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Axi Review 2024

Written By

Christian Harris

Written By

Christian Harris

Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.

» Christian Harris Profile Page

Edited By

James Barra

Edited By

James Barra

James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Fact Checked By

Michael MacKenzie

Fact Checked By

Michael MacKenzie

Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.

» Michael MacKenzie Profile Page

Updated

Nov 29, 2024

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Overall Rating

3.7 / 5

Axi is #34 in our CFD broker rankings.

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Customer Reviews

Regulation & Trust

3.8 / 5

Accounts & Banking

3.5 / 5

Assets & Markets

3 / 5

Fees & Costs

3.8 / 5

Platforms & Tools

3.5 / 5

Customer Support

3.8 / 5

Minimum Deposit $0

Trading Platforms Axi Copy Trading, MT4, AutoChartist

Instruments CFDs, Forex, Stocks, Indices, Commodities, Crypto

Regulators FCA, ASIC, FMA, DFSA, SVGFSA

Account Currencies USD, EUR, GBP, CHF, PLN

Payment Options Neteller, Skrill, Credit Card, Debit Card, Visa, Mastercard, JCB Card, Wire Transfer, FasaPay, PIX Payment, Maestro, Boleto, Giropay, Sofort, POLi, BPAY, iDeal, Alipay, Airtel

Awards

• Best Forex Provider 2023 – Online Money Awards
• Best MT4 Provider UK 2022 – International Business Magazine Awards
• Best CFD Provider 2022 – Shares Awards
• Best CFD Provider 2021 – Shares Awards
• Most Transparent Forex Broker (Middle East) 2021 - Global Forex Awards
• Best EMEA Region Broker 2020 - ADVFN International Financial Awards

Pros

• The growing educational resources in the Axi Academy, including free eBooks, video tutorials and notably interactive quizzes, are excellent for supporting beginner traders.
• Axi offers a terrific MT4 experience, enhanced with the NextGen plug-in for advanced order management and analytics, and complete with low execution latency of approximately 30ms.
• Axi's latest copy trading app is really intuitive based on our tests with useful filtering options to match strategies with individual risk preferences.

Cons

• Despite bolstering its stock CFDs in US, UK and EU markets, it’s still nowhere near as extensive as firms like BlackBull which offer thousands of equities for diverse opportunities.
• Axi still has our confidence but issues with the ASIC and FMA in recent years mean it needs to continue providing a secure environment while adhering to licensing conditions.
• Axi is falling behind by only offering MT4 when many rivals now support MT5, cTrader, TradingView and proprietary software for a slicker experience with more advanced tools.

Regulation & Trust

Trust is a key part of Axi’s appeal. However, we’ve had to lower its Regulation & Trust Score following infractions.

Accounts & Banking

Live Accounts

Axi offers a strong range of account types tailored to meet the needs of various active traders, from beginners to experienced professionals:

1. Standard Account: Suits traders seeking a straightforward pricing structure. It has slightly higher spreads starting from 0.9 pips but charges no commission, making it a cost-effective choice for those who prioritize simplicity over ultra-tight spreads.
2. Pro Account: Designed for more advanced traders who prefer lower trading costs on larger volumes. This account features spreads starting at 0.0 pips and charges a commission of $7 per round trip (ie $3.50 to open and $3.50 to close a trade).
3. Spread Betting: Exclusive to the UK and Ireland, this account allows tax-efficient trading on price movements without owning underlying assets. Spread betting has proven popular with short-term traders.
4. Swap-Free: A swap-free account that eliminates overnight swap fees for traders requiring compliance with Islamic finance principles, making it suitable for those adhering to Sharia law.

Axi’s account offerings are strengthened by the flexibility to select a preferred base currency (USD, EUR, GBP, CHF, PLN), a maximum leverage up to 1:500 (depending on location), and minimum trade size of just 0.01 lots.

Demo Accounts

Based on my direct experience, Axi’s demo account offers a realistic trading simulation on the MetaTrader 4 (MT4) platform with up to $100,000 in virtual funds.

It mimics live trading conditions, including real-time spreads and execution speeds, allowing you to practice risk-free for 30 days.

However, while a demo account ensures an easy transition to a live account and includes 24/5 dedicated support, unlike other brokers, such as BlackBull, Axi lacks indefinite access for testing your trading strategies.

Deposits & Withdrawals

Axi provides multiple depositing options, including the popular e-wallet PayPal and traditional methods like bank wire transfers and credit/debit cards (Visa and Mastercard).

Deposits and withdrawals are generally fee-free and can be made in a wide range of currencies, including AED, CAD, CHF, EUR, GBP, HKD, PLN, SGD, USD and ZAR.

