menu

Best Overall

Copy Trading Brokers

MetaTrader Brokers

ForexBrokers.com is committed to the highest ethical standards and reviews services independently. Advertiser Disclosure
Overall

AxiTrader is a MetaTrader-only broker providing Forex traders with over 50 currency pairs and several dozen CFDs including on bitcoin, across its Standard and PRO MT4 account offerings via its regulated brands in the UK and Australia.

Steven Hatzakis | July 10th, 2019

help 72
Trust Score
Dislikes
  • Limited range of non-forex CFDs
  • Average spread data not updated since December 2016

Review Sections:

Please Note: AxiTrader was not included in the 2019 annual review. As a result, this broker's ratings may be outdated. Read our Best Forex Brokers 2019 guide for a look at the top rated forex and CFDs brokers.

Founded in 2007 in Sydney, AxiTrader launched its London brand in 2012, and its China operations in 2015, before reaching $100 billion in monthly client trading volume – which coincided with its expansion into the Middle East, Germany, and Latin America in 2016.

Today the AxiTrader brand maintains regulation with the UK’s FCA under its London-based entity, AxiCorp Limited, and with ASIC in Australia under AxiCorp Financial Services Pty Ltd, where it maintains an AFS license. In August 2016, AxiCorp announced that it received a significant strategic investment from RGT – a prominent Australian private equity firm – to help fuel its global growth. AxiTrader obtained regulatory status with the DFSA in Dubai in 2018, and was also granted a license that year by the FMA in New Zealand, expanding its global regulatory footprint.

AxiTrader is predominantly a MetaTrader-broker, offering Forex and CFD traders over 80 currency pairs and 65 CFDs on commodities, metal, indices, and bitcoin, across its Standard and PRO MetaTrader 4 (MT4) Account offering. AxiTrader also offers its premium MT4 NextGen add-on package for clients with at least $1,000 on deposit and provides several social-copy trading platforms and tools.

Is AxiTrader Safe?

AxiTrader is considered average-risk, with an overall Trust Score of 72 out of 99. AxiTrader is not publicly traded and does not operate a bank. AxiTrader is authorised by two tier-1 regulators (high trust), zeo tier-2 regulators (average trust), and zero tier-3 regulators (low trust). AxiTrader is authorised by the following tier-1 regulators: Financial Conduct Authority (FCA), and Australian Securities & Investment Commission (ASIC). Learn more about Trust Score.

Regulations Comparison

FeatureAxiTraderIGSaxo BankCMC Markets
Year Founded2007197419921989
Publicly Traded (Listed) No Yes No Yes
Bank No Yes Yes No
Tier-1 Licenses2664
Tier-2 Licenses0412
Tier-3 Licenses0000
Trust Score72999898

Offering of Investments

The following table summarizes the different investment products available to AxiTrader clients.

FeatureAxiTraderIGSaxo BankCMC Markets
Forex: Spot Trading Yes Yes Yes Yes
Currency Pairs (Total Forex pairs)8091182183
CFDs - Total Offered6515000329999959
Cryptocurrency traded as actual No No No No
Cryptocurrency traded as CFD Yes Yes No Yes
Offering of Investments 3 Stars 4.5 Stars 4.5 Stars 4 Stars

Commissions & Fees

In its PRO account offering, AxiTrader charges a $7.00 Round-Turn (RT) commission per standard lot (100K units) for accounts denominated in USD or AUD (accounts denominated in other currencies are charged a similar equivalent commission per RT).

AxiTrader average spreads forex pairs

Average spreads for the EUR/USD pair in the Standard account are 1.24 pips, whereas in the PRO account the all-in cost is 1.14 pips after factoring in average spreads of 0.44 pips plus the 0.7 pip commission. However, this data is from December 2016, and was not yet updated as of December 2017:

In terms of execution method, AxiTrader provides hybrid executions which may include it acting as a principal dealer when providing execution across its account types as a market-maker, in addition sending orders to a third-party dealer or liquidity provider (LP) as an agency-broker.

Overall, AxiTrader appears to offer competitive pricing when it comes to its commission-based PRO account offering, yet the lack of updated spreads makes it difficult to make a current comparison.

