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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. AxiTrader accepts U.S. clients through its American subsidiary, AxiTrader USA.
Besides currencies, AxiTrader also offers options to trade gold, silver, oil, indices and CFDs.
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
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.
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.
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.
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 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.
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.
There are no welcome bonuses or other promotions offered at AxiTrader which is unfortunate.
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.
Review info: AxiTrader
Review Date: 2016-03-27
Rating : 4
Reviewed By : Sara Patterson (Google+)