AximTrade Review 2024
Website: www.aximtrade.com
Min. Deposit: US$ 1
Leverage: 1:30 | 1:3000
Trading Platforms: MT4
Regulation: ASIC, SVGFSA
Headquarters: Australia, Saint Vincent and the Grenadines
Founded: 2020
Regulatory Licenses:
- AximTrade Pty Limited - authorized by ASIC (Australia) license no 435746
- AximTrade LLC - authorized by SVGFSA (Saint Vincent and the Grenadines) registration no 328 LLC 2020
Updated on January 31, 2024
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In our comprehensive review process, we meticulously evaluate forex brokers by comparing them against a set of stringent criteria. This involves an in-depth analysis of their licensing, fee structure, platform offerings, customer support services, educational resources, and overall trading conditions. Our conclusions are derived from a comparison across over 1000 brokers, ensuring that our recommendations and insights are both reliable and up to date.
AximTrade is a renowned Forex and CFD brokerage providing a wide array of trading opportunities across Forex, CFDs, metals, energies, indices, cryptocurrencies, and stocks. It prides itself on being regulated by the high-caliber Australian Securities and Investments Commission (ASIC) and holds registration with the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA), in addition to the National Futures Association. AximTrade Group is celebrated for its competitive trading conditions, minimal spreads and fees, and its accessibility to traders at all skill levels, from novices to seasoned professionals. The brokerage also offers various account types with minimal deposit requirements, catering to a diverse range of trader needs.
Pros
Offers competitive spreads
Provides 24/7 customer support
Comprehensive educational resources are available
Selection of popular trading instruments
Regulated by ASIC, ensuring trust and security
Variety of funding methods for easy deposits and withdrawals
Cons
Does not offer services to residents of Australia and New Zealand
Trading conditions can vary depending on the entity
Limited range of financial products
Is AximTrade Safe or a Scam? ▲
AximTrade is far from being a scam, establishing itself firmly as a safe and trustworthy broker. Its regulation by the Australian Securities and Investments Commission (ASIC), coupled with its registration with the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA) and the National Futures Association, provides a solid foundation of trust and security for traders. These regulatory bodies ensure that AximTrade adheres to the highest standards of financial conduct and transparency, safeguarding the interests of its clients.
Leverage is an essential feature in forex trading, offering traders the capability to control large positions with a relatively small amount of capital. However, it's crucial to understand the risks involved, as leverage can amplify both profits and losses. AximTrade offers leverage in compliance with ASIC and SVGFSA regulations, allowing traders under ASIC regulation to utilize leverage up to 1:30. For those registered under SVGFSA, the leverage can reach up to 1:3000. AximTrade even offers Infinite accounts with unlimited leverage, which, while potentially rewarding, carries a high level of risk.
Account Types
Following our extensive research, which included a comparison among 1000 brokers, AximTrade offers traders a selection of account types, including Standard, Cent, ECN, and Infinite accounts. Each of these accounts is designed with unique features and trading conditions to meet the varied requirements of traders. Additionally, AximTrade provides swap-free accounts for those who require no swap or rollover fees on overnight positions.
Opening AximTrade Trading Account
Creating an account with AximTrade is a straightforward process. To get started, simply navigate to the broker's website and locate the "Register an Account" section. The registration process involves:
Selecting and clicking on the "Register an Account" page
Entering necessary personal details (Name, email, phone number, etc.)
Uploading documents to verify personal information (proof of residence, ID, etc.)
Completing an electronic quiz to confirm your trading experience
Once your account is verified and activated, you can proceed with funding your account.
Trading Instruments
AximTrade grants traders access to a diverse array of trading instruments across various financial markets, including Forex, CFDs, metals, energies, indices, cryptocurrencies, and stocks. It's important to note that the range of available trading instruments may differ depending on the entity or jurisdiction you're trading under.
AximTrade's selection of markets is rated 3.8 out of 5, reflecting a broad range of trading products. Despite this, we noted that some popular asset classes are missing from their lineup.
