Axi is an award-winning forex brokerage service, which has been operating in 100 countries and providing service to 42,000 traders. However, Axi changed its name in October 2020, which was known as AxiTader from the beginning. Although they have changed the name, Axi will keep continuing the low commissions, tight spreads, speedy execution, and a range of different markets. Here in this comprehensive Axi review, we have explained some important features of Axi that are also essential while looking for the best forex broker.
Before going to the details, let’s see a quick overview of the Axi review, which we have found after overlooking multiple forex broker reviews.
Axi is an Australia based forex broker, founded in 2007 as AxiTrader, which has been operating under AxiCorp Group. For your information, Axi is one of the leading brokers on the top forex brokers list. However, initially, they focused on retail clients in 150+ countries.
Furthermore, Axi was established by some traders who had immense experience in forex trading. So, the broker works from the trader’s perspective and is really user-friendly.
With the fast MT4 trading platform, Axi provides a secured trading environment. Besides, the forex education tool encourages traders to learn about advanced trading. 24 hours multilingual customer service also provides a flexible trading experience.
Axi is perfect for all levels or traders, as the broker tends to utilize the technology to make the platform user-friendly for all. So that newbies or experts don’t face any problems and trade on their own.
Axi always focuses more on transparency, which means you will know your fees and commissions before placing an order or trade.
The top tier regulation and multiple awards make Axi worthy of trading different instruments.
Pros / Cons
- Axi Mobile Trading: Available
- Currencies: 80+
- Web Trading: Available
- CFD: Available
- Axi Robots: Available
- Scalping: Allowed
- ECN: No
- Prohibited Countries: U.S, Canada, and several other countries. Check with them for more clarification.
For the Axi review, we have looked at regulatory status first. Because,the regulatory body ensures a broker’s safety level. AxiTrader Corporation group has earned the regulatory status from 3 authorities, which also include a top tier. The authorities include the Dubai Financial Services Authority (DFSA), the Financial Conduct Authority (FCA), and the Australian Securities and Investments Commission (ASIC).
As per the first rule of these regulatory bodies, Axi has to follow the regulatory authorities’ instructions.
Besides, the Axi in the UK must comply with the European Securities and Markets Authority (ESMA), which basically limits the offered leverage. All the regulations ensure that clients’ funds remain safe in the segregated fund and provide negative balance protection.
Axi is available all over the world; however, they don’t provide service in the USA, Iran, and Canada as regulations in those countries are much stricter. We will educate you about the features in this Axi review, though some features will not be available in some countries. You will get the list of the available countries on their website.
Axi MT4 Platform
Axi offers different variations of MT4 forex trading platforms. The variations include desktop, web, and mobile. Whether you have a desktop or mobile, you can trade on any device with the MT4 platform. However, all the variations allow using a wide range of tools.
Axi MT4 Desktop
Traditionally this is the first thing that came to the operation for the MetaTrader 4 platform. In the beginning, traders had to use the desktop as there were no web or mobile platforms. However, a desktop platform is still one of the top choices of many traders.
To use the desktop software, you can simply download the MetaTrader 4 software on your PC and install it. After that, log in using your ID and Passwords.
The desktop platform provides a user-friendly interface that also offers built-in technical indicators, Axi autochartist, and more. All these features provide an easy trading opportunity for Axi users.
MetaTrader 4 Web
The web platform is exactly similar to the desktop one. The only difference is you don’t need to download any software. The only thing you need is an updated browser. You can visit Axi to get access to the MT4. However, high-speed internet is mandatory to use the web trading platform.
Mobile Trading Platform
MT4 mobile trading offers apps for android and iOS devices. On mobile trading, you will be able to get features like the web and desktop. You can get real-time pricing, watch account history, customize charts, set notifications, and more.
Mobile trading comes in handy for those who are on the run always and what to trade from anywhere.
Axi Account Types
Most of the traders start their trading with the Axi demo account. Once the trader gets used to the Axi or understands everything, they go for the live account. Following are the details of each account type.
Axi Demo Account
The demo account from Axi broker comes free of cost. However, they will provide virtual money to the demo account so that you can use and check the platform. The virtual amount you will get for trading is $50,000, which you can use for 30 days and trade like a real account.
Axi demo account is a mirror of the real account, but you cannot withdraw any money from the account, and all the virtual deposits will be gone after 30 days.
Once done with the demo, you may go for life if you decide to invest real money. However, if you are an advanced level trader and don’t need to follow up with the broker with the demo, you can directly open the live account.
For live trading, two types of Axi account is available, standard, and pro account. Each account has unique offers, such as there are no commissions for the standard account, but you will get the higher spreads.
On the other hand, the Pro account charges commissions as well as raw spreads. After researching for the Axi review on Axi account types, we would recommend trading with a pro account.
Fees on Axi
Axi offers a really low forex fee but average CFD fees. Besides, Axi neither charges non-trading fees nor deposit or withdrawal fees.
However, the trading fees rely on the account you signed up like a pro account, and standard accounts different fee structures.
In the case of forex fees, it also depends on the Axi account types. However, the commission structure is $3.5 per trading lot, which also provides a low spread cost at the same time. CFD fees are not so high either; for CFDs, the trading fees are average.
Usually, brokers charge inactivity fees, which means, if an account is inactive for a long time, their users will have to pay inactivity charges to keep their account alive. But the Axi broker doesn’t charge any inactivity fees.
Leverage distribution is not the same on all regulatory bodies; for example, the European zone offers fixed leverage, and it is 1:30. However, FCA regulators also impose fixed leverage. But, clients from other regulatory bodies are allowed to change the leverage.
The spreads usually depend on the account you are using for trading. The Axi spreads in standard accounts start from 0.4 pips, and it is wider. On the other hand, pro account spreads start from 0.0 pips, which is eventually beneficial for the traders.
Axi Review: Markets
In the beginning, Axi’s trading market range was really limited to a few market offerings. However, over the years, Axi has improved the market range and offers a lot of instruments, which includes forex, crypto, silver, gold, shares, indices, commodities, and oil.
Axi mainly uses three means for deposit cards (Debit and Credit), e-wallets, and bank wire. However, depositing with cards is the fastest, and balances are available right away. Traders can deposit any amount they want as there is no Axi minimum deposit.
Axi Deposit & Withdrawal
For withdrawals, Axi offers simple methods. Axi withdrawals offer either e-wallets or bank transfer. However, withdrawals via bank transfer may take 1-3 business days to process. Additionally, there is no minimum amount to withdraw except in a few countries; still minimum is no more than $50, and some payment methods and countries need a $5 minimum amount to withdraw.
Axi Review: Forex Education
Axi provides the education service of the new traders as well as experienced traders. This tool features forex education and teaches another trading. The education materials are videos, tutorials, tools, ebooks, tips, etc. Additionally, news alerts, expert insights, market analysis, and expert opinions on price change is also a part of forex education and learn to trade.
Axi offers multilingual customer service for traders from different parts of the world. Axi customer service is available via chat, phone call, and email. However, clients will have their personal manager, so they can call the managers directly whenever needed during the business days.
Axi provides 24/5 live support for the traders. For other days or weekends, traders can email the support and get a reply when the office gets opened.
Axi Review: Conclusion
Trading volatile instruments such as forex are highly risky. However, trading with the best forex broker can reduce the risk significantly, and Axi is such a broker, which you should know by now from this Axi review.
As we have said earlier, Axi was created by the traders, so you will definitely get the best trading experience with them. Additionally, a variety of trading instruments, markets with the world’s best trading platforms may boost your margins too.