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Axos Self-Directed Trading Review 2022: Is It Right For You?

Ashley Jackson

Axos Self-Directed Trading offers a brokerage account with an easy-to-use platform and commission-free stocks and ETFs. There’s no minimum investment and you can simplify your finances using their all-in-one banking and investment platform. 

Overall rating

4.6

Summary: Axos Self-Directed Trading is a strong contender for investors seeking commission-free trades and an all-in-one solution for banking and investments.

Axos Self-Directed Trading

axos bank logo

$0 - $9.95

Fee Per Trade

$0

Account Minimum


Reviews

5

Account Opening

4

Fees

5

Deposits & Withdrawals

5

Trading Platform

4.5

Markets & Products

5

Research Tools

4

Education

4

Customer Service

5

Safe & Secure

Pros

  • Margin trading 
  • Extended market hours 
  • Wide range of financial securities 
  • Joint accounts 
  • Low mutual fund fees

Cons

  • Premium subscription required for certain features 
  • No in-person customer support 
  • Crypto not available

Best For

  • Commission-free trading 
  • Easy-to-use platform 
  • No minimum investment

Features

HQSan Diego, California, United States
Fees$0 commission
Minimum Deposit$0
LeverageNot disclosed
AccountsTaxable brokerage account, joint account, IRA
InstrumentsEquities, ETFs, Mutual funds, Options
RegulationMember of SIPC & FINRA
Demo AccountNot available
Trading PlatformsMobile App, Web Trading Platform (Self-Directed Trading, Axos Elite Investing)
State RestrictionsAvailable in all States

In depth review on Axos Self-Directed Trading 

Axos offers two self-directed trading accounts. These are:  

  • Basic Self-Directed Trading Account  
  • Axos Elite Account  

Both accounts offer commission-free trading on stocks and ETFs. However, the Axos Elite account offers additional features, as summarized in the table below: 

Axos Self-Directed Trading Basic  Elite Account 
Monthly fee $0 $10 
Options trading $1.00 per contract $0.80 per contract 
Margin trading N/A Yes at 5.5% 
Trading hours Standard NYSE Extended market hours (7:00 pm ET) 
Research N/A Yes 
Real-time market data N/A Yes 
Trade Settlement Credit (Instant) N/A Yes 
Source: Axos Self-Directed Trading

You can apply for Axos Elite when you sign up during the account opening process. Members can stop their subscription at any time by logging into their account or sending a secure message.  

Axos Self-Directed Trading is best for 

  • Commission-free trading: There are no fees for stock or ETF orders.  
  • Easy-to-use platform: Investors can manage their banking and investment products from one easy-to-use platform.  
  • No minimum investment: You can sign up and get started in just a few minutes, and there is no minimum investment requirement. Although, there is a minimum deposit requirement of $50 to open an IRA. 

Axos Self-Directed Trading benefits 

  • Margin trading: Customers that upgrade to Axos Elite Investing can activate margin trading capability.  
  • Extended market hours: Market hours are extended to 7:00 p.m. ET. for Axos Elite Investing customers.  
  • A wide range of products: With Axos Self-Directed Trading, you can choose from an array of stocks, ETFs, mutual funds, and options.  
  • Joint accounts: With Axos, you can open an individual or joint account where you can manage and grow your investments with a spouse, partner, relative, or friend.  
  • Low mutual fund fees: The platform charges $9.95 for mutual fund trades which is considerably lower than competitors.  

Axos Self-Directed Trading drawbacks  

  • Premium subscription is required for certain features: To benefit from extended market hours, real-time market data, or advanced options trading with lower fees, you’ll need to upgrade to the premium plan, Axos Elite Investing, for $10 a month.  
  • No in-person customer support: There is limited access to customer support. Customers looking for face-to-face or phone support should consider alternative options.  
  • Crypto not available: Investors looking to invest in cryptocurrencies will need to consider an additional or alternative option for their crypto investments.  

Account opening  

5

You can open a Self-Directed Trading account with Axos in a few simple steps. To be eligible, you’ll need to be over 18 years old and have a valid government-issued ID. Head over to the website to begin the sign-up process. 

