AxiTrader Review 2024 with Rankings By Dumb Little Man

AxiTrader Review

Forex trading carries inherent risks, making it crucial to understand the intricacies of the trading process and implement effective strategies. Fortunately, trading brokers like AxiTrader offer financial services that assist traders on their journey.

AxiTrader has earned a prominent position in the forex trading market, serving as one of the top brokers globally. With a vast user base, AxiTrader has created an efficient ecosystem for traders, brokers, and trading platforms.

In this comprehensive AxiTrader review, we will delve into the various aspects of this forex trading platform. By analyzing the efficiency of AxiTrader’s trading platforms and tools, examining pricing spreads, and highlighting key features, we aim to provide a thorough understanding of what the broker offers its users.

Let’s dive in.

What is AxiTrader?

AxiTrader is a forex broker service that was founded in 2007. Originally based in Australia, the company is regulated by the Financial Conduct Authority (FCA) and the Australian Securities & Investments Commission (ASIC). It is also governed by the Dubai Financial Services Authority (DFSA), making it a heavily-regulated broker.

In 2020, AxiTrader underwent a rebranding, changing its name to Axi. This rebranding also included the rebranding of its trader communities. Additionally, AxiTrade, the UK forex brokers entity, announced a one-year sponsorship of Manchester City FC, a British football team, as a means to increase brand awareness and popularity.

From a technical standpoint, AxiTrader operates under the official trading name AxiTrader LTD. It is supposedly regulated and authorized by the Financial Services Authority in St. Vincent and the Grenadines.

It’s worth noting that AxiTrader LTD is a subsidiary of AxiCorp Financial Services Pty LTD, which is based in Australia. However, the AxiTrader review revealed that in July 2019, the Financial Markets Authority in New Zealand suspended AxiCorp Financial Services Pty LTD’s derivatives issuer license due to multiple brokerage violations under the regulator’s Financial Conduct Act 2013.

Safety and Security of AxiTrader?

The safety and security of AxiTrader can be a topic of concern due to its regulatory limitations and the suspension of its derivatives issuer license by the Financial Markets Authority in New Zealand. It’s important for traders to understand the risks involved and conduct thorough research before engaging with the platform.

AxiTrader operates under different entities, with AxiCorp Financial Services Pty LTD being the corporate owner of all the operating subsidiaries. AxiTrader itself is authorized by the Australian Securities and Investments Commission (ASIC) under ACN regulation 127 606 348 and holds a Financial Services License with registered number 318232. However, the status of this license was under review as of October 2020, and an update on its current status is pending.

Despite the suspension of the license, it is important to note that AxiTrader is considered a legitimate financial service provider globally and is not considered a scam. The subsidiary of AxiTrader which operates in St. Vincent and the Grenadines is authorized and regulated by the Financial Services Authority under number 25417 BC 2019.

This review confirms the legitimacy of AxiTrader under the regulatory authority of St. Vincent and the Grenadines. However, it is crucial to highlight the suspension of the license for AxiCorp Financial Services Pty LTD and the potential risks associated with trading on the platform. Traders located in offshore jurisdictions may not be subject to the suspension order, but it is important to thoroughly understand the regulatory situation in one’s own resident region.

Sign Up Bonus of AxiTrader

AxiTrader did not offer a specific sign-up bonus. However, please note that promotional offers and bonuses can change over time, and it’s recommended to visit AxiTrader’s official website or contact their customer support for the most up-to-date information regarding any available sign-up bonuses or promotions. They will be able to provide you with accurate details on any current offers they may have for new clients.

Minimum Deposit of AxiTrader

AxiTrader offers two types of accounts: the Pro Account and the Standard Account.

Pro Account

The Pro Account is popular among traders due to its competitive commissions on raw spreads. For every round-trip lot, traders are charged a commission of only $7. This account is suitable for those who prefer a lower-cost structure and are comfortable with paying a commission.

Standard Account

On the other hand, the Standard Account is commission-free. However, it is worth noting that it may not be as recommended for traders due to potentially higher spreads.

AxiTrader does not have any minimum deposit requirements for either the Pro Account or the Standard Account. This means that traders can open an account and start trading with any amount they are comfortable with. Additionally, there are no withdrawal charges applied when withdrawing funds from your AxiTrader account.

Account Types

AxiTrader provides clients with two main account types: the Standard account and the Pro account. In addition to these, AxiTrader also offers a Demo account for practicing trading strategies and an Islamic account tailored for Islamic traders.

The Standard account offered by AxiTrader features slightly higher spreads compared to the Pro account, but it does not charge any commissions. Spreads on the Standard account start at 0.4 pips for the EUR/USD currency pair, and there are no additional commission fees. This account also offers leverage of up to 500:1, providing traders with flexibility in their trading positions.

