Our review of AxiTrader aims to offer you the most important information you need. We will cover the AxiTrader leverage, funding, spreads, regulation, contact, minimum deposit, and other details we know you care about. By the end of this review, you will have made the choice of whether or not to use AxiTrader.
AxiTrader started operating back in 2007. It is now regulated by several financial authorities that include the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Dubai Financial Services Authority (DFSA).
That is why we consider AxiTrader to be safe. The top-tier regulation ensures that they are always operating as per the requirements of the law.
You should know to be careful when trading CFDs with AxiTrader. 67.7% of the retail traders who use their accounts to trade CFDs with this broker, lose money. You need to consider the level of knowledge you have before you divest and start trading in CFDs.
You also need to know that the risks are manageable or that you can lose money without wiping yourself out.
With that out of the way, we are going to dive into the fees, and see how much it will cost you, to trade with AxiTrader.
Like all brokers, there is a lot to like and some things that they could do better. The whole point of this review is to make sure that they have what you are looking for.
According to our analysis, the forex and trading fees you will incur when using AxiTrader are low. They have no withdrawal or deposit fees either. To get even more familiar with what to expect with this broker, we are going to get into the details of their fee structure.
The best way to know if the fees charged by a broker are low, average or high, is to find the brokers on the same level and then compare their fees in a standardized setting.
To get started, let us look at some of the languages that is used when we are talking about the broker fees. You need to pay attention to the trading and non-trading fees, as they can be a deal-breaker if they are too high.
In the following paragraphs and sections, we are going to group the fees properly so you can make a comparison and know just how much you can expect to pay when you are trading with AxiTrader.
We selected two other brokers on the same level as AxiTrader, to make sure that we can make a fair comparison. The two brokers we picked for the comparison are Pepperstone and IC Markets.
The selection process includes a careful look at the products that they offer, the client profile, their fees structures and other details that matter.
Let us start with the trading fees.
We consider AxiTrader trading fees to be lower than the competition. There are different cost structures from all theAxiTrader account types.
It is not an easy thing to try and compare the trading fees for brokers. In this AxiTrader review, we decided to calculate the fees on a one-week timeline for the three brokers and see what they look like on a table.
It is a comparison of the products and how much they will cost you.
The other two brokers we compare with AxiTrader are Pepperstone and IC Markets. To make this easier, we chose the major trading instruments in each class of assets and then compared them to each other to know what the fees look like.
The instruments we chose are:
A normal trader using the account types will most likely be buying an AxiTrader leveraged product, hold it for one week on average and then sell. So, in our analysis, we have chosen the volume to be $2,000 for the position on a stock index and CFD transactions and the position for forex, at a volume of $20,000.
In our breakdown, we are using an AxiTrader leverage of 30:1 for the currency pairs in forex and 20:1 for the stock index CFDs.
We will use this benchmark to show you the spreads, the commissions and the financing costs that you can expect to pay for the three brokers. The tables will show how the AxiTrader spreads and fees compare.
CFDs Fees
Here is how the CFD fees compare, when you stack them up against Pepperstone and IC Markets:
AxiTrader has low non-trading fees. They do not charge account, withdrawal/deposit or inactivity fees. The non-trading fees you will pay at AxiTrader in comparison with Pepperstone and IC Markets, break down as follows:
In comparison with the two competitors, the AxiTrader fees are more or less the same and slightly lower than what you will pay on IC Markets or Pepperstone in some instances.
The account opening process at AxiTrader is fully digital and easy to follow. It is quick too, and you will most likely have your account approved within 1 to 3 business days. Anyone can join. AxiTrader is a global broker that serves most countries.
There are a few exceptions. If you are from theUnited States, Japan, Singapore, Colombia, Iraq, Iran, you will not be accepted as a customer on AxiTrader.
You should also know that the AxiTrader minimum deposit is $0, which is rare. Not many brokers will let you sign up without paying a minimum deposit.
To open your AxiTrader account, you have to go through these steps.
After that short process, you will be done.
Axitrader Review – Account Types
AxiTrader differentiates the accounts based on who owns them and the fee structure that applies to each.
When we base the accounts on ownership, we have three types that you can pick. They include:
The accounts differ when it comes to fees structure in the following way:
For our review, we picked the individual Pro account for our AxiTrader review tests.
AxiTrader Base Currencies
There are 11 base currencies provided when you sign up with AxiTrader. They include EUR, GBP, USD, PLN, CHF, AUD, CAD, HKD, JPY, NZD, SGD.AxiTrader is one currency better because Pepperstone and IC Markets offer 10 base currencies each.
