Axi Review 2023
Axi is a global forex and CFD brokerage firm based in Australia. After being founded in 2007, the company has risen to dominate the industry with its customer-focused strategy and state-of-the-art AI technology. The company holds multiple regulations worldwide. The broker is famous for its wide range of product listings, flexible account types and advanced trading tools. Further, the social trading services and a funding option for selected traders make it one of the most competitive choices for both newbies and veterans. However, the absence of a proprietary trading app might disappoint clients looking for a diverse range of trading platforms. This piece reviews the broker in detail.
Regulation and Security
Axi operates under the brand name of AxiCorp Financial Services Pty Ltd, licensed in multiple jurisdictions worldwide. Below is the information on the company’s regional regulations.
Australia: Australian Securities and Investment Commission (ASIC)
United Kingdom: Financial Conduct Authority (FCA)
UAE: Dubai Financial Services Authority (DFSA)
Global: Financial Service Authority of St. Vincent and the Grenadines (SVGFSA)
With a robust regulatory framework and concrete safety solutions, the company stays committed to protecting clients’ investments using advanced security protocols such as SSL web encryption and two-step login. Find out more about their security and safety to help assist you with a safer trading journey.
Negative Balance Protection
Axi also offers negative balance protection to retail clients, implying that they can’t lose more than they’ve invested. For example, in very rare cases the market may move one way or another during a significant increase of volatility – during this time if your account balance drops below zero your balance will be reset back to zero meaning you will not owe the broker money. Most regulated brokers tend to offer negative balance protection but it’s always worth checking.
Funds Segregation
Besides keeping clients’ funds in segregation with top-tier global banking institutions, the firm also offers indemnity insurance in collaboration with several reputable funds compensation schemes. For instance, European clients have the funds protection of up to €20,000 per client, while the maximum coverage available for UK clients is £85000 in case the company becomes liquidated.
Is Axi available worldwide?
Axi financial and trading services are available worldwide. Currently, the company accepts clients from over 100 countries. However, due to stringent regulatory requirements, clients from selected regions might be unable to sign up with Axi. The list of restricted countries includes but is not limited to Iran, Japan, Syria, Somalia, and the United States.
Supported Platforms
Axi is a MetaTrader broker having a full suite of MT4 trading platforms across all channels, including web, desktop and mobile. However, the company doesn’t offer any propriety trading app, leaving clients with the only option to use the MT4 instead.
Online trading: Axi’s MT4 web terminal is exceptionally customizable. However, besides missing the two step-login authentications, the design seems outdated. Also, it doesn’t have a price alert notification feature. The search function comes in pre-defined categories, but clients might struggle to manually locate their prefered tradable instruments. The MT4 web trader supports basic order types, including market, stop and limit orders. Further, it allows clients to view portfolio reports with precise pricing details. However, you can’t download them except for the monthly financial statements.
Desktop trading: The design and features offered in the desktop trading platform almost resemble the web-based version, except for the price alert feature and the trailing stop order being the noticeable differences. Clients might also like the EA support feature for the automation of trades. In addition, clients have access to PsyQuation, a customizable charting tool that may help them improve their trading techniques. Further, sentiment indicators, correlation traders, alarm managers, automatic trade diaries, and other valuable tools simplify desktop trading at Axi.
Mobile trading: Since no proprietary trading app is available at Axi, clients can download the respective version of the MT4 mobile trading platform from the Google Play Store or App Store. The mobile trading interface has a sleek design, making it convenient for traders to navigate. Finding your prefered tradable instruments via the search option is easy.
While the MT4 mobile trading charting options come in 9-time frames, clients can access 30 technical indicators useable for in-depth technical analysis. The market watch allows traders to view live price quotations, while traders can also set price alert notifications delivered on their mobile screens. The mobile trading app supports all order types, including market, limit, stop, and trailing stops. Unfortunately, the MT4 mobile-based version also lacks two-step authentication. Nevertheless, one-click trading always fascinates clients on the go.
Axi’s trading platforms have been one of its USP; you can find more about them by clicking here.
Account Types
Axi offers three account types: Standard, Pro, and Elite. While the standard account type facilitates retail clients, Pro and Elite accounts are available for skilled professionals and institutional investors. The supported base currencies for Standard and Pro accounts include GBP, EUR, AUD, CHF, CAD, HKD, JPY, SGD, NZD, and USD. However, Elite account holders can fund their accounts only in GBP, EUR, AUD, and USD. While the company quotes prices in 5 digits, the minimum trade size in each account type is 0.01 lots. Features like EAs, Autochartists, PsyQuation and VPS are available in all accounts.
Moreover, clients who wish to avoid swap charges or interest payments on overnight positions can signup for an Islamic account at Axi. Keeping in view the need for newbies, the company also offers virtually funded demo accounts with unlimited expiry. Clients may learn and practice different trading and money management strategies as much as possible without fearing the loss of real funds.
Signing Up
Although signing up with Axi is seamless, the company needs each account holder to verify their account before allowing them to start trading. Therefore, the whole process could take between 1 to 3 working days, sometimes even more. Clients can use their National ID card, Passport or Driving license to confirm their identity. The broker will also need traders to submit a copy of their bank statement or utility bill as proof of residence.
Axi doesn’t stipulate minimum deposits for standard and professional accounts. However, clients need to fund their account with a minimum of $25000 or equivalent while signing up for the Elite account. Overall, the account opening process involves three steps;
1) Fill out the registration form.
2) Submit the required verification documents to verify your identity.
3) Fund your account to start placing trades.