AximTrade Fees
Our investigation revealed that AximTrade offers competitive pricing across most of its trading services, featuring low commission rates. Although AximTrade does not impose fees on deposits and withdrawals, traders may encounter fees related to transferring funds to and from their trading accounts. To ensure a clear understanding of all potential charges, we advise reviewing AximTrade's fee structure thoroughly.
When compared with a pool of 1000 brokers, AximTrade's fees received a moderate score of 4.0 out of 5, positioning them as an average choice in terms of cost.
Based on our evaluation, AximTrade offers competitive spreads, exemplified by an average spread of 1.1 pips for the EUR/USD pair in the Forex market. However, it's crucial to understand that spreads may fluctuate based on market conditions, volatility, and liquidity. For the most accurate and detailed information on spreads, consulting the broker's official site or reaching out to its customer support is recommended.
AximTrade's spreads are assessed as average, achieving a score of 4.0 out of 5 in our comparison with other brokers. We observed that the Forex spread is slightly more favorable than the industry norm of 1.2 pips, and spreads for other instruments are also competitive.
The broker provides a variety of funding options for clients to deposit into their accounts, including Bank Wire, Credit/Debit cards, Skrill, Neteller, among others. It's important to note that some payment methods might have specific requirements based on the client’s bank or financial institution.
After evaluating the funding methods, we gave a score of 4.3 out of 5, considering the low fees and multiple account-based currencies available.
Pros
Multiple funding options
Low transaction fees
Cons
Some methods may have specific bank requirements
The broker requires a minimum deposit of $1 to open a live trading account for Standard, Cent, and Infinite accounts, significantly lower than the industry average of $500, making it highly accessible. For ECN accounts, the minimum deposit is slightly higher at $50.
Withdrawals at the broker are free of charge, with requests typically processed within 24 working hours. The steps to withdraw funds are straightforward and include logging into your account, selecting 'Withdraw Funds,' entering the amount, choosing the withdrawal method, completing and submitting the electronic request, and monitoring the status through your dashboard.
Traders have access to the renowned MetaTrader 4 platform, available in both desktop and mobile versions. Known for its robust features, user-friendly interface, and comprehensive trading capabilities, the platform is highly favored among traders. The broker's platform received a score of 4.0 out of 5, excelling due to the MT4 platform's suitability for various trading strategies, although it lacks alternative trading platforms.
Trading Tools
The MT4 platform offers a plethora of advanced charting tools, multiple timeframes, trading signals, and indicators, enhancing traders' ability to identify market movements and refine their trading strategies. The availability of automated trading capabilities further enriches the trading experience, allowing for the execution of trades based on predetermined criteria.
The broker provides 24/7 support in local languages via phone, and 24/5 support through live chat and email. The team includes trading specialists capable of offering technical support, analysis recommendations, and resolving operational issues. Based on our evaluation, customer support is rated at 4.3 out of 5 for its responsiveness and the quality of assistance provided.
Traders benefit from a wide selection of educational resources, including seminars, Forex courses, market news, an economic calendar, instructional videos, and the Axim blog. These materials are aimed at enhancing the trading knowledge and skills of both novice and experienced traders. The broker's educational offerings earn a rating of 4.3 out of 5, reflecting the quality and diversity of materials available.
AximTrade stands out as a reputable Forex broker, offering a comprehensive range of trading instruments and competitive pricing. With access to the popular MT4 platform, traders can leverage advanced trading features and tools. The broker also provides extensive educational resources and research, alongside 24/7 customer support, to ensure traders are well-informed and supported. The low minimum deposit requirement and various payment options further enhance its appeal.
However, we recommend conducting independent research to determine if the broker aligns with your trading needs.
Based on our analysis and expert opinions, AximTrade is recommended for:
Traders who prefer the MT4 trading platform
CFD and currency trading
International traders
Traders from Latin America and the Caribbean
Advanced traders
Islamic traders
Beginners
ECN/NDD execution
Swapfree trading
Competitive pricing
Effective trading tools
EA/Auto trading
