Baxia Markets review – Forex broker with fast-growing customer base

Founded in 2020, Baxia Markets has cultivated a substantial and loyal customer base over the past few years. The broker has over 70,000 client accounts worldwide and this number is projected to grow. The company offers 24/7 customer service, tailored account types for different traders, and the most popular MetaTrader platforms.

The company is regulated in multiple jurisdictions, and offers access to trading multiple asset classes. Let’s delve into the trading conditions such as fees, account types, customer service and more to find out whether this broker is right for you or not.

The Safety and Security of Baxia Markets

Despite the fact that Baxia Markets is a fairly new company, the broker has already managed to acquire licenses in various jurisdictions:

• Baxia Markets is regulated by the Financial Services Authority of Seychelles with License number: SD104.
• The broker is licensed and regulated by The Securities Commission of The Bahamas (SCB), (SIA-F234).
• Baxia Markets is incorporated in the Republic of Cyprus with registration number ΗΕ 413062

Furthermore, Baxia Market is a member of The Financial Commission, which means that interests of Baxia clients are protected by an independent external dispute resolution organization. Baxia Markets clients are protected by the Financial Commission’s Compensation Fund for up to 20,000 Euros per claim.

It’s worth mentioning that the regulators aren’t very strict, however, we can safely say that thanks to the safety features mentioned above, the broker is trustworthy.

Trading fees at Baxia Markets

Low trading fees are an important aspect of success in trading. Trading fees can make or break a trader. Baxia Markets doesn’t have any inactivity fees or fees on deposits. Withdrawals are charged with 5 USD commissions. In addition, some withdrawal methods such as bank wire transfer may be subject to additional fees from the intermediary bank’s end.

As for the trading fees, each account type has a different fee structure. Spreads on BX Zero start from 0 pips, on the other hand, there are 5 USD commissions per lot round turn.

BX Standard spreads start from 1 pips. On the upside, there are no commissions. As for the BX Cent, the fee structure is similar to the BX Standard. Overall, the broker offers low non-trading fees and average trading fees.

Account opening

Please be informed that Baxia Markets does not offer its services to residents of certain jurisdictions such as USA, Cuba, Sudan/Republic of Sudan, Syria, Iran, Iraq, South Sudan, Venezuela, Libya, Belarus, Afghanistan, Myanmar, Russia, Crimea, Donetsk, Luhansk, Palestine, Yemen and North Korea.

Account opening at Baxia Markets is a fully digital and intuitive process. Traders need to simply go to the broker’s web page, press on “Create account” in yellow at the top right corner of the page and fill in the application form. After the registration, it’s best to verify your trading account as verified accounts have access to essential operations such as withdrawals. In order to verify your account, you are required to provide two types of documents:

• Proof of residence: you can use an utility bill, or bank statement as proof of residence
• Proof of your identity: you can upload a digital photo or scanned copy of your passport, national ID card, or driving license.

Registration typically takes a couple of minutes, and account verification can take a couple of days. The broker needs to check your documents and make sure they match with the provided information during the registration process.

During the account opening process, you will be able to pick a trading platform, account currency, and account type.

Account types

In order to meet the needs of different traders, Baxia Markets offers 3 account types: BX Zero, BX Standard, and BX Cent. The zero account is best suited for traders that place multiple trades and trade actively. The BX Standard account is best for beginners and swing/position traders. As for the BX Cent account, it’s best utilized by traders that want to test their trading strategies in a live environment and risk a minimum amount of funds. Let’s take a look at the comparison table below:

Available trading platforms at Baxia Markets

Baxia Markets offers most popular trading platforms for trading, such as MetaTrader 4, and MetaTrader 5. Both platforms were built by a Russian software MetaQuotes, and they both have many similarities, but they are also wildly different from each other. In order to help you decide which platform suits you best, let’s take a look at the comparison table:

MT4 and MT5 use different programming languages from one another, this means that traders won’t be able to use the same trading algorithms on both. Both platforms are old and super popular, as a result, there’s a wide pool of trading algorithms and robots available on the market.

The broker uses no dealing desk execution model, this means that traders orders are directly sent to the markets and the broker doesn’t take opposite sides of its customers.

As for the mobile trading, the broker provides mobile versions of MT5 and MT4 platforms. The applications are available on iOS and Android devices. In addition, a web trading terminal is also available. While it’s true that the main platform from which traders place orders is desktop, mobile and web trading terminals also play a significant role. Mobile apps especially come handy in unplanned situations, such as power outages, breakdown of computer software or loss of internet connection on computer devices. Furthermore, mobile apps enable traders to manage their portfolio and open/close traders from anywhere in the world.

