When it comes to designing a platform for trading that comes as close as possible to the traders’ wishes, no one is better suited as a source of ideas than the traders themselves. At least the online broker AxiTrader followed this view, claiming to be a platform from traders for traders. Now it will come as no surprise that a platform describes itself as customer-friendly and practicable. More or less all online brokers are looking for customers with this claim. First of all, AxiTrader is one of many online brokers specializing in the segment of currency pairs, commodities and indices. A total of around 100 different securities from these categories can be traded at favourable spreads. To what extent the offer for the trade itself, as well as the available support offers around the trade fulfil a quality standard that is particularly suitable for private traders, is a question that we would like to answer in our following review.
Always, that much we would like to anticipate, AxiTrader’s customers are offered something that goes beyond the actual trade. It provides a fully functional demo account that allows inexperienced traders to get to grips with this not-so-simple form of trading. And there are also no major hurdles to overcome when it comes to getting started. However, in order to base the decision for a particular online broker on as broad a foundation as possible, it is also necessary to ask the question about the security or seriousness of the provider. In the following sections we would like to get to the bottom of all aspects and questions raised here.
The experiences at a glance
Before we take up individual aspects of our test point by point, we would first like to offer you an overview of the overall picture that we have made of this online broker. Positive is the first impression you get as a trader when you visit AxiTrader’s homepage for the first time. The well-structured page is also available in German. For German customers it is therefore not only possible to get a quick overview of AxiTrader’s product range. Also the many offers, which are made available approximately around the trade for instance within the ranges market information and further training, are present in German language versions.
With it it it is very simply possible to get first uncomplicatedly and witthout obligation a full-fledged impression of the offer and the possibilities, which the broker has to offer to his customers. First of all, a demo account can simply be opened in which 50,000 euros of virtual capital can be used under real market conditions. In our experience, the demo account can initially be used for 30 days. The platform that is made available to traders for trading is based on the MetaTrader 4 software solution commonly used in the industry. There are various options available so that a browser-based version can be used in addition to trading with a permanently installed version. In addition, there are offers for mobile trading. In the process, sufficient material is made available to familiarize oneself with the respective functions and possibilities of the trading software. So while trading on the basis of around 100 values works smoothly, traders can also rely on very proper content and technical support.
A special service is also offered for German customers. In addition to the live chat, a personal account manager can also be accessed. All in all, we have got to know an online broker who offers the best conditions for entering the trade. And even traders with experience or higher demands will find AxiTrader to be a reliable and convincing partner. Before we go into the content aspects of AxiTrader’s offer in detail, we would like to clarify the question of seriousness in the following section.
AxiTrader in Check: Fraud or serious?
It is sometimes surprising to see with which trust in God some traders enter the market. Without informing oneself about the background of an online broker, money is transferred to the trading account without any suspicion in order to be able to start trading as quickly as possible. Even if such a procedure usually remains without serious consequences, the traders take a certain risk. Not only our experience has shown that by no means all providers set such high standards for dealing with customers and their money as one should expect. The dynamic development of recent years in particular has led to a number of new providers appearing on the market. In order to gain the favour of the traders, extensive services and big promises are worked on in places. The providers are then not always in a position to fulfil these announcements. While some get into economic difficulties, others do not take it so exactly with the conditions or the completion of transactions opposite the customers.
In some cases the customers act to worse conditions than actually announced or must wait very long for their money, if it is to be paid out. In the worst case a supplier announces insolvency and the customers must do then without their deposits to a large extent. In order to avoid such inconveniences and annoyances, we always advise you to look as closely as possible in the run-up to the decision for or against a particular online broker and to find out what is going on with regard to security and seriousness. In the case of AxiTrader we got to know a very reputable provider. In the course of our test there were no abnormalities or irregularities. The traders can therefore safely assume that they will neither be confronted with rip-off nor with fraud at this provider.
Many underlying securities at fair trading conditions
The focus of our review is, of course, the offer which is made available to traders in daily trading. The online broker AxiTrader is specialized in trading with currency pairs. In addition, underlying securities in the areas of commodities and precious metals as well as indices are available. However, before entering into trading, it is first necessary to choose one of the two account models. Before we discuss the structure of the underlying assets, we would first like to clarify what can be expected from the respective account types and for whom the versions are best suited.