FeatureAxiTraderIGSaxo BankCMC Markets
Minimum Initial Deposit$0.00 - $1000£250.00$2,000.00$0.00
Average Spread EUR/USD - Standard1.240.7500.9000.744
All-in Cost EUR/USD - Active1.140.3630.6000.744
Active Trader or VIP Discounts Yes Yes Yes Yes
Commissions & Fees 3.5 Stars 4.5 Stars 4.5 Stars 5 Stars

Customer Service

For our 2018 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience.

Results:

  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 7 / 10
  • Average Professionalism Score: 6.7 / 10
  • Overall Score: 7.3 / 10
  • Ranking: 9th (43 brokers)

Research

AxiTrader provides research in the form of technical and fundamental analysis from its in-house team of analysts with daily articles published on its Market News & Blog. Staff also stream videos throughout the week, including the Market Morning video and Weekly outlook.

In addition, automated technical analysis and signals are provided via AutoChartist – a third-party technology provider known for its pattern-recognition software. AxiTrader also offers automated trading signals via the Auto Trade feature in Myfxbook – a third-party service provider that also powers AxiTrader’s economic calendar. Further social copy-trading features are available from ZuluTrade, and via the Signals Market in the firm’s MT4 platform offering, and in 2017, AxiTrader added the MirrorTrader platform powered by Tradency.

AxiTrader research

In terms of trading tool-related research, aside from AutoChartist, there are premium research tools packaged into AxiTrader’s MT4 NexGen add-on, which consists of a suite of plugins developed by FX Blue LLP and is comparable to the offerings of Pepperstone, Admiral Markets, and ADS Securities.

Overall, AxiTrader has a good foundation for its research offering, and the expansion of its social copy-trading offering with the addition of ZuluTrade and MirrorTrader helps the firm compete with its regional peers in Australia, including Pepperstone.

FeatureAxiTraderIGSaxo BankCMC Markets
Daily Market Commentary Yes Yes Yes Yes
Forex News (Top-Tier Sources) Yes Yes Yes Yes
Weekly Webinars No Yes Yes Yes
AutoChartist Yes Yes Yes No
Trading Central (Recognia) No No No Yes
Delkos Research No No No No
Social Trading / Copy-Trading Yes Yes Yes Yes
Social Sentiment - Currency Pairs Yes Yes Yes Yes
Economic Calendar Yes Yes Yes Yes
Research 3.5 Stars 4.5 Stars 4.5 Stars 4.5 Stars

Platforms & Tools

AxiTrader is a MetaTrader-only broker. This means it offers products from the suite of platforms from MetaQuotes Software corporation, developer of the widely popular MT4 and MT5 platforms for desktop, mobile, and web. To learn more about MT4, read our full MetaTrader guide.

While MetaTrader 4 comes standard, with little that varies from broker to broker, on the surface of the platform there can be significant differences in how the platform is set up for trading spreads and commissions, the available execution method, and other tools, features, and administrative areas that can affect your trading experience.

AxiTrader MT4 desktop

Besides spreads, range of instruments, and account types, here is a summary of the differences in features between AxiTrader’s available MT4 platform setup and the default MetaTrader experience:

  • MT4 NexGen package offered as available add-on
  • News headlines stream from Dow Jones Newswires
  • AutoChartist plugin available
  • MT4 installation file wrapped in Windows Emulator for MAC OS Installation
FeatureAxiTraderIGSaxo BankCMC Markets
Virtual Trading (Demo) Yes Yes Yes Yes
Proprietary Platform No Yes Yes Yes
Desktop Platform (Windows) Yes Yes Yes Yes
Web Platform Yes Yes Yes Yes
Social Trading / Copy-Trading Yes Yes Yes Yes
MetaTrader 4 (MT4) Yes Yes No Yes
MetaTrader 5 (MT5) No No No No
cTrader No No No No
Charting - Indicators / Studies (Total)51224781
Charting - Drawing Tools (Total)31171724
Charting - Trade From Chart Yes Yes Yes Yes
Watchlists - Total Fields712128
Order Type - Trailing Stop Yes Yes Yes Yes
Platform & Tools 2.5 Stars 4.5 Stars 4.5 Stars 4.5 Stars

Mobile Trading

Since AxiTrader is a MetaTrader-only broker, iOS and Android versions of the MT4 app come standard and are both available for download from the Apple iTunes store and Android Play store, respectively. To read more about MT4, read our MetaTrader guideguide.