You’ll need to provide the following information: 

  • Name 
  • Date of birth 
  • Social security number 
  • Email address 
  • Phone number 
  • Employment details 
  • Residential address 

As soon as you fund your account with your first deposit, you can begin trading. There’s no minimum deposit to open an account although you will need a $50 deposit to open an IRA. 

Fees  

4

With Axos Self-Directed Trading, you get unlimited commission-free trades on stocks and ETFs. However, other fees may be imposed including: 

ACAT and Non-ACAT Transfer Out $75 
Domestic wire transfer $30 
International wire transfer $75 
Subscription fee for Axos Elite Trading $10 per month 
Cash Dividend outgoing check $10 per check 
Mutual funds $9.95 per trade (no-load) 

You can find a full list of the fees imposed by Axos here.  

Fees are added to the cost of a trade or debited from your account according to the corresponding schedule.  

In addition, Axos Elite Account members benefit from lower fees including 80 cents per options contract instead of the standard $1 per options contract. Currently, margin rates are 5.5% for members looking to invest in the market with money borrowed from the broker.  

Deposits and withdrawals  

5

To fund or withdraw from the Axos Self-Directed Trading account, you can connect an external bank account or transfer to and from an existing Axos account.  

In addition, Axos accept transfers in from other brokerages, if you’re looking to move your portfolio across. You can also mail a check to Axos to add funds to your account, although this is likely to take much longer to process.  

Trading platform  

5

The Self-Directed Trading platform can be easily accessed via the web where you can manage your investment account and personal banking account all from one place.  

Axos customers can keep track of investment gains and losses, pay bills, and transfer funds between accounts, all by logging in to one account.  

Markets and products  

4.5

Axos Self-Directed Trading offers a wide selection of investment choices including stocks, ETFs, margin lending, and options trading.  

Accommodating experienced investors, real-time market data can be accessed in just a few clicks to help you make better-informed investment decisions. Plus, with Axos Elite, members can use margin trading to amplify their gains even further.  

Research tools 

5

Investors can access market research on the trading platform dashboard. 

To gain access to more extensive research tools, investors will need to subscribe to an Axos Elite Account for $10 a month. This can be costly for beginner investors and many investors are likely to find competitors who offer similar tools for free.  

The Axos Elite Account provides access to extended market hours, real-time market quotes, market research, lower trading fees, and trending stock data.  

Extended market hours include the following: 

  • Normal hours: 9:30 am to 4:00 pm ET 
  • Pre-market hours: 4:00 am to 9:25 am ET 
  • Post-market hours: 4:01 pm to 7:00 pm ET 

Market research is provided by TipRanks, a platform that uses data to analyze stock recommendations from thousands of analysts. Investors can view trending stocks, use portfolio trackers, and follow their favorite financial analysts online.  

Education  

4

Educational resources are limited with Axos and with the company’s blog available to learn more about investing.  

Their articles on stocks, ETFs, options trading, and margin lending can help beginner investors get started with the basics.  

Customer service  

4

To get in touch with customer service, you can sign in to your account and send a secure message through the portal.  

If you’re not yet a customer, you can send an email to [email protected] with any questions you have about opening an account.  

At this time, there is no in-person or phone support available for Axos Invest customers. Although, there is an extensive FAQ page on their website which can help answer any questions you have.  

Safe and secure  

5

Axos implements several security measures to ensure the safety and integrity of your account. Some of these include: 

  • Firewalls to block unauthorized access 
  • State-of-the-art technology to detect cybercrime 
  • Automatic logout after a period of inactivity 
  • Monitor accounts for potential fraud 

In addition, client accounts for Axos Invest are protected by the SIPC for up to $500,000, with a $250,000 limit for cash. 

Is Axos Self-Directed Trading right for you? 

Axos Self-Directed Trading is best for customers that have an existing Axos account and would like an all-in-one platform to manage their banking, lending, and investments. Beginner investors can benefit from commission-free trades on stocks and ETFs, as well as the basic educational resources available.

Elite members take advantage of a range of extra tools. However, even the low $10 per month subscription could prove costly given that many platforms offer the extra benefits at no extra cost.  

Furthermore, seasoned investors looking for more advanced products such as futures or forex should consider alternatives before signing up for Axos Self-Directed Trading.