Deposits and Withdrawals

Funding methods aren’t charged from the broker’s end. However, some withdrawal options might cost traders by the intermediary financial institutions, in addition, there’s a 5 USD withdrawal fee. Let’s take a look at the information table below:

Markets and Products at Baxia Markets

Baxia Markets offers a wide range of asset classes for trading to its customers. Traders can find Forex pairs, metals, energies, indices, crypto currencies, and commodities on the broker’s platforms.

Forex trading at Baxia Markets

Baxia Markets offers 56 currency pairs for trading. Traders have access to major, minor, and exotic pairs. Fees on EUR/USD depends on the account type: from 0 pips on BX Zero, starts from 1 pips on BX Standard. Maximum available leverage is 1000:1.

You can trade popular pairs such as:

• United States Dollar vs Swiss Franc
• US Dollar vs Chinese Offshore Spot
• United States Dollar vs Swedish Krona
• United States Dollar vs Japanese Yen
• United States Dollar vs Mexican Peso
• United States Dollar vs Norwegian Kroner
• United States Dollar vs Polish Zloty
• United States Dollar vs Swedish Krona, etc.

Metals trading at Baxia Markets

The broker offers 4 metals against the US Dollar for trading. These instruments are CFDs (Contracts for Difference), this means that they can be traded with leverage and traders can go long or short.

Energies and soft commodities trading at Baxia Markets

There are 3 energies as CFDs for trading. Both energies and metals are categorized as hard commodities. Commodity prices are influenced by global demand and supply. Let’s take a look at the energies specifications:

In addition, there are soft commodities available, such as soybeans, cocoa, wheat, and corn.

Indices trading at Baxia Markets

Indices or also known as indexes are popular trading instruments that also help traders analyze the markets. Indices follow the performance of a basket of publicly traded stocks, and therefore provide valuable information on certain sectors and economies. Traders at Baxia Markets can access popular indices such as S & P 500 (US 500), Dow Jones Industrial Average Index (Dow), and more. And trade them as CFDs or use them in their analysis as indicators.

Crypto trading at Baxia Markets

There are a wide range of cryptocurrencies as CFDs available for trading at Baxia Markets. Traders can access 29 crypto currencies against the US Dollar such as:

• Bitcoin vs US Dollar
• Binance Coin vs US Dollar
• Bitcoin Cash vs US Dollar
• Compound vs US Dollar
• Curve DAO Token vs US Dollar
• Polkadot vs US Dollar
• Dogecoin vs US Dollar, etc.

Maximum available leverage for trading Bitcoin, Bitcoin Cash, Ethereum, and Ripple is 200:1. For the rest of the instruments the maximum available leverage is 100:1.

Customer service

Professional customer service is the foundation of every customer oriented business. Baxia Markets provides a team of customer support agents available 24/5. Existing and potential clients of the Baxia Markets can contact the broker via live chat, email, or over the phone.

Education

Having access to quality education is critical for the development of beginner traders. Learning how to trade profitably and consistently takes a lot of energy, resources and time. Baxia Markets is interested in the success of its clients, as when traders make money, they can reinvest their profits and trade with bigger lots. The broker uses a market execution model and never takes the other side of its clients.

To aid their customers in the education process, Baxia Markets provides wide range of educational materials, such as:

• Forex Full Course
• Intro To Financial Markets
• Trading Basics
• Managing Risk
• All About Currency
• Glossary

In addition, the broker provides tools for research and analysis, such as:

• Fundamental Analysis
• Technical Analysis
• Trading Strategies
• Successful Trading Tips
• Economic Calendar
• Forex Calculators
• Pip Value Calculator
• Margin Calculator
• Position Size Calculator
• Profit Calculator
• Crypto & Currency Converter

Overall, education material at Baxia Markets is extensive and high quality, however, there are no webinars and seminars available.

Closing thoughts

To sum everything up, Baxia Markets is a regulated broker and therefore can be trusted. However, it should be mentioned that the regulators are not strict. The broker offers popular trading platforms, extensive educational material and access to a wide range of instrument classes. Trading fees are reasonable and traders can pick the account type that best suits their interests. There are account types tailored to both active and less active traders. Overall, Baxia Markets is a good broker.