Forex Brokers

Axi

Established in 2007, Axi is an online Forex broker based in Australia.

Established in 2007, Axi is an online Forex broker based in Australia and regulated by the Australian Securities and Investments Commission (ASIC, AFSL number 318232), the Dubai Financial Services Authority (DFSA, reference number F003742) and the UK Financial Conduct Authority Bureau (FCA, Ref. 509746). Axi is the trading name of AxiTrader Limited (AxiTrader), a company registered in Saint Vincent and the Grenadines with International Business Companies Registry number 25417 BC 2019 and registered with the Financial Services Authority. Additionally, Axi is a MetaTrader broker offering CFD trading on 80 currency pairs and 65 commodities, metals, indices and cryptocurrencies. Axi offers clients an advanced MT4 NextGen add-on package and also offers some socially replicated trading platforms and tools.

Financial Instruments

Axi only offers foreign exchange and CFDs, not real shares or ETFs. The selection of foreign exchange products on the Axi platform is relatively rich, while the types of CFDs on stock indices, commodities and cryptocurrencies are general.

Open an account

Axi's account opening is simpler and completely digital, but it takes a bit longer than similar online brokers. Axi has no minimum deposit requirements, and differentiates its accounts based on two points: the type of customers on the account and the fee structure

Account Type

Axi offers two different accounts: Standard and Professional. The main difference between the two account types is the commission charge, and there is no minimum deposit requirement for either account.

Spread & Commission

The spread of the professional account starts from 0.0 pips, and a handling fee of USD 7 per lot is charged; the spread of the standard account starts from 0.4 pips, and no additional handling fee is charged for foreign exchange transactions.

Withdrawals

Axi does not charge any deposit or withdrawal fees. Traders can make deposits using credit/debit cards, bank transfers and e-wallets, but withdrawals are only possible via wire transfers and e-wallets. At Axi, there are 11 base currencies to choose from, namely AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, PLN, SGD and USD.

Trading Platform

Axi's trading platform (provided by MetaTrader) is highly customizable and has a clear expense report. But the trading platform has a somewhat dated design and lacks two-step login and price alerts. Axi does not have its own in-house developed trading platform, it provides the MetaTrader 4 trading platform.

Risk

OTC derivatives are complex instruments, and due to leverage, losses can significantly exceed a trader's initial investment. Traders should consider whether they understand how OTC derivatives work, and whether they can afford to take high risks. Investing in over-the-counter derivatives is risky and not suitable for all investors.

Education & Research

AXI offers a number of educational tools, starting with demo accounts, which help novice traders acclimate to the trading environment by using virtual funds and accessing the same features of a live account. Additionally, at AXI, traders have research options such as charting tools, news feeds and economic calendars, which can be accessed through the MetaTrader 4 platform, ensuring traders are kept up to date with the latest market news and movements.

Customer Service

Traders can contact Axi's customer service team via phone, live chat and email. On the other hand, the Axi platform is only available 24/5.

Pros and Cons

Axi has low foreign exchange fees, no inactive account fees, and free deposits and withdrawals. The steps to open an account are relatively simple and completely digital. But on the other hand, the broker offers a more limited range of trading products, with only some FX instruments and CFDs. Only 24/5 customer support is available, and research options are more limited.

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