AxiTrader claims world’s first on Margin FX offering based on NDFs

Australian-owned Forex (FX) and Contracts For Difference (CFD) trading provider AxiCorp, through its flagship AxiTrader brand, has become the first broker to offer Margin exotic FX contracts on MT4 based on prices derived from a rolling Non-Deliverable Forward (NDF). From today, traders will be able to access 10 new exotic Margin FX currency pairs from Asia and […]

Sydney Australia

Australian-owned Forex (FX) and Contracts For Difference (CFD) trading provider AxiCorp, through its flagship AxiTrader brand, has become the first broker to offer Margin exotic FX contracts on MT4 based on prices derived from a rolling Non-Deliverable Forward (NDF).

From today, traders will be able to access 10 new exotic Margin FX currency pairs from Asia and South America on the MetaTrader 4 platform.

Traders can buy and sell these exotic Margin FX currency pairs immediately when the market is open, with daily rollover charges/benefits applied to open positions.

Because they are not actually holding the NDFs, therefore the trader won’t need to hold open positions for one month, (i.e. AxiTrader Exotic Currency Pairs FX Contracts are not NDFs).

In this case, we are offering a simple Margin FX product, without the fixing date complexities characteristics that is normally found in a NDF product.

All of these combined are the key unique differences of AxiCorp’s exotic currency pairs FX Contracts that will allow the trader to retain a long-term position with automated daily swaps.

As of today, traders will be able to transact on the following currencies, each new symbol is based on the price of an underlying one month NDF.

  1. Brazilian Real (BRL)
    2. Chilean Peso (CLP)
    3. Colombian Peso (COP)
    4. Chinese Yuan Renminbi (CNY)
    5. Indonesian Rupiah (IND)
    6. Indian Rupee (INR)
    7. South Korean Won (KRW)
    8. Malaysian Ringgit (MYR)
    9. Philippine Peso (PHP)
    10. Taiwanese Dollar (TWD)

All currencies are quoted against the United States Dollar (USD).

“Adding these exotic currency pairs to our MT4 offering is a clear win in terms of the additional products offering accessible via AxiTrader”, said Alex MacKinnon, Head of New Products and Institutional Sales at AxiTrader, “but it also underlines our focus on innovation.”

“We invest a huge amount of time and resource towards finding new and better ways to trade, whether that’s developing a new tech-driven solution that’s never been applied to trading before or expanding our product range,” he added.

“When we do add new products like these exotic currency pairs, it’s not done just for the sake of making up numbers. Our product suite is based on genuine demand and delivering genuine value. With Asia and South America being large growth markets for us, these new currency pairs cater to what our traders in those regions want.”

Key Features:

For traders wanting to enter a position in one of the new exotic Margin FX currency pairs they are available to trade via MT4 in the same way as any other currency pair.

  • Trading is available from USD 1,000 up to a maximum of USD 2,000,000
  • A daily swap charge/credit is applied to positions open at End Of Day
  • Each new symbol is based on the price of an underlying one month NDF

Another feature of these new exotic currency pairs is that the trading sessions range from 8-20 hours rather than the 24-hour pricing of other FX pairs.

Normally a Non-Deliverable Forward (NDF) is a cash-settled FX forward contract in a thinly traded or non-convertible foreign currency against a freely traded currency like US dollar, where the profit or loss at the settlement date is calculated by taking the difference between the agreed upon NDF contract rate and the spot rate at the time of Fixing, for an agreed upon notional amount of funds.

The gain or loss is then settled in the freely traded currency. NDFs were originally used to hedge against volatility in the currency markets, particularly for exotic currencies. Corporate users, such as exporters and importers, used to be the largest active users of NDFs.

With AxiTrader, the trader would be able to access the pool of these exotic currency FX contracts, and because the trader is not actually holding the NDFs, they won’t need to hold open positions for one month.

AxiTrader’s exotic currency pairs FX Contracts are not NDFs. We have removed the fixing date complexities of a NDF product to deliver a simple Margin FX product that allows the client to retain a long term position with automated daily swaps.

Read this next

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<