On the other hand, the Pro account offers raw spreads but charges a commission. The spreads on the Pro account start from 0.0 pips for the EUR/USD currency pair, providing traders with extremely competitive pricing. Traders using the Pro account are charged a commission of US$7 per round trip. The Pro account also offers flexible leverage of up to 500:1.

In addition to the Standard and Pro accounts, AxiTrader offers a Demo account that allows traders to practice trading strategies and familiarize themselves with the platform. The Demo account provides a risk-free environment where traders can simulate real trading conditions using virtual funds for a period of 30 days.

Furthermore, AxiTrader caters to Islamic traders by offering an Islamic account. This account is designed in accordance with Islamic principles, avoiding swap fees and interest payments, which are not permissible under Islamic finance.

AxiTrader Customer Reviews

Customers have praised AxiTrader for its low trading fees, no dormant fees, zero charges on withdrawals and deposits, and the absence of a minimum deposit requirement. The convenience of digital-only account opening, multiple user support, and web-based mobility are also seen as positive aspects.

However, some customers have mentioned limitations in terms of being focused only on forex and CFD trading, finite market research plugins, email-only customer support, prolonged response times, and customer support availability limited to five days a week. It’s important to note that individual experiences may vary, and it is advisable to conduct thorough research and consider personal trading preferences before choosing AxiTrader as a broker.

AxiTrader Spreads, Fees, and Commissions

AxiTrader offers competitive trading costs, keeping them relatively low compared to other top forex brokers. The broker provides market-competitive spreads across various commodities, currencies, and indices, with spreads as low as 0.0 pips during liquidity.

It’s worth noting that users may incur Swap Fees, reflecting the difference between yield or interest rates on the underlying financial instruments. AxiTrader also offers leverage, allowing traders to amplify potential gains, with the maximum leverage depending on the jurisdiction and regulatory obligations.

Australian clients can benefit from the highest leverage of 1:400, while European clients are limited to maximum leverage of 1:30 on forex instruments. AxiTrader regularly updates its leverage options to comply with regulatory requirements and ensure a safe trading environment.

Deposit and Withdrawal

AxiTrader provides a range of deposit and withdrawal options for its clients. Users can add funds to their AxiTrader account through methods such as wire transfer, MoneyBookers, Neteller, Skrill, and bPay.

Additionally, selected companies may offer broker-to-broker transfers within the AxiTrader brokerage. Clients have the flexibility to choose their preferred base currency from a list that includes AUD, USD, CHF, EUR, GBP, HKD, JPY, NZD, PLN, SGD, or CAD when depositing funds. AxiTrader does not have a minimum deposit requirement, allowing users to deposit any amount they desire.

When it comes to withdrawals, clients can link their standard debit cards to their AxiTrader account to transfer funds back. AxiTrader does not impose any fees on withdrawals, and third-party processing is used to ensure secure transactions.

It’s important to note that deposits and withdrawals may take up to five business days to process. To maintain security, the account name must match the origin of the AxiTrader deposit when making a withdrawal.

How To Open an AxiTrader Account?

Opening an AxiTrader account is a straightforward process. Here are the steps to open an account:

Visit the AxiTrader website: Go to the AxiTrader official website, which is easily accessible online.

Click on “Open Account”: Look for the “Open Account” or similar button on the website’s homepage. Click on it to begin the account opening process.

Fill out the registration form: You will be directed to a registration form where you need to provide your personal details such as your name, email address, phone number, and country of residence. Fill in the required information accurately.

Select the account type: Choose the type of account you want to open, such as a Standard account or a Pro account, based on your trading preferences and needs.

Complete the verification process: AxiTrader will require you to verify your identity and address. You will need to provide the necessary documents, such as a valid identification document (passport, driver’s license, etc.) and a proof of address (utility bill, bank statement, etc.). Follow the instructions provided to submit these documents.

Fund your account: Once your account is verified, you can proceed to fund your account. AxiTrader offers various deposit methods, as mentioned earlier, such as wire transfer, MoneyBookers, Neteller, Skrill, and bPay. Choose the most convenient method for you and follow the instructions to deposit funds into your account.

Start trading: After your account is funded, you can access the trading platform provided by AxiTrader. The platform is often based on the popular MetaTrader 4 (MT4) or MetaTrader 5 (MT5) software. Download the platform or use the web-based version, log in using your account credentials, and you can start trading in the forex market.

AxiTrader Affiliate Program

AxiTrader offers an affiliate program that allows individuals or businesses to earn commissions by referring clients to the AxiTrader brokerage. Here are some key points about the AxiTrader Affiliate Program:

Commission Structure

The affiliate program offers a commission structure where affiliates earn a percentage of the trading volume generated by the clients they refer. The commission rates may vary based on the trading activity of the referred clients.

