Axi, once known as AxiTrader, was founded in 2007. It is an Australian forex broker. The new brand under name Axi was launched in 2020. Axi is regulated by the top financial institutions including Financial Conduct Authority (FCA), Australian Securities and investment commission (ASIC) and Dubai Financial Service Authority (DFSA).
Account opening is simple and fully digital. But it takes a few more time as compared to other online brokers in verifying the account.
It also doesn’t require any minimum deposit.
Axi Account Types
It offers three types of account:
- Individual – account is owned by an individual
- Joint – account is owned by multiple individuals
- Corporate – account is owned by a legal entity
It has two types of account based on fee structure:
- Standard account – no commission fees, generally higher spreads
- Pro account – $7 round trip commission, generally lower spreads
It has low forex fees and average CFD fees. It also doesn’t charge any inactivity fees.
Axi fee snapshot
|EURUSD||Pro account pricing: $3.5 per lot per trade plus spread cost. 0.4 pips is the average spread cost during peak trading hours.|
|GBPUSD||Pro account pricing: $3.5 per lot per trade plus spread cost. 0.7 pips is the average spread cost during peak trading hours.|
|S&P 500 CFD||The fees are built into the spread, 0.5 points is the average spread cost during peak trading hours.|
|Inactivity fee||No Inactivity fee|
Axi Forex Fees
Forex benchmark fees of a $20,000 30:1 long position held for one week
|EURUSD benchmark fee||$5.1|
|GBPUSD benchmark fee||$4.3|
|AUDUSD benchmark fee||$3.4|
|EURCHF benchmark fee||$2.9|
|EURGBP benchmark fee||$5.2|
Axi CFD fees
CFD fees for a $2,000 long position held for one week
|S&P 500 index CFD fee||$1.3|
|Europe 50 index CFD fee||$2.3|
Axi Deposit and Withdrawal
Axi charges neither deposit or withdrawal fees. For deposits, you can use bank transfer, credit/debit cards and electronic wallets. However, you can only withdraw via wire transfers and e-wallets.
Axi has 11 currencies to choose from.
Alternative payment methods and currencies at Axi
|Neteller||EUR, GBP, USD|
|Skrill||AED, CAD, CHF, EUR, GBP, INR, SGD, USD|
|Polish Internet Banking||PLN|
Axi does not have its own trading platform. It’s trading platform is provided by MetaTrader. It is highly customizable and provides a clear fee report. MetaTrader4 is available in 41 different languages.
It has provided 3 types of trading platform and all of them are provided by MetaTrader4 only. Mobile trading platforms also have great functionality the same as desktop and web platforms. MetaTrader 4 is available for both iOS and Android.
Axi has a great selection of forex products. The stock index, commodity, and crypto CFD selection is average, while stock and ETF CFDs are not available.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
|Currency pairs (#)||76|
|Stock index CFDs (#)||14|
|Commodity CFDs (#)||16|
Axi provides good educational resources. It offers demo accounts, high quality videos and ample amounts of ebooks. At Axi you can access educational tools in various ways:
- Demo account
- Platform tutorial videos
- General educational videos
- Quality educational articles
Axi is regulated by three top financial institutions. But it is not listed in any of the stock exchanges. Plus it does not provide any financial information of any financial year.
How are you protected?
Axi legal entities
|Country of Clients||Protection Amount||Regulator||Legal entity|
|European clients||£85,000||Financial Conduct Authority (FCA)||AxiCorp Limited|
|Australia||No protection||Australian Securities and Investments Commission (ASIC)||AxiCorp Financial Services Pty Ltd|
|Arab Emirates||No protection||Dubai Financial Services Authority (DFSA)||AxiCorp Financial Services Pty Ltd|
|All other clients||No protection||Financial Service Authority of St. Vincent and the Grenadines (FSA)||AxiTrader Limited|
You can contact Axi by:
- Live Chat
The answers through email or live chat are okay, not much satisfactory. Phone calls are available only 24/5. We missed 24/7 availability.
|Low forex fees and no inactivity fee||Offers only forex and CFD trading|
|No withdrawal and deposit fees||Limited research tools|
|Credit/Debit card available||Withdrawal only via wire transfer or e-wallets|
|Clear fee report||No two-step login|
|Great economic calendar||No fundamental data available|
Axi has a good name for forex trading. It is regulated by top financial institutions. It has a good transaction history. The benefits it has is that it provides quality educational and research tools. Also it doesn’t charges any withdrawal fee
The drawback lies in limited product availability and customer support.
But overall it is a good experience to work on Axi, as it does not charge any inactivity fee. So you definitely go and try this.
One of the most important factors to consider when looking for a broker to conduct day trading with is looking at the type of instruments that are available for trading. . With IQ Option since the broker offers CFDs which allow traders to open and close their market positions at any time,