AximTrade ReviewCategory: Reviews | Author: Trading Brokers | Date: May 22, 2023
AximTrade is an online financial services provider that offers forex and precious metals for trading on the popular MT4 trading platform. The brand boasts of ultra speedy trade executions without requotes, very high leverage and ECN spreads starting from 0.0 pips.
Pros & Cons
- Low spreads starting from 0 pips
- Very high leverage trading
- Access to trade on the popular MT4 trading platform
- Only $1 is required to commence live trading
- Efficient client support desk
- Restriction of services in many territories
- Limited non-forex trading instruments
- No educational resources
- No market news or analysis
- Do not have MetaTrader 5 platform
AximTrade is an offshore forex broker which was set up in 2010. It is owned by ‘Thara Heights Owner’s Corporation’ which is registered in British Virgin Islands. It is also incorporated in Saint Vincent and the Grenadines as AximTrade Incorporated (AximTrade LLC).
AximTrade offers clients very low minimum deposit which is apt for beginners and for traders on a tight budget. Clients also get to use the MT4 platform which is the leading forex trading platform globally. The broker also offers low spreads and low trading commissions as well as fast trade executions and very high leverage.
AximTrade is operated by ‘Thara Heights Owners’ Corporation’ which is authorized and regulated by the British Virgin Island Financial Services Commission (BVI FSC). It has the registration number FSC 1566389.
AximTrade Pty Limited is regulated by the Australian Securities and Investments Commission (ASIC), AFS Representative No. 1294600 under AFS License No. 435746.
AximTrade is also registered with the Financial Services Authority (FSA) of Saint Vincent and the Grenadines through the AximTrade Incorporated. It has the registration number 328 LLC 2020.
AximTrade does not accept clients from the following countries and territories: Australia, Canada, Ethiopia, European Union, Gibraltar, Iran, Iraq, Israel, New Zealand, North Korea, Palestine, Philippines, Syria, United Kingdom, United States of America, Yemen and Singapore.
Some AximTrade broker features and products mentioned within this AximTrade review may not be available to traders from specific countries due to legal restrictions.
MetaTrader 4 (MT4) Platform
Clients of AximTrade can trade on the MT4 trading platform; the world’s most popular forex/CFD trading platform. It supports fast and quick trade executions including one-click trading function. Multiple order types are available including 4 pending order types.
Clients have various inbuilt tools, charts and aids that they can be used to analyze the markets on the MT4 platform. The charts can be displayed on up to 9 timeframes ranging from 1 minute to 1 month. Up to 30 inbuilt technical indicators can be used for analysis.
The MT4 is scalable and all its features can be improved or extended via plugin apps developed with the MQL4 programming language. The platform supports automation of strategies via software expert advisors (EAs) which can be installed on the platform. EAs, technical indicators and other trading tools can be acquired from the MQL5 market which can be accessed from one of the tabs on the MT4.
The AximTrade MT4 desktop terminal is available for download on windows and Mac desktop terminals.
MT4 Mobile App
The MT4 mobile app is available for AximTrade clients who prefer to trade on their mobile devices like tablets and smartphones. It has the most important features and functions of the MT4 desktop version. The app is available for download from the Google playstore and Apple store.
AximTrade has a live economic calendar that displays dates, times, countries and forecasts of economic events and their impacts on the currencies affected. The calendar is courtesy of MetaQuotes; the company that developed MT4 trading platform
AximTrade does not offer any educational material on its site. There are no tutorial videos, trading guides or webinars. This would be beneficial as they can help beginners to improve upon their trading knowledge and skills.
The trading instruments available on AximTrade are 49 forex currency pairs as well as gold and silver. It would be good if they could add some more individual stocks and other asset classes so traders could build a more diverse portfolio.
The minimum deposit required to open this account is only $1. The maximum leverage is 1:3000. The minimum lot that can be traded is 0.01 lots while the maximum is 50 lots. There is an average spread of 1.0 – 1.6 pips on major forex pairs. There are no trading commissions on this account and clients can open up to 200 orders at a time.
The minimum deposit for this account is $1 while the maximum leverage of 1:2000. The minimum amount of lots that can be traded is 0.01 lots while 150 lots is the maximum. There is an average spread of 1.0 -1.6 pips on major forex pairs. There are no trading commissions and clients can open up to 200 orders at a time. As a cent account, the lot size is 1,000.
The minimum deposit here is $50 while the maximum leverage is 1:1000. The minimum trade volume is 0.01 lots while the maximum tradable lot is 50 lots. The average spread is 0.2 – 0.7 pips on major forex pairs and a commission is $3 per lot is charged. Clients can open up to 200 orders at a time.
Swap free versions of the above live accounts are available for customers from certain regions and territories though AximTrade has to determine if they qualify for it. Demo accounts are also available for trading practice and learning.
As broker fees can vary and change, there may be additional fees that are not listed in this AximTrade review. It is imperative to ensure that you check and understand all of the latest information before you open an AximTrade broker account for online trading.
Queries and Comments to AximTrade can be addressed to the customer support team through email, live web chat or a contact us form on the website. They are available 24 hours daily on Mondays to Fridays. The broker can also be contacted on Facebook, Instagram, LinkedIn and twitter.
Residents of Malaysia, Indonesia, Thailand, Vietnam and China can make deposits and withdrawals through local bank transfers in their local currencies. The minimum deposit is $10. Processing time for deposits is instant while withdrawals take 24 hours.
International clients can use bank wire to deposit and withdraw their funds. The processing time for deposits is dependent on the client’s region while withdrawals will be processed in a maximum of 7 days. No extra fees are charged for deposits or withdrawals.
Fasapay is available for Indonesian clients for deposits and withdrawals. China residents can use WeChat, AliPay and Union Pay only for deposits. Clients in Malaysia, Thailand, Vietnam and Indonesia can make use of quick transfer for deposits only.
The minimum deposit is $10. Deposits are processed instantly while withdrawals with Fasapay are processed instantly. No extra fees are charged for deposits or withdrawals.
AximTrade is a forex broker that offers low spreads, low minimum deposit, very fast execution without requotes and high leverage. But AximTrade seems to restrict its services to certain territories. Payment options seem to favour those in Asia as clients from other regions have to contact customer support for payment options which is quite unusual. The number of trading instruments offered is very small compared to other brokers that offer numerous instruments in various asset classes. There are no educational resources or market analysis/news available.
Offshore regulated firms are mostly despised by expert traders because the regulation is not as strict and reputable as that offered by European regulators. However, it means that you get less protection in the event that something was to go wrong. AximTrade has to include more services in order to be taken more seriously and ultimately become more competitive. You can take a look at our best forex brokers for some alternative options.