When looking at trading on the Forex market, it can be difficult to know where to start. Forex trading for beginners can seem daunting and intimidating. The process of registering with a broker and creating an account can appear complex and offputting.
Here we look at AxiTrader, a Forex trading broker designed with the user in mind.
AxiTrader recognise that people will not jump into Forex trading at the deep end, and that skills need to be built up.
Here we will explore how to set up an account with AxiTrader and outline a step-by-step process to make it easy to do this.
As you will see, the process of creating an account with AxiTrader is straightforward – you can even begin trading within 10 minutes of starting the process of creating an account.
As an online retail foreign exchange broker, AxiTrader aims to make it as easy as possible for Forex beginners to begin trading.
In February 2009 AxisForex launched an online margin Forex trading business in Australia.
Named AxisODL, this was a joint venture with ODl, a broker based in UK, which in 2010 was bought by FXCM and closed.
As a result the venture ended, AxisForex renamed itself AxiCorp, and renamed the online margin Forex business AxiTrader.
In 2012 AxiTrader became an introducing broker in the US, and in 2013 recorded monthly trade volumes of $82 million dollars.
In the same year it launched in the UK after being licensed to trade by the Financial Conduct Authority (FCA).
At the end of the 2015/2016 financial year, AxiTrader had a monthly volume of $100 billion. Earlier this year, it was named the ‘Most Reliable Forex Broker’ at the 2017 Forex Awards.
Providing trading on more than 80 currency pairs, commodities and CFDs, AxiTrader uses an electronic trading platform known as MetaTrader 4, which can be easily accessed via mobile, internet browsers and Android platforms.
MetaTrader 4 is known as the world’s leading trading terminal, so when choosing a Forex broker, ensuring they use this platform should be an important factor in your decision.
How does AxiTrader Operate?
To assist those who are entirely new to Forex trading, AxiTrader operates two different types of account.
A Demo Account allows you to practice trading, see how AxiTrader works, and learn how MetaTrader 4 operates.
This is a useful option for people looking to ease themselves into the world of Forex trading for beginners.
When someone feels they are ready to try live trading and create a full Live Account, there are then two options for them to choose from.
The first, a Standard account, is for retail traders, and there is also a Pro account aimed at professional traders.
Users are allowed to subscribe to third party Virtual Private Server providers, which gives those 24 hours a day connectivity and automated trading.
The ability to trade anywhere anytime is a big part of AxiTrader’s appeal. It provides highly flexible trading, with mobile devices supported, allowing you to quickly make trades even if you’re away from your computer.
While MetaTrader is a well-known platform used by many brokers, AxiTrader have set themselves apart from the competition by investing in co-located servers and fibre optics. This allows for faster and more accurate trading.
AxiTrader has also recently developed ‘MT4 NextGen’, a set of tools that are designed to make MetaTrader 4 easier and better to use.
AxiTrader is fully authorised and regulated by the Financial Conduct Authority (FCA). This means that they must abide by several rules and requirements.
These include minimum capital requirements, strict standards on auditing, and putting client funds into segregated accounts.
AxiTrader is also part of the Financial Services Compensations Scheme. This means that funds against liquidation or insolvency up to £50,000 are protected.
How to Set Up an Account with AxiTrader
After looking at the background of AxiTrader and how it operates, it is now time to look at how to set up an account with them.
As an ideal trading platform for Forex beginners, it is no surprise that AxiTrader’s set-up process is simple and pain-free.
As we will see, the process of starting to trade with AxiTrader also provides a useful learning curve, allowing you to gain experience and confidence as you progress with this broker.
While it is accessible and user-friendly for Forex beginners, AxiTrader will also cater for your trading requirements as you become a more experienced trader.
In addition, although the process of registering is straightforward, if you have any questions at any point while creating an account, you can take advantage of AxiTrader’s live chat function, which appears at the bottom right of your screen.
Simply type your query and wait for a response from AxiTrader’s customer support team if you require assistance.
Of course, telephone and email customer support is also available.
Optional Step: Open Demo Account
The first thing to note about setting up an account with AxiTrader is that a free demo account is available before progressing to setting up a full account.
However, if you already feel confident enough to create a full account, you can skip this step and go to the next part of the process, “Step 1 – Getting a full account”.
The demo account is available on a 30-day trial and gives users a valuable chance to see how AxiTrader works and familiarise themselves with this trading platform without having to make a financial commitment.
As it is a free trial, there is no financial risk as you are not investing your own money: £50,000 of virtual funds are made available. If you are nervous about trading using your own money straight away, this is a great way to build your confidence before you move on to creating a full account.
This virtual money can be used in a replica of the live trading environment.
Access to real-time spreads and execution speeds are provided, creating a realistic trading experience.
To create a demo account, you will first need to visit the AxiTrader website.
From there, a turquoise colored tab on the home page will direct you towards the page where you can open a Demo Account.
The next step in creating a demo account is to fill out a very short form on the right hand side of the page.
You will need to enter your first and last names, email address, phone number and the country that you live in.
It is important to note that the information in this form is encrypted by AxiTrader in order to protect your privacy, so you do not have to worry about the security of this personal information.
Once you have entered your information, you can click the button at the bottom of the form that says “Start your FREE demo!” and progress to the next step.
Check your inbox:
You will now be able to download the MetaTrader 4 (MT4) platform, which you will use to trade the virtual funds in the demo account.
You will also find your login details at the bottom of the same email:
Once the MT4 download has completed, you will need to click install when the popup message appears.
