Although the prop trading industry is going through turmoil after actions against My Forex Funds, Australia-headquartered Axi (previously AxiTrader), a forex and contracts for differences (CFDs) broker, has launched a prop trading program called Axi Select.
In the official announcement yesterday (Monday), the broker stressed that the prop trading services are available only under AxiTrader Limited, which is its St Vincent and the Grenadines incorporated entity. The services are unavailable to clients in Axi’s home country, Australia, New Zealand, and the United Kingdom.
Interestingly, Axi did not use ‘prop trading’ to describe its new service. The broker called it a ‘capital allocation program’ under which trades can access capital of up to US $1 million.
“Through the introduction of Axi Select, our innovative capital allocation program, we aim to provide an opportunity for traders to forge long and successful careers, empowering them to realize their lifelong aspirations of becoming professional traders,” said Greg Rubin, the Head of Axi Select.
“Our comprehensive program provides the capital, support, and resources necessary for traders to thrive in the dynamic world of trading. We are committed to fuelling their passion, driving their success, and providing unwavering support as they navigate towards achieving their goals.”
Axi highlighted that the program will provide unrestricted trading conditions to the traders. Further, there is no registration fee, one of the primary revenue-generating streams for other prop trading firms. Traders under Axi Select will also receive up to 90 percent profit split from their trading.
“Our revolutionary new offering, Axi Select, is the first-of-its-kind among brokers and another true reflection of our brand promise,” Louis Cooper, the Chief Commercial Officer at Axi, said. “We have previously allocated $39M to traders in previous programs and enabled several traders [to] break out into pro trading status.”
Troubles in Prop Trading
The prop trading industry has grown exponentially in recent years, forming many new companies in the space. Many established brokers have also dived into the industry with slightly different asset allocation models.
However, the recent lawsuit against My Forex Funds brought by the US commodities regulator has shaken the industry. The brand, which is believed to be the top in prop trading, and its CEO are now facing serious charges of fraud.
Prop trading is still unregulated, and the companies bypass the need to be regulated as a broker as they do not handle clients’ monies and execute all trades with third-party liquidity providers. Although the European regulations did not sound any alarm against these firms, the CFTC’s action has made all of them cautious.
With the growing demand for offering prop trading, two financial technology providers, Tools for Brokers (TFB) and Red Acre Group, recently joined hands to provide a comprehensive turnkey solution to prop trading firms.
Although the prop trading industry is going through turmoil after actions against My Forex Funds, Australia-headquartered Axi (previously AxiTrader), a forex and contracts for differences (CFDs) broker, has launched a prop trading program called Axi Select.
In the official announcement yesterday (Monday), the broker stressed that the prop trading services are available only under AxiTrader Limited, which is its St Vincent and the Grenadines incorporated entity. The services are unavailable to clients in Axi’s home country, Australia, New Zealand, and the United Kingdom.
Interestingly, Axi did not use ‘prop trading’ to describe its new service. The broker called it a ‘capital allocation program’ under which trades can access capital of up to US $1 million.
“Through the introduction of Axi Select, our innovative capital allocation program, we aim to provide an opportunity for traders to forge long and successful careers, empowering them to realize their lifelong aspirations of becoming professional traders,” said Greg Rubin, the Head of Axi Select.
“Our comprehensive program provides the capital, support, and resources necessary for traders to thrive in the dynamic world of trading. We are committed to fuelling their passion, driving their success, and providing unwavering support as they navigate towards achieving their goals.”
Axi highlighted that the program will provide unrestricted trading conditions to the traders. Further, there is no registration fee, one of the primary revenue-generating streams for other prop trading firms. Traders under Axi Select will also receive up to 90 percent profit split from their trading.
“Our revolutionary new offering, Axi Select, is the first-of-its-kind among brokers and another true reflection of our brand promise,” Louis Cooper, the Chief Commercial Officer at Axi, said. “We have previously allocated $39M to traders in previous programs and enabled several traders [to] break out into pro trading status.”
Troubles in Prop Trading
The prop trading industry has grown exponentially in recent years, forming many new companies in the space. Many established brokers have also dived into the industry with slightly different asset allocation models.
However, the recent lawsuit against My Forex Funds brought by the US commodities regulator has shaken the industry. The brand, which is believed to be the top in prop trading, and its CEO are now facing serious charges of fraud.
ADVERTIsem*nT
Prop trading is still unregulated, and the companies bypass the need to be regulated as a broker as they do not handle clients’ monies and execute all trades with third-party liquidity providers. Although the European regulations did not sound any alarm against these firms, the CFTC’s action has made all of them cautious.
With the growing demand for offering prop trading, two financial technology providers, Tools for Brokers (TFB) and Red Acre Group, recently joined hands to provide a comprehensive turnkey solution to prop trading firms.
