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AxiTrader Broker Review 2020 – Must Read Before Log In: AxiTrader is an Australian broking firm which was established in 2007 to offer trading and investment services to worldwide users. The broker has made his name in the industry and offers several financial instruments for trading, including forex and derivatives. Also, there are several services provided by the website like high leverage, fantastic customer service, free deposit and withdrawal, and no minimum deposit amount.
However, there is no bonus or promotions offered by the Axitrader for its users. This short post will do a detailed analysis of the broker. It shall write its several advantages and disadvantages.
But, let us first start by knowing if the broker is safe to trade or not.
Is AxiTrader Broker Safe?
AxiTrader is a regulated and licensed trading company. It works under the two top financial bodies, i.e. the UK’s Financial Conduct Authority (FCA) and ASIC (Australian Securities & Investment Commission). Further, these bodies have a strict guideline for their licensed brokers which protect the interests of customers. Note that it is also regulated with DFSA, i.e. Dubai Financial Service Authority.
The broker also follows the segregated policy where the clients’ funds are secure with top tier banks of the world. Clients’ money is also insured up to 85,000 Euros, but this service is only for European users.
Thus, in total, AxiTrader broker is a safe and secure broker.
AxiTrader Broker Advantages
1. Customer Service
AxiTrader has won several awards and recognitions in offering consumer support to the clients. The team supports many languages, including English, Chinese, and German. The help assistants serve the users 24 hours/day, five days a week, from Monday to Friday.
The average response or connection time was less than one minute.
Also, a trader can contact the team via an email, live chat, or telephone (toll-free). One can also request a call back from them if needed. Further, there is a dedicated FAQ section for answering the most common questions of customers.
2. Charges
AxiTrader is an authorised broker and doesn’t charge any unfavourable fee from their users. There are no charges to execute a trade nor any inactivity fee with the website. Moreover, the primary earnings of the broker come from the spread charges. However, the swap and overnight rollover fees will be transferred to the client.
The spread varies as per the account type. For instance, the standard account user shall only be charged spreads while the pro one shall be charged with spreads plus commission. However, note that the pro user gets tight spreads which are most of the time lower than the industry average.
Note that the rates were last updated on their website in 2017.
3. Platform
There is only one platform available with the broker, and that is MetaTrader 4. However, the broker did a further enhancement in it and made it MT4 Next Generation, which has new additional benefits. Also, the navigation is smooth, and the organisations of the website were easy to understand. All the charts and other tools were easily found. One can use the platform on mobile, web, or on desktop. Following are some of the notable features – news, economic calendars, mini & alarm manager, price alert, and sentiment indicator.
Further, the broker also has a social trading facility where a client can use third-party software like Autochartist and Myfxbook.
4. Deposits and Withdrawal
Axitrader deposit and withdrawal system get full marks in the test. There are a number of methods which users can consider to deposit and withdraw their funds. Some of them are – Skrill, Neteller, FasaPay, and bank transfers. However, one can also use credit and debit cards for the deposit, but the method is not available for withdrawing. Further, there are no deposit or withdrawing charges by the broker.
The trader can choose among a variety of currencies. But, if one wants the payment other than your base currency, then he shall be charged a conversion fee.
Remember, there is no minimum deposit amount required to start the account, and one can start as low as $1 if he wants. The processing time for withdrawal is less than two days and 5-10 minutes for deposits.
5. Accounts
There are two Axitrader account types, namely, standard and pro. The first one is designed for beginners or new traders, while the pro account is for professionals and experts. Both of them have distinct features.
Standard account type has high spreads as compared to the pro one. However, these high spreads are still at par with the industry average. Further, there is a commission on the pro account of $7 per $100,000 traded. The account opening time is equal for both and takes merely 15-20 minutes.
Also, the broker offers a demo service for free with the virtual money worth 50,000 Euros. Remember the demo service is valid for only 30 days.
AxiTrader Broker Limitations
Tradable Assets
There are limited assets available for trading with the Axittrader broker. The user only has two options to trade in foreign exchange currencies and complex derivatives. There are no other market products available like stocks, indices, or commodities. Further, there are 80+ currency pairs and around 70 derivatives available for traders.
However, there are complex derivatives available for stocks, indices, cryptos, and commodities. The broker also allows a high leverage facility to its users which goes up to 1:400. The organisation of the asset portal is poor and proper categorisation is not done.
Bonus & Promotions
There are currently no promotional offers to attract or benefit the clients on AxiTrader broker. The reward and promotions are extra benefits for the betterment of users, but the broker doesn’t offer anything. However, it also might be the case that the broker’s sole aim is to serve the customers with its top-notch services.
Summary
AxiTrader proves to be a well-regulated trading company which can be useful for both beginners and professionals. The broker is easy to understand, navigate, and trade, as well as has sophisticated tools and technical backup to impress the experienced traders. Further, services like customer service, smooth withdrawal and deposit, and low fees and commissions are these brokers’ strengths.
But, they still need to expand the range of tradable assets as well as an educational portal further.
However, at last, the broker is worth trying and is entirely safe. One can also go for their 30-day demo account if he wants to be double sure.
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