AxiTrader Review

Review

AxiTrader, founded in 2008, is an Australian ECN broker domiciled in Sydney and regulated by ASIC. AxiTrader prides itself as being founded by a trader for traders. It is the winner of several international awards including Best Financial Institution of the Year 2014. Besides currencies, AxiTrader also offers options to trade gold, silver, oil, indices and CFDs.

Accounts

There are only two accounts to choose from at AxiTrader—Standard,  and Pro. They both offer a choice of 61 Forex pairs, metals and CFDs and a leverage of 1:400. The Standard account requires a minimum deposit of $200 and the spread is 0.6 pips.

AxiTrader Account Comparison

AxiTrader Spreads

The Pro account requires a minimum deposit of $1000 and has a low spread starting at 0.1 pips.

There is no commission taken in the Standard account and the Pro Account takes $7 round trip (USD), which is quite unusual in the Forex Industry. Both accounts have similar features such as mobile trading and use of the MT4 platform which provides them with automated trading, one-click trading and charts and graphs, enhanced connectivity and more.

There is also an Institutional account for Forex brokers, banks and money managers. AxiPrime works with some of the largest financial institutions in the world,  specifically catering to the needs of small to medium sized banks and brokers, hedge funds, family offices, asset managers, and high net-worth individuals.

A demo account with a virtual cash balance of $50,000 is offered by AxiTrade which can be used for a standard 30 days. If a trader does not want it to expire, he can set the AxiTrader MT4 to automatically open a live account. AxiTrader allows traders to have as any number of live and demo accounts at the same time.

All AxiTrader clients automatically receive a dedicated account manager.

Features

AxiTrader is fully loaded with features.

Free to all active AxiTrader clients is the  Autochartist feature which continuously scans markets and automatically recognizes trade set-ups based on support and resistance levels. Once an opportunity has been identified, traders are informed.

Autochartist Tool

With Autochartist, traders receive automated technical analysis such as chart patterns, key levels, and Fibonacci patterns. They also have access to volatility analysis and performance statistics.

Myfxbook Autotrade is a unique feature offered by Axitrader. Myfxbook is a social and copy trading community that connects traders through their AxiTrader MT4 account. Once connected, they can follow experienced traders or allow others to follow them and be paid up to half a pip per lot that they trade.  

Both scalping and hedging are permitted at AxiTrader and EA’s are also allowed.

Education

At the AxiTrader Education Center, beginner traders can benefit from free training on the basics of Forex. The course is in video mode and traders  have the flexibility to go over lessons as often as they need. The tutorials are available in 24 different languages and cover topics such as risk management, greed and overcoming fear of loss, charts, technical analysis, support/resistance, what is slippage and others.

What is Slippage Video

Free market reports are delivered three times a day and the Market Snapshot emails provide an outlook of the markets for the following 24-48 hours. This snapshot is sent three times a day for markets such as Forex and Commodities and once a day for the Tokyo, London and New York Stock Exchanges.

Traders can subscribe to the high impact economic news emails and receive notification of events scheduled to take place covering the Asian, European and US Sessions.

The FAQ list is comprehensive and since some of the basic information was not easily accessible on the website pages, this was a clear benefit to new traders.

There is also a financial glossary with key terms and their definitions.

Deposits/Withdrawals

Deposits are made in all major currencies with a local bank transfer, Credit Card, BPAY (AUD only), MoneyBookers (USD, EUR and GBP only) and also broker to broker transfers from selected companies.

Withdrawals are made using the same methods. For people having AUS bank accounts, the withdrawals do not attract any type of commissions. However, the broker can charge anywhere between 15 to 25 dollars for people having international bank accounts.

Customer Support

The broker’s trading desk is open 5 days a week starting from 7:00am AEST (00.00 server time) Monday morning and ending at 07:00am AEST on Saturday morning. With offices in Sydney, London, Dubai and Chisinau for around the clock trading, help is available at almost any time. In fact, customer support is available in 12 countries and in 6 Languages.

24 hour customer service and live chat are available only during working hours although traders can request a call back even if they are not a registered member. Traders can also call the company’s toll free Australian number.

Bonuses/Promotions

There are no welcome bonuses or other promotions offered at AxiTrader which is unfortunate.

Conclusion

AxiTrader is a favorite among Australian Forex traders. They have a simple to use Forex trading platform, an excellent training program and an easy to use interface. It offers a wide range of options for all kinds of investors and prides itself on being a top-rated brokerage with 24-hour service, tight spreads and fast execution with minimal slippage. Choices of different accounts and various trading platforms makes AxiTrader an overall well rounded broker.

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Features

The features at AxiTrader are generous and benefit both new and advanced traders. The Education Center offers a host of informative options and there are several trading accounts to choose from. The most outstanding feature, however, is the choice of different trading platforms including the ever popular MetaTrader 4 platform which is available in several applications including for Mac, Web, Android, iPhone and other mobile devices. Customer support is good but the lack of bonuses and promotions is a definite disadvantage.

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Platforms

MetaTrader 4

AxiTrader offers its traders the use of the ever popular MT4 trading platform. Their Power Trader Program can accommodate larger volumes and is used mainly with the Institutional account.

PC, Mac, Mobile

They also have MT4 platforms that can be used on PCs and Macs and can be downloaded for Android and iPhone devices.

MT4 NexGen

AxiTrader has just introduced its MT4 NexGen with advanced features such as a mini-terminal an addition to your chart that helps you to be more accurate in your money management, enter and exit trades faster, and easily apply complex order types to capture profit in a variety of market conditions.

MT4 NexGen also allows you to import your favorite news feeds, follow traders in the know on twitter, and view an economic calendar with alerts for upcoming news events all inside your platform.

MetaTrader 4 NexGen Platform Features

In addition, traders can access a new terminal window with advanced functions for managing their trades and account including OCO orders, account based alerts, order templates and group close functions. And all trades are automatically recorded and can be uploaded into an advanced trade analysis platform.

The most interesting aspect of MT4 NexGen is its powerful alarm manager that not only frees traders from their screens but  automates their trading as well.

MAM

AxiTrader’s Multi Account Manager (MAM) is an integrated software tool that lets a single trader execute block trades on all accounts operating under a master account. MT4 servers ensures that the MAM solution provides the fast and reliable service account managers need to service their clients.

The Multi Account Manager solution is only available to approved and regulated operators of discretionary accounts or managed investment schemes.

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