Review of the latest AximTrade forex broker

Basics of AximTrade forex broker

Brief introduction of AximTrade platform

AximTrade is a trademark of Thara Heights Owner’s. Thara Heights Owner’s Corporation is an international business company in the British Virgin Islands with registration number 1566389 as of 14/01/2010. The registered office of Thara Heights Owner’s Corporation is located at Quastisky Building, PO Box 4389, Road Town, Tortola, British Virgin Islands.

AximTrade is a name duly authorized to operate under the trademarks and trademarks of Thara Heights Owner’s Corporation.

According to FX24.net’s research, the name Thara Heights is quite “mysterious”. There is very little information available about this company.

According to the ranking of SimilarWeb, the largest website ranking site today, AximTrade is currently ranked 82,819 websites globally. Website AximTrade ranks highest in Malaysia with 1,670 position. Looking at the picture, it can be seen that the website traffic mainly comes from Malaysia and Southeast Asian countries. Malaysia accounts for nearly half of the traffic with more than 43%, followed by Indonesia and Thailand. Traffic coming from Vietnam is also relatively and currently accounts for 8% of traffic.

According to Google Trends, the level of search interest of Vietnamese customers in the past 5 years has not really grown, and the level of interest is also uneven. Thus, it can be assessed that AximTrade currently does not pay much attention to Vietnamese customers or does not have a sustainable promotion program in the domestic market.

Regarding the number of servers:

Is the number of servers an important evaluation factor? Usually, if an exchange has only 1 real server and 1 demo server, it is a new broker, or an unreputable exchange with extremely low customer traffic even though it has been established for a long time. The more servers the forex broker has, the more customers trade at that floor and partly show the financial strength of the floor.

According to archived data from MQL5, AximTrade has a relatively poor server count in general. Includes 2 demo servers and 3 live account servers for customers.

AximTrade’s forex brokerage licenses

AximTrade forex broker is represented by small companies and regulated by different jurisdictions.
AximTrade Pty Limited is regulated by the Australian Securities and Investments Commission (ASIC). AFS Representative Number 1294600 under License 435746. Registrant Address: 103 566 St Kilda Rd Melbourne VIC 3002. The effective date of this license is 17/12/2021.

AximTrade LLC is a limited liability company with an FSA license from Saint Vincent and the Grenadines Financial under registration number 328 LLC 2020.

NFA License: According to information from Footer at the homepage of AximTrade, this broker claims to be under the management of the National Futures Association (NFA) under license number 0539713. However, according to FX24.net’s investigation, This license number is fake. The NFA indicates that NFA ID: 0539713, AXIMTRADE LLC is not an NFA Member and is not subject to NFA supervision.

Is AximTrade broker a scam?

Safety of operating license

Vietnamese customers will be registered for an account under the auspices of the FSA license. Meanwhile, the FSA is not a reputable forex regulator. To get this license is not too difficult, all brokers are easy to “buy” because the cost is very low. FSA’s forex broker control mechanism is very lax and there are almost no mandatory sanctions applied to forex brokers to ensure safety and deposit insurance for investors.
However, AximTrade is a forex broker that has a license to operate from the world’s leading authority in Australia.

Although the ASIC license only protects customers within Australia. But customers in Vietnam can completely complain to AFCA (Australia) if there is a dispute with a forex broker from Australia. Especially, AFCA has Vietnamese people, supports in Vietnamese and is completely free. Read more here: Languages-Vietnamese (afca.org.au)

Separate account management mechanism

Under the provisions of the ASIC license, the world’s leading financial regulator, AximTrade must pass rigorous testing and fully meet strict regulations.

AximTrade must implement the Segregated Account mechanism. AximTrade broker must keep the company’s and client’s deposits in different bank accounts.

According to the announcement on the AximTrade website: “Customer funds will never be pooled in AximTrade’s private fund, Thara Heights Owners Corporation.

In any event of insolvency (customer bank money or that of AximTrade, Thara Heights Owners Corporation) you may be eligible for compensation from the Financial Services Compensation Scheme.”

However, AximTrade does not clearly inform which bank the customer’s deposit is located at?

Compensation insurance fund

Although ASIC has support for AximTrade clients, customers in Vietnam are not allowed to register an account under this license. Therefore, if a dispute occurs, customers in Vietnam will bear the full risk.

AximTrade also announced: “In any event of insolvency (customer bank money or that of AximTrade, Thara Heights Owners Corporation) you may be eligible for compensation from the Service Compensation Program finance.” But it is not clear which Compensation Program, how much it is worth.

In general, information about NFA licenses and compensation programs is extremely vague.

Account types, trading fees and leverage at AximTrade

Types of Accounts

AximTrade currently offers its clients a total of 4 account types.

CENT ACCOUNT:

This type of account is suitable for new traders with little capital, having the opportunity to experience the real market with a “real” mentality, much better than using a demo account. Besides, traders using robots can also use this account type to minimize risk. This account type only needs to deposit 1$, no commission fee. AximTrade does not have a promotion for this account type.

