Finding the right AxiTrader account option is critical to match your trading experience and style to the account that meets your needs. While these two accounts may appear similar, there are differences that will impact the trading fees and other elements.
The below guide aims to differentiate these two accounts to assist with finding the right account for you.
The two AxiTrader accounts are:
1) AxiTrader Standard Account
The standard account is geared towards those new to forex trading or infrequent traders having the following features:
- The most popular forex trading platform – MetaTrader 4 (MT4)
- No commissions on any trade
- Competitive spreads on 80 currency pairs
- $0 deposit minimum
- CFDs trading including Gold & Silver, Oil to equity indices
The key element to note with the account is that no commissions exist on any currency pairing. Instead there are increased spreads.
2) AxiTrader Pro Account
The pro account is the most well known and considered ECN (no dealer desk) allowing direct trading and offers these features:
- Lower spreads than the standard account
- Commissions on trades from $3.50 per side
- The MT4 forex trading platform
- Instant execution and no re-quotes
- Deep liquidity trading from financial institutions, hedge funds and banks.
The Pro AxiTrader account essentially makes money through commissions not spreads. This allows transparent trading costs.
Experienced traders like this account as they trade directly with liquidity providers, reducing interference and improving speeds.
Three Key Features Of Both Accounts
i) Axitrader Autochartist
Both AxiTrader accounts offers Autochartist for free. This tool automatically scans markets continuously. It recognises trade set-ups through resistance as well as support levels. It then informs forex traders when an opportunity exists.
The feature is a plugin to MetaTrader 4. This allows traders to watch symbols and time periods within the best forex trading platform from a single chart. The tools also analyses correlation levels with Fibonacci and Volatility analysis. It can send alerts automatically when specified chart patterns emerge.
Forex traders also receive free market reports three times a day. This provides a 24 to 48 hour outlook on currency markets and commodities for NYSE, Tokyo and London.
ii) Free VPS Service
A virtual hosting service (VPS) uses external servers to keep platforms running and minimising downtime. This is critical for expert advisors (MT4’s automated trading tool) which relied on continual uptime.
There are a few VPS partners including ForexVPS which has SSD drives in New York, offers 100% uptime guarantee and 24 hours live chat support. 20 lots need to be traded each month for AxiTrader to credit $34.99 of the monthly fee. MetaTrader VPS (created by the created of MT4) is a cloud VPS hosting provider with global servers. This leads to low latency and costs $10USD each month. There are also commercial network services charged at $35 per month and Beeksfx VPS which Axitrader traders get a 30% discount on.
iii) Expert Advisors
As discussed above, a key feature of MetaTrader 4 (and MT5) is the ability to use automation. This is called MetaTrader expert advisors. AxiTrader offers Myfxbook, Tradency and Tradeworks which are the world’s most-used algorithms.
Are There Any AxiTrader Promotions Available?
Unlike some overseas forex brokers, AxiTrader doesn’t offer bonuses or new account AxiTrader promotions. This highlights the forex brokers low commission and spread focus similar to a Bunnings Or Officeworks ‘lowest prices everyday’ mentality. Beware of any AxiTrader promotions posted by third party sites as these may be scams or expired.
Is There An Axitrader cTrader Account Option?
No, unlike some other forex broker accounts there are no Axitrader cTrader options available. Only Metatrader 4 is available.
Pepperstone or Axitrader?
Many currency traders narrow their forex broker search down to Pepperstone or AxiTrader or even IC Markets as they all have well known ECN accounts. There other similarities include strong Australian (and international) customer service support, the use of Pepperstone as the forex trading platform and low commissions.
The key differences though between Pepperstone and AxiTrader are:
- Pepperstone offers higher leverage (500:1) vs AxiTrader (400:1)
- Pepperstone offers cTrader as an additional forex trading platform option
- Pepperstone offers Qantas Frequent Flyer points when forex trading
- AxiTrader offers a free VPN
Experiences forex traders may find the key difference is the leverage levels which they may require for their trading strategies. Higher leverage increases risk and it should be noted that neither forex broker offers true negative balance protection (see easyMarkets for a broker that offers guaranteed protection). Pepperstone does have a negative balance protection automated risk system but this doesn’t guarantee a forex traders losses won’t exceed their deposit. It’s therefore critical to understand the risks of currency trading, especially when trading with high leverage levels.