Axi Trader is a relatively well established CFD broker (only) that comes to us from Australia. They have an extensive track record in the industry and are well known for their relatively attentive customer service and extensive asset coverage. They also have a range of trading platforms and give traders numerous customization options.
However, are they safe and can they be trusted?
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.
Regulation is perhaps one of the most important questions that any trader may have about a broker. We would strongly recommend any trader that is considering using an online CFD broker to confirm their regulatory status. When it comes to AxiTrader, they have two licenses of importance. These are their ASIC license (AFSL #318232) and their FCA license (FRN: 509746). The latter allows them to offer their services into the UK and Europe and the former is their Australian license.
Note: 65.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. It is suggested to practice with Axitrader Demo Account.
Axi Trader Leverage:
At Axi Trader, you can trade CFDs on the margin. This means that you can leverage up your trades up to a certain factor. At Axi Trader, the maximum leverage that you can attain on some of the professional accounts is up to 400:1.
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 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.
Axi Trader Fees:
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. AxiTrader seems to be fairly transparent with their fees and have a similar fee model to a range of other brokers in the industry.
The spreads and commissions at Axitrader are based on what sort of account that you register with them. 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. The standard account will not charge you a commission on the lots but spreads will start from 1pip.
Banking & Other Fees:
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. Of course, there may be other fees that are applied by third party payment processors and banks. For example, if you are funding via SWIFT then there may be fees charged by third party banks or if you fund via card then your credit card provider may charge a fee. There are other administrative charges that you may incur which include things like sending duplicate statements as well as debt collection charges. However, these are unlikely to affect most traders.
There are a range of different CFD products that you can trade at AxiTrader. These are both spot CFDs as well as a selection of CFDs on Futures (future price). These are all laid out in the product schedule together with information on the leverage, lot sizes, trading value and trading hours. Here is a list of some of the assets that they offer on the platform:
- Forex: AxiTrader has a pretty extensive list of forex pairs that you can trade. These include all the majors and minors. They also have got some of the most exotic crosses that we have seen for a forex broker. For example, they have the AUDPLN and EURZAR. Most of these forex pairs have 1-2% initial margin rate with some of the more volatile pairs like Ruble crosses up to 10%.
- Precious Metals: There are a range of metals that you can trade on the platform. These include the likes of Silver, Gold, Palladium and Platinum. For gold and silver, they have also crossed it with a number of currencies. Margin rates will vary from 1-3%
- Commodities: AxiTrader provides not only cash (spot) CFDs but they also have future CFDs on a range of commodity assets. These include both the hard variety such as crude, natural gas and the soft kind like soybeans, coffee and cocoa. Margin rates vary from 1-4%.
- Indices: They have a range of Equity indices that you can trade. These are from stock exchanges in a number of different regions in Asia, Europe and the Americas. The standard margin rate for these is 4% but is 12% for the Chinese indices. They also have CFDs on the future price of these indices and these have a lower margin rate of 1%
- Cryptocurrencies: Finally, they have 6 cryptocurrencies that you can trade including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dash and Litecoin (LTC). These are all USD based but have really high margins at 80%.
AxiTrader Account Types:
There are a range of account types that you can choose from at AxiTrader. These include the “Demo” account as well as two different “Live” accounts. Which account you end up choosing will depend a great deal on your own personal preferences and trading experience. For those who are uncertain, they can start with the demo account and move their way up.
As has become standard for most brokers these days, AxiTrader offers a demo account. This is a great way for a trader to practice their trading in a non-threatening and beginner friendly way.
When you first create the demo account, AxiTrader will give you $50,000 in demo funds so that you can replicate live trading conditions by placing actual trades. They will just require a few personal details before they are able to give you the demo account.
There are two types of live accounts and these are the standard and the pro accounts. These basically differ according to their fee structure as well as the amount of leverage that you can employ with them. As mentioned in the fees section, with the pro account you have much lower spreads than the standard account although you do have to pay a lot of commission. With the pro account, you also can trade with up to 400x leverage. Which account you choose will depend to a great degree on your trading volume and experience. If you do high volumes and you have extensive experience trading then the pro account is definitely for you.
Special Note For UK/EU Customers (Risk Warning):
65.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Our review has found AxiTrader to be an honest, respected, and well-established broker. Having been in operation for over 10 years, the broker has clearly earned the kudos that have been bestowed upon it.
They seem to offer a beginner-friendly trading package with personalized 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.
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.
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