In this Broker Review, ForexInfoBook team presents factual information about AxiTrader broker regulations, trading conditions and advantages of trading with them.
- AxiTrader is regulated by ASIC and holds an Australian financial services licence : AFSL Number 318232
- AxiTrader is regulated by FCA in the United Kingdom : Reference Number 509746
AxiTrader Australia client funds are held in a segregated trust account with one of Australian largest banks, National Australia Bank, where client funds are separated from business funds at all times as per ASIC regulations. ASIC require regular reporting to ensure financial stability of the firm is maintained. If there is unforeseen situation where the firm was to become insolvent, ASIC would intervene during liquidation of a firm assets to assist in the returning of client funds.
AxiTrader UK client funds are held in accordance with client money rules, in client segregated accounts with a top tier bank. All funds held with AxiTrader UK by retail clients will be covered up to £85,000 by the Financial Services Compensation Scheme. More information on the FSCS is available here.
The stringent regulatory oversight provided the ASIC and the FCA, traders at AXITRADER can concentrate on their trading without having to worry about the reliability of their broker.
Click here to read more about why FCA (UK) regulated brokers is the best choice for Forex traders
Click here to read more about why ASIC (Australia) regulated brokers is a very popular choice for Forex traders
Negative Balance Protection
AxiTrader Australia warns clients that losses are not limited to their account balance and that they must not rely on AxiTrader closing out a position to prevent losses. Markets can gap, systems can fail or other circumstances may prevent liquidation.
AxiTrader UK retail clients get the greatest protection with rules and regulations imposed by the Financial Conduct Authority (FCA) and the European Securities and Markets Authority (ESMA). Retail Client has Negative Balance Protection (NBP) meaning they cannot lose more than they have deposited with a broker.
AxiTrader Australia offers a standard leverage is 100:1 on Forex. The maximum leverage for an MT4 trading account with is 200:1 (on special request).
Leverage on AxiTrader UK accounts will be restricted to a max of 1:30 as per ESMA regulations.
Good Execution and Low Spreads
AxiTrader uses Straight Through Processing (STP) where all transactions are passed electronically to execution venue without human intervention. The servers are located in New York, close to the exchange, for faster trade execution.
The spreads are competitive with PRO accounts offering spreads from 0 pips. The commission rate is $3.5 per lot. Click here to check the live spreads offered by AxiTrader on various Forex pairs.
There are no commissions on standard account and the broker earns from the relatively higher fixed spreads.
Ease of Operations
- Simple account opening process
- No minimum deposits specified
- Swap-free Islamic account : No interest/swap charges on overnight positions without spread widening.
- AxiTRader has a dedicated support department operating 24 hours via live chat, email and phone. AxiTrader clients automatically receive a dedicated account manager.
- Good collection of educational material for Forex traders to improve their trading skills.
Limitations to be expected
- Demo accounts are valid for 30 days
- Relatively few Deposit and Withdrawal options available : Bank Transfer, Credit Card and Skrill
- 70% of retail investors lose money trading Forex and CFDs with AxiTrader.
- AxiTrader does not serve clients from United States, Canada, Japan, Israel, Iran, Belgium.
- AxiTrader only offers MT4 platform (for Desktop and Mobile).
AxiTrader is a popular choice among Australian traders and more traders from around the globe are choosing to trade with AxiTrader for the excellent trade execution and consistently low spreads.
We recommend trading Forex with AxiTrader.