Axi (AxiTrader) Review 2022 - The Good and the Bad

Axi in 60 seconds

• 3 accounts offered: Standard with no commissions, Pro with spreads from 0 Pips and $7 round trip commissions and Elite with spreads from 0 Pips and $3.5 round trip commissions with a minimum deposit of $25,000.
• Only MetaTrader 4 with additional plugins such as Autochartist or several indicators
• 140 Currency pairs

Axi is an Australian broker founded in 2007 that, above any other assets, specialises in currency trading through MetaTrader 4 platform.

Axi Full Review

Here’s what we’ll talk about during our review: 

• Is Axi Safe?
• Axi Minimum Deposit and Withdrawal
• Axi Account Types
• Axi Trading Fees
• Axi Available Assets
• Axi Trading Platforms
• Axi Research and Analysis Tools
• Axi Educational Tools
• Verdict

Is Axi safe?

Axi is a safe and regulated broker thanks to 3 of their 4 financial licenses, let’s go over each of them:

• FCA (Financial Conduct Authority UK)
• ASIC (Australian Securities and Investments Commission)
• ADGM (Financial Services Regulatory Authority - United Arab Emirates)
• SVGFSA (Financial Services Authority – St. Vincent & the Grenadines)

From the above list, only the first three financial licenses (FCA, ASIC, AGDM) are considered high tier. On the other hand, their SVGFSA licence is considered a low tier one.

TTBTrust

7.2

Provided by TheTradingBible.com ®

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The previously mentioned facts combined with our research on Axi’s user opinions and online reviews, nets them a TTBTrust score of 7.2 out of 10.

Axi Minimum Deposit and Withdrawal

Axi has no minimum deposit requirement. Here are their deposit and withdrawal methods:

• Visa
• Mastercard
• Bank Transfer
• Neteller
• Skrill
• Sofort
• Giropay
• iDeal
• Polish Internet Banking
• Global Collect

Base Currencies

Axi allows its customers to hold their main balance in the following currencies:

• Australian Dollar
• Canadian Dollar
• Swiss Franc
• Euro
• Hong Kong Dollar
• Japanese Yen
• New Zealand Dollar
• Polish Zloty
• Singapore Dollar
• United States Dollar

Compared to similar competitors, Axi has a great base currencies offering.

Another important point to mention is that during our review process, we felt some discomfort when trying to open an account, as they don’t grant you immediate access to a client area but rather make you complete the full registration process (the lengthy version) in order to then wait for your account and documents to be reviewed so you can finally gain access to their web trader which is integrated with the client area at the same time.

Another interesting point is that the Demo version is held separately from the live, meaning that just because you opened a Demo account, it doesn’t mean that you’ll be able to do much on Axi's website. In fact, you must log in through the email they sent you with your password credentials to be able to access your Demo account.

Axi Account Types

Besides the traditional European distinction between professional and retail traders, Axi offers three different account types, let’s check out their main differences:

One very important point to note is that their Elite Account is only available to Eligible Professional clients in Europe, for the rest of the world where Axi can provide services anyone can register assuming they have the minimum deposit requirement.

Axi’s Pro account is definitely at the same level as most of their similar competitors. The real strong advantage is their Elite account which definitely outranks any other FX commission offer out there with a $3.5 per lot round turn offer. The only issue is of course, being able to afford the $25,000 minimum deposit to get such conditions and also being an eligible professional client if you’re located in Europe.

Axi Trading Fees

Axi charges spreads, overnight fees, commissions (depending on your account type) and inactivity fees. Let’s go through their main charges in more detail:

Spreads

Axi offers dynamic spreads in all their accounts (meaning that they constantly change) yet they do adjust their base offer depending on the account type a trader opens.

For a full comparison, we decided to take a full combination of their fees in all accounts and compare them against the same standard offered in other leading brokers.

When it comes to spreads Axi’s spread for the currency pair EUR/USD was mostly floating at around 1.4 Pips whereas in other competitors, it was at 0.6 Pips on their standard accounts.

The main advantage in Axi is definitely opening a Pro account to gain access to the low spreads with a $7 round turn commission accompanied by spreads from 0 Pips or the elite account for ultimate trading conditions.

Commissions & Fees

Here is our comparison of Axi’s commissions against some of their most well-known competitors:

In conclusion, what causes a great impression from Axi’s offer is definitely their Elite account offering which comes at the heavy price tag of $25,000.

Axi Available Assets

When it comes to available assets, Axi is definitely outnumbered by the majority of brokers out there. See the below table for Axi’s asset comparison against some of their most well-known competitors:

Axi’s asset offering is clearly designed for high net worth forex traders. With over 140+ currency pairs and their killer Pro and Elite account offerings, they definitely become an attractive choice for seasoned currency traders. On the other hand, when it comes to pretty much any other asset class, they’re well below their competition.

Axi Trading Platforms

Axi is a MetaTrader 4 broker. Meaning that their platform is provided by the company known as MetaQuotes Inc. They also provide their own proprietary platform only for mobile devices which allows for copy trading functionality, yet their biggest selling point is their account and commissions offering paired with MetaTrader 4.

Here’s how Axi’s web trader looks like:

Here’s how Axi’s mobile platform looks like:

A very important point to note regarding the user experience is that we had two different errors when trying to test Axi:

• While opening the Demo account from Germany, trying to switch to english causes an error and throws us out of the platform, so we were unable to access the platform in english directly unless we used a VPN.
• When downloading and setting the mobile app from Germany, the only country available as a choice was Canada and the currency Canadian dollars. We really don’t understand what happened there and why it ended up behaving like that.

Aside from these two points, it’s not necessary to include a MT4 review as the platform stays the same across all brokers regardless of the brand name chosen. What changes is the account offering. 

Axi Research and Analysis Tools

Axi provides some standard MT4 additions (plug-ins) to improve a user’s research capabilities, for example:

• Autochartist for MT4
• Several plugins for MT4 such as: Sentiment Indicator, Correlation Trader, Alarm Manager, Economic Calendar, New Terminal Window, Automated Trade Journal.

What caught our attention the most was their integration with a service called “PsyQuation”, where traders get to use an A.I powered trading analytics platform with a touch of social trading and measure their performance, trades, risk behaviour and more. Here’s how the platform looks:

Another interesting point of PsyQuation is that they have a Capital Allocation program in partnership with Axi where a trader can prove their skills and get funded with up to AUD$500,000 in additional trading capital and share a profit with the company.

The best part is that upon reviewing the platform, trading data was 100% open instead of being restricted to a few percentages like most copy or social trading platforms provide.

Axi Educational Tools

Axi provides the following educational tools:

• A content blog with educational articles
• A custom academy with 3 video courses of short duration
• A dedicated page for MT4 tutorials
• Several free ebooks on trading

The content is quite thin yet it can prove to be useful for complete beginners with no experience in the financial markets.

Verdict

Axi’s offering is quite targeted to professional currency traders thanks to their Pro and Elite account offering and their respective roundtrip commissions of $7 or $3.5 along with 140 currency pairs. 

Their integration with PsyQuation is definitely a major selling point for those looking to acquire extra trading capital and monitor the performance of other tradings in a fully transparent environment.

If you are:

• A seasoned currency trader
• Familiar with MT4 platform
• High net worth trader

Axi will prove to be quite a resourceful brokerage for you. On the other hand, if you’re looking for a variety of trading platforms and assets such as stocks, ETFs or cryptocurrencies, Axi will definitely fall short to your expectations.