AxiTrader Australia Forex Trading Platform Review
AxiTrader Australia is one of the few forex brokers not only to be regulated in Australia but also to be Australian owned. While have its main offices in Sydney provides some ‘peace of mind’ there are several other key strengths as discussed below.
AxiTrader Offers Relatively Low Spreads
On the 22nd of February 2016 we compared the spreads of the leading forex brokers and found AxiTrader’s Pro account to have one of the lowest pips of any broker.
The way AxiTrader achieves one of the lowest spreads is by offering a ‘true ECN forex broker’. This means that individual forex traders can trade directly with liquidity markets which also helps improve execution speeds.
Instead of AxiTrader making money from the spread (the difference between the buy and sell price), they make it by charging a flat commission of $3.50USD per trade (also known as $7USD per round trip). This improves transparency and for high volume or frequent experienced forex traders it results in lower overall fees.
The alternative account (MT4 Standard Account) is similar to most other forex brokers offers with no commissions but much higher spreads across all currency pairings. The reason AxiTrader Australia offers this option is for more beginner currency traders who prefer to trade with a low deposit and are not familiar with commission charges.
Overall, Compare Forex Brokers recommends the MT4 pro account to any advanced or expert trader looking to keep their trading fees low and are happy to have a $1,000 minimum deposit.
AxiTrader Offers Fast Execution Speeds Via Their VPN
As discussed above, The MT4 Pro Account is a ‘true ECN forex broker’ allowing forex trader to trade directly with currency markets. As there is no dealing desk, this speeds up the execution speeds and makes AxiTrader Australia comparable to other ECN forex brokers like Pepperstone and IC Markets.
While an ECN forex broker provides direct access to liquidity markets, a secondary issue that impacts execution speeds (latency) is the fact that trades occur in New York. For Australian and global currency traders this means a large distance needs to be traveled to communicate a trade intent and then receive confirmation. To speed up this process AxiTrader Australia offers a free VPN to it’s traders.
A VPN allows a forex broker to establish their IP anywhere in the world so by establishing themselves with an IP address near the New York servers where trades actually occur the execution speeds can be increased. The advantage of faster execution speeds is an improved chance of receiving the price quoted within the forex platform. The big issue of slow execution speeds is called ‘slippage’ where in volatile markets the trader tries to sell their currency pairing but the actual price they receive is worse leading to larger losses than anticipate (even with a ‘stop/loss’ mechanism).
To maximise execution speeds and minimise slippage, AxiTrader’s ECN Pro account with the utilisation of a VPN is a good choice.
AxiTrader Australia Offers Reasonably High Leverage
Leverage is one of the most critical elements to currency trading as movements within the forex are relatively small compared to other financial markets likes shares or commodities. The greater the leverage, the greater the opportunity to make profits or losses so this is a critical component when making a forex broker comparison. AxiTrader Australia as shown below has a leverage of 400:1.
While a leverage of 400:1 isn’t the highest in Australia, it’s still considered very high by international terms with many overseas regulators not allow this level of leverage. This is due to leverage increasing the risk of currency trading. For example, at 400:1 if a trader has a deposit which they risk of $1,000 and the currency pairing moves by 0.25% it will lead a complete loss of the funds or a doubling of the deposit. With risk amplified, only experienced traders and those with a high risk appetite should consider the maximum leverage. If this isn’t for you then you should contact AxiTrader Australia and request a lower leverage barrier on your account.
AxiTrader Uses The Best Forex Trading Platform
Based on popularity, MetaTrader 4 (MT4) is the worlds best forex trading platform and AxiTrader Australia specialises on MT4. Most other brokers below also offer MT4 with some offering this in combination of other forex trading platforms such as cTrader or their own property software such as Plus500 or Easy Forex.
MetaTrader is popular for it’s easy to use interface. This was made for PC’s and Macs utilising a light download with also a web only platform for those using a mobile or work computer. For those ‘on the go’ there is also the option of using apps made for the iPad, iPhone or android device. These apps have almost the same functionality as their desktop version including the ability to execute trades.
AxiTrader Australia Conclusion
AxiTrader is popular as it’s a true ECN forex broker when using their ‘MT4 Pro Account’ which means lower spreads, faster execution speeds and the use of an industry standard forex platform which in this case is MetaTrader 4. Two reasons that you may choose another forex broker is because you want higher leverage than what AxiTrader offers (at 400:1) or you prefer to use another forex platform such as cTrader. Also, if your new to forex and are looking for detailed training and account support a company like easyMarkets (formally Easy Forex) may be superior to get you accustomed to currency trading. These factors aside, AxiTrader Australia is great choice for intermediate and expert forex traders with the company having full Aussie certification. View our page where we compared AxiTrader to CMC Markets and IG Markets.
About Compare fx Brokers
Compare fx brokers is Australia’s premier way to select Australian regulated forex brokers. This section focuses primarily on brokers who offer the best forex trading platform while other sections focus on spreads, leverage and reputation. All information on the site come the forex broker websites and when you have chosen the broker, we send the user to their site to verify all the information shown here. If you have comments or queries, please use the contact us form on this site.