October 25, 2013

Forex Brokers AxiTrader and Forex FS

Forex Brokers

Facts about forex brokers are important if you want to objectively review them. This comparison is just on facts found online. It is up to you to conduct due diligence regarding any of the information posted. Brokers change things to keep up with the competition. You may find such changes have taken place by the time you read through this comparison and study up on how to trade. You are the person who is going to invest money in the forex market; therefore, this comparison is not to tell you which company is better, best, or perfect. It is only to tell you what is out there in terms of Australian brokers.

Forex Brokers AxiTrader Top Percentage

In a recent news article (9/2013) it was announced AxiTrader has more than 7 per cent market share in Australia. It is only one of about five forex brokers with more than a 7 per cent market share. Besides the market share AxiTader is an ECN. It is not a market maker, but below a market maker, where they can use different banks or market makers to determine what price they offer on their electronic system. The exchange system is all electronic with only a few workers ensuring the software is running and the traders are fulfilled rather than acting as a broker for each transaction you make.

The account details are as follows:

You can use up to 400:1 leverage for a standard or micro account. To open an account online information states you need only $200 for either size account. This may be incorrect as usually you need more than $2,000 for a standard account. The spread on the EUR/USD is 1.5. In comparison to other accounts and forex brokers this is below the average 2 pip spread often seen.

Information indicates there is no live chat and it is not a U.S. client broker, but they do offer Australian traders and Asian traders three platforms: PowerTrader, Web, and MetaTrader 4. Besides currencies for spot you can trade with scalping, hedging, and trade futures, gold, oil, and silver.

Forex FS Forex Brokers

Forex FS was not on the list in a recent article about market share size. As an Australian firm it is an STP or straight through processing, again not a market maker but a one step system. Forex brokers monitor trades to ensure the system is working. The spread is different at 3 pips for EUR/USD. Leverage is maxed at 300:1. The account size is also $500 for both according to the information found.

The only platform used with Forex FS is Meta Trader 4 in which you can trade silver, gold, place hedging or scalping positions along with the standard spot transactions. Like AxiTrader it does allow for Asian consumers.

From the above information you can see there are differences for both forex brokers. It is your choice to decide if you like one, both or none of these brokers. Only you can decide if there are attributes with either of the brokers mentioned to use them for trading.




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