AxiTrader is an ASIC-regulated online broker that offers trading services for financial markets in Australia. Read our review of Axi to learn more about their features and trading conditions. The second account option is the MetaTrader 4 Pro account, which offers ultra-low spreads from 0.0 pips and a standard commission of US$7 per round trip. The minimum trade size is also set to 0.01 lots, and there is no minimum deposit requirement. To start the process of opening an account with Axitrader you can visit the Axitrader trading platform here.
- Besides competitive trading costs, Axi offers traders the third-party trading analysis platform PsyQuation.
- If you are the kind of person who likes to bounce ideas off other traders then you may appreciate Zulutrade.
- We registered our account on 1 January 2023 and it was verified on 2 January 2023.
- The MT4 platform can be customized to a great extent, but is a bit dated and Axi’s web platform can be slow at times.
- It also allows you to code your own bots or “EA” in order to automate your trading.
When using Axitrader, the minimum trade size is typically 0.01 Lot units of the base currency of the instrument being traded. However, this amount may vary based on the specific account a user has opened. With the ECN and STP execution methods offered by the platform, traders using Axitrader can enjoy tighter spreads and greater transparency when it comes to the pricing of their trades. AxiTrader is the Forex brokerage arm of AxiCorp Financial Pty Ltd, which was founded in 2001 in Sydney, Australia.
AxiTrader Safety and Regulation
The Pro account comes with lower spreads but will charge you a commission based on the number of lots that you trade. The lot commission is about $7 or the local currency equivalent per round trip. They are perhaps best known for their relatively straightforward product offering and their “no nonsense” approach to their business. They regularly score top marks for their customer service, trading tools and general transparency. In this Axitrader review we will take an in-depth look into the broker’s regulation, technology, fees and much more. We will also give you some top tips in order to make the most of your trading experience.
Thereafter, upon completion and submission, applicants will need to confirm their email address via a system-generated email. Once confirmed, a password will need to be created, and then the process of choosing which type of account you wish to use, choosing a base currency, indicating what leverage you prefer. Traders will then be required to complete their profile by providing information pertaining to their date of birth, country of birth, country of residence and their current address. Finally, they will need to verify their account through the submission of identification documents. However, once delving a little deeper, it become apparent that is does feature additional features, execution methods, administrative features and tools that increase the end-to-end user experience. This includes the option to add an MT4 NexGen package plus the addition of Newswires from Dow Jones, an AutoChartist plugin and MAC OS installation file.
Axi Android App
The traders that follow Muslim Sharia rules are entitled to open a Swap Free Account that is not subject to Swap Fees on FX Major, FX Minor, and Precious Metals Symbols. AxiTrader Leverage as a regulated broker in various jurisdictions complies to provide different trading conditions according to regulatory obligations set. Although there is a wide range of markets available for trading on MT4 still the number is lesser when compared with other ASIC-regulated brokers in Australia. Cards and e-wallets deposits are credited instantly while it can take 1 to 3 business days for bank transfer deposits to be credited to your account. Although the broker recommends a minimum deposit of $200 to enable you to open larger trade sizes, you can deposit less than this amount. There mandatory minimum deposit on Axi is US$5 for cards and e-wallets, while bank transfers have no mandatory minimum deposit amount.
Scalping requires a trader to have a strict exit strategy because one large loss could eliminate the many small gains the trader worked to obtain. Step 3) Choose a payment method and follow the on-screen instructions to complete your withdrawal request. Step 3) Choose a payment method and follow the on-screen instructions to complete your deposit.
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. They seem to offer a beginner friendly trading package with personalised customer service all with the security of a well-regulated international brand. Moreover, they have a host of other features which will satisfy the professional traders among you.
As most traders may know, fees are one of the most important criteria when it comes to choosing a broker. We also want a broker to be transparent with the fees that they charge. However, leverage levels will vary a great deal depending on the type of account that you have as well as the instruments that you are trading. In order https://forex-review.net/ for you to get a good idea of the kind of leverage levels that you can trade with you will have to take a look at the product schedule. Trade execution is a critical element that traders need to be mindful of, and delays can be an expensive reality without a brokerage that is able to execute those trades in milliseconds.
