During the past few months, we haven't really reported any particularly good news about the U.S. retail forex market – mainly because there were no such news. The National Futures Commission (NFA) had gone on a witch hunt against isolated brokers and against the industry in general, and brokers kept withdrawing from the USA.
Fortunately, earlier today the Australian AxiTrader
has released some news to break that cycle: it is beginning to offer margin forex in the U.S. through the AxiTrader USA brand.
AxiTrader USA is the brand of the AxiCorp USA, LLC company, operating out of Chicago, IL.The brokers US operations will be headed by Brian King, who has been with the company for a little less than a year now and has over 15 years of experience in the financial industry.
“AxiTrader USA believes that US traders are entitled to a better deal than they’ve been getting. For too long now, traders have had to choose between a handful of large and dominant players who have not kept pace with traders’ increasingly sophisticated demands for a state-of-the-art service at competitive prices. We wouldn’t be happy trading with them, so why should US clients have to,” said King, commenting on the news.
Setting up a brokerage in the United States is quite the hard task, and keeps getting harder – therefore AxiTrader has decided to take the introducing-broker approach and partner with ILQ, a large American institutional broker. This way, AxiTrader avoids the need to register as a FCM and present proof of $20 million in net capital. Instead, ILQ offers non-US brokers the opportunity to enter that market with a branded trading solution.
AxiTrader USA customers will be able to trade via the Metatrader 4 (MT4
) platform and enjoy good spreads – 1.5 pips on EUR/USD and USD/JPY, and 2.1 pips on GBP/USD for example.
According to an official AxiTrader source, in the next two years the company expects AxiTrader USA to become one of the top 4 retail forex brokers in the States in terms of trading volumes. Frankly, I find such plans to be a bit too ambitious - after all, AxiTrader would need to catch up with companies like Forex.com
, FXCM, Oanda and Interactive brokers who host the biggest numbers of active accounts - but time will tell.
AxiTrader, headquartered in Sydney, is the largest independent Australian-owned and founded forex trading firm. AxiTrader currently services more than 18,000 accounts, with a combined trading volume of about $60 billion a month. The firm’s servers are located in several continents, facilitating trading services to AxiTrader clients worldwide.
AxiTrader’s key advantages include 2-way streaming interbank pricing on FX, spot gold, silver, oil, and indices; integrity on pricing with the most competitive spreads and consistent liquidity on the widest range of currency pairs; flexible trading sizes; risk-management tools; personalized customer service; etc.
AxiTrader’s state of the art trading platform is a free and easy to use click and deal trading platform.