Axi Review 2024, Bonus, Account Types, Spreads, Leverage & More

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  • Axi Review 2024, Bonus, Account Types, Spreads, Leverage & More

Our review of Axi aims to offer you the most important information you need. We will cover the Axi leverage, funding, spreads, regulation, contact, minimum deposit, and other details we know you care about. By the end of this review, you will have made the choice of whether or not to use Axi.

Axi started operating back in 2007. It is now regulated by several financial authorities that include the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Dubai Financial Services Authority (DFSA).

That is why we consider Axi to be safe. The top-tier regulation ensures that they are always operating as per the requirements of the law.

You should know to be careful when trading CFDs with Axi. 67.7% of the retail traders who use their accounts to trade CFDs with this broker, lose money. You need to consider the level of knowledge you have before you divest and start trading in CFDs.

You also need to know that the risks are manageable or that you can lose money without wiping yourself out.

With that out of the way, we are going to dive into the fees, and see how much it will cost you, to trade with Axi.

axi review

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Axi Pros

  • They have low trading fees
  • There are no withdrawal and deposit fees
  • The account opening process is fully digital and easy

Axi Cons

  • You will only be offered forex and CFD trading
  • The research tools are limited
  • The email support is slow

Like all brokers, there is a lot to like and some things that they could do better. The whole point of this review is to make sure that they have what you are looking for.

A Highlight of Important Axi Information

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Axi Fees       

According to our analysis, the forex and trading fees you will incur when using Axi are low. They have no withdrawal or deposit fees either. To get even more familiar with what to expect with this broker, we are going to get into the details of their fee structure.

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The best way to know if the fees charged by a broker are low, average or high, is to find the brokers on the same level and then compare their fees in a standardized setting.

To get started, let us look at some of the languages that is used when we are talking about the broker fees. You need to pay attention to the trading and non-trading fees, as they can be a deal-breaker if they are too high.

  • You pay trading fees when you trade. They can be in the form of Axi spreads, commissions, financing rates and conversion fees.
  • The non-trading fees include charges that are not directly related to the trading activities. They include withdrawal fees or inactivity fees.

In the following paragraphs and sections, we are going to group the fees properly so you can make a comparison and know just how much you can expect to pay when you are trading with Axi.

We selected two other brokers on the same level as Axi, to make sure that we can make a fair comparison. The two brokers we picked for the comparison are Pepperstone and IC Markets.

The selection process includes a careful look at the products that they offer, the client profile, their fees structures and other details that matter.

Let us start with the trading fees.

Trading Fees

We consider Axi trading fees to be lower than the competition. There are different cost structures from all the Axi account types.

It is not an easy thing to try and compare the trading fees for brokers. In this Axi review, we decided to calculate the fees on a one-week timeline for the three brokers and see what they look like on a table.

It is a comparison of the products and how much they will cost you.

The other two brokers we compare with Axi are Pepperstone and IC Markets. To make this easier, we chose the major trading instruments in each class of assets and then compared them to each other to know what the fees look like.

Axi Trading Fees

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The instruments we chose are:

  1. Stock index CFDs from SPX and EUSTX50
  2. Forex currency pairs that include; EUR/USD, GBP/USD, EUR/CHF, AUD/USD and EUR/GBP

A normal trader using the account types will most likely be buying an Axi leveraged product, hold it for one week on average and then sell. So, in our analysis, we have chosen the volume to be $2,000 for the position on a stock index and CFD transactions and the position for forex, at a volume of $20,000.

In our breakdown, we are using an Axi leverage of 30:1 for the currency pairs in forex and 20:1 for the stock index CFDs.

We will use this benchmark to show you the spreads, the commissions and the financing costs that you can expect to pay for the three brokers. The tables will show how the Axi spreads and fees compare.

CFDs Fees

Here is how the CFD fees compare, when you stack them up against Pepperstone and IC Markets:

Non-Trading Fees

Axi has low non-trading fees. They do not charge account, withdrawal/deposit or inactivity fees. The non-trading fees you will pay at Axi in comparison with Pepperstone and IC Markets, break down as follows:

  • Axidoes not charge account, inactivity, deposit or withdrawal fees
  • Pepperstone and IC Markets do not charge any of those fees either.

