Axi Review

By | June 23, 2021

Axi, once known as AxiTrader, was founded in 2007. It is an Australian forex broker. The new brand under the name Axi was launched in 2020. Learn more about the full Axi Review in advance.

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).

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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. It would help if you considered whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Account Opening:

Axi Review

Account opening is simple and fully digital. But it takes a few more times 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.
  • A 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

Fees

It has low forex fees and average CFD fees. It also doesn’t charge any inactivity fees. 

Axi fee snapshot

AssetsFee
EURUSDPro account pricing: $3.5 per lot per trade plus spread cost. 0.4 pips are the average spread cost during peak trading hours.
GBPUSDPro account pricing: $3.5 per lot per trade plus spread cost. 0.7 pips are the average spread cost during peak trading hours.
S&P 500 CFDThe fees are built into the spread; 0.5 points are the average spread cost during peak trading hours.
Inactivity feeNo 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 nor withdrawal fees. For deposits, you can use bank transfers, 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

Payment MethodCurrency Supported
SofortEUR
GiroPayEUR
IDealEUR
FasapayIDR, USD
NetellerEUR, GBP, USD
SkrillAED, CAD, CHF, EUR, GBP, INR, SGD, USD
Polish Internet BankingPLN

Trading Platform

Axi Trading Platform

Axi does not have its own trading platform. Instead, its 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 platforms, 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 Trading Paltforms

Products Offered 

Axi Products

Axi has a great selection of forex products. However, the stock index, commodity, and crypto CFD selection are average, while stock and ETF CFDs are unavailable.

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. Therefore, 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
Cryptos (#)6

Education

Axi

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
  • Ebooks

Safety

Three top financial institutions regulate axi. 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 Safe

Axi legal entities

Country of ClientsProtection AmountRegulatorLegal entity 
European clients£85,000Financial Conduct Authority (FCA)AxiCorp Limited
AustraliaNo protectionAustralian Securities and Investments Commission (ASIC)AxiCorp Financial Services Pty Ltd
Arab EmiratesNo protectionDubai Financial Services Authority (DFSA)AxiCorp Financial Services Pty Ltd
All other clientsNo protectionFinancial Service Authority of St. Vincent and the Grenadines (FSA)AxiTrader Limited

Customer Service 

Axi Customer Service

You can contact Axi by:

  • Phone 
  • Live Chat
  • Email

The answers through email or live chat are okay, not much satisfactory. Phone calls are available only 24/5. We missed 24/7 availability. 

Pros/Cons

ProsCons
Low forex fees
and no inactivity fee
Offers only forex and CFD trading
No withdrawal and deposit feesLimited research tools
Credit/Debit card availableWithdrawal only via wire transfer or e-wallets
Clear fee reportNo two-step login
Great economic calendarNo fundamental data available

The Verdict:

Axi has a good name for forex trading. Top financial institutions regulate it. It has a good transaction history. The benefit it has is that it provides quality educational and research tools. Also, it doesn’t charge any withdrawal fee.

The drawback lies in limited product availability and customer support. However, Axi does not have its own trading platform. Third-party traders support it.

But overall, it is a good experience to work on Axi, as it does not charge an inactivity fee. So you definitely go and try this. 


FAQs

What is the minimum amount required to open an Axi account?

The initial min. amount required to open an account is $100

What time do "Day" orders expire in my DMA Account?

Most of the day, orders placed in currency pairs expire at 5 P.M EST. However, New Zealand Dollar (NZD) will expire at 3 pm EST.

Why can't I convert currencies in Axi?

If one of the currencies you select is not in effect for the date you request, you will see a message that the exchange rate data is not available.

Axi

9.2

Trading Platform

9.0/10

Fees

9.2/10

Tools

9.3/10

Customer Support

9.1/10
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