AxiTrader broker is a trading site that offers financial instrument trading to clients. The firm is not safe to trade and has limited licenses that can’t assure its authenticity. The venture has an intricate design, and beginners might face heavy difficulty understanding all the features and services. There is no research section with the broker, and the education content is of low quality. The demo service account is limited to 30 days, and the customer service is wrongly bluffed as 24/7 everywhere but fails to do so. Deposit and withdrawal methods carry several costs and are longer than usual, taking out payments taking up to ten days.
AxiTrader Broker Scam or Safe?
AxiTrader is a scam broker and doesn’t provide utter clear information on its services. The firm holds licenses from some financial authorities but not enough to ensure complete safety. The firm is licensed by FSA (Financial Services Authority) and is headquartered at St. Vincent and the Grenadines, but even the authority fails to unearth the ulterior motives. The process for registering a company in the nation is easy and doesn’t require much verification methods. The steps include applying for a license at the nation’s online portal, a publicly open & easy procedure. Pay the meagre processing fee and get your firm registered. So, it raises suspicions.
Further, it was also not mentioned on the firm site if it works under EU, MiFID, or ICF. Investors Compensation Fund (ICF) makes sure that no client is exposed to any fraud broker or activity and provides up to 20,000 euros insurance to every user account.
Overall, the safety of AxiTrader broker cannot be assured due to limited regulations. The users are suggested to do their divergence before trading with the broker. We recommend trading with T1Markets, HFTraind and Oinvest are safe and affordable firms for every trader.
The trading site offers two major retail account types, namely, standard and pro. However, the standard account fails to fulfil the client requirements and has little offering than other similar trading sites. The pro account is expensive in terms of spreads and commissions and would not be affordable for beginners. The cost for trading one round lot is $7, which is more than the $1.5 average cost per round. Furthermore, the highest leverage offered in both the accounts is 1:500, and the limit is above the EU’s restrictions.
The number of base currencies is less than 10, and the client might face difficulty in deposits and withdrawals. The clients also can trade via demo and Islamic trading account, meant for different kind of individuals. Both demo and Islamic accounts, fail to provide satisfactory services with demo period only limited to 30 days and high hidden charges on Islamic type.
The broker provides the widely recognised Meta Trader4 trading platform, the most common portal for all the firms. The platform does not offer many services and would seem frustrating to clients. The UI/UX design is complex and challenging to understand, and beginners might not operate smoothly. There are limited signals, indicators, timeframes, charts, and technical analysers for users, and the results from the available tools might give inaccurate outcome or predictions.
One of the reasonable alternatives is Meta Trader5, the upgraded version of the Meta Trader platform. MT5 is also developed by the same company that created MT4 but with more features and analysis tools.
AxiTrader: Markets and Products
AxiTrader broker facilitates a limited range of financial instruments for trading and limits profit potential. There are 140 products in total, and no asset from the stock market is available on the site. Apart from it, the site does not give a clear picture of trading instruments that it offers CFDs and not actual possession of assets. It marks the end of trust and transparency on the trading site for all the users. There are CFDs on 16 commodities, 14 indices, six cryptos, and a few currencies in the market.
Apart from it, there is no clear information on the varied leverage for different countries. For instance, the UK’s FCA doesn’t allow brokers to provide more than 1:30 margin on trading but if the site follows it or not is yet to get clear. The customers are suggested to be careful of the high leverage levels as it is too risky for retail investors. It further becomes evident that more than 76% of the traders with Axi broker lose money at the end.
The account opening process is challenging and confusing and fails to clear the intent for taking information. The clients are asked to write their personal as well as financial information, which not everyone might be comfortable in providing. It includes address proof, IDs, bank statement, account number, income proof, and many more. Further, the site doesn’t explain the process anywhere in the site, and the clients need to provide details without understanding the further process of verification.
The processing time for verifying account is longer than usual trading sites, and the user needs to wait for more than two days. It can frustrate the professional users and waste beginners time which would have been used for practice and learning.
Commissions and Fee:
Axi trading site charges high spreads, commissions, and seems to have several hidden charges that are not mentioned on the site clearly. There is no information on the site for spreads and commission, and the site has put irrelevant information on the assets section. Further, the site mentions lower spreads, but at the time of placing orders, it increases, thereby mitigating the trader profits. The pro account mentions fixed spreads with starting as low as 0.0 pips but there was no asset available with this pip and the fixed spreads keep changing on market volatility.
We were able to discover some of the top hidden charges were inactivity penalty, withdrawal charge, overnight swap fee, and other additional costs, none of which were clearly mentioned.
Deposit and Withdrawal:
The firm provides several payment methods, but none of them is widely recognised. Further, the site also has several hidden charges and fee for withdrawals. The available methods are wire transfer, cards, and some e-wallets. Note that the processing is long, with deposits taking more than one day and withdrawals taking up to seven days. The service quality facilitated by the broker is not up to the industry standards, with no option to deposit money through cash. The delay in payments can be hectic for professionals, and the process is unclear and challenging.
There are several limitations for withdrawals on the amount, number of transactions, and more.
The leverage facility by AxiTrader broker is up to 1:500 for traders, which is more than the permitted limited by governing bodies. The European Union has fixed the margin limit to 1:30 for all the brokers and the sites not following the regime is considered untrustworthy. The high margin is too risky for the traders and can expose their funds to losses. It is mentioned on the trading site that more than 76% of investors lose money with Axi broker.
The trading site doesn’t offer any research material for analysis. The research content is useful for analysing the market and make better trading decisions. The tools enhance clients’ skill-based knowledge, and due to its absence, the free demo account for testing site service is also of no use.
AxiTrader: Customer Service
The broker’s customer service is pathetic, and the executives fail to clear client doubts. The executives were unable to answer our queries and don’t seem to have proper knowledge of AxiTrader broker site. The firm boasts 24/7 customer service everywhere, but no calls were answered, and the email response took longer than usual. The average response time was longer than two days which gets frustrating for an average trader. The live chat is facilitated by a trading bot that gives irrelevant responses on every question. The available methods are telephone, live chat, email, and feedback form.
Overall, the firm is not safe to trade and has limited licenses that can’t assure its authenticity. The venture has an intricate design, and beginners might face heavy difficulty understanding all the features and services. There is no research section with the broker, and the education content is of poor quality. The demo service account is limited to 30 days, and the customer service is wrongly bluffed as 24/7 everywhere but fails to do so.
We recommend trading with T1Markets, 101investing, and IGM FX trading sites that offer the best services at low costs. The firm provides good demo service account to test their features.
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