In comparison with the two competitors, the Axi fees are more or less the same and slightly lower than what you will pay on IC Markets or Pepperstone in some instances.

Axi Account Opening

The account opening process at Axi is fully digital and easy to follow. It is quick too, and you will most likely have your account approved within 1 to 3 business days. Anyone can join. Axi is a global broker that serves most countries.

There are a few exceptions. If you are from the United States, Japan, Singapore, Colombia, Iraq, Iran, you will not be accepted as a customer on Axi.

You should also know that the Axi minimum deposit is $0, which is rare. Not many brokers will let you sign up without paying a minimum deposit.

open an accountAxi Account Opening

To open your Axi account, you have to go through these steps.

  • Fill in your name, name of the country in which you live, your email address and telephone number.
  • Select the account type you would like to use.
  • Fill in your personal information, including physical address and date of birth.
  • Give our personal financial information and answer the questions they will ask about your knowledge of the forex markets.
  • Verify your identity and place of residency using utility bills or bank statements. For identification, you can verify using a copy of your ID card or passport.

After that short process, you will be done.

Axi Review – Account Types

Axi differentiates the accounts based on who owns them and the fee structure that applies to each.

When we base the accounts on ownership, we have three types that you can pick. They include:

  • Individual- An individual owns the account.
  • Joint-Two or more people own the account.
  • Corporate- A legal entity owns the account.

The accounts differ when it comes to fees structure in the following way:

  • The Standard Account– There is no commission and the spreads are generally higher
  • The Pro Account-There is a $7 round trip commission and lower spreads
  • Spread Betting Account– This is a tax-free account that is available only to clients in the UK.

For our review, we picked the individual Pro account for our Axi review tests.

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Axi Base Currencies

There are 11 base currencies provided when you sign up with Axi. They include EUR, GBP, USD, PLN, CHF, AUD, CAD, HKD, JPY, NZD, SGD.Axi is one currency better because Pepperstone and IC Markets offer 10 base currencies each.

Axi Broker Advantage

There is a reason why having many base currencies like Axi here, matters. When you fund your account in the same currency as your bank account or make your trades of assets in the same currency as the base currency, you will not have to worry about paying the conversion fee.

One of the best ways to save money on currency conversion fees is to open a multi-currency bank account at digital banks. Examples of this include Revolut and Transferwise. They both offer multiple currencies with cheap currency exchange rates and cheap international transfers.

Opening the account on either of these banks will take just a few minutes. You can do it from your phone.

Axi Review – Deposit Options and Fees

You will have several options to make deposits when using Axi, in addition to credit/debit card transfer, you will also be able to use broker-to-broker transfer and a number of electronic wallets like Neteller, Skrill/Moneybookers and Global Collect and BPAY (for clients living in Australia).

In comparison with Pepperstone and IC Markets, a deposit can happen via bank transfer, credit/debit cards and e-wallets.

When you do a bank transfer, expect it to take several business days. The credit/debit cards and electronic wallets are instant.

NOTEYou should know that you can only deposit and withdraw from or into accounts that are in your legal name.

Axi Withdrawal Options and Fees

Axi does not charge withdrawal fees and has several ways that you can withdraw your money. If you used debit/credit card to deposit, you can only make withdrawals to your bank account. In case you used electronic wallets, you can only withdraw to those wallets that you used when making the deposits.

The $0 withdrawal fees is a positive. However, when you compare the withdrawal methods to those of the competition, Axi seems to fall short.

  • Axiallows withdrawal via Bank Transfer, Electronic Wallets and charges no withdrawal fees. However, you cannot withdraw to credit/debit card
  • Both Pepperstone and IC Markets allow credit/debit card withdrawal and offer everything else that Axi

It takes two business days to withdraw from Axi when you use bank transfer. Withdrawal is an easy process that will require you to do the following simple things:

  • Log in into the client portal
  • Select the part that says ‘Withdraw Funds’
  • Choose the method you would like to use to withdraw
  • Add the bank account details like Swift Code and IBAN (Assuming you have not already done this)
  • Enter the amount you would like to withdraw

After this, you just initiate the process and wait for the money to get to you.

Axi Review – Trading Platforms

Axi offers you platforms on all levels. You will have the Axi web trader, the mobile platform and the desktop app. They are all supplied by MetaTrader.