STANDARD ACCOUNT:

This type of account is suitable for novice traders as well as experienced traders. Leverage up to 3000, no commissions and many attractive promotions.

ECN ACCOUNT:

This account type has low spreads, high leverage up to 1000. But the client has to pay a commission of 6$/lot.

INFINITE ACCOUNT:

This account type has infinite leverage. Suitable for traders who want to be “green” with the market, eat all, fall to nothing. However, this account type has a rather high spread cost, up to 3 pips.

Transaction fee 

SPREAD

AximTrade applies floating spreads on all 4 account types.

Average spreads of some of the cheapest major currency pairs are from 0 pips on ECN accounts and the highest minimum 3 pips on Ifinite accounts

COMMISSION

Commission fees are only available on ECN accounts. Fee of $6/lot applies to all products. The commission fee at AximTrade is relatively low, completely competitive with ECNs at other exchanges.

Financial leverage

Leverage at AximTrade is different for each type of trading account. The highest maximum leverage is infinity (on Ifinite accounts) and 1:3000 on Standard accounts. This is a very high rate in the market, comparable to Exnes. High leverage maximizes profits on small capital, but will lose the entire deposit if the price moves in the opposite direction. High leverage should only be applied if you are an experienced trader.

Leverage at AximTrade also varies with each equity level. The larger the capital, the lower the leverage. This policy is to limit risks for investors as well as for the floor.

Note, when news is published, AximTrade’s leverage will also be reduced.

Trading platform AximTrade

Currently, AximTrade only provides MT4 software. It can be said that the infrastructure of this floor is quite poor. However, only with MT4, the needs of traders can be fully met.

MT4 by Metaquotes company has a simple and user-friendly interface.

• Detailed instructions for using MT4 software
• Instructions for using MT4 on your phone

The above outstanding features of MT4 AximTrade

• Integrated 3 price chart types (line, bar and candlestick) and 9 timeframes.
• Provides nearly 50 technical indicators and drawing tools to support chart analysis.
• Allows the use of trading robots and backtesting strategies.
• To use services and tools related to forex trading (free or premium) on MQL5.com, the platform of MetaQuotes.

Clients can use the MT4 platform by installing software on computers and applications on mobile phones.

In addition, AximTrade also provides clients with the ability to access MT4 via the website.

Products traded at forex broker AximTrade

AximTrade offers most of the most popular trading products on the market today such as forex, metals, energies, indices, cryptocurrencies, stocks and commodities.

Forex : AximTrade offers 33 currency pairs. Includes majors, crosses and exotics.

Metal : There are 9 products. Including precious metals such as gold, silver, platinum and industrial metals such as copper, zinc …

Energy : there are 3 products including oil according to US WTI standard and international standard Brent crude oil, besides natural gas.

Indices : AximTrade offers 10 popular stock indices in the world, typically S&P500, US30, NAS100, DE40…

Cryptocurrencies : AximTrade has an abundant number of crypto products with 59 types.

Stocks : AximTrade offers 72 stocks listed on the US stock exchange.

Commodities : Including sugar and cotton. The product is only available on standard and ECN accounts.

Copy trading orders

AximTrade now allows clients to copy trades from other investors using the built-in tool. This can give clients more options and the potential to earn additional passive income from providing signals.

When copying trade with AximTrade, customers will get:

Minimize the risk compared to self-trading for new traders, by accurately copying trades from professional traders.

Feel free to choose one or more favorite traders and investment funds. With an unlimited number of Fund Managers, for copying clients can create a trading portfolio that suits them.

Trading performance is provided in real time.

Minimum lot size starts from 0.01 lot, suitable for copying.

Deposit and withdraw at AximTrade

AximTrade’s deposit and withdrawal methods are diverse and convenient for Vietnamese traders. Typically, recharge via Momo, ZaloPay. In addition, Vietnamese customers can deposit and withdraw using Internet Banking, Neteller/Skrill or Cryptocurrency (USDT). Note, currently Visa/Master deposit is not available for AximTrade.

Top-up via Momo/ZaloPay trial e-wallets is at least 100,000VND, no fees and instant processing time.

Top-ups via Internet Banking will be processed instantly, with no fees and a minimum of 25,000VND.

Vietnamese customers are currently only able to withdraw money to their bank accounts via Internet Banking. Minimum withdrawal amount is 100,000 VND. Traders do not bear withdrawal fees. Withdrawal time is from 9am to 9pm except weekends.

Should I open an account at AximTrade or not?

AximTrade has the outstanding advantage of being a suitable deposit and withdrawal method for Vietnamese traders, especially those who often use e-wallets like Momo and ZaloPay. AximTrade also holds a reputable license from ASIC of Australia.

However, the issue of AximTrade’s capital insurance is extremely ambiguous. There are almost no insurance policies for Vietnamese customers. If something goes wrong, Vietnamese traders will bear the full risk. Therefore, if you open an account at this exchange, you should only open with a small amount of capital.

With a large capital, need to ensure more, you can check out other reputable forex brokers such as Exness, ICMarkets…