MetaTrader4 Mobile Charts

FeatureAxiTraderIGSaxo BankCMC Markets
Android App Yes Yes Yes Yes
Apple iOS App Yes Yes Yes Yes
Trading - Forex Yes Yes Yes Yes
Trading - CFDs Yes Yes Yes Yes
Alerts - Basic Fields Yes Yes Yes Yes
Watch List Yes Yes Yes Yes
Watch List Syncing No Yes Yes Yes
Charting - Indicators / Studies30264123
Charting - Draw Trend Lines Yes Yes Yes Yes
Charting - Trend Lines Moveable No Yes Yes Yes
Charting - Multiple Time Frames Yes Yes Yes Yes
Charting - Drawings Autosave No Yes Yes Yes
Forex Calendar No Yes Yes Yes
Mobile Trading 3 Stars 4 Stars 4.5 Stars 4 Stars

Other Notes

Through its Australian entity, AxiTrader requires a minimum deposit of AUD $1,000 for Australian residents to open a Standard Account, whereas for non-residents, the minimum is AUD $2,000, and AUD $5,000 for the PRO account. In the UK entity, there is no minimum for either the Standard or PRO.

AxiTrader launched CFDs on Bitcoin offering with just over 2:1 leverage at a 40% initial margin requirement, and a max trade size of 10 lots; trading is limited to Monday through Friday. While this is a positive step for the broker to cater to cryptocurrency traders and investors looking to speculate without owning the underlying, we’d like to see trading expanded through the weekend for those who wish to trade Bitcoin on Saturday and Sunday.

Margin rates for forex also vary by currency pairs, and range from 1% on major currency pairs to 10% across other pairs, as seen in the excerpt below from an AxiTrader product specification document.

AxiTrader Margin

Final Thoughts

As a MT4 broker offering dealer execution, AxiTrader provides competitive pricing on its PRO account offering, combining low average spreads with its round-turn commission per trade, making it a slightly cheaper option than its Standard account offering. With no minimum deposit outside of its Australian brand, AxiTrader can cater to a wide audience, yet the lack of an active trader offering puts it at a disadvantage when catering to high volume traders.

While the number of tradeable pairs was reduced from over 120 to 94 in 2017, with a total of 53 forex pairs (not including metals), and 41 CFDs including on bitcoin, AxiTrader still caters to a broad range of traders through its FCA-regulated brand in the UK and ASIC-regulated entity in Australia where minimum deposit requirements are higher.

The firm’s in-house and third-party research tools, including AutoChartist and add-ons provided in the MT4 NextGen package, help AxiTrader differentiate itself among other MT4-only forex brokers.

Methodology

For our 2018 Forex Broker Review we assessed, rated, and ranked 43 international forex brokers. Each FX broker was graded on 140 variables. Learn more.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.


Steven Hatzakis

About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

AxiTrader Competitors

Select one or more of these brokers to compare against AxiTrader.


Ratings Overall

Summary

Commissions & Fees
Offering of Investments
Platforms & Tools
Research
Customer Service
Mobile Trading
Education

Commissions & Fees

*AxiTrader did not participate in the 2017 Online Broker Review, as a result the following data may not be up to date.

Commission Notes

When comparing AxiTrader’s PRO and Standard account offerings, besides the differences in spreads, and the addition of a commission per trade in the ECN account, the execution method may also vary.

For example, in the PRO account there are no re-quotes, and execution is instant, whereas in the Standard account, AxiTrader acts as a principal dealer and spreads are wider (after factoring in the commission in the PRO account to make a comparison) 

  • In AxiTrader’s Standard account offering, spreads are wider in lieu of commission, and the broker is acting as a principal (dealer) to each trade.
  • In the PRO account offering, a round-turn commission is added to each completed trade, and is roughly the equivalent of $7.00 USD per standard lot (100K units) or $3.50 per side, as outlined in the excerpt below from AxiTrader.

AxiTrader Commission RT PRO Account


Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

arrow_drop_upBack to top