Let’s Talk Brokers: AxiTrader Broker Review (I meet them in-person!)

Let's Talk Brokers: AxiTrader Review (I meet them in-person!)

πŸ“ˆ Open an account with AxiTrader (30% trading credit promo w/ min $1k deposit)

In this video series called “Let's Talk Brokers”, I review Forex brokers to help you choose the best broker for your needs.

After discussing Oanda last week, I now discuss the second Forex broker I use (mainly for my algo trading): AxiTrader.

Instead of just talking about it, I decided to visit AxiTraders' offices located in North Sydney. This is where I met up with Ben Malone, a senior account manager (skype id: benmal.one) to go over some of the details about what's up with AxiTrader.

What's covered in this video:
1) AxiTrader Platform
2) Leverage & money management
3) Withdrawals
4) Spread & commissions
5) Customer service & member interface

Read Full Transcript

What's up traders? Welcome back.

A few weeks ago I did a video about Oanda, a broker I use and kinda a review about all the things that I like, that I found were different with other brokers, and just a bit of background about the broker. And, so far, people liked it. It's been a pretty popular video on the channel here. And I said I would keep going with other brokers. And again the goal of this series is to make sure to use the brokers that are regulated so you can use them without worrying your money, and that they are gonna provide a good service. I wanna not review brokers that are gonna be bad and not properly regulated, so that's no full interest.

The thing is, I don't know that many brokers. Plus, I've been signing up with a different broker recently but I feel like three or four months of having an account with them wasn't enough to do a proper review and kind of explain what I think about the broker.

So I decided to take things big, which meant going to the broker's office to try to meet them and see what they are doing, having them explain more. So you guys get more and more details than I could. So to finish this video on explaining my thoughts. Plus, we'll hear details from Ben at AxiTrader And hopefully, that gives you a good overview. Make sure you check out the link below as well for some details. I'll share more about that at the end. But let's get rolling with that.

So I'm signing on today with Ben Malone who is a senior account manager at AxiTrader. I'm gonna ask you about some things that I'm not sure about yet and that my dear brokers know better than I did because they have more experience of course. Alright, so I've been using AxiTrader for a couple of months now, maybe three or four months. And I've been pleased so far by the support. I did notice a few things on the website which I had trouble to open my account at first, but they resolved it pretty fast when I contacted them which means that I didn't have to worry too much about the customer service issue. So no problems with that overall. When it comes to the platform I noticed they only have pretty much one thing which is MetaTrader4, and that is a good thing. Now, they have a version specially made for Mac which I first thought a simple kind of, version and more simplified and you cannot do anything with it, Until I opened it installed it properly at the extra office. And so I found that this version is complete and you could do pretty much everything you could on a regular PC, which is pretty awesome. So I've never seen this before, and that will mean that I can simply open my MT4 on my mac and trade there. And even do back-tests and everything I wanna do there. Which is, I think pretty awesomely. I've not seen this on other brokers before. There might be other options for that, but I'm just not currently aware of any.
- We've got a range of add-ons and plugins to the platform which helps risk management and some custom indicators that we've got available as well that help people find some higher probability trade setups so, we've got all of those available inside MT4 as well.

- The leverage issues are a bit complex for me. I was able to my account and get up to 400:1 I believe, but that's gonna vary based on where you are. So I'll let Ben explain that.

- We have licenses in a bunch of jurisdictions, so, the two main ones are ASIC and the FCA, which is in the UK, so ASIC is the Australian branch and FCA is the UK branch. Depending on where your account is set up, you can have up to 1:400 leverage at the ASIC division, or up to 1:30 leverage in Europe if you're papered to the UK license. If you're in Europe you can still have an account with the ASIC branch if you want if that's your preference, and so you can have that higher leverage. But, I dunno, it's really up to you. And, we have licenses in a whole bunch of jurisdictions, but those are the two, I guess, wt leverage options that are available. So that's anywhere basically. From 1:1, no leverage to 1:400 is the maximum.

- Awesome. Withdrawals and deficits, there are a few ways to withdraw to add money to your account.

