Forex Account TypesAximTrade offers a variety of options when it comes to forex accounts. Traders can choose the best account type based on their trading strategy, experience, and capital designed for investment. Choices include Standard, Cent, or ECN trading account. All AximTrade accounts offer negative balance protection with a low spread from zero to 1 pip on all majors. Traders can also enjoy a variety of forex bonus on all account types with a minimum deposit starting from $1. Any trader can hold up to 15 active trading accounts. You are allowed up to 7 Standard Accounts, 2 Cent accounts, 5 ECN accounts and only 1 Infinite account per active Member Area profile.
Features of Trading Accounts from AximTrade:
- Variety of account types including Standard, Cent, ECN, and Islamic
- Excellent customer service reachable through email, live chat, and more
- Tight spreads and low minimum balances reduce financial commitment
- Fast order execution with execution speed at 0.004s
- Minimum deposit of $1 and no commission
- Instant deposit and withdrawal, wide variety of payment methods
Standard Account:A standard account is typically the default account type offered by forex trading platforms. As its name implies, a standard account is the most popular and preferred trading account for forex traders since there are no limitations on the features it provides. With a standard account, you are free to trade with a wide range of trading instruments (currency pairs, commodities, high leverage, low spread, high affiliate rebates, seasonal bonus programs etc.) and can trade in more volumes simultaneously.
At AximTrade, the minimum deposit required to open a standard account is $1. The maximum leverage is 1:3000. The minimum lot that can be traded is 0.01 lots while the maximum is 50 lots. There is an average spread of 1.0 – 1.6 pips on major forex pairs. There are no trading commissions on this account and clients can open up to 200 orders at a time.
CENT Account: Forex Cent account is widely recognized as the best choice for novice traders since it is beginner-friendly and offers a low-risk start to trading. A Cent account is similar to other account types except that all transactions are executed in cents, instead of US dollars.
To be clear, 1 US dollar = 100 cents. So, if the minimum lot size required is 0.01 lot, it is equivalent to 1.000 cents (10 US dollars). Hence, you can enter the forex market and start trading with just a small amount of money deposited.
AximTrade provides the best forex cent account in the market. The minimum deposit for this account is $1 while the maximum leverage of 1:2000. The minimum amount of lots that can be traded is 0.01 lots while 150 lots are the maximum. There is an average spread of 1.0 -1.6 pips on major forex pairs. There are no trading commissions and clients can open up to 200 orders at a time. As a cent account, the lot size is 1,000.
Check Standard Account Vs Cent Account: What’s Best for You?
ECN Account:ECN stands for Electronic Communication Network; it is a system for trading Forex without agents. ECN account is one of the most popular account types because of its transparency and direct market access. ECN accounts are a perfect choice for professional traders seeking optimal trading conditions. With ECN accounts, trade execution can be faster than with other account types since all trades are executed immediately without requotes.
The minimum deposit for an ECN account is $50 while the maximum leverage is 1:1000. The minimum trade volume is 0.01 lots while the maximum tradable lot is 50 lots. The average spread is 0.2 – 0.7 pips on major forex pairs and a commission of $3 per lot is charged. Clients can open up to 200 orders at a time.
Infinite Leverage Account:The Infinite leverage account from AximTrade takes traders to the next level by allowing them to borrow a limitless amount of trading capital to unleash their trading possibilities. This one-of-a-kind forex account type offers traders the opportunity to trade more and maximize the potential for profitability.
The infinite leverage account enables traders to open trade more lots, compared to other account types. For example, with a $500 deposit amount traders using the infinite leverage account can open 25 lots, compared to 12.90 lots using the Standard account, 8.60 lots using the CENT account, and 4.30 lots using the ECN account type.
Demo Account:AximTrade demo accounts are also available with virtual funds for trading practice and learning. The forex demo account can always be a good way to trial the AximTrade platform and services before committing to a real live trading account. The company also offers several promotions and contests for demo accounts which can allow traders to earn prizes and gifts.
Islamic Account:Swap-free accounts of the AximTrade accounts are available for all customers. When users from Islamic countries open forex account they will benefit from swap-free benefits.
How to open Forex Account in Easy Steps?You can choose between various account types, based on your trading strategy, experience, and capital designed for investment. Choices include Standard, Cent, ECN or Infinite Leverage trading account. Enjoy favorable trading conditions with Aximtrade; especially when it comes to margin and leverage levels. You can control your real-time risk exposure by monitoring your used and free margin as together make up your equity.
AximTrade provides a leverage range that helps you choose your preferred risk level. The leverage ratio depends on your account type and equity, up to infinite leverage, and can be reduced by applying custom leverage.
Follow these steps to open a forex account with AximTrade:
- To open forex account log in to your member account from AximTrade login, and click on the “ + Open Extra Account” button on the top right.
- Choose your preferred account type. You can choose between Standard, Cent, ECN or infinite leverage accounts. You can also choose a demo account if you’re a beginner.
- Select your account and press “Open”.
- Name the Account and create both trading and investor passwords for your account. The investor password should not be the same as the account password. Remember to use both uppercase and lowercase letters, use a combination of numbers and letters. Then click “Done”.
- Now your account is ready for trading. You can find all your accounts in the “My Accounts” tab.