Despite the turmoil in the prop trading industry following the actions against My Forex Funds, Australian-based forex and CFDs broker Axi (formerly AxiTrader) has launched a prop trading program called Axi Select.
In Monday's official announcement, Axi emphasized that the prop trading services are only available under AxiTrader Limited, which is its registered entity in St Vincent and the Grenadines. Customers in Axi's host country, Australia, New Zealand, and the UK are unable to use the services.
Interestingly, Axi did not use "prop trading" to describe its new service. The broker referred to it as a "capital allocation program" under which trades can access up to $1 million in capital.
"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, 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 emphasized that the program will offer unrestricted trading conditions for traders. In addition, no registration fee will be charged, which is one of the main sources of revenue for other prop trading companies. Traders under Axi Select will also receive up to 90% profit sharing from their trades.
"Our revolutionary new offering, Axi Select, is the first-of-its-kind among brokers and another true reflection of our brand promise," Louis Cooper, Chief Commercial Officer at Axi, said. "We have previously allocated $39M to traders in previous programs and enabled several traders break out into pro trading status."
(Source: Finance Magnates)