Unfortunately, research is an area in which Axi does not perform particularly well. The research section with the broker only provides access to an economic calendar and no other insightful research tools like you may find with other major brokers. Customer service at Axi is well provided for through a number of mediums. This includes a website-based live chat, email, and several telephone numbers.
- However, if you are just starting out or you do not trade with that much regularity then you should consider the standard account.
- Licensing and regulation are one of the most important aspects to selecting a broker, and in essence, the more regulatory agencies they are accountable too, the more likely they opera to a high standard.
- So, if you have a $10,000 position, you only need to tie up $1,000 or a tenth of the value in your account.
- Also, there are selected companies with whom the company allows broker-to-broker transfers, so you can either transfer your account from another brokerage to AxiTrader.
- As a result, AxiTrader has invested in advanced network technology to ensure it is able to deliver lower latency.
For retail clients, the best possible execution result is based on total consideration. The total consideration sees price as the most important factor of all execution criteria. It is a combination of the price of the CFD you are trading and the cost of execution. The minimum withdrawal amount on Axi is US$50 for bank transfers and US$5 for e-wallets. Note that withdrawals less than US$50 dollar will attract withdrawal fees of about US$25 and Axi currently does not support withdrawals to cards. Axi operates a variable spreads system, which means that the spreads will fluctuate during the day to reflect market movements.
If you do not have any funds in your account, no negative balance will accumulate on the account. Axi was founded in Australia in 2007, and has an office there, as well as in the UK, and Dubai. There are of course some areas for improvement as it relates to their asset coverage and educational material. However, these are relatively easy to rectify and it is possible that with enough requests, they could include them.
Axi Trading Platforms
They are commonly used for short to medium-term trades, such as intraday CFD trading, but are high-risk due to their separation from the financial markets. It’s important to note that Axitrader requires users to provide essential documentation to verify their identity during onboarding and routine KYC identity checks. These checks are a standard practice that helps Axitrader maintain a trustworthy financial environment for its 10,000 users. Detailed information on the Axitrader trading platforms is available on their website. Overall, we found AxiTrader to be cost-effective compared with several other ASIC-regulated forex and CFD brokers in Australia. The commission with the Pro account is slightly high but the professional account offers the best pricing.
These include the demo account as well as two different “live” accounts. The broker focuses mainly on Forex trading by offering a large selection of currency pairs but not many other financial instruments which may be a disadvantage for some traders. As described on AxiTrader’s website, customers holding open positions with the broker must maintain minimum margin requirements as detailed in their Client Agreement. All positions have an initial margin requirement, and traders are required to keep an account balance over and above that requirement and any unrealised losses. Margin calls can be made at short notice and can lead to substantial losses that can exceed initial investments.
In addition, you will benefit from a great range of risk management tools which are available to provide you assistance. Islamic accounts, also known as swap-free accounts, are fully compliant with Shariah law as they do not charge swap fees. If you are interested or in need of this account type, then you can always check out our full article on the best swap free Islamic forex brokers to learn more. They are a top choice for low spreads, fast execution, trading platform choice, and no minimum deposit. Although no direct social or copy trading is available, they do allow algo-trading, scalping, hedging and offer a list of great VPS though have a limited range of 130 assets to trade.
Traders need to answer a few basic questions like experience in the forex market and a few other questions. AxiTrader provides MetaTrader 4 and AxiTrader Copy Trade platforms, that are accessible as desktop programs, web-based platforms, and mobile phone apps. First, they reach clients with the AxiTrader Affiliate and Referral Program. If you become a Master Affiliate, you can make up to $1000 USD CPA per qualified client and 10% commission on Sub-Affiliate profits. When your recommendations make trades, you are paid through the Axitrader referral program.
Cryptoasset investing is highly volatile and unregulated in some EU countries. When registering with Axitrader have the following axitrader review documents available. Established in 2007, and in operation for 17 years Axitrader have a head office in Australia.
On the other hand, if you’re looking for a variety of trading platforms and assets such as stocks, ETFs or cryptocurrencies, Axi will definitely fall short to your expectations. Meaning that their platform is provided by the company known as MetaQuotes Inc. Axi (AxiTrader)’s asset offering is clearly designed for high net worth forex traders. With over 140+ currency pairs and their killer Pro and Elite account offerings, they definitely become an attractive choice for seasoned currency traders. On the other hand, when it comes to pretty much any other asset class, they’re well below their competition. Between 74-89% of retail investor accounts lose money when trading CFDs.
How Much Are Non-Trading Fees With Axi?
AxiTrader further offers a few interesting VPS service options, which are especially beneficial to high-frequency traders or those who use automated trading strategies. In terms of educational material and trading resources Axitrader offers a selection of free webinars, video tutorials and eBooks as well as a standard economic calendar. No fees or extra charges apply when utilising these tools and resources. With clients all over the globe, the online broker AxiTrader offers high-quality, multi-lingual 24/5 customer support through live chat, a toll-free phone hotline and email. Our review found, that their award-winning service was named ‘#1 for Customer Service’ in the December 2013 Investment Trends Australia FX Report.
Overall, I find the educational section at Axi comprehensive and of good quality. Social traders may either rely on the MT4 built-in copy trading platform or use Myfxbook Autotrade. Another unique feature I want to point out is AxiSelect, a program that funds talented traders with up to $350,000. The Axi Community completed an excellent set of value-added services at Axi, all intended to promote better traders. While Axi has three well-regulated subsidiaries, most international traders will deal with the unregulated unit operating from St. Vincent and the Grenadines.
Executives at AxiTrader will verify your details with the document before you can start trading. Once the account is verified, the account opening process is almost complete. For a detailed review of fees charged at AxiTrader, we have separately described each component of trading and non-trading fees. To trade stocks, you must first open a brokerage account, research the stocks you want to trade, evaluate their performance and financials, then place buy or sell orders with your chosen broker. Contact us if you’re looking for a reliable stock trading broker, obligation free. ECS is not a Financial Services firm and does not operate as a financial services firm.
Customers can also set up a demo account to test Axi’s trading environment and their offering before entering the markets with real money. Trading strategies and trading tools can also be tested freely on a demo account. In our broker review we also tested AxiTrader’s offer, trading environment, financial instruments and the customer service offered with both demo, as well as live trading accounts. Licensed by the FCA and ASIC, it also operates with licenses from the FMA and DFSA while offering multiple language and currency options, support services and trader tools. AXITrader only offers traders two account types which include the standard account and the pro. Both have access to its full range of products with those encompassing Forex Trading, Gold and Silver, Oil, Cryptocurrencies, Indices, Bullion, Metals and Commodities, and Futures CFDs.