Affiliate Tools and Resources

AxiTrader provides affiliates with various marketing tools and resources to assist them in promoting the brokerage. These may include referral links, banners, widgets, and other promotional materials.

Tracking and Reporting

AxiTrader utilizes tracking systems to monitor the referred clients’ trading activity and calculate the commissions earned by the affiliates. Affiliates typically have access to a dashboard or reporting interface where they can track their performance and commission earnings.

Support and Assistance

AxiTrader may offer support and assistance to affiliates, including dedicated account managers who can provide guidance and answer any questions related to the affiliate program.

Payment and Payouts

Commissions earned through the affiliate program are typically paid out on a regular basis, according to the agreed-upon payment schedule. The payment methods and currencies may vary depending on the affiliate’s location and the terms of the program.

Terms and Conditions

Like any affiliate program, the AxiTrader Affiliate Program has its own terms and conditions that affiliates must comply with. It’s important to review these terms and understand the program’s rules and requirements before joining.

If you are interested in becoming an affiliate for AxiTrader, you can visit their official website and look for information about their affiliate program. There, you will find details on how to apply, the program’s specific features, and any additional requirements or qualifications that may be necessary to participate.

AxiTrader Customer Support

AxiTrader provides customer support services to assist clients with their inquiries, concerns, and technical issues. Here is an overview of AxiTrader’s customer support:

Contact Channels

AxiTrader offers multiple channels for customers to reach their support team. This typically includes email support, phone support, and live chat support. These channels allow customers to choose the most convenient option for them to get in touch with the support team.

Email Support

Customers can send their queries or issues to AxiTrader’s dedicated email address. The support team aims to respond to emails promptly and provide assistance or information based on the customer’s needs.

Phone Support

AxiTrader provides phone support, allowing customers to speak directly with a support representative. The phone support service may have specific operating hours, so customers should check the availability and contact details on the AxiTrader website.

Live Chat Support

A live chat feature is often available on the AxiTrader website, enabling customers to chat with a support agent in real-time. This can be a convenient option for quick inquiries or immediate assistance.

FAQ and Knowledge Base

AxiTrader may offer a comprehensive FAQ (Frequently Asked Questions) section and a knowledge base on their website. These resources provide answers to commonly asked questions, account-related information, and guidance on using the trading platform and features.

Language Support

AxiTrader strives to offer customer support in multiple languages to cater to its diverse user base. The availability of specific languages may depend on the region and the target market.

Advantages and Disadvantages of AxiTrader Customer Support

AxiTrader Vs Other Brokers

Therefore, it is important for clients to understand the highlight of each broker and comparisons with other brokers so that the traders are in the position to make an informed decision about which trader would best suit their trading style.

#1. AxiTrader vs. AvaTrade

AxiTrader is primarily regulated by the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) in Australia, while AvaTrade is regulated by multiple authorities including the Central Bank of Ireland, ASIC, and the Financial Services Commission (FSC) in the British Virgin Islands. In terms of trading platforms, AxiTrader offers the popular MetaTrader 4 (MT4) platform, while AvaTrade provides multiple platform options including MT4, MT5, and their proprietary platform.

When it comes to trading conditions, both brokers offer competitive spreads and a wide range of tradable instruments. However, AxiTrader has a slight edge in terms of customer support, offering 24/5 live chat and phone support.

In terms of the verdict, it ultimately depends on individual preferences and priorities. Both brokers have strong regulatory oversight and provide reliable trading services. Traders may prefer AxiTrader for its strong customer support, while AvaTrade may appeal to those looking for a wider range of trading platforms. It is recommended to consider personal trading needs and preferences when choosing between the two.

#2. AxiTrader Vs RoboForex

AxiTrader is primarily regulated by the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) in Australia, while RoboForex is regulated by the International Financial Services Commission (IFSC) in Belize. In terms of trading platforms, AxiTrader offers the popular MetaTrader 4 (MT4) platform, while RoboForex provides a wider range of platforms including MT4, MT5, and their proprietary platform, R Trader.

Both brokers offer competitive spreads and a variety of trading instruments, but RoboForex also offers the option for copy trading through their CopyFX platform. In terms of customer support, AxiTrader provides 24/5 live chat and phone support, while RoboForex offers 24/7 live chat support.

The choice between the two brokers depends on individual preferences and priorities. Traders who prioritize strong regulation may lean towards AxiTrader, while those interested in a wider range of platforms and copy trading options may find RoboForex more appealing. It is important for traders to consider their specific needs and conduct thorough research before making a decision.

#3. AxiTrader Vs FXChoice

AxiTrader and FXChoice are both well-established forex brokers, but they differ in certain aspects. AxiTrader is regulated by the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC), while FXChoice is regulated by the International Financial Services Commission (IFSC) in Belize. AxiTrader offers the popular MetaTrader 4 (MT4) platform, which is known for its user-friendly interface and advanced trading features.