- Yeah, so we have a bunch of deposit options firstly. It really depends on where you are but the most common would be credit or debit card, is pretty common globally. A lot of people do bank transfers, we have a few e-wallet style solutions: Neteller, Skrill, which are really great methods, instant funding, and quick withdrawals so, if you're wanting a quick in and out those two are good options Neteller is probably the best for that. There are a few others if you're residing in China, Vietnam or Thailand. But credit or debit card or bank transfer is the most common, with a few e-wallets as I've said. And then in terms of withdrawals, I guess the important thing that some people get stuck on is that we have to send the funds back a bank account if you're funding via credit or debit card, and that bank account has to be in your name, so we need to see evidence that it's in your name, a bank statement generally, to verify that we're not sending the funds to someone else that's trying to get your funds. And that's just for your security more than anything.

- And how long do people expect to get money in their bank account?

- So that depends on where you are global. We will process the withdrawal within 24 hours, 24 business hours. So if you request a withdrawal from about 2 PM today. If you requested it today, we'd process that this afternoon. And then its just a matter of how long the banks take to send the funds.

- Yeah, which can take some time but, at least you do it fast, that's good.

- Right, yeah and we process it quickly so you'd probably receive the funds if you did it today in maybe two business days in your bank account.

- I don't think that there's anything to worry about with that. I think that's pretty much the same as Oanda, where they have deposit one way, then you have to withdraw the same way, or to your bank. The only thing to note is that AxiTrader tends to offer some rebates. So, for example, if you were to put some money in your account, they would sometimes give you back a portion of that. So you would put $1000 and they would give you like, $300 more on your account which you can't withdraw, but you can use to trade, which I believe in my mind is a good thing. It's not something that most brokers do and why not benefit from it? So you get to trade with more money and keep the profits of that. Another thing to note is that AxiTrader has a special program that they use to fund traders, and that's something that I've not seen yet with other brokers. So you could open the account with them, they would be able to fund you if you reach a certain point which we'll talk about more later in the video Spread and compositions are standard. I've seen some slight differences between Oanda and AxiTrader. They are not big differences, they are not massive. The good thing about Axi is that they have two types of account, so you could have an account for day trading or swing trading, based on the structure of the spread. And I that would simply be better for you. But in other cases, I think that things are similar, and there's nothing to worry here, there's no big spread or anything different than Oanda.

- So we have the spread only account if you prefer to have all the cost of your trade built into the spread. It's at around 1.1 pips on major pairs. And then we have a pro account, is what we call it. It's an ECN-style account, so its raw spreads, with a $7 commission per standard lot. A lot of people ask me which one is cheaper, and the pro account honestly works out to be a touch cheaper in the long run.

- Yeah, it depends on your trading style of course.

- It does yeah, of course, we have a swap account as well, for people that can't pay or receive interest for religious reasons. There's that account that's available.

- So in that do case people pay a fixed fee, how does that work? Yeah, there's the spreads are slightly wider because there are no swap fees and there's an administration charge if you're holding the trade for more than five days in a row.

- Okay yeah, that's awesome to know, cool. They are pretty much at the top of their field for that.

Lastly, customer service and user interface, I did find, as I said, a few bugs in their website when I decided to open my account, I couldn't open it the first time. It took a few trials, but it worked out I was able to do it. If you contact their support they are super friendly. Plus, they have a super team of account managers, which you could contact and get help from. So I think that's a good thing and they are more kind of personal with you, so you don't kind of have to go through the whole organization to get support. You can just contact them one-on-one, and they'll be happy to help you out, which is something I've not seen with most brokers. Most brokers are kind of, on the side and they don't want to really talk to you, or they don't want to do calls with you or help you out. While, they really go out of their way to give you support, and to chat and see how you're doing in self, which is, I think very valuable.
- Yeah, I guess we have a two-pronged approach to our customer service. Anyone that's in the Desire to Trade group I'd be more than happy to be speaking to directly and have their direct contacts on Skype or that sort of thing. And so, you would have a direct account manager, then you also have access obviously to the wider client service team. And so its sort of a two-pronged approach. 24-hour support from the client service team. And your account manager which would be me and one of the other sales guys. Yeah, you could speak to them and they essentially act as your, almost like your advocate if you like to the internal teams to try and help you out.

- So when it does have a problem with my account opening or whatever and you are always there to kind of back it up and find a solution, which is awesome.

- That's good to hear.

- And most brokers don't have that. Or if you ever have an account manager would you feel like they don't really push it too much. So, its a very different thing.

- Yeah, no that's right. Yeah, so we like the personal touch, we think it makes quite a difference.