Trading Dashboard
The elegantly designed trading dashboard makes it easy for clients to navigate. The side navigation panel has four categories to explore: Accounts, Funds, Tools, and Help
While clients can use the accounts tab to view account details such as funds and available leverage, the financial statement tab allows traders to download profit and loss statements and reports on equity. The Funds option takes clients to the deposit and withdrawal pages and lets them view available payment methods. Other features such as PsyQuotion, and Axi Select are accessible via the Tools tab, while clients can use the support tab to connect to Axi’s customer support.
Deposit and withdrawals
Axi offers multiple payment methods for deposits and withdrawals, including but not limited to debit cards, credit cards, e-wallets (Skrill, FasaPay, Neteller), and bank transfers. The company also accept cryptocurrencies as a supported payment method. Notably, available options might vary from country to country. Traders can see all the supported payment methods for their country on the client’s portal under the fund’s option.
The lead time required for deposits to reflect in your Axi account depends upon your selected payment method. For instance, funds deposited via cards are instantaneous, while payments processed via bank transfers may take up to 3 working days. However, crypto payments take between 0-60 minutes to get processed.
All withdrawals are processed within 1 to 2 business days, except for the wire transfers that may take up to 5 working days. If you have additional concern regarding payments and transfers, you should discuss with the customer service before moving any further.
Instruments
Axi is a market leader when it comes to product listings. The company offers a wide range of tradable financial instruments. For example, clients can trade 70+ currency pairs, 40+ share CFDs, 30+ indices, 10+ commodities, and 11+ cryptocurrencies. However, the available financial instruments list may vary depending on your selected entity. For instance, the FCA has banned crypto derivatives trading in the United Kingdom. Hence, it is vital to check the availability of your desired tradable asset with the broker ahead of opening an account with them.You can also compare brokers on our website to find out more about topics including instruments, leverage and spreads.
Commissions and Fees
Axi seems to be a low-cost broker, with most of its trading fees falling in line with the average industry standards. However, clients might find non-trading costs a little expensive. For instance, the company applies a 3% fee on card deposits exceeding the limit of $50,000 a month. Similarly, the company charges a $25 administration fee on processing withdrawals less than $50.
The company doesn’t charge any commission from standard account holders. However, Pro and Elite account holders pay a $7 commission per round trip.
Axi calculates the commissions based on the number of standard contracts purchased or sold in each transaction. When only a portion of a regular contract is used, a pro-rata fee is assessed.
There is no fee for withdrawals. However, any charges employed by your bank are out of the company’s control. The currency conversion charges may also apply.
Spreads
Axi employs a variable spread charging policy with a minimum spread starting at 0.0 pips in a Pro account. While the average spread on currency pairs like EUR/USD is 1.2 pips in the Standard account, it stays around 0.1 pips in the Pro account. Clients can trade indices like US30 for an average spread of 200 points. Investors can also trade precious metals like Gold and Silver for competitive spreads starting at 2.4 pips, respectively.
Available Leverage
Leverage involves funding from your broker to help you initiate large positions with fractional investment. The broker does not offer leverage of more than 1:30 in countries with higher regulatory standards, such as the UK. However, clients registered with the company’s offshore entity can use the maximum leverage of up to 1:400. Please be informed that leverage carries excessive risk exposure. Besides maximizing profit-earning potential, it magnifies the risk of loss.
Analysis and Education
Axi’s offers rich research and educational resources to help clients learn and grow. The learn-to-trade module has six categories: video tutorials, seminars & webinars, an academy, a blog, e-Books and a glossary section.
There are eleven courses in the video collection, each with a slew of lessons. While the video tutorials are short, they serve well as an introduction to each subject for novice traders.
Axi blog includes a weekly market overview in addition to the analysis provided by Autochartist. It’s well-written and contains charts and trading strategies that are simple to grasp.
The broker offers five free eBooks to download while clients can register for webinars and seminars for an interaction with industry experts. The glossary section lets clients learn frequently used trading terminologies and become familiar with them. Overall, the quality of Axi educational resources is impressive.
Customer Service
Axi seems pretty concerned with ensuring client satisfaction. Therefore, the company’s customer support remains accessible 24/7, five days a week. Clients can also find detailed FAQs under the knowledge base section. Further, the AI-powered auto-response robot’s dialogue box allows you to type in the question and let it search for the best answer to your queries. However, you can always reach customer support by telephone, email, and live chat.
Reputation amongst Traders
Axi is one of those brokers having excellent clientele feedback. The company is rated 4.5 stars on Trustpilot based on 1122 reviews. While clients have appreciated the company for its low spreads and excellent customer support, some reported the broker for latency issues. Overall, the company holds an excellent reputation amongst investors.
Awards
Axi has won multiple awards for its exceptional services to the retail forex and CFD industry.
- Professional Trader Awards 2021 by Best Trading Loyalty Program
- Best CFD Provider 2021 by Shares Awards.
- Best EMEA Region Broker Award 2020 by ADVFN International Financial Awards.
- Best Forex Broker Middle East Award 2019 by forex-awards.com.
Can beginners trade with Axi?
With rich educational resources and the availability of demo accounts, the company is well suited for beginners. However, due to its complex interface, the company’s MT4 trading platform might not appeal to newbies. Further, the platform advanced trading features (PsyQuation) can appear too complicated to understand for those new to trading.
Summing Up
Axi is a multi-asset brokerage firm well known for its rich product portfolio and advanced trading features. While tight spreads and funding options make it an appealing choice for professional clients, a social trading service, low minimum deposits and extensive educational resources becomes the ultimate reason newbies can’t resist signing up with them. However, the lack of a custom-built trading app, higher non-trading cost and account inactivity fee could also make low-volume traders look for an alternative.