FXChoice, on the other hand, provides multiple platforms including MT4, MT5, and their proprietary platform, SmartTrader. In terms of trading conditions, both brokers offer competitive spreads, but FXChoice also provides the option for ECN (Electronic Communication Network) trading, which can offer tighter spreads and faster execution. Customer support is available 24/5 with AxiTrader, while FXChoice offers 24/7 support.

The choice between the two brokers depends on individual preferences and priorities. Traders who prioritize strong regulation may lean towards AxiTrader, while those who seek ECN trading and a wider range of platform options may prefer FXChoice.

Choose Asia Forex Mentor for Your Forex Trading Success

If you have a keen interest in establishing a successful career in forex trading and aspire to achieve substantial financial gains, Asia Forex Mentor stands as the optimal choice for the best forex, stock, and crypto trading course. Ezekiel Chew, renowned as the visionary behind trading institutions and banks, is the driving force behind Asia Forex Mentor. On a personal note, Ezekiel consistently achieves seven-figure trades, a distinction that truly sets him apart from other educators in the field. Here are the compelling reasons that underpin our recommendation:

Comprehensive Curriculum: Asia Forex Mentor offers an all-encompassing educational program that covers stock, crypto, and forex trading. This well-structured curriculum equips aspiring traders with the knowledge and skills necessary to excel in these diverse markets.

Proven Track Record: The credibility of Asia Forex Mentor is firmly established through its impressive track record of producing consistently profitable traders across various market sectors. This achievement serves as a testament to the effectiveness of their training methodologies and mentorship.

Expert Mentors: At Asia Forex Mentor, students benefit from the guidance and insights of experienced mentors who have demonstrated remarkable success in stock, crypto, and forex trading. These mentors provide personalized support, enabling students to navigate the intricacies of each market with confidence.

Supportive Community: Joining Asia Forex Mentor brings access to a supportive community of like-minded traders pursuing success in the stock, crypto, and forex markets. This community fosters collaboration, idea-sharing, and peer learning, enhancing the overall learning experience.

Emphasis on Discipline and Psychology: Success in trading necessitates a strong mindset and disciplined approach. Asia Forex Mentor provides crucial psychological training to help traders manage emotions, handle stress, and make rational decisions during trading.

Constant Updates and Resources: The financial markets are dynamic, and Asia Forex Mentor ensures that students remain up-to-date with the latest trends, strategies, and market insights. Continuous access to valuable resources keeps traders ahead of the curve.

Success Stories: Asia Forex Mentor takes pride in a multitude of success stories where students have transformed their trading careers and achieved financial independence through their comprehensive forex, stock, and crypto trading education.

In summary, Asia Forex Mentor emerges as the premier choice for those seeking the best forex, stock, and crypto trading course to carve a rewarding career and achieve financial prosperity. Through its comprehensive curriculum, experienced mentors, practical approach, and supportive community, Asia Forex Mentor provides the necessary tools and guidance to mold aspiring traders into accomplished professionals across diverse financial markets.

Conclusion: AxiTrader Review

In conclusion, AxiTrader is a well-established forex broker that offers a range of features and services to traders. It is regulated by reputable authorities such as the FCA and ASIC, which provides a level of trust and security for clients. The broker offers competitive trading fees, low minimum deposit requirements, and a variety of account types to suit different trading styles.

AxiTrader provides access to popular trading platforms like MetaTrader 4, along with additional tools and features such as copy trading. Customer support is generally responsive and reliable, offering assistance during trading hours.

While AxiTrader has its strengths, it is important for traders to carefully consider their individual needs and preferences before choosing a broker. Conducting thorough research, comparing different options, and considering factors such as regulation, trading conditions, and platform features will help traders make an informed decision.

AxiTrader Review FAQs

Is AxiTrader available for traders from all countries?

AxiTrader accepts clients from various countries, but there are some restrictions and limitations based on regulatory requirements. It is important to check the list of supported countries on their website or contact their customer support to ensure that your country of residence is eligible for trading with AxiTrader.

Does AxiTrader offer educational resources for beginner traders?

Yes, AxiTrader provides educational resources and materials to assist beginner traders in learning and improving their trading skills. They offer video tutorials, webinars, trading guides, and market analysis to help traders understand market dynamics, trading strategies, and risk management.

Can I trade cryptocurrencies with AxiTrader?

Yes, AxiTrader offers cryptocurrency trading for selected cryptocurrencies like Bitcoin, Ethereum, and Litecoin. Traders can access these markets through their trading platforms and take advantage of price movements in the cryptocurrency market. It is important to note that cryptocurrency trading involves high volatility and risks, so traders should exercise caution and have a clear understanding of the market before engaging in such trading activities.