AxiTrader Mobile Forex Trading Platform
AxiTrader exclusively uses MetaTrader 4 (MT4) as it’s forex trading platform based on it’s:
– Popularity as the worlds most used forex platform
– Easy to use interface
– Ability to make fast executions through its ECN forex broker channel
– Mobile trading options for android and iPhone users (discussed below)
MetaTrader AxiTrader Android Forex Trading Platform
The android AxiTrader mobile forex trading platform can be downloaded at Google play store and allows forex traders to:
1) View live forex markets with real-time pricing
2) The ability to modify and create currency trades with the same pairings as the desktop platform
3) View past forex orders made and other historical forex data
4) Monitor existing orders to understand your position in the market
5) Real time charts to have different perspectives on live markets
Phone versions don’t have full capabilities such as Expert Advisors (EAs) that allow you to automate your trades as well as full charting and toolkit. Based on this, most forex traders find the best forex trading platform is the desktop version with mobile used to supplement this option when ‘on the go’.
MetaTrader AxiTrader iPhone Forex Trading Platform
The iPhone platform can be downloaded on the app store for free and allows currency traders to:
1) Get the latest currency news delivered directly to their phone
2) Create, monitor and chart live orders for the most popular currency pairings
3) View past history including orders
4) Create watch-lists for forex pairings of your choosing
5) The ability to create real-time charting
The iPhone version can be used on an iPad as well with an improved experience due to the larger screen. There is also a version for mac users which requires no plug-ins or add-ons. Instead just a single mac-based program can be downloaded with full charting, EAs and custom indicators being available.
There are two MT4 accounts available which are suitable depending on the type of traders you are.
The standard account is for more infrequent, beginner traders who trade smaller amounts. This account has a smaller minimum deposit ($200) and no commissions. Due to this low commission the spreads are higher starting from 0.6 pips. The concept of spreads are similar to when you go the airport foreign exchange having a ‘buy’ and ‘sell’ with the difference between the two been the margin the provider makes. Spreads can fluctuate during the time of the day and the currency pairing making it difficult to know the exact fees the forex broker makes.
The Pro Account on the other hand has a higher deposit level and a $7USD round trip commission. This means that $3.5USD is made when transferring from one paring to another (eg AUD to USD) and then $3.5USD for the return transaction. The positive of paying this flat commission is that the spreads are only that of the market. This means the forex broker acts more like a true ECN broker and doesn’t make money on spreads.
There are several factors that are the same across both account types including:
a) Leverage Of 400:1
In Australia the highest leverage available is 500:1 while the lowest starts at 50:1. Experienced forex traders that want to maximise their risk profile may require the highest level of leverage possible but most others will want to manage leverage. 400:1 (which is also offered by easyMarkets) is considered internationally very high so even at this lower level, you need to know the risks of leverage. You can also request lower leverage levels when opening an account. Just discuss this with your account manager.
b) Free VPS
Execution speeds are critical to ensure you get the price quoted when trading. As currency infrastructure exists in New York (USA) there is an issue when trading in Australia due to the distance of connection. To help improve AxiTrader offers a free VPS for its traders. This VPS means you can connect through a New York server speeding up trades for Australian forex traders. AxiTrader is the only Australian forex broker to offer a free VPS as part of their standard plans.
c) Automated Trading
Both accounts allow traders to use third part EAs (Expert Advisors). This allows for automation with currency market through software tools based on past activity. A demo account may also be used to test EAs to see how they would preform on the market.
AxiTrader Mobile Forex Trading Platform Conclusion
AxiTrader focus on MetaTrader 4 as its forex trading platform based on its popularity worldwide, ease of use and flexibility. This flexibility includes the Axitrader mobile forex trading platform for the iPhone, iPad and android devices. The apps for these devices provides almost full functionality including the ability to make live trades. AxiTrader combines this with their high flexibility, fast execution speeds (via a free VPS) and the user of Expert Advisors allowing for fast execution speeds. Finally, their commission on the ‘Pro Account’ of $7USD per round trip is on par with other players such as Pepperstone and IC Markets. Just view our AxiTrader review to see the full commission and fee comparison. Overall, if you have a mobile device that you want to use for currency trading, then you should consider MetaTrader 4 and AxiTrader’s Pro Account which has very low spreads and low commissions.