous when opening a trading account by having not to worry for a minimum deposit amount and free-of-charge deposit and withdrawal transactions. They also do not charge users an idle fee.