Axi Broker Review – A Breakdown of What You Need to

Axi is a well-established (founded in 2007) Australian forex broker known for its focus on low costs. Axi acts as an issuer and dealer of foreign exchange contracts (forex) and other derivative products for customers. This means they provide a platform for traders to buy and sell forex and other contracts derived from underlying assets.

Having spent 2 months putting Axi through its paces with a real, verified account with $500 deposited, here’s a breakdown of my experience, geared towards fellow forex traders and CFD enthusiasts.

This review is designed to be completely neutral and informative, giving you a clear picture of Axi like a trusty lightsaber cutting through the fog of confusion. We’ll dissect everything Axi has to offer, from its greatest strengths to any potential weaknesses. By the time you finish this review, you’ll be well-equipped to decide if Axi is the ultimate broker to guide you on your path to trading mastery!

Man City FC Sponsorship

Axi emphasizes their passion for pushing boundaries and achieving excellence, which they see reflected in Manchester City Football Club. Sponsoring Manchester City allows Axi to associate themselves with a successful and globally recognized team. This can help build brand awareness and attract traders who share similar values.

Regulatory Credentials

Axi boasts licenses from ASIC (Australian Securities and Investments Commission), the FCA (Financial Conduct Authority) in the UK and CySEC (Securities and Exchange Commission) in Cyprus. These reputable regulatory bodies ensure Axi adheres to strict financial standards, safeguarding your hard-earned funds.

Axi is licensed by the Financial Services Authority of Saint Vincent and the Grenadines (SVG) and by Dubai Financial Services Authority (DFSA). Axi uses both of these licenses to serve international clients in Asia, Africa, and the Middle East. However, it’s important to note that these licenses are known for having less stringent regulations & protection compared to ASIC & FCA & CySEC. While this can be a positive for traders seeking lower barriers to entry, it’s also a factor to consider when choosing a broker.

Axi is not registered with the CFTC, which would mean they are not authorized to accept clients from the United States 💎.

Trading Platforms

Axi sticks solely to the tried-and-true MetaTrader 4 (MT4) platform. While the lack of a more modern interface like MT5 might raise eyebrows for some, MT4 remains a rock-solid platform with a vast ecosystem of tools and indicators. Execution speeds were consistently impressive across various market conditions, with minimal order rejection during volatile news events.

⇒ Axi offers an advanced version of MT4, NextGen. However, to access this platform, a minimum deposit of $1,000 is required. This may limit some traders who prefer a more feature-rich interface but have a lower initial deposit amount, like myself with my $500 deposit.

Markets Offered

Axi’s bread and butter lies in forex, with over 80 major, minor, and exotic currency pairs available. For CFD traders, the selection is decent, encompassing indices, commodities, and even some bonds. However, the lack of single-stock CFDs and any meaningful presence of cryptocurrency offerings like Bitcoin might be a deal-breaker for some.

Account Types

Axi boasts a refreshingly simple signup process. Account verification was a breeze, completed within 24 hours. Funding options are plentiful, with traditional bank transfers, credit cards, and e-wallets like Skrill and Neteller all on offer. Notably, the minimum deposit is a mere $0, perfect for testing the waters before committing larger sums.

Axi caters to a diverse range of traders with two primary account types:

• Standard Account: This commission-free account is ideal for beginners, offering competitive spreads.
• Pro Account: For higher-volume traders, the Pro Account provides tighter spreads in exchange for a commission structure.

Leverage

Axi also offers a range of leverage options, catering to both conservative and aggressive traders, from 1:20 up to 1:500, allowing traders to tailor their exposure based on their risk tolerance.

Spreads and Commissions

Axi shines here. Their Standard Account offers some of the tightest spreads I’ve encountered, particularly on major forex pairs. The option of a commission-based Pro account further reduces costs for high-volume traders. Spreads did widen slightly during news events, but remained competitive compared to other brokers.

Deposit & Withdrawal

Axi provides a decent selection of deposit and withdrawal methods, including:

• Credit/Debit Cards: Fast and convenient, but potential fees may apply.
• E-wallets: Offer speedy transactions (think: Skrill or Neteller).
• Bank Transfers: The most secure option, but processing times can be longer.
• Crypto deposits

Here’s a heads-up for those planning high-volume activity:

• Large Deposits May Incur Fees: While Axi boasts convenient deposit methods, exceeding a specific monthly threshold can trigger a 3% fee on certain payment options. Strategize your deposits to stay within this limit and maximize your capital.

