Axi Review – Top FX Trading Platform with Low Fees
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Since the inception of the stock market in the 1700s, investors have been able to profit from the constant rise and fall of the prices of various financial instruments. However, a lot has changed in the last two decades from the previous years, when investors needed to physically be present on the trading floor to make a trade. Now that technology has caught up with the financial market, there has been an explosion of online trading brokers that allow users to execute trades with the click of a few buttons from the comfort of their own homes or while on the go.
One such broker is AxiTrader, an Australian-based multi-asset broker that has made waves in the last decade. This article will cover the broker’s offerings, features, fee structure, supported instruments, and its various demographic penetration.
Table of Contents
What Is Axi? 
Axi is short for AxiTrader Limited, which operates under the umbrella of AxiCorp Financial Services Pty Ltd. AxiTrader Limited is an Australian multi-asset broker. It is an ideal trading platform as it covers investment vehicles suitable for beginners and advanced investors.
The online broker was launched in 2007 and has received multiple awards for its top-notch financial service coverage. This has improved the platform’s popularity as it services over 60,000 customers spread across 100+ countries. Also impressive is the platform’s strong security mechanisms in place, expressed by its regulatory clearances from the Australian Security and Investment Commission (ASIC) and its London office. AxiUK is also supervised by the Financial Conduct Authority (FCA). These clearances assure users of their safety and the safety of their assets when they trade with Axi.
Cryptoassets are highly volatile unregulated investment products. Always consider the risk of loss before proceeding.
Remember that Axi is a multi-asset broker; it covers many financial markets. The platform allows users to trade major, minor, and exotic foreign exchange (FX) pairs, oil, gold, gas, stocks, bonds, and cryptocurrencies (not for the UK) as CFDs.
CFDs stand for contracts for differences and are a financial derivative tool that allows users to trade the price movements of an asset without directly holding or owning it. All they need to do is predict whether the underlying asset would rise or fall within a timeframe with the profit or loss determined at the end of the CFD contract.
These instruments are tradable using Axi’s innovative MetaTRader4 (MT4) NextGen trading terminal, accessible on desktops and mobile devices.
How It Works
Users can easily trade the price movements of different financial instruments from various international markets from the comfort of their homes. How does Axi make this happen?
Axi allows traders to trade CFDs via its proprietary MT4 WebTrader and mobile app. Users operate on an execution-only basis and buy or sell an asset at the beginning of their contracts to earn a profit at its expiration. As a result, investors do not have to store the assets.
As a stepping stone into real trading, Axi offers a demo account filled with virtual funds investors can use to practice. Most demo accounts do not feature all of the platform’s features and tools, but Axi allows users to practice with all the platform’s offerings on tap.
For instance, its PsyQuation AI tool is on tap in the demo account and provides users with real-time updates and scans for trading opportunities investors can profit from. However, the demo account is only available for a month.
Supported Markets
Axi offers trading support for the following financial instruments:
- FX pairs
- Shares CFDs
- Indices trading
- Commodities
- Precious metals
- Oil trading
- Cryptocurrencies (except in the UK)
There are over 130 tradable assets on the Axi platform.
Most of Axi’s tradable assets are CFDs, meaning investors only trade the asset’s price movements. A trader buys (long) or sells (short) the asset based on current market sentiment and does not need to own the underlying asset. This way, mainstream investors who want to invest in cryptocurrency without worrying about their storage can easily trade the volatility of the assets without owning them.
Axi offers a large number of FX currency pairs. They are 66 in total, comprising major currency pairs, minors, and even exotics. FX trades are executed seamlessly, and users can trade them for as low as 0.0 pips. Investors also have access to a maximum leverage ceiling of 1:500. This exponentially increases the potential profit from a right trade call, but it can bloat the potential losses as well by 500x. Leverage should be used modestly to reduce possible losses. Traders under FCA can have leverage up to 30:1.