There is a reason why having many base currencies like AxiTrader here, matters. When you fund your account in the same currency as your bank account or make your trades of assets in the same currency as the base currency, you will not have to worry about paying the conversion fee.
One of the best ways to save money on currency conversion fees is to open a multi-currency bank account at digital banks. Examples of this include Revolut and Transferwise. They both offer multiple currencies with cheap currency exchange rates and cheap international transfers.
Opening the account on either of these banks will take just a few minutes. You can do it from your phone.
Axitrader Review – Deposit Options and Fees
You will have several options to make deposits when using AxiTrader, in addition to credit/debit card transfer, you will also be able to use broker-to-broker transfer and a number of electronic wallets like Neteller, Skrill/Moneybookers and Global Collect and BPAY (for clients living in Australia).
In comparison with Pepperstone and IC Markets, a deposit can happen via bank transfer, credit/debit cards and e-wallets.
When you do a bank transfer, expect it to take several business days. The credit/debit cards and electronic wallets are instant.
NOTE: You should know that you can only deposit and withdraw from or into accounts that are in your legal name.
AxiTrader Withdrawal Options and Fees
AxiTrader does not charge withdrawal fees and has several ways that you can withdraw your money. If you used debit/credit card to deposit, you can only make withdrawals to your bank account. In case you used electronic wallets, you can only withdraw to those wallets that you used when making the deposits.
The $0 withdrawal fees is a positive. However, when you compare the withdrawal methods to those of the competition, AxiTrader seems to fall short.
It takes two business days to withdraw from AxiTrader when you use bank transfer. Withdrawal is an easy process that will require you to do the following simple things:
After this, you just initiate the process and wait for the money to get to you.
Axitrader Review – Trading Platforms
Axitrader offers you platforms on all levels. You will have the AxiTrader web trader, the mobile platform and the desktop app. They are all supplied by MetaTrader.
The AxiTrader web trader is a product of MetaTrader. It is very customizable, available in multiple languages and gives clear fees reports. It does not require a two-step login and does not provide price alerts.
The most used platform by the clients is AxiTrader MT4, which is third-party software.
Portfolios and fees reports are easy to access and read. You will be able to see the profit-loss balance and the commissions you paid. The reports can be found under the history tab. There is no accessible way to download them, though.
MetaTrader is the only software that AxiTrader has on mobile. In our AxiTrader review, we found that it is available for both iOS and Android users. After you download the AxiTrader MT4 mobile trading application, you will need to access the relevant AXITRADER server.
NOTE:We say relevant because it depends on where you are geographically. For example, you can get access to AxiTrader-US02 Live.
You can choose from the many languages available on the mobile platform. Changing the language may be a bit tricky for Android users because you will only be able to do it if you change the default language of your device.
The orders you can place with the mobile app, are the same as the ones you can place using the web trader. You have the option to set alerts and notifications. However, you will have to do that on the desktop app, which will push them to your phone.
The design of the desktop app is almost the same as that of the web trader in so many ways. The significant difference is that with the desktop app, you have the option of setting the price alerts and notifications.
In our AxiTrader review research, we found that the notifications feature is what makes it best for a trader to have access to the desktop app. You can have them sent to your phone via email or mobile push notifications.
To set these notifications, you will have to add an email address and then the MetaQuotes ID, which you can find in the MT4 software settings. Then, you can add the notifications by going to the ‘Tools’ section and then clicking on ‘Options.’
Aside from those features, there is nothing on the Desktop app you cannot find on the mobile or web trader platforms.
AxiTrader Markets and Products
AxiTrader has many forex products available for you to trade. They have a stock index, crypto CFDs and commodities. Their offering is average, seeing as they do not offer ETFs or CFDs.
You should know that CFDs are very complicated and you should never try to trade them unless you know what you are doing and have the money to lose, in case something goes wrong.
The stats say that when trading with AxiTrader, 67.7% of retail investors lose money. You should consider your choices before you decide to dabble in CFDs.
In comparing the product selection when trading with AxiTrader with those of the competition, we get the following results in the table below.
With AxiTrader, you have the option to change the leverage if you want to. The great thing about this kind of latitude is that you can lower risk. Let’s say you wanted to trade with a leverage of 2:1 and you started at 5:1.You can adjust and set the leverage that works for you.
You would need to be protected from bad losses and high risk, especially when you are trading stock CFDs.
Axitrader Review on Research Tools
In summary, AxiTrader will give you charting tools, a news feed, and an economic calendar.All provided under the MetaTrader 4 platform. They lack the provision of trading ideas and do not have fundamental data.
