Axitrader Demo Forex Trading Platform Account
Axitrader are one of Australia’s owned, regulated and operated ECN forex brokers offering:
- Low spreads and commissions
- 24 hour support during trading hours
- A high leverage of 400:1
- MetaTrader 4 (the best forex trading platform based on popularity)
Below we review the Axitrader demo forex trading platform account, strengths and weaknesses and other areas to understand before opening an account. If you want more general information on the forex broker, then view our Axitrader review.
Axitrader Demo Forex Trading Platform Account Review
A forex broker demo account is a great way to get compare forex trading platforms, getting used to the trading, the forex broker and the various interfaces. The Axitrader demo forex trading platform account has various strengths and weaknesses as examined below.
1) Access to AxiTrader Support
All forex traders whether they have an AxiTrader live account or demo account have full access to the forex broker’s client services support. This support commences at 8:00am in Melbourne/Sydney time and concludes at 8:00am on Saturday morning. This means that all the hours when forex markets are open have client support both online (through live chat) or over the phone. It should also be noted the 1300 number in Australia is toll free for Australian forex traders.
2) Use Of MetaTrader 4
The Axitrader demo forex trading platform account is MetaTrader 4, the worlds most popular interface for currency trading. Last year the forex platform had over 10,000 forex traders at any one time with multiple accounts available for each trader. The platform is available for a number of systems from PC, Mac to mobile devices and tablets.
3) Real Time Spreads & Fast Executions
AxiTrader is an ECN forex broker which means that currency traders using it’s forex platform have direct access to currency pools. While the demo account simulates this experience, it does give traders a feel for how it is to trade on a broker that isn’t a ‘market maker’. The key benefit of this is a reduced chance of slippage which is when a currency pairing moves fast and a sell/buy order can’t be filled at the pre-determined amount (such as a stop/loss order). This can mean larger losses (or profits) but overall, it one of the most disliked elements when trading currency globally.
1) Limited Duration
AxiTrader’s demo account lasts up to 30 days which is inline with the standard MetaTrader 4 trial time-frame. For many traders they may want a longer demo duration either to get used to forex trading, to get used to the forex trading platform or to have a side account to test strategies.
It may be worth considering opening a demo account and then once you open a live account requesting a longer-term demo account with the broker. Just ask your dedicated account manager about this option when you start trading.
2) Limited Forex Volume
Another limitation of forex broker demo accounts is the amount of funds you start with. The Axitrader demo account offers $50,000 for forex traders over the 30 day duration.
If your a large trader, you may feel that this starting balance is insufficient in virtual funds so a different demo account may better suit you.
3) Restricted Leverage
Leverage is a key component to making currency trading worthwhile to investors since fluctuations are relatively small compared to other financial products. The Axitrader demo forex trading platform account offers a maximum of 400:1 which is inline with their live account. Internationally, 400:1 (such as offered by easyMarkets) is considered quite generous.
There are forex brokers who offer higher leverage of up to 500:1 but it’s only worth considering these higher levels if you understand currency trading and the risks. High leverage can mean that you can quickly lose your deposit in turbulent markets and unless you trade with a forex broker like Pepperstone that has no negative protection you could lose more than your deposit.
More Information About Axitrader
Axitrader is an Australian owned and operated forex broker. We have created a 2016 full AxiTrader review of which the summary is:
Just like the Axitrader demo forex trading platform been MetaTrader 4, the live account is also MT4. While MT4 is considered the best forex trading platform based on popularity, the lack of options between platforms may not suit some traders. There are two MT4 account options with the standard account having higher spreads but no commissions while the Pro account has the opposite. Generally, more serious, high volume traders prefer the pro account for the lower spreads on trades.
2) Fast Execution Speeds
AxiTrader has updated to the latest MT4 servers leading to improved execution speed for Australian and international traders. They also have mini manager, a unit that improves complicated orders entering and exit trades. Other fast execution forex brokers are IC Markets as well as Pepperstone.
3) Customer Service
AxiTrader is one of the few forex brokers who offer a dedicated account manager. This person meets Australian training standards and can assist with getting used to the Axitrader forex platform to advice on the market and trading strategies.
Overall, Axitrader allows forex traders to trade directly with liquidity pools, offering faster traders and lower brokerage fees. Their size and experience means you can trade with confidence combined with the fact they are regulated in Australia too. It’s worth considering an Axitrader demo forex trading platform account to get used to the broker before opening a live account.