When the platform has been installed, you will be able to login with the details that were sent to your email. You can start trading the £50,000 virtual funds credited to your account.
You will also be able to access customer support 24 hours, 5 days a week for help and assistance as you use your demo account.
Of course, the trial will expire after 30 days, so once your demo period has finished you will need to create a full account in order to continue trading with AxiTrader.
Step 1 – Getting a Real Account
The first step in opening a full account with AxiTrader is of course to visit their website.
There are three main steps to opening a full account and making it ready for trading, as we will explain below.
However, before taking these steps, it is important to read through a few pieces of information.
The ‘Contracts-for-Difference (CFDs) & Forex Product Schedule’, ‘Execution Policy’ and ‘Client Agreement’ documents are all available on the AxiTrader website on the Legal Documentation page as PDFs. This page can also be accessed from the footer of AxiTrader’s site.
The documents contain valuable information and are worth reading carefully to ensure you are fully informed before you start trading.
Once you’ve read through this information, return to the home page. From there, you will clearly see a red tab that says “Open an Account”.
Once you have clicked this tab, the first of the three main steps in creating a full account is to fill out a quick form.
As with the demo account, this form is very short.
You will only need to enter your first, middle and last names, address, country of residence, telephone number and email address.
Your telephone number is required so that AxiTrader can contact you should there be any problems when opening your account.
At this stage AxiTrader will also ask you if your application is an individual one, a joint one or a company/trust account. Forex trading beginners should select an individual account.
Again, as with the demo account registration, the information that is contained within this form is subject to encryption, meaning that your personal data is completely safe.
Once you have entered all your information into the fields, click the red tab marked “Start application now” to continue to the next step.
Step 2 – Identity Verification
The second key step in the process of creating a full account is verifying your identity. This is necessary in order to help protect your account.
In addition, AxiTrader is required to verify your identity by industry regulations.
Once you have entered your details, you will be taken to a page where this can be completed.
The first stage of confirming your identity is to verify the email address you entered in Step 1.
AxiTrader will send a link to your email address to confirm it was entered correctly and is a valid email.
Simply click on the link included in the email to continue with the registration process. Then you will be directed to a page to choose your password:
Another part of confirming your identity involves allowing AxiTrader to work with a third party Credit Reporting Agency (CRA).
This may leave a ‘soft footprint’ on your credit report, but will not affect any credit rating you have.
The CRA may issue AxiTrader with a report using any information it currently has about you that it considers important.
Should the CRA not be able to identify you for any reason, you will be able to contact them to update their files.
At the identity verification stage, you will also need to answer quick questions regarding your experience with trading Forex.
Next, you will need to confirm that the information you have provided to AxiTrader is correct.
You will also be asked at this point to decide whether you would prefer a Standard or Pro account.
For the purpose of Forex trading for beginners, the best option is a Standard account. It is also worth noting that you have the ability to change to a Pro account as you progress.
While the majority of the benefits included with each account are the same, there are several differences between the two options – namely in the commissions, spreads and markets provided.
You will be able to see a side-by-side comparison of the two account options at the bottom of the page as you go through the account creation process.
Step 3 – Funding your Account
The third and final step to be completed before you can begin trading Forex is deciding how to fund your account.
Funding your account will allow you to make trades on the MT4 platform.
AxiTrader offers several flexible and secure payment methods that you can use to deposit funds into your trading account.
You should choose the payment method that best suits your personal circumstances. However, it is worth noting that for new accounts, funding fees are waived for credit cards.
Other payment options provided include debit card, PayPal and bank transfer.
Bank transfer is a popular option as it allows you to set up periodic, automatic transfers, so you do not have to manually deposit funds into your account every time you require them.
However, the downside of using this method of depositing is that payment can take between 1 and 3 working days depending on the bank you use.
When using a credit card to fund your account, the funds are usually available to use for trading within ten minutes of you making the deposit.
Therefore if you wish to begin trading as soon as you have deposited the funds into your account, using a credit card as your method of payment would be the best option.
When funding your account you will be taken to AxiTrader’s Secure Client Portal, which ensures your financial information is protected so you can deposit funds safely and with confidence.
You can deposit as much or as little as you like into your account – there are no minimum deposit requirements.
Funds can be deposited using most major currencies, including AUD, USD, GBP, CAD and many more.
Once you have chosen your preferred funding method and deposited some funds, your account will be fully set up and you are ready to begin trading with AxiTrader!
When the funds reach your account, simply launch MT4 and you will be able to start your Forex trading career.
Don’t forget that AxiTrader’s customer support team are available through live chat, email and telephone 24 hours a day, 5 days a week if you have any questions.
Conclusion: A Great Broker for Beginners
Looking at the unique features it contains and the way it incorporates a learning curve shows that AxiTrader is an ideal broker for Forex trading for beginners.
Moving from the demo feature, through Standard and onto Pro provides an excellent opportunity for progress as your Forex trading experience and confidence improves with time.
Combine this with its award winning levels of customer service, and it isn’t hard to see why AxiTrader is so well respected.
For those eager to give Forex trading a go, this broker makes a great choice.
When looking for a Forex broker, the trust which people can place in the company and services it offers is absolutely vital.
When dealing with their own money, new traders understandably require reassurance and confidence that they will be supported and that their personal information is safe.
The fact that AxiTrader does so much in this area has meant that users look to it with confidence.
This step-by-step guide shows that AxiTrader provides a fast, easy and painless process for creating an account for Forex trading for beginners.
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