Educational Material
Brokers with lower minimum deposit requirements typically cater to a more mainstream audience who don’t require advanced research tools or features. On the other hand, brokers that require a larger minimum deposit often provide a greater range of trading features, more in-depth technical analysis, research tools, and better risk management features. More recently, the broker has tried to appeal to customers with their offer of some of the lowest spreads on the market.
No requotes can provide Axitrader traders with greater confidence and peace of mind when trading on the Axitrader platform. It’s worth noting, however, that other factors, such as market volatility and liquidity, can still affect the execution of Axitrader trades. It’s essential to remember that the payment methods provided by Axitrader vary based on the Axitrader entity and the Axitrader client’s country of residence. To view the Axitrader payment options available, you can log into your Axitrader member’s area. However, if you’re looking for a broker that does offer cTrader, you can explore other options available through the provided link. Please be aware that Axitrader does not currently support the MetaTrader 5 (MT5) trading platform.
Do we Recommend Axi Australia?
This forex broker charges $10 for service resumption after the one-year period. Another aspect of Axi’s fee structure is the 3% overhead or fee that is charged for bank transfer deposits exceeding $50,000. For instance, regardless of the account type in sight, the platform doesn’t charge any account maintenance fee. Now, coming to the account-specific fees, the standard account spread is set at 0.9 pips, whereas the Pro and Elite accounts are spread-free. AxiTrader offers the popular app MetaTrader 4 (MT4 platform) to its clients and does not have a proprietary trading platform. Traders can trade via the broker’s website, as well as via the mobile and desktop MT4 applications available via Axitrader download.
PsyQuation has already been recognised as one of the world’s most advanced and professional trading platforms and trading tools for retail traders. The trading platform provides many powerful and unique indicators, quantitative models that are at an institutional grade level and trading signals that are updated frequently. It’s a powerful trading tool that can seriously boost any traders’ performance by https://forex-review.net/axitrader-review-scam-or-legit/ providing high quality information and highly relevant data. Although traders have had great success with Axitrader, trading on the financial markets with Axitrader is not a get-rich scheme. If you educate yourself, practise with a demo account and carefully plan your trading, your chance of success will greatly increase. Axitrader has been facilitating trade on the financial markets for over 17 years.
However, if you are just starting out or you do not trade with that much regularity then you should consider the standard account. Surprisingly, you are not charged any fees for a deposit / withdrawal at Axi. So, irrespective of your funding method they will not charge a broker fee to it. You will also have financing or “overnight” fees that are charged on those positions that are kept open overnight. This will vary depending on the interbank interest rate that is being applied on the currencies at the time. AxiTrader will charge their own spread to this which is +1.25% for a long position and -1.25% for a short position.
Furthermore, some off-exchange financial instruments and derivatives may offer varying leverage levels and may not be subject to the same regulatory protections as exchange-traded instruments. As a result, they may be subject to higher levels of market volatility and carry a higher degree of risk. It’s worth noting that the expiration date of the proof of address document may differ for different entities under Axitrader Brand. Additionally, you will need to answer some basic compliance questions to confirm your level of trading experience. This process usually takes around 5 minutes, and once you’ve passed compliance, you can start exploring Axitrader’s platform. Whatever you are looking to trade, the varying
Axitrader account types will be able to provide you with what you need.
Deposit Fees
While Axi does not offer deposit bonuses, it presently maintains two promotions for affiliates. Both are well-structured, and Axi focuses on growing its trader-base with long-term clients, a move I find business-savvy. I also believe that the trading conditions at Axi are better than any deposit bonus and the absence of it non-essential.
Once completed, Axitrader users can download the trading platform of their choice. To open a trading account with Axitrader, individuals can sign up on the Axitrader website. Upon completing the signup process, users will receive login details via email, which they can use to access their accounts.