AxiTrader’s CFD trading for shares comes with a lower leverage window of 20:1, and investors can earn direct dividends from companies in the US, UK, and other European markets. Axi also allows investors to buy Bitcoin, Ethereum, Ripple, Cardano, Binance Coin, Stellar, and a host of other Altcoins. There is no need for a digital wallet to store them as they are CFDs, and users can trade all the coins anytime they want to.
Axi offers one of the lowest fees in the online brokerage industry. There are no deposit or withdrawal fees on Axi to worry about, and its FX trading and shares CFDs have no charges attached. Basically, the platform offers zero-commission trading and only profits from the bid and ask spreads.
Axi offers Standard, Pro, and Elite account types. Standard account users do not pay any fees or commissions, while Pro customers are charged a commission of $7. Elite users are charged $3.50 for a round trip transaction.
There is also no stipulated minimum deposit for investors to start trading. The starting deposit is set at $0 and is largely determined by the selected payment method and the region a user is trading. For instance, a credit or debit card deposit for fiat currencies like AED, USD, CAD, and GBP is set at $5, while crypto deposits carry a minimum of $30 worth of digital assets.
Axi’s Offerings in Different Demography
Although Axi is a global financial service provider, it offers specific investment opportunities for each demography it covers. Below, we highlight six of the top demographics and their specific offerings.
Axi in UAE
The United Arab Emirates (UAE) is rapidly transitioning from a tourist attraction to a financial hotbed. Axi in UAE provides its online brokerage to thousands of residents in the country. Investors in the UAE are able to trade FX currency pairs, crypto CFDs, shares CFDs, metals, and commodities.
Considering its client base, Axi offers various account types for investors in the UAE. These include the Swap-free Axi Elite account and an Islamic trading account. Axi allows Muslims to trade without any fees attached. However, its Swap-free Elite account is offered only in US dollars, and investors need to make a minimum deposit of $25,000.
This stringent figure is not applicable to the regular Islamic trading account. Users can easily get started with as little as $5 USD. Axi investors in the UAE can deposit and withdraw using credit/debit cards, crypto deposits, and e-wallet solutions like Skrill. The selected payment method largely determines the minimum deposits and transaction time.
Axi allows users to trade using the MT4 trading platform. The proprietary trading terminal is available on iPhone, Android, Mac, and Windows OS. The trading tool available for UAE customers is the MyFXBook AutoTrade software. This operates as a social and copy trading software and allows users to communicate and mirror the trading strategies of their peers.
Axi also offers an insurance policy, up to 20,000 EUR for lost funds through its Compensation Fund.
Axi in South Africa
Axi is not limited to the Middle East and Western world. In fact, it has a huge presence in the fast-growing African financial landscape. The online broker is a popular choice for South Africans looking to trade in international financial markets. Axi in South Africa covers popular FX currency pairs, commodities, cryptocurrencies, stocks, indices, and bonds.
Investors in this region have access to only the Standard and Pro account types. The ‘Standard’ account is commission-free; however, ‘Pro’ users have to pay $7 USD in commission. The platform offers multiple trading tools, including the PsyQuation, MyFXBook, and Autochartist. It runs on the MT4 NextGen trading platform. This is available on both web and mobile devices.
Axi in Saudi Arabia
Axi continues its financial accessibility push in the Middle East by supporting Saudi Arabian users. For Saudi Arabian investors looking to trade in international financial markets, Axi Saudi Arabia is a popular option. It includes popular foreign exchange currency pairs, commodities, cryptocurrencies, stocks, indices, and bonds.
Only the Standard, Pro, and Islamic account types are available to investors in this region. The ‘Standard’ account is commission-free, but ‘Pro’ users must pay a commission of $7 USD. However, its Islamic account is fee-free and offers swap-free options. PsyQuation, MyFXBook, and Autochartist are among the trading tools available on the platform. The MT4 NextGen trading platform powers it. This is accessible via web and mobile devices.
