Last year we reported that leading Australian forex broker AxiTrader was entering the US market as an introducing broker and partnered with ILQ. AxiTrader has today announced the launch of its US website www.axitraderusa.com. As a B2B broker, ILQ provides global brokers the ability to enter the US market with a branded cheaper solution as an IB rather than becoming an FCM which requires a minimum of $20 million in capital. In addition to AxiTrader, social broker eToro has also transferred their US business from FX Solutions to ILQ. AxiTrader’s US division is headquartered in Chicago and is being led by Brian King.
Although retail forex trading in the US has been contracting in terms of brokers and the amount of traders, the country continues to attract interest from global firms. The attraction is based on two main premises. Firstly, according to US regulations, foreign brokers are unable to take on US customers. As such, entering the market through an IB or Joint Venture provides an opportunity to convert organic US leads. Secondly, as the world’s largest economy, there are long term potentials in being present in the US. This was seen as Japanese financial firm Monex targeted the US in their acquisition of IBFX and TradeStation in their goal of creating a long term diversification.
Australian based AxiTrader launches its margin Forex offering in key US market
February 07, 2013 – AxiCorp Financial Services Pty Ltd, Australia’s largest independent provider of foreign exchange products, today announced the launch of its AxiTrader USA forex service in the US market, which is currently dominated by a small number of providers.
AxiTrader USA (a DBA of AxiCorp USA, LLC), through a partnership with Institutional Liquidity (ILQ), will offer US citizens state-of-the-art access to its margin forex services through its US website, www.axitraderusa.com . US clients will have access to 24-hour trading through the MetaTrader4 platform, with our goal to provide tight spreads, excellent service, fast execution and reliability.
AxiTrader, with more than 18,000 accounts, is the margin forex market leader in Australia, which is one of the world’s fastest growing and most sophisticated forex markets. Quinn Perrott, AxiTrader’s General Manager said, “While several other retail FX brokers are downsizing or laying off staff, AxiTrader seems to be one of the few to be enjoying sustained growth.”
The AxiTrader USA partnership with ILQ, one of the fastest growing forex brokers in the US, opens the door for US citizens to access the benefits of AxiTrader, where they have previously been restricted from opening trading accounts with overseas firms.
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Brian King, who has been servicing the needs of US currency traders for nearly 20 years, will lead the AxiTrader USA operation from its base in Chicago.
Mr. King said: “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?”
Goran Drapac, Chief Executive Officer of AxiCorp Financial Services and a pioneer in Australian margin forex trading, said: “We are very pleased to be able to offer US traders the same level of service that many of Australia’s most successful traders have become used to. AxiCorp has achieved substantial success in the Australian market through our dedicated trading platform and highly competitive pricing. We built AxiTrader to be the forex broker that we would prefer to trade with.”
AxiTrader USA expects to be one of the top 4 local retail margin FX firms, by volume within 2 years.
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:
• 24-hour Internet trading. Access 24-hour, 2-way streaming interbank pricing on FX, spot gold, silver, oil, and indices. AxiTrader’s state of the art trading platform is a free and easy to use click and deal trading platform. Full telephone support available.
• 1.4 pips average spreads on major currencies. Trade transparent, competitive two-way streaming prices. Enjoy AxiTrader’s integrity on pricing with the most competitive spreads and consistent liquidity on the widest range of currency pairs.
• Flexible trading sizes.
• It is simple to open and fund your trading account. AxiTrader aims to make it as seamless as possible to trade.
• Risk management in real-time. Manage your account professionally. Know your total account value, open position, and p/l in real-time.
• Personalised Customer Service. Deal over the internet or by phone. AxiTrader’s experienced and knowledgeable staff are available to answer any questions and provide assistance. Prompt attention is given to administrative or technical support queries.
About AxiCorp Financial Services Pty Ltd
AxiCorp Financial Services Pty Ltd was established in 2008 to acquire and operate a foreign exchange business. It subsequently expanded its operations to include the issuing of margin foreign exchange product to Australian and international clients.
AxiCorp is owned and supported by experienced and capable staff and investors which have provided the experience and capital to expand and support its operations.
AxiCorp is the holder of an Australian Financial Services Licence No 318232, which authorises it to provide the following services to retail and wholesale clients:
• provide financial product advice;
• deal and make a market in foreign exchange contracts; and
• deal and make a market in derivatives.