Axi Review - Trading Platforms

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The Web Trader

The Axi web trader is a product of MetaTrader. It is very customizable, available in multiple languages and gives clear fees reports. It does not require a two-step login and does not provide price alerts.

The most used platform by the clients is Axi MT4, which is third-party software.

  • The best part about the web trading platform on Axiis that it is very customizable. You can change size and position very quickly and easily from the table. It is hard not to feel like the platform is a bit outdated.
  • Some of the features might be hard to find, but when you have so much functionality in one software, it is only natural. Over time, you will get used to where everything is, and you will know where to look.
  • The search functions are alright. You can find all the assets listed by category. You cannot manually search an asset by name.
  • It is easy to place orders, and you have these types of orders available; market, limit and stop-loss. The others are Good ’till Cancelled (GTC) and ’till Time (GTT). You cannot set your alerts and notifications when using the Axiweb-trading platform because that feature is only available when you are using the desktop app.

Portfolios and fees reports are easy to access and read. You will be able to see the profit-loss balance and the commissions you paid. The reports can be found under the history tab. There is no accessible way to download them, though.

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Axi Review: The Mobile Platform

MetaTrader is the only software that Axi has on mobile. In our Axi review, we found that it is available for both iOS and Android users. After you download the Axi MT4 mobile trading application, you will need to access the relevant AXI server.

NOTE:We say relevant because it depends on where you are geographically. For example, you can get access to Axi-US02 Live.

You can choose from the many languages available on the mobile platform. Changing the language may be a bit tricky for Android users because you will only be able to do it if you change the default language of your device.

  • The design on the mobile app is user-friendly and makes it easy for you to access all the features available to you.
  • As for security, the mobile platform available on the Axi reviewwe did, does not have a two-step login, which is safer. You cannot use fingerprints or Face ID authentication. This feature would be useful.
  • The search functions on mobile are much better than what you would find on the web trader. They allow you to search by writing the name of the product. You can also find what you are looking for by scrolling through the category folders.

The orders you can place with the mobile app, are the same as the ones you can place using the web trader. You have the option to set alerts and notifications. However, you will have to do that on the desktop app, which will push them to your phone.

The Desktop App

The design of the desktop app is almost the same as that of the web trader in so many ways. The significant difference is that with the desktop app, you have the option of setting the price alerts and notifications.

In our Axi review research, we found that the notifications feature is what makes it best for a trader to have access to the desktop app. You can have them sent to your phone via email or mobile push notifications.

To set these notifications, you will have to add an email address and then the MetaQuotes ID, which you can find in the MT4 software settings. Then, you can add the notifications by going to the ‘Tools’ section and then clicking on ‘Options.’

Aside from those features, there is nothing on the Desktop app you cannot find on the mobile or web trader platforms.

Axi Markets and Products

Axi has many forex products available for you to trade. They have a stock index, crypto CFDs and commodities. Their offering is average, seeing as they do not offer ETFs or CFDs.

You should know that CFDs are very complicated and you should never try to trade them unless you know what you are doing and have the money to lose, in case something goes wrong.

The stats say that when trading with Axi, 67.7% of retail investors lose money. You should consider your choices before you decide to dabble in CFDs.

In comparing the product selection when trading with Axi with those of the competition, we get the following results in the table below.

With Axi, you have the option to change the leverage if you want to. The great thing about this kind of latitude is that you can lower risk. Let’s say you wanted to trade with a leverage of 2:1 and you started at 5:1.You can adjust and set the leverage that works for you.

You would need to be protected from bad losses and high risk, especially when you are trading stock CFDs.

Axi Review on Research Tools

In summary, Axi will give you charting tools, a news feed, and an economic calendar.All provided under the MetaTrader 4 platform. They lack the provision of trading ideas and do not have fundamental data.

The best thing about their available research tools is that they are user-friendly and the economic calendar is adequate.

Axi Review on Research Tools

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With the Axi research tools, you will have two sources:

  • What’s available on the MetaTrader trading platform
  • The ‘Market News and Blog’ on the Axiwebsite

MetaTrader tools are the most helpful, as they are offered in a large number of languages. To reiterate, you will not get any trading ideas from Axi and neither will you get fundamental data.

If you need either of these tools, you will have to source them from third party sources. The charting tools you will find tax trader are just okay.