The flexibility in currency options caters to a global clientele, although annoyingly, there’s no support for the increasingly popular crypto. You can deposit and withdraw in crypto at brokers like Exness.

Axi imposes a minimum deposit requirement of $10 for transfers, making it accessible for all traders. Credit/debit card deposits are lower, at $5.

Axi doesn’t charge for withdrawals exceeding $50 or for full account withdrawals – otherwise, a $25 administration fee may apply. Also, the provider may incur a transfer fee for e-wallet transactions.

I’ve found that credit/debit card and e-wallet transactions are typically processed instantly, but bank transfers typically take 1-3 business days to complete – including international withdrawals.

Christian Harris

Author

Assets & Markets

Axi offers a well-rounded range of tradable assets, particularly in forex.

It has also expanded its suite of US, UK and EU stocks over the years, with 50 new additions in 2021, then again in 2023 with big names like Spotify and PayPal, as well as in 2024 with fresh shares in technology, electric cars and other popular industries.

Still, a further broadening of equities and commodities would further enhance its appeal, especially for advanced traders seeking diverse opportunities.

Similar to many brokers we’ve evaluated, Axi primarily offers CFD trading. This means you can speculate on the price movements of various assets, such as stocks, indices, and commodities, without actually owning them.

• Forex: 70+ major, minor, and exotics (eg EUR/USD, GBP/JPY). Good but fewer than Pepperstone‘s 100+.
• Commodities: 15+ metals, oil and naturals (eg gold, coffee). Reasonable but fewer than IC Markets‘ 25+.
• Indices: 15+ from US, Europe, Asia and Australia (eg US 30, AUS 200). Reasonable but fewer than IG‘s 80+.
• Stocks: 100+ covering the US and Europe (eg Microsoft, HSBC). Poor compared to BlackBull‘s 26,000+.
• Crypto: 35+ depending on your location (eg BTC, ETH). Reasonable but fewer than Eightcap‘s 120+.

Axi could also strengthen its competitive position by broadening its asset range to include ETFs, options, bonds, and interest rates, available at brokers like IG.

Fees & Costs

Axi strikes a balance between affordability and flexibility, offering competitive spreads on both Standard and Pro accounts that align with industry standards:

• For traders using a Standard account, testing shows the average spread for popular currency pairs like EUR/USD is around 1.3 pips, while GBP/USD averages 1.5 pips, and AUD/USD is typically 1.4 pips. Standard account holders also enjoy commission-free trading.
• Those opting for the Pro account benefit from significantly tighter spreads, such as 0.2 pips for EUR/USD, 0.5 for GBP/USD, and 0.5 for AUD/USD, albeit with an added $7 USD commission per round trip.

The cost-effectiveness of these accounts largely depends on your trading volume and asset preference. For low-frequency traders or those new to the market, the simplicity and zero commissions of the Standard account might be appealing.

However, high-frequency day traders or professional traders may find the Pro account’s tighter spreads more advantageous in the long run.

Platforms & Tools

MetaTrader 4

Axi primarily offers the MetaTrader 4 (MT4) platform, a popular choice with active traders due to its flexibility and robust features.

The platform is compatible with Android and iOS devices and Mac and Windows systems (web or desktop), ensuring accessibility across various devices, with frequent updates to improve the trading environment.

I personally tested the MT4 platform and what I really like is that the intuitive interface makes it relatively easy to execute trades efficiently.

Also, Axi’s comprehensive educational resources (which I dive into later), will clearly support beginners in navigating the platform’s features.

Christian Harris

Author

MT4 provides access to over 150 assets, real-time pricing, and advanced charting tools. Features like custom indicators, automated trading strategies via the MQL4 programming language, and integration with third-party applications such as Myfxbook enhance its utility.

Axi also includes MT4 NextGen plugins for live account holders, offering advanced order management, sentiment trading tools, and additional analytics to complement the core platform.

This is a noteworthy addition that isn’t available at most MT4 brokers I’ve assessed, making Axi a compelling choice for the serious trader.

Yet while MT4 is a strong offering, the absence of MT5 might be a drawback for traders seeking a more modern platform with additional features.

I’m also really disappointed that there’s no support for the excellent cTrader and TradingView platforms – I prefer using both to MetaTrader and increasingly see brokers providing all four, including BlackBull.

Christian Harris

Author

Copy Trading

Axi brought in copy trading in 2021 through an app available for Android and iOS, enabling you to replicate successful strategies from other investors.

I spent a long time exploring it and this social trading feature is impressively user-friendly, with filters for risk management and trader performance to match individual preferences.

VPS hosting also enhances Axi’s trading environment for day traders seeking low latency and uninterrupted connections.

Additionally, there is MAM (Multi-Account Manager) and PAMM (Percentage Allocation Management Module) account management for professionals.

