Axi Review 2021: Pros, Cons, & Is It Right For You?

Ashley Jackson

Axi, previously known as Axitrader, is an online trading service provider that has been in operation since 2007. Originally an Australian trading company, it has expanded over the years, opening a London branch in 2012 and commencing operations in China in 2015. 

It specializes in forex speculative trade, including Bitcoins, Indices, metal, and commodities. Top-tier authorities regulate Axi, hence considered safe.

Overall rating

4.0

Summary: Axi provides a wide range of forex Markets, forex Education, enhanced MT4 trading platform, and strong leverage of up to 400:1. Although it has limited research tools, it is a good choice for traders looking for a well-regulated broker.

Axi

axi bank logo

$0

Fee Per Trade

$5

Account Minimum

400:1

Leverage


Reviews

4.3

Fees

4.4

Account Opening

4.4

Deposits & Withdrawals

3

Trading Platform

3

Markets & Products

2

Research Tools

4.3

Customer Service

4.5

Education

5

Safe & Secure

Pros

  • Low fees and no inactivity fee
  • No withdrawal or deposit fees
  • Well regulated so traders can have a high degree of confidence in the brand
  • Offers MT4 NexGen software to give added functionality
  • Provides educational tools, training resources, and expert coaching

Cons

  • Only provides the M4 trading platform
  • Limited range of trading financial instruments
  • 24/5 customer service

Best For

  • Wide range of forex markets
  • Forex education
  • Customer support

Features

HQLevel 10, 90 Arthur Street, North Sydney, 2060, Australia
InstrumentsCFDs, Forex, Commodities, Indices, Cryptocurrency, Bonds, ETFs, Stocks
RegulationFinancial Conduct Authority in the UK, ASIC in Australia, and DFSA in Dubai
Minimum DepositNone
FeesStandard account: no commission charges, generally higher spreads

Pro account: $7 per round trip, generally lower spreads
Demo AccountProvided
LeverageSet according to individual preferences up to 400:1
Trading PlatformsMetaTrader 4 (MT4), MT4 NexGen

In depth review on Axi

Axi provides different MT4 trading accounts that come with extra tools and features to make your trading experience easier. These accounts are differentiated based on who owns them and what fee structure is applied.

Based on ownership, the accounts are classified into individual, joint, or corporate and provides the following two accounts:

The Standard account features include:

  • Free set-up cost
  • Spreads from 0.4 pips
  • No commissions and no minimum deposits
  • Minimum trade size of 0.01 lots

The Pro account features include:

  • Free set-up cost and no minimum deposit
  • Spreads from 0.0 pips
  • $7 round trip (USD)
  • Minimum trade size of 0.01 lots

Axi is best for

  • Wide range of forex markets: With over 80 currency pairings and 140+ cross pairs. Axi provides a wide range of currency for forex trading.
  • Forex education: Axi offers a great range of forex educational materials available through the educational tab. 
  • Customer support: Axi has multilingual 24/5 customer support. It is available via toll-free line by requesting a callback, email, or live chat directly from their website. 

Axi benefits

  • Lower spreads starting from 0.0 pips: Axi offers ENC broker spreads. They connect clients with an ENC network, allowing you to trade directly with global liquidity pools. Axi account types that have an impact on the cost when trading. 
  • Enhanced MT4 platform features: The MT4 trading platform is popular for its functionality, ease-of-use, and automated trading. This platform is easy to navigate and offers one of the best graphical user interfaces, making it ideal for all forex traders of all levels. Axi’s trading platforms extend to MAC and Windows PC and mobile apps for Android and IOS. Traders can also use the social-based trade community Autochartist and Myfxbooks Autotrader. Additional enhancements through the MT4 NexGen give you additional features, including sentiment indicator, forex news, economic calendar, alarm manager. Correlation trader, automated trade journal, among others. 
  • Wide range of forex markets: Axi offers a wide currency of trading forex with over 80 currency pairings and 140+ cross pairs.
  • Strong Leverage: Axi offers maximum leverage of up to 400:1. The leverage offered will depend on your country of residence and the regulator. For example, clients from the UK have more restrictive leverage. FCA regulation allows for maximum leverage of 30:1 for major currency pairs and 20:1 for minor and exotic pairs if you have retailer investor accounts.
  • Demo Account: Offers a free 30-day trial demo account with a virtual cash balance of $50,000 to practice skills and experience the reading process.

