Global Forex broker AxiTrader has announced a suite of significant changes across its trading service, including fees, spreads and funding requirements.
The broker, which opened its head office in Sydney in 2007 and has grown to incorporate several offices worldwide, has cut spreads on a range of major Forex currency pairs and commodities including gold and oil. In addition, it will be eliminating all deposit and withdrawal fees, as well as removing minimum deposit requirements.
The elimination of fees applies to all major funding and withdrawal methods, including electronic transfers, telegraphic transfers, credit card payments, B-Pay, Neteller and Skrill. AxiTrader’s General Manager, Alex MacKinnon, has explained the rationale for the changes.
“For us, the fundamental issue comes down to transparency and ensuring the amount a trader deposits is the amount they’re left to trade with.”
“No trader wants to look at their monthly statement and see lines of fees taking bites out of their account. With some of those fees being up to 3.8% for money transfers, or one-off $25 fees for international transactions, things can add up quickly. With AxiTrader now covering these fees, our customers may have up to 3.8% more to trade with every time they fund their account.”
In addition to the removal of fees, traders will be able to enjoy a reduction in major spreads offered by AxiTrader, including Forex, metal and oil commodities.
Says Mr MacKinnon, “We’ve been able to reduce spreads on some of our majors by up to 20 percent. That’s a significant change which puts us in the position of being a market leader and means our retail customers can access pricing normally reserved for institutional traders.
“To bring this kind of pricing to people, we’ve continued making huge investments in technology. Using a world-class pricing engine and global network of servers, we’re able to electronically aggregate real-time prices from our liquidity providers and identify the best available bid and offer.”
As well as changes to the pricing to fee and spread structure, additional changes have been made to some of AxiTrader’s wider offerings.
“We’ve effectively dropped the barriers to entry on our premium services”, says Mr MacKinnon.
“For example, when traders wanted access to advanced trade management via MT4 NexGen, there used to be a $1000 minimum funding requirement. That’s now free for all traders, as is the Autochartist technical charting tool. Then there are things like access to market data from Dow Jones news, daily market analysis from our experts on the trading floor and our award-winning customer service.
“Taken together, what AxiTrader is offering has to be the best value online trading experience you can get anywhere. There’s no doubt that we’ve evolved into a premium broker for everyone, without the premium costs.
Introducing new index and commodity markets for you to trade via MT4, plus we have added the Volatility index and the US dollar index, giving you even more options to trade.