- As I said, you've gotta make friends with your broker, I think that's a really big key. You've gotta be able to team up with them because they are a big part of your success. They might know things you don't know, they might be able to provide things that you would need. And that can be beneficial for you, so why not team up with them. And that's why I decided to meet my broker, Axi, and see how they are doing things, and what they have to talk about, which I was really excited about and really, it was a really good meeting. And, I wanna make that the last point. With some different features that, again, I've not seen what different brokers. AxiTrader has a program where they are able to fund traders which is really well built in my opinion, I've been able to talk with people there that run the program, and so here's Ben on the topic.

- I guess a little bit of background, I know you did an interview with Michael previously

- Yeah, one thing I'd be doing if it's not, it's just probably shit, if not it's gonna be probably soon.

- Sure, so, I guess the idea is you know we have a lot of clients, and some of them are very good traders. And so how, the thinking sort of came from we have these great traders on our books, can we set up a program where we give AxiTrader capital to these traders, and then they take a cut of the profits that we're giving them. I mean, it's great for the trader, it's great for us, it's a win-win situation. And so, through the Psyquation platform, which again, is in that other video, but it's essentially an analytical tool that we've used to be able to identify talented traders, and so if you meet certain criteria according to that platform, we'll allocate you capital, and you trade that on behalf of AxiTrader essentially. And you take a 20% cut of the profits generated, so, you know, we wanna help people, people who are wanting to trade full time, often capital can be an issue to come up with.

- Yeah, it's a big issue, yeah.

- But you might be really talented, but you might just not have the capital available, so we wanna be able to help where we can, and, you know, get you on that journey to becoming a full-time trader. And if we can use some of our capital to help out, or some of the capital from the wider investment community then that's what we're hoping to do.

- It's awesome, that's pretty cool, I've seen the platform before, like the things you showed me before and it's just well-done. And I feel like people have a better way to get capital than most other platforms out there, because I use a low bar to entry, like there's no big requirement, plus, it's backed up by a broker, it's different.

- Right, I mean, you're gonna be trading with a broker anyway right? And so, I guess the requirements are you have to have at least $1000 dollars in your account, and at least six months of trading history, as well as there are a few criteria regarding your performance and your trading style, which the Psyquation platform goes into in a bit more detail, in terms of the low barriers of entry, $1000 is a minimum to get started, and then six months of history.

- So, guys, I was able for you to team up with AxiTrader, and we'll post the details below in the description, and it's gonna be on the website as well, but if you want to open an account with them, I have been very happy to be with them in the past few months. And they are gonna be offering a special promotion for you guys if you use the link below, for a rebate whenever you put any new money in your account. You'll get a part of it back added to your account. They would get a 30% rebate in their account, so whatever you deposit in your account, you get 30% in the account more.

- Exactly right, yeah so a 30% trading credit essentially.

- Perfect, that's good You'll also be able to contact Ben if you have any questions, and if they wanna get anything when you sign up with your account.

- Yeah So that's awesome

- You have my direct contact on Skype and email and phone of course, yeah.

- Perfect, thank you Ben. No worries And, if you guys have any questions, comment below on this video or contact Ben. He's gonna be able to help out, if not, we'll catch you back here pretty soon. So the details are below for that, and you can also contact Ben of course if you wanna reach out to him, and chat with him and be able to get help, that's their super support, which is awesome. So, again leave it down below if you have any questions on this and make sure you get in touch with AxiTrader if you need anything. Here are a few comments from past videos, thank you guys for leaving comments, as always. And I'll catch you back here in Bankok tomorrow. Ciao!

- I haven't got a clue what you want me to say.

- What do you wanna say?

- This is the legal and compliance team, who aren't sitting here at the moment, but. CEO is in there, he's in a meeting at the moment so we might not interrupt him. Right then, come through here, some of the technology team are in here. Mike, who you met before. HR team sits here, but they might be in some meetings. FOREX boys who do the physical side of the business. This is all of the technology department here so, all the guys here and from the back office and everything else. More technology guys in here and then the marketing guys down the other side. This is Jeremy, he runs our trading page. More trading guys down here and some sales guys at the end. We got a little office empty, four administration guys here, more sales at the other end. This is all the finance team, here's the little money side of the business. Through here is where we spend most of our time. Football tabley. That's pretty much it. This is the main boardroom. You can smell the media in here, the view goes out to the harbor from here.

- Awesome.

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Let’s Talk Brokers: AxiTrader Broker Review (I meet them in-person!)