Axi, which was previously known as AxiTrader, is a broker that has a great reputation. The company has been around since 2007 but also has offices in London since 2012. The broker is loved by many people, mostly because of its amazing offers such as low commissions, tight spreads, and many others. It also has a very advanced trading platform.
So, looking at it from this perspective makes it very tempting to pick this as your trading platform. The positive user reviews may also send you in this direction. But even still, this is not enough to trust a platform completely, and you need to know what you are getting into before you spend your hard-earned money on trades.
Thus, this comprehensive review will ensure you are familiar with every aspect of Axi so you know whether you can start trading with it or not.
Who Is Axi for?
Axi is ideal for individuals who do not have a big budget. The fees on the platform are either very low or non-existent, depending on the type of fee. Then, it is also amazing for people who do not want to use platforms that are too new on the market. Axi has been around since 2007, so it had plenty of time to gain the necessary experience.
Axi is also directed towards people from Australia, but also those on other continents like Europe and Asia.
Experienced traders will also love Axi because it brings one of the most popular platforms to the table, respectively MetaTrader4. What’s even better is that there are multiple variations of the MT4 platform, so people with more experience can take advantage of the advanced tools.
Things We Like
When it comes to Axi, we love how it has so many low fees or how it charges no fees for certain actions. The fact that there are no account funding fees or inactivity fees is amazing. Also, we love how they are using MetaTrader 4.
It is one of the best platforms for trading, and while it may not be on the same level as MetaTrader 5, it still has some great features that experienced traders will like.
Another great thing is the option to open a demo account. We find it useful as it allows people to test Axi first, and then decide if they want to use it or not. What is also great is the fact that customer support is offered in multiple languages. So, if you live in a non-English-speaking country, you can still get support easily.
Things We Don’t Like
Of course, Axi comes with some drawbacks too. First of all, it only offers CFD and Forex trading, which is pretty limited. This can be a disadvantage for people who want to trade more products. Also, the research tools are quite limited as well, so experienced traders may once again be at disadvantage.
And while the customer service is great and offered in more than one language, there is a bad aspect too: it is not available every day of the week. You can only get in contact with the staff 24/5, so if you deal with issues on one of the days they are not reachable, you will have to wait until the next working day.
Pros / Cons
- Low forex fees and no inactivity fee
- No withdrawal and deposit fees
- Fully digital account opening
- Offers only forex and CFD trading
- Limited research tools
- 24/5 customer service
Safety and Regulation
You may want to be wary of the safety aspects of Axi before you start trading with it. So, if that’s the case, here are some things you may want to keep in mind:
Who Is Axi?
Axi is a trading platform that was founded in 2007. It used to be called AxiTrader, and it is an Australian-based broker. It also owns several offices in London, which they opened in 2012. Although it has been around for several years, the new Axi brand was only launched in 2020.
The broker is considered one of the leading ones on the market. It offers services to people all over the world, and they know how to meet people’s needs for trades. They also offer multiple trading instruments across various markets, such as CFDs, Forex, cryptocurrency, and commodities.
Is Axi Regulated?
Axi is regulated, so you do not need to worry about this aspect. The platform is regulated by multiple worldwide top-tier authorities. These include the Australian Securities and Investments Commission, Financial Conduct Authority, and the Dubai Financial Services Authority.
- Australian Financial Services License – ASL number 318232
Is Axi Safe or a Scam?
Thanks to its regulation, Axi is considered safe in general. Not to mention that it is a well-established company and even though it rebranded only last year, it still has the necessary market experience to offer top-notch services. Most of the clients belong to a top-tier financial authority. What’s even better is that people can benefit from negative balance protection.
A few things are a bit concerning, though. Axi is not listed on the stock exchange, nor does it have a banking license. Also, financial information is not available publicly, which is also an issue since transparency is important.
Countries It Accepts Clients from
Axi has its services available for people from more than 150 countries. One of them is, of course, Australia, but other than that, it also has large communities in the UK, China, Germany, and South Africa.
Over the years, AxiTrader managed to win multiple awards. Some of them include the AtoZForex Most Reliable Forex Broker 2017, Compare Forex Brokers Australia Best MT4 Broker 2018, and UK Forex Awards Best MT4 Provider and Most Trusted Forex Broker 2018.
Range of Offerings and Products
In terms of products and offerings, Axi is not exactly the best. While it may be heaven to some people who love Forex and CFDs trading, others will not be happy when they notice the absence of real stocks or ETFs.
Forex products come in a great selection. Meanwhile, there are no bond CFDs, and the same goes for stock and ETF. The crypto CFD selection is also average.
In the product selection, there are 14 stock index CFDs, 76 currency pairs, 6 cryptos, and 16 commodity CFDs.
Axi offers leverage, and its leverage has a maximum ratio of 1:400.
Axis trading platform is provided through MetaTrader. The web platform has amazing customizability and order confirmation, as well as clear fee reports. The downsides include zero price alerts, a pretty bad design, and the fact that there is no 2-step login.
A mobile platform can be used as well. It is offered through MT4, and it is user-friendly. Unlike the web one, it has price alerts. The search function is outstanding as well. You can get the app on both iOS and Android. You can also choose between different languages for the app. Sadly, it has no order confirmation, no Face ID login, and no 2-step login.
Lastly, the desktop platform also brings clear fee reports, price alerts and is highly customizable. But the design is bad and the search function is not the best either. Just like the other platforms, there is no 2-step login.
Axi allows you to pick between individual, joint and corporate accounts. You can also pick between standard and pro accounts.
A demo account option is offered as well. The account is a free 30-day trial, and it allows you to practice your skills before joining the trading world.
Deposits and Withdrawals
When you make deposits, you can use bank transfers, e-wallets, and credit/debit cards. There are also 11 base currencies available.
What Is Axi’s Minimum Deposit?
There is no minimum deposit required by Axi.
Unfortunately, withdrawals can only be made using e-wallets and wire transfers.
Axi does not offer any bonuses or promotions at the moment.
Client Support and Education
When it comes to education, Axi has a lot to offer. First of all, there is a demo account. Secondly, you gain access to a plethora of materials, including trading platform tutorials, educational videos, educational articles, and even some ebooks. But keep in mind that some of the content is not translated.
Verdict – Overall Rating
Axi is a wonderful platform for people who like trading CFD or Forex. It also has a demo account and many educational resources that are great for beginners. There is no minimum deposit, and there are barely any fees to deal with. There are also a few areas that it should improve, such as offering promotions and making withdrawals available through more methods. It should also add more security to the trading platforms. Other than that, Axi is a pretty great broker.
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary.
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There is a very high degree of risk involved in trading securities.
With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.
There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.
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