• Small Withdrawals Can Cost You: Axi offers free withdrawals for larger amounts, but there’s a $25 administration fee for smaller withdrawals. Consider consolidating withdrawals to avoid these charges and optimize your cash flow.

Here’s how manual verification can impact deposit and withdrawal:

• Delayed Withdrawals: Since Axi team reviews withdrawals manually, it can take longer for them to be approved compared to brokers with automated systems. This can be frustrating for users who need quick access to their funds.
• Potential Backlog: If Axi experiences a surge in withdrawal requests, it could lead to a backlog in their verification queue, causing even longer waiting times.

Tips to Minimize Delays:

• Complete Verification Early: Don’t wait until you need to withdraw funds to complete your Axi account verification. Submit the required documents (proof of ID, address, etc.) as soon as you open your account.
• Double-Check Information: Ensure all the information you provide during verification matches exactly with the details on your bank account or payment method used for deposits.
• Contact Axi Support: If you experience a significant delay in your withdrawal, reach out to Axi customer support through their email. They can provide an update on the status of your verification and withdrawal request.

Axi Copy Trading: Automate Your Trades

Axi offers a copy-trading service that allows you to automatically mimic the trades of experienced traders (known as signal providers). This can be appealing to new traders or those seeking to outsource their trading decisions. However, before diving in, let’s explore the pros and cons:

Pros:

• Convenience: Automate your trading and potentially benefit from the experience of successful traders.
• Educational: Observing the decisions of experienced traders can enhance your own trading knowledge.
• Time-saving: No need to spend hours researching markets and developing strategies.

Cons:

• Past performance doesn’t guarantee future results: Just because a trader performed well historically doesn’t mean they’ll continue to do so.
• Risk remains: You’re still exposed to the market risks associated with the copied trades.
• Limited control: You relinquish control over your trading decisions to the signal provider.
• Fees: Axi charges performance fees based on the profits generated from copied trades.

Here’s a deeper dive into Axi Copy Trading:

• Signal Provider Selection: Axi provides a pool of signal providers with varying track records, strategies, and risk profiles. Carefully research each provider before following them.
• Customization: You can customize your copy settings, such as the amount you copy per trade and whether to mirror the provider’s position size or adjust it based on your account balance.
• Performance Fees: Axi takes a cut of the profits generated from copied trades. Understand the fee structure and its potential impact on your returns.

Is Axi Copy Trading Right for You?

Consider these factors before using Axi Copy Trading:

• Experience Level: Beginners might find it helpful, but experienced traders may prefer to develop their own strategies.
• Risk Tolerance: Ensure the risk profile of the signal provider aligns with your own risk tolerance.
• Time Commitment: While it automates trades, monitoring performance and understanding the rationale behind copied trades is still crucial.

Here are some additional things to keep in mind:

• Do your own research: Don’t blindly follow any signal provider. Analyze their track record, strategy, and risk management practices.
• Diversify your copied providers: Don’t put all your eggs in one basket. Spread your risk by copying multiple providers with different styles.
• Maintain control: Axi Copy Trading is a tool, not a guaranteed path to riches. Monitor performance and be prepared to adjust or stop copying if necessary.

Customer Support

When facing a trading hurdle, a responsive and knowledgeable customer support team is invaluable. Axi offers support via:

• Phone: Direct communication for urgent inquiries.
• Live Chat: Real-time assistance for quick questions.
• Email: Suitable for detailed inquiries or technical issues.

While user reviews suggest support can be somewhat inconsistent at times, Throughout my testing, I encountered a few minor technical glitches. Axi’s 24/7 customer support, reachable via phone, email, and live chat, proved responsive and professional. My inquiries were addressed promptly and with a genuine focus on problem-solving.

Educational Resources

Axi offers a modest selection of educational resources, including:

• Webinars: Learn from experienced traders and analysts.
• Trading Guides: Brush up on fundamental and technical analysis.
• Glossary of Terms: Demystify Forex jargon.

While the resources might not be as extensive as some competitors, they provide a solid foundation for beginners.

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