AxiTrader, a forex and contracts for difference (CFDs) broker, said on Wednesday it has introduces significant changes in trading conditions across most tradable instruments, including lower spreads on forex pairs and commodities, gold and oil included. In addition, the broker will also eliminate all fees on deposit and withdrawal transactions, as well as the minimum deposit requirement.
The broker provided no actual figures regarding its new spread values across the different instruments, but it said the values are up to 20% lower. Data from its website shows that spreads start from 0.0 pips for Pro accounts and 1.0 pip for Standard trading accounts.
“We’ve been able to reduce spreads on some of our majors by up to 20%. 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,” said Alex MacKinnon, AxiTrader’s general manager.
AxiTrader has dropped transaction fees for deposits and withdrawals and the elimination applies to all major money transfer methods. Following are all payment methods supported by the broker and the new and difference in fees:
Debit Card (Visa, MasterVard)
CAD, CHF, EUR, GBP, HKD, IDR, JPY, NZD, SGD, USD, RUB, TWD
China Union Pay
CAD, CHF, EUR,
“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,” MacKinnon said. “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,” he said.
In addition to all this, AxiTrader has also made amendments to some of its wider offerings.
“We’ve effectively dropped the barriers to entry on our premium services,” says MacKinnon.“For example, when traders wanted access to advanced trade management via MT4 NexGen, there used to be a $1,000 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.“
AxiTrader is a brand name of UK-based AxiCorp Ltd., which is part of Australia-based AxiCorp Financial Services Pty Ltd. The broker is regulated by the UK’s Financial Conduct Authorities (FCA) and the Australian Securities and Investments Commission (ASIC).
AxiTrader serves both retail and institutional clients in more than 150 countries. It offers trading in more than 80 instruments including forex and CFDs on bullion, metals, commodities, oil, and indices. The broker offers two types of accounts – MT4 Standard and MT4 Pro.
The broker operates offices in Australia’s Sydney, UK’s London, Moldova’s Chisinau, UAE’s Dubai, and Saudi Arabia’s Riyadh and Jeddah.