Axi in the UK
Axi also serves the United Kingdom market. Investors in the region can trade all of the platform’s supported assets as CFDs, including currency pairs and stocks in the US, UK, and European markets. Additionally, company stocks, and indices, and cryptocurrencies are available for purchase. However, in the UK market, only professionals can access to crypto.
Axi UK users in the United Kingdom can choose between a Standard, Pro, or Elite account. The Standard account offers zero-commission trades. On the other hand, the Pro account charges 3.02 GBP per 0.01 lot and a commission of 6.05 GBP for its round trip offer. This is combined with a low trade spread fee. Because it is used for high-volume trades, its Elite account has a round-trip commission of 3.02 GBP.
Axi in Qatar
Axi provides investors in Qatar access to a full portfolio of its services and 150+ tradable products. This includes 66 FX pairs, shares, stocks, indices, precious metals, and cryptocurrencies. All these assets are traded as CFDs.
With Axi in Qatar, Qatari customers have access to two account types: the Standard and Pro account. The standard account offers zero fees for trades and has a minimum spread of 0.4 pips. On the other hand, the Pro account charges $7 USD per lot in commission while spreads are set at 0.0 pips.
Traders can also turn to the Elite account for high-volume trades. According to AxiTrader, the account incurs a commission of $3.5 USD per round lot and spreads starting from 0.0 pips.
There is also an Islamic account available on the platform. There are no fees attached to the Islamic account.
Axi in Canada
AxiTrader also has a huge presence in Canada. Users in the region can trade CFDs, FX currency pairs, cryptocurrencies, stocks, shares, and commodities. Axi in Canada offers traders the Standard and Pro account types.
The Standard account offers traders commission-free trades and a minimum spread of 0.4 pips on their trading positions.
The Pro account comes with a fee; users are charged $7 USD per lot in trading commissions. But spreads on the Pro account start as low as 0.0 pips on trades. This makes the account especially ideal for algorithmic traders and scalpers.
AxiTrader also features an Elite account, which it reserves for its high-volume traders. The account has a commission structure of $3.5 USD per round lot and spreads starting from 0.0 pips.
How to Get Started
Looking to kickstart a trading journey with Axi? Follow these detailed steps to open a new trading account:
Step 1. Create an account
The first step to getting started on Axi is to open a new trading account. To do this, visit the Axi website and tap on the ‘Open Account’ icon in the top right-hand corner to be redirected to the signup page. Once there, investors are to insert their full names and email addresses, select a preferred account type, insert a mobile number, and then click on ‘Submit’ to proceed to the next stage.
At the next stage, new users will select their account types, the assets they want to trade, and the leverage. Axi asks a few basic questions to streamline the trading experience to a user’s specific trading needs.
Step 2. Verify ID
Axi requires users to verify their identity. The platform requires users to upload a copy of their driver’s license or official government-issued ID card.
Once this document is uploaded, the Axi team would verify the details within hours. Although traders can skip the verification process, they would be limited to only a small portion of the platform’s features.
Step 3. Use Demo Account
Axi offers a demo account feature and recommends new users start with it; users can trade with virtual funds while learning alongside. However, the virtual trading account is only available for a month.
Step 4. Deposit
Axi supports multiple payment solutions. To fund a new trading account, tap on the profile icon and locate the ‘Deposit’ button.
Select a payment method and make a deposit. The swift completion of the deposit depends on the selected payment channel.
Step 5. Start Trading
The last step is to begin trading. To do this, switch from ‘Demo’ to ‘Live’ and select a trading pair.
Tap on the ‘Buy’ or ‘Short’ icon and set leverage if necessary.
Axi Review: Conclusion
Axi is a top CFD broker with a rich history of providing top-notch financial services. Given its huge coverage of the financial markets, beginners and advanced investors can easily turn to the platform to trade their preferred assets.
Even more impressive are Axi’s low spreads and zero commission fees. Investors looking to save on fees and turn a profit can use the platform to their advantage.