They have 31 technical indicators. Most of them are found on the MetaTrader trading platforms. On the negative side of things, the design on these, look antiquated.Some of the features are not easy to use. For example, it is hard to figure out how to remove an indicator from the chart.

Axi News Feed

News is essential to a trader because it drives the price by influencing the market sentiment. Not knowing what is going on, will leave you in the dark, as you cannot speculate without having access to the proper and relevant news.

The news is offered on Axi, via the MetaTrader 4 platform. This is not bad since many other brokers who use MT4, do not even provide news. The news is bland, though, as it lacks charts and other visual aids to help you make trades better.

In the market analysis section, we found useful. You will find it on the Axi website, under the ‘Market News & Blog’ section.

In addition to the news, there is an economic calendar that has many filters for country and category. That is a great feature when you want to narrow down the kind of notifications you get.

Axi offers news through the website. The articles are good quality and they have daily updates.

Unfortunately, some of those articles can only be accessed by the Australian and UK websites only. If you are on an international website, you might find that you can only access forex market analysis news and general educational material.

That is a limitation they could have done without.

Axi Review – Customer Service

There are three ways you can get in touch with the customer support provided by Axi. The methods are:

  • Live Chat
  • Phone
  • Email

Compared to most of the other brokers we have reviewed, Axi has a fast live-chat feature that returns answers quickly and relevantly.  The phone supports us average-speed, but the answers are all relevant.

Email takes longer because they take time to reply, but they always come back with useful answers. The one thing that we can find fault inis that customer support is not available 24/7. They are only available 24/5.

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Axi Review – Education

If you are just getting started into the world of forex, you will need to make sure that you are not only prepared with money but education as well. If you need to reference anything or learn anything, there are several ways to do that at Axi:

  • The Axi DemoAccount
  • Platform Tutorial Videos
  • General Education Videos
  • Quality Educational Articles
  • eBooks

The education material is easy to access. You will find the primary education tools under the ‘Traders’ tab by clicking on the part that says ‘Education.’ There are educational articles in the ‘Market News and Blog’ section.

They are all updated and adequately written.

The general education videos section has good quality video files you can watch for topics like trading psychology and the basics of forex trading. There is an option to download and read the many high-quality eBooks that they provide.

The demo account is a vital part of your training as it will expose you to the market conditions. You will come up with strategies and test them on the real market, with virtual money.

Axi Review – on Broker Safety

Axi is a broker regulated by a number of top-tier financial authorities. Axi is now an established brand. However, it is not listed on any exchange and does not have a banking license.

The regulators who oversee Axi all over the world include:

  • The Financial Conduct Authority (FCA)
  • The Australian Securities and Investments Commission (ASIC)
  • The Dubai Financial Services Authority (DFSA)

Axi Review - on Broker Safety

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The fact that they have been around for so long and are regulated by respected financial authorities means that you have nothing to fear when it comes to the safety of your money. On the other hand, Axi’s license got suspended in New Zealand by the Financial Markets Authority since July 29, 2019.

You can read more about that by clicking here.

The best thing to do when you are checking for safety is to ask yourself these two questions; how protected are you if something goes wrong? What is the background of the broker?

To answer the first question, we have to look at whether they have investor protection at Axi, or not.

You will be happy to know that they have investor protection but the amount and the regulator differ from one entity to the next.

So, here is what that looks like when broken down into a table:

Axi has provisions for negative balance protection for forex spot and CFD trading. However, this is only available to clients from the European Union. If you are a non-EU client or Professional, you will not be covered by the negative balance protection.

Add to that the fact that Axi has been around since 2007 and you have a broker you can trust. The background is a big part of our safety checks. We want to know that the broker has been around long enough to get a reputation and that the reputation is good.

In Conclusion

Axi is a well-regulated broker, overseen by various authorities in several jurisdictions. We have the FCA, the ASIC, and the Dubai authority. Trading fees are fair and low. Plus, there is no inactivity fee charged.

Deposits and withdrawals are free. The Axi minimum deposit is $0. The account opening is digital and easy.

They may have a limited product range, but it is a great place for many beginners and intermediate traders to cut their teeth. In addition to all this, they have a great support system and a comprehensive provision of education.

Feel free to try Axi today and see for yourself what they can offer you. There is an option to get the demo account and start there. With it, you can find out all you need to know before you sign up.

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