AxiTrader is an online broker that claims to provide financial trading service to its clients. The website looks like that of an e-commerce website, not a broker’s. The broker also claims to be awarded many awards. The awarding companies are not trustworthy and such awards can be bought very easily.
The broker offers tradable cryptocurrencies with CFDs. Cryptocurrencies are a volatile market, and adding them with CFDs can be havoc if the trade goes wrong. All the scam brokers know this but still provide the service to the novice traders. The broker claims to back talented traders but fails to provide any facts. The button that says begin the journey as a pro is a redirect link an account opening form.
Such schemes are fraudulent and can lure in innocent traders so that the broker can suck their money out.
AxiTrader: Account types
The broker offers only two account types. This is a restriction of its own since many things cannot be done via regular trading accounts. Both the accounts are the same in everything that can differentiate the two. The only difference is that the broker charges seven dollars in commission for one of their accounts. Such a huge commission can be bad for day traders, particularly because these traders earn on the volume of trades, not on the volume of profits.
Apart from these two, the broker offers a special Islamic account to lure in a religion-based population to convert more potential traders into leads. This is a hypocrite and insecure mindset of the broker that leads to such moves. Like the government dividing people based on religion, the scam broker AxiTrader also divides traders into religion-based groups.
Education and research material:
The beginner’s guide to forex that the broker offers redirects the trade to a form fillup again. The CFD trading basics nowhere speak about the basics. Instead, they give out information on different tradable instruments on CFDs.
There has to be additional information provided that the trader needs to make the correct profits.
The broker deliberately fails to instil knowledge into its customers. By doing so, it eradicates the educated trader out of its customer base. Such traders are known to make profits and are generally considered dangerous for scam brokers like AxiTrader.
The brokers fail to provide any regulatory document that can be considered concrete. By going unregulated by multiple authorities, the broker opens moe ways for false traders to walk in and launder more and more money. Such brokers are also a witness to multiple fraudulent schemes. The traders should always walk away from such brokers if they want their money to be safe.
Unregulated brokers like AxiTrader have to be eradicated from the market to ensure seamless and pure trading. Corruption lives within the broker system, and it further leads to the decline of the trader’s money.
How can a trader trust a broker who does not even provide basic tradable assets like stocks? How can a trader trust a broker who fails to provide more than one regulatory authority?
The broker shoves the MT4 to its users. A newer and better version of the platform is available online. Still, the broker makes sure that the trader uses an outdated platform so that the probability of making the wrong trades remains very high. Outdated platforms miss out on several new indicators and trading charts to help a trader make some serious money.
AxiTrader scam or safe:
The broker is completely scam, not providing any information about its regulations and restricting the education material. The broker wants more elite traders to be connected with its services to charge a hefty fee. The broker’s website has been given no importance at all; the design looks cheap, giving the idea of the mentality the broker has.
The broker claims false awards. During an era when the grammy’s can be bought or sold, the broker claims that the awards it has won are legitimate. Such bluffs have no backing and are made by brokers who are not serious enough for their traders.
The broker is more focused on selling forex trading to a trader, completely disregarding the most basic tradable asset, stocks. AxiTrader is also keen on selling cryptocurrencies CFDs cryptocurrencies, and CFDs are both very dangerous in their different markets. The combination of two can create chaos if the trade goes wrong.
The broker also does not allow futures trading or scalping. Day traders are interested in this scam broker because scalping is one of the most used trading strategies, giving out maximum profits. AxiTrader doesn’t offer CFD in any of its assets other than crypto.
Commission and spreads:
The broker claims that the spreads are variable and low. Variable spreads are generally changed by the broker when the market favours the trader, not the broker. As soon as the broker learns that the trader is about to make some serious money, the spreads are changed, and the broker makes the profit.
The broker AxiTrader also asks for seven dollars in commission for each trade. A day trader trading in forex would earn ten dollars on a standard lot. Out opf these ten dollars, the broker asks for seven. Commissions are low, keeping the trader in more profit but scam brokers like these make sure that the trader never makes any money.
The liquidity game:
The broker has multiple liquidity providers that control the money flow of the market. These liquidity providers are responsible for the wrong trades of a novice trader because they are in full control. The liquidity providers make sure that the money that the trader is betting on comes back to them multiplied.
The saying “if you are not using the product, then you are the product” goes apt for traders in such case. After a point of time, scam brokers like AxiTrader start working as the liquidity provider’s broker more than a trader.
The broker AxiTrader is a complete scam, top to bottom. Nothing serious and legal can be seen about it, and no trader should ever trade with such a broker.
We recommend our traders to move their financials to brokers like HFtrading, PrimeFin, Trade ATF, to name a few. These brokers have established strong reputations in the market and are part of the esteemed group of reputable brokers. Such brokers offer a seamless trading experience and latest platforms for trading.