Axi drawbacks

  • Limited research tools: Research tools to use are those provided on the MT4 platform, which has no trading ideas or fundamental data. The research tools have only two sources: the Metatrader platform and the market’s blog on its website.
  • 24/5 customer service: Axi’s customer support is only a 24/5 service. During this time, you can call the toll free number if you are an Australian resident. International callers have a different line. Alternatively, you can use the live chat facility.

Factors contributing to the overall rating

Fees

4.3

Axi has low forex fees. It doesn’t charge deposit, withdrawal, and inactivity fees. It obtains its revenue from spreads in its standard accounts and commissions charged in its pro accounts. Financing costs on overnight positions or swap rates are applied and passed onto traders.

Account Opening

4.4

Account opening at Axi is user-friendly and fully digital, but it takes longer (1-3 days) than other similar online brokers. Steps to open an account are:

  • Provide personal information, including your email address and country of residence
  • Choose the account type.
  • Answer questions that assess your level of understanding of trading
  • Verify your identity and residency by uploading a copy of your ID card, driving license or passport, and a copy of a recent utility bill or bank statement.

Deposits and Withdrawals

4.4

Axi does not charge deposit or withdrawal fees. You can use bank transfers, credit/debit cards, and electronic wallets to make deposits. You can, however, only withdraw via wire transfers and e-wallets. Withdrawals are normally completed within 1-2days. International transfers take between 2-5 days.

Trading Platform

3

The MT4 web trading platform is provided by Metatrader. It is customizable and has a clear fee report. Axi also has mobile and desktop apps.

Markets and products

3

Axi range of markets includes:

  • Wide currency pairings for trading forex
  • Cryptocurrency trading including Bitcoin Ethereum, Litecoin, and Ripple,
  • Hard commodities, including gold and silver. It has no brokerage fees, with margins from 1%
  • Energies such as US and UK crude oil with a standard margin of $% for spot markets and 1% for futures
  • Soft commodities such as coffee, tea, cocoa with margins of between 1-3%
  • Indices with margins as low as 1%

Research Tools

2

The bulk of Axi research has been outsourced to Autochartist and PsyQuation Premium. It also operates a market analysis section where it provides quality content through market commentaries filled with trade ideas. This complements the outsourced research producing a good combination that grants traders a decent research package.

Customer service

3.9

Axi Provides 24/5 support, and traders can call a toll free number, request a call-back, use emails or live chats to contact representatives. It also supports a wide range of languages, including English, Chinese, Spanish, Thai, Italian, Polish, German, Vietnamese, Japanese, Russian, Romanian, and Arabic.

Education

4.5

Axi has an Educational Support Center that offers chart tools. These provide concise information on various instruments and a suitable interpretation of the various price fluctuations.

Axi also offers various online courses from Basic Forex introduction to in-depth analysis. It also has several free educational videos that registered traders can watch to gain information. Axi also posts daily market updates.

Safe & Secure

5

Axi is regulated by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, and Dubai Financial Services Authority (DFSA) in Dubai.

Is Axi right for you?

This broker primarily focuses on the forex market, and most assets for trading are currency pairs. Cryptocurrencies, commodities, and indices are also available. These allow entry-level cross-asset diversification. However, more advanced traders may find the overall asset selection limited. 

Axi’s simple account options, international regulation, and customizable MT4 platform make it a tempting option for experienced traders. There is no minimum requirement, and the fact that all clients get a dedicated account manager makes it attractive for beginners. Education and market analysis are good for both beginners and experienced traders.  

Overall, Axi is a good choice for traders looking for a reputable broker with strong regulations in place.