The best thing about their available research tools is that they are user-friendly and the economic calendar is adequate.
With the AxiTrader research tools, you will have two sources:
MetaTrader tools are the most helpful, as they are offered in a large number of languages. To reiterate, you will not get any trading ideas from AxiTrader and neither will you get fundamental data.
If you need either of these tools, you will have to source them from third party sources. The charting tools you will find tax trader are just okay.
They have 31 technical indicators. Most of them are found on the MetaTrader trading platforms. On the negative side of things, the design on these, look antiquated.Some of the features are not easy to use. For example, it is hard to figure out how to remove an indicator from the chart.
AxiTrader News Feed
News is essential to a trader because it drives the price by influencing the market sentiment. Not knowing what is going on, will leave you in the dark, as you cannot speculate without having access to the proper and relevant news.
The news is offered on AxiTrader, via the MetaTrader 4 platform. This is not bad since many other brokers who use MT4, do not even provide news. The news is bland, though, as it lacks charts and other visual aids to help you make trades better.
In the market analysis section, we found useful. You will find it on the AxiTrader website, under the ‘Market News & Blog’ section.
In addition to the news, there is an economic calendar that has many filters for country and category. That is a great feature when you want to narrow down the kind of notifications you get.
AxiTrader offers news through the website. The articles are good quality and they have daily updates.
Unfortunately, some of those articles can only be accessed by the Australian and UK websites only. If you are on an international website, you might find that you can only access forex market analysis news and general educational material.
That is a limitation they could have done without.
Axitrader Review – Customer Service
There are three ways you can get in touch with the customer support provided by AxiTrader. The methods are:
Compared to most of the other brokers we have reviewed, AxiTrader has a fast live-chat feature that returns answers quickly and relevantly. The phone supports us average-speed, but the answers are all relevant.
Email takes longer because they take time to reply, but they always come back with useful answers. The one thing that we can find fault inis that customer support is not available 24/7. They are only available 24/5.
AxiTrader Education
If you are just getting started into the world of forex, you will need to make sure that you are not only prepared with money but education as well. If you need to reference anything or learn anything, there are several ways to do that at AxiTrader:
The education material is easy to access. You will find the primary education tools under the ‘Traders’ tab by clicking on the part that says ‘Education.’ There are educational articles in the ‘Market News and Blog’ section.
They are all updated and adequately written.
The general education videos section has good quality video files you can watch for topics like trading psychology and the basics of forex trading. There is an option to download and read the many high-quality eBooks that they provide.
The demo account is a vital part of your training as it will expose you to the market conditions. You will come up with strategies and test them on the real market, with virtual money.
Axitrader Review – on Broker Safety
AxiTrader is a broker regulated by a number of top-tier financial authorities. AxiTrader is now an established brand. However, it is not listed on any exchange and does not have a banking license.
The regulators who oversee AxiTrader all over the world include:
The fact that they have been around for so long and are regulated by respected financial authorities means that you have nothing to fear when it comes to the safety of your money. On the other hand, AxiTrader’s license got suspended in New Zealand by the Financial Markets Authority since July 29, 2019.
You can read more about that by clicking here.
The best thing to do when you are checking for safety is to ask yourself these two questions; how protected are you if something goes wrong? What is the background of the broker?
To answer the first question, we have to look at whether they have investor protection at AxiTrader, or not.
You will be happy to know that they have investor protection but the amount and the regulator differ from one entity to the next.
So, here is what that looks like when broken down into a table:
AxiTrader has provisions for negative balance protection for forex spot and CFD trading. However, this is only available to clients from the European Union. If you are a non-EU client or Professional, you will not be covered by the negative balance protection.
Add to that the fact that AxiTrader has been around since 2007 and you have a broker you can trust. The background is a big part of our safety checks. We want to know that the broker has been around long enough to get a reputation and that the reputation is good.
In Conclusion
AxiTrader is a well-regulated broker, overseen by various authorities in several jurisdictions. We have the FCA, the ASIC, and the Dubai authority. Trading fees are fair and low. Plus, there is no inactivity fee charged.
Deposits and withdrawals are free. The AxiTrader minimum deposit is $0. The account opening is digital and easy.
They may have a limited product range, but it is a great place for many beginners and intermediate traders to cut their teeth. In addition to all this, they have a great support system and a comprehensive provision of education.
Feel free to try AxiTrader today and see for yourself what they can offer you. There is an option to get the demo account and start there. With it, you can find out all you need to know before you sign up.
