What is AxiTrader platform? Safe or deceptive?
AxiTrader be considered Virtual currency trading platform safe because it has been around and running for a long time, managed by many leading agencies.
AxiTrader is an exchange based in Australia.
1. Advantages and disadvantages of AxiTrader
AxiTrader trading platform suitable for forex traders familiar with the platform MetaTrader 4.
2. Transaction fee
AxiTrader has low transaction fees, no operational fees and withdrawal fees. However, the financial rate of this exchange is also quite high.
+ Transaction fee is charged when you trade. This could be commission or difference.
+ Financial ratios are calculated when you hold your leverage positions for longer than 1 day. A leveraged position means you borrow money from a broker to trade.
+ Non-transaction fee including withdrawal fee or inactive fee.
2.1. Transaction fee
The trading fee of AxiTrader platform is quite low. There are different cost structures depending on the type of account.
2.2. Financial rate
AxiTrader’s financial ratios are rated at average.
2.3. Non-transaction fee
AxiTrader’s non-trading fees are also quite low. It does not charge for account maintenance, inactivity fee and withdrawal fee.
3. Open an account
Account registration interface of AxiTrader.
The account opened at AxiTrader is user friendly and fully automated. However, investors will need 2-3 working days to be approved to open accounts.
3.1. Who can open an AxiTrader account
AxiTrader accepts customers from most countries, with some exceptions, for example, you cannot open an account if you reside in the US, Iran, Iraq, Japan, etc. AxiTrader also serves clients in New Zealand because the local regulator has decided to suspend the license.
3.2. Minimum deposit
AxiTrader does not require a minimum deposit.
3.3. Types of accounts
There are 3 types of accounts based on ownership:
+ Individual: Account owned by an individual
+ Joint account owned by many individuals
+ Business account owned by a legal entity
There are also 3 different types of accounts in the fee structure:
+ Standard account: There is no commission, usually the difference is higher
+ Pro Account: Round-trip commission of 7 USD, the difference is lower
+ Betting account: Tax-free account, but only for UK customers
3.4. How to open an account
Creating an account on AxiTrader is quite simple, but you will have to wait 2 to 3 working days. Steps to open AxiTrader account:
+ Provide some personal information, such as your email address or country of residence
+ Select account type
+ Answer a few questions assessing your level of understanding about trading
+ Verify identity and residence by uploading a copy of your identity card, driver’s license or passport and a bank statement.
4. Deposits and withdrawals
AxiTrader does not charge any withdrawal fees or deposit fees. To send money, you can use bank transfer, credit / debit cards and electronic wallets. However, to withdraw money, only bank transfer.
4.1. Base money account
AxiTrader offers many basic currencies: EUR, GBP, USD, PLN, CHF, AUD, CAD, HKD, JPY, NZD, SGD.
4.2. Deposit fees and options
AxiTrader does not charge a deposit fee.
Besides bank transfer, you can use the following credit / debit cards and e-wallets:
Credit card deposits can be successfully transferred immediately, while bank transfers may take several business days. In addition, you can only deposit money from accounts in your name.
4.3. Withdrawal fees and options
AxiTrader does not charge a fee for withdrawals, however, you can only use bank transfer.
5. Trading web platform
AxiTrader uses a third party platform.
AxiTrader provides MetaTrader web trading platform. It is highly customizable, available in many languages and has a clear fee report. The weakness is that it lacks two-step login and the design is outdated.
AxiTrader has no in-house developed trading platform, it uses MetaTrader 4 – 3rd party platform but the interface is quite old and unfriendly to users.
Besides, AxiTrader also has a clear portfolio report and fees. You can easily see your profit and loss balance and commission paid. These reports can be found at the History tab.
6. Market and products
AxiTrader only offers foreign exchange, CFD and cryptocurrencies. It lacks real stocks, ETFs, mutual funds, bonds, options and futures.
7. Is AxiTrader safe?
AxiTrader is a 12-year established brand but is not listed on any exchange and does not have a parent bank.
AxiTrader was established in 2007, meaning it has a long operating history, has sustained and overcome the previous major financial crises. Having a long development record and being managed by leading financial institutions are signs that the exchange is safe.