Axi Select

Axi is also one of the few brokers to offer funded trading accounts, which it introduced in 2023.

Axi Select has six stages with funding available to traders that can demonstrate they can achieve consistent returns while managing risk.

Up to $1,000,000 is available in funding with a profit split up to 90% in favor of the trader. There is no fee to join the programme – it is open to all traders that can show they have the skills.

However, what you can’t get away from is that you have to sign up with the offshore entity – AxiTrader Limited, which isn’t authorized by a strong regulator. This makes it a risky endevour – you could have limited recourse options in case of issues.

Research

I meticulously combed through Axi’s research tools and what I found is a reasonable range of features.

However, expanding interactive features such as live webinars and real-time expert commentary, which you can find at providers like IG, would greatly benefit traders, especially beginners.

Axi provides informative daily market updates, an average blog with trading insights, and an integrated economic calendar for tracking key global events.

There are also helpful calculator tools to aid aspiring traders in planning their trades. These tools include a Required Margin Calculator to determine the necessary funds, a Pip Calculator to gauge price movement value, and a Profit/Loss Calculator to estimate potential outcomes.

But its the tools from third parties Autochartist and Trading Central, available in MT4, that really add value by automatically identifying chart patterns and trading opportunities, making technical analysis more accessible for new traders.

Education

From my investigations, Axi offers excellent educational resources to help beginner traders build their skills and confidence in the financial markets.

These resources include Axi Academy, which provides free courses (some of which I’ve completed myself) tailored to specific trading topics like gold trading and risk management strategies.

The academy is clearly designed to be accessible and incorporates videos, written content, and quizzes to make learning interactive and engaging.

Additionally, Axi offers a small library of free downloadable eBooks covering essentials such as forex trading fundamentals, market analysis, and trade management. These materials help simplify complex trading concepts, making them suitable for beginners.

Video tutorials on the MetaTrader 4 platform are also a welcome addition. They provide step-by-step guidance on how to install and use the platform effectively.

The Trading Glossary is another helpful resource for new traders. It offers clear definitions of key trading terms and concepts, which can often seem overwhelming.

Additionally, Axi’s well-written blog regularly updates market insights, trading tips, and industry trends. The blog covers a mix of educational and market-related content, which helps bridge the gap between theory and practice.

Axi’s educational offerings are comprehensive, but they could be further improved with live webinars or mentorship programs to provide beginners with more hands-on learning opportunities and personalized support.

Christian Harris

Author

Customer Support

Axi offers a range of customer support options to help ensure you have access to assistance when needed. Its team is available via live chat, email, and phone, providing 24/5 support.

I’ve discovered the live chat feature, accessed directly from the website, allows for quick responses, while toll-free phone support is available in 10 regions, including Australia, Germany, Singapore and the UK.

Axi also has an extensive Help Center and client portal where you can submit email requests and track the status of your inquiries.

I find the Axi Help Center to be a valuable resource. It’s a one-stop shop for most questions, from account details to trading platform specifics. It saves me a lot of time and trouble.

Christian Harris

Author

But although Axi’s support options are robust, there is still room for improvement. Offering 24/7 support, especially for international traders in different time zones, could enhance the customer experience. Around-the-clock support is a quality I’ve come to appreciate at alternatives like Exness.

Additionally, expanding the video tutorials could help streamline the support process.

Should You Day Trade With Axi?

Axi is a solid choice, mainly for those interested in forex and CFD markets, thanks to its competitive spreads and dependable MT4 platform.

While beginners may find their need for a proprietary app limiting, Axi’s educational resources and responsive customer support can still provide valuable assistance.

Overall, Axi is a reliable and trustworthy broker for a wide range of active traders, but advanced traders looking for a broader range of assets with the lowest spreads will be better served elsewhere.

FAQ

Is Axi Legit Or A Scam?

Axi, formerly AxiTrader, is a legitimate broker with strong regulatory credentials. It is authorized by reputable financial authorities, including the FCA and ASIC. This ensures compliance with strict industry standards for transparency and customer protection.

While it is a trustworthy broker, as with any financial service, you should ensure you understand the risks of trading leveraged products and confirm Axi’s offerings suit your needs.

Is Axi Suitable For Beginners?

Axi can be suitable for beginners due to its competitive and straightforward pricing, especially on the Standard Account with no commission, but there are definitely more intuitive trading platforms than MT4. Personally, I really like eToro’s platform.

There is also no proprietary app to guide new traders, which may make the learning process more challenging.

Top 3 Alternatives to Axi

Compare Axi with the top 3 similar brokers that accept traders from your location.

1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
3. FOREX.com – Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
   Go to FOREX.com

Axi Comparison Table

Compare Trading Instruments

Compare the markets and instruments offered by Axi and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Axi vs Other Brokers

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