Two account types are available
Whoever takes a look at the online brokers and their offer structure will quickly notice that in many cases a whole selection of different account versions is offered for trading. However, this is mostly about motivating the trader with additional services or higher bonus possibilities to make higher deposits. The online broker AxiTrader, on the other hand, pursues a philosophy in which all customers are able to take advantage of the same range of services. So there are no different account versions for which higher minimum deposits apply and which then entitle to various discounts. The two account types offered by AxiTrader are Standard and Pro.
The main difference between these two versions lies in the calculation of the costs incurred in trading. In the case of the standard account, the calculation of trading costs is based on spreads. The spreads that are calculated for each transaction start with a pip. In contrast, traders who choose the Pro account version can trade on a commission basis. This results in significantly lower spreads, with AxiTrader even indicating the possibility of a spread of 0.0 pips for heavily traded currency pairs. The commission is exactly seven US dollars per transaction. In addition, both account models offer the same benefits and fees. There are no setup costs and a minimum deposit is not required. In general, a leverage of up to 1:400 is provided with both account types and, of course, mobile trading is possible with both versions.
The extent to which AxiTrader’s interesting video offering can be accessed is also independent of the selected account version. Another option that can be used with both account types is the use of Expert Advisors, a version of automated trading. In principle, the decision for one of the two account types should therefore be made primarily on the basis of how high the stakes in trading should be. The standard account seems particularly suitable for beginners who initially trade with rather small amounts. Traders with higher ambitions and with trading amounts that tend to be higher will probably do much better with the account type Pro.
Good selection of underlyings
The online broker AxiTrader has specialised primarily in the area of currency trading for underlyings. In addition, there are also commodities and indices available for trading. In currency trading, trading can take place on the basis of approximately 50 pairs. Of course, you can choose from all combinations of the world’s best-known and most heavily traded majors. These include the US dollar, the British pound, the Japanese yen and the euro. In addition, various other dollar currencies, for example from Australia and Canada or the Swiss franc, are also seen in this circle. In addition, many other currencies are also available in the individual combinations. These include the Turkish lira, the Russian rouble, some Scandinavian currencies and the Mexican peso. In any case, the range of currency pairs made available to traders by the supplier is ideally suited to pursue a wide range of different strategies and to focus on various global developments.
In the case of commodities, the range is divided into precious metals, energy values and agricultural products. In addition to gold and silver, the price development of palladium and platinum can also be speculated on. In the area of energy values, oil and gas are available for trading. In addition, the development of agricultural products such as cocoa, soybeans, wheat or coffee can be relied on. In addition, it is also possible to benefit from the price performance of entire indices. AxiTrader’s offer to investors includes important global stocks such as the Dow Jones, the Nasdaq, the Nikkei and the EuroStoxx. And the German Dax and the French CAC are also available for trading.
No deposit bonus for new customers on offer
In view of the growing competition of different providers for customers’ favour, the significance of the bonus has also increased. Partly one cannot resist the impression that the offerers with attractive bonus offers would like to mutually surpass themselves. The customers should consider however always that the high Boni, which are paid as additional commercial capital on the commercial account, represent only a part of the truth. Although it is actually possible to operate with higher amounts in trade, the question of whether and how much of this capital can actually be paid out is completely different. In almost all cases a payment of the bonus capital as well as of profits thereby obtained is attached to extensive conditions. Above all, high turnover must be achieved in the trade in order to be able to be paid out corresponding amounts. Critics of this practice see in it above all an incentive to risky behavior of the dealers. In addition, higher bonuses are only granted when higher payments are made. Against this background, we do not necessarily consider it a classic disadvantage if online brokers do not advertise with a high bonus, but with a solid offer. In our experience, this is the case with AxiTrader.
For deposits and withdrawals, several variants are available
The providers are largely the same when it comes to the question of how deposits and withdrawals can be processed. In the foreground thereby the effort stands to make it as simple as possible for the customer. For it usually different methods are offered, with which the trade account can be capitalized with few steps. For this purpose, the three common variants credit card payment, e-wallet and bank transfer are available, which AxiTrader’s customers can also use as a matter of course. While no special providers are mentioned with regard to credit card payments, the range of cooperation partners in the area of e-wallets includes the providers Skrill, Neteller and FastPayment. With all of these providers, the deposit can be made in a very short time. In contrast, it takes longer with bank transfers.