Tradaxa is a New Zealand-based ECN Forex broker that offers trading of both Forex and CFD markets. The broker offers a demo account, a Mini Account, Silver Account, Gold Account, and a Platinum Account. The mini account can be opened with as little as $500, and as a result this broker can be enjoyed by retail traders at all levels who are concerned about making too big of an initial deposit.
Founded in: 2012
Headquarters: New Zealand
Maximum leverage: 100:1
Minimum deposit: $500
Regulation: FSP New Zealand
Languages: English, Arabic, Spanish, Portuguese, French
Tradaxa offers several different trading platforms, each allowing the trader to take advantage of various technologies. The industry standard MetaTrader 4 is represented, as well as an online trading platform called “Webtrader” which is the proprietary software of Sisma Capital, Tradaxa’s parent company, even if the program hasn’t been downloaded. This allows the trader to log onto their account with any computer that has an Internet connection. During our Tradaxa review we actually appreciated the variety of platforms and the simplicity of the Webtrader over the MT4 which is often complex for new traders.
Also offered is the Mobile trader which works with both Apple and Android phones. They also offer a tablet version that works with both iPad and Android tablets as well.
The breadth of markets available when trading with Tradaxa includes the Forex markets, common worldwide indices such as the NASDAQ, FTSE, and Nikkei, as well as gold and oil. One thing that we truly appreciated was the ability to trade the CFD markets and others that are traditionally expensive such as oil, but to custom-fit trade sizes to meet their budgets.
The spreads are tight in the CFD markets as Tradaxa offers a fixed, variable, and an ECN market for them. The markets are able to be traded with a one-click operation in order to take advantage of short-term movements as well.
The broker also does something that most don’t: it list its Forex liquidity providers. Tradaxa has relationships with UBS, Merrill Lynch, HSBC, BNP Paribas, Credit Suisse, Morgan Stanley, and Barclays. Because of this, you know liquidity won’t be an issue, which can be very comforting for many Forex traders. Adding to this advantage is the fact that the spreads can be fixed or variable, with a range of 0.5 to 5 pips on all major pairs.
Tradaxa offers educational services on their websites, and there are both e-books and videos. The broker also offers an Automated Management Service that helps keep the trader from being overleveraged. News and a calendar are both on the main website, and the broker also offers online seminars as well in order for trader to learn.
The service will not be available to Americans, as they are not allowed to trade CFDs (nor is the company regulated by the NFA), but the rest of the world can enjoy this chance to trade a variety of markets. The ability to take advantage of several correlated markets such as gold, S&P500, and the AUD/USD pair opens up a world of possibilities for the trader, and can help turbo charge a trader’s profits.
Clients and potential clients of Tradaxa can contact the company via email, phone or online chat. We tested the online chat during our Tradaxa review, and despite a short delay in response, we were satisfied that we received a polite and helpful response.
Traders can call Tradaxa to local numbers in several countries so that long-distance charges won’t prevent traders from getting the information they need. Likewise, email addresses are provided on the company’s website for different departments, so that emails can be directed appropriately in the hope of receiving the fastest possible response.
Tradaxa may be relatively new to Forex trading, but it’s clear that the company has taken lessons from its competitors in order to offer a service that will appeal to a wide range of traders – and serve them brilliantly during their trading career.
Review info: Tradaxa
Review Date: 2012-11-08
Rating : 3.5
Reviewed By : Sara Patterson (Google+)
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