Honest Axi Review- Is Axi Safe for Trading Forex?
Before getting into the Axi review, let’s get to know about the company. AxiTrader recently changed its name to Axi. However, some enthusiast traders founded AxiTrader in 2007. It is an Australian based forex broker that allows trading forex, CFDs, and indices. Additionally, Axi also offers a wide range of markets.
As the experienced traders built it, Axi is easy to use for anyone with any expertise level. The main focus of this broker is trust, technology, and top-notch service. As a result, they have managed to attract 60,000+ active traders and eventually become the best forex broker.
Let’s dive into more detailed aspects of Axi.
Axi Regulations and Security
Axi operates under the AxiCorp Financial Services Pty LTD, which is regulated by multiple regulators worldwide. However, they have got the regulatory authorization from a few tier authorities, which includes the Australian Securities and Investments Commission (ASIC), Financial Conduct Authority (FCA), and the Dubai Financial Services Authority (DFSA). Membership from any of these regulatory bodies means the broker is safe to trade.
We have checked the regulatory bodies’ websites to confirm whether Axi is regulated or not, and we have found a positive result.
Axi Review: Fees
Axi emphasizes low forex and average CFD fees. Moreover, the non-trading fees are low, and there are no fees for withdrawals and inactivity.
However, many forex broker reviews suggest that Axi’s fee is low compared to other best forex broker. Usually, fees are categorized into different parts. Let’s take a glimpse of different types of fees.
Axi offers low trading fees, which vary on the account types and the cost structure. To understand the fee structure, we have tested the pro account for this Axi review, and the finding is they have a low commission with low spreads.
Axi’s Forex Fees
To find the forex fees at Axi, we have literally compared them with other top forex brokers and found the low fees. However, there’s a catch, which is the Axi account types. So, for the pro account, Axi charges $3.5 per lot along with a relatively lower spread cost. On the other hand, spreads are wider in a standard account.
CFD fees at Axi
Unlike forex fees, CFD fees are average. For example, the S&P 500 index CFD fee is $1.3, which is relatively close with the competitors such as Pepperstone and IC Markets.
Usually, forex brokers want their traders active. As a result, to keep them active, brokers impose unwanted non-trading fees. This means the trader will have to pay some charges if they are not active in trading for a certain time. It is a burden for the seasonal trader.
So, Axi doesn’t want to impose an unnecessary fee on users.
Axi Account Types
When it comes to the trading account types, Axi offers two accounts initially, which are the Axi demo account and the live account. Once open a live account, further Axi account types are categorized.
Axi Demo Account
Axi review shows us that the demo account is free, which allows you to discover every part of Axi broker. Additionally, a demo account will get you access for 30-day, which is exactly the same as the live account. The only difference with the live account is, you cannot withdraw the money. Things you will get with the Axi demo account are-
- Virtual fund of $50,000, which gives the opportunity to test the broker every possible way.
- 24/5 Axi customer service with a dedicated account manager.
- Get access to the Axi MetaTrader 4 platform.
- Execution speed like the real account.
You will get to select from two types of live accounts, standard and pro. A standard account offers higher spreads but no commissions, while the pro account includes commissions with raw spreads. However, the spread rate in the standard account is higher. In contrast, for the favorable trading condition, the pro account is best.
Regardless of the investment size, all the traders are treated the same in all live accounts.
Islamic Trading Accounts at Axi
Islamic traders don’t want anything related to interest. As a result, it has been seen that Muslims don’t want to invest in forex. To provide trading opportunities to Muslims, Axi has introduced an Islamic trading account, which is a swap-free account and doesn’t incur any interest in trading.
Axi Review: Platform
Axi platform provides a comprehensive feature of the MT4 platform, which is available on all devices with any operating system. It is available for PC, Mobile, and Web.
Axi MetaTrader 4 platform is highly customizable with free reporting features. Although there are not any significant updates in the design and it doesn’t have two-step login features, it is available with a wide range of trading-related features.
With its customization features, a trader can change the size and positions of the tabs, which provide the edge of access.
Moreover, MT4 forex trading platforms for the mobile are user-friendly, which is usable on any devices and operating systems such as iOS and Android.
Axi MT4 offers multiple languages; however, changing the language option in the android device is a bit tricky as it works with the default language of your device.
The best thing about the platform is the charting feature. Let’s see how the charting feature can get you the ultimate benefits.
The auto chartist feature gets you to access to the charting feature, which allows trading directly from the chart. Axi autochartist is an exclusive plugin for MT4 that generates the charts as per the movements of real price changes. Additionally, it provides market reports three times every day.
Some other unique features are also available, which are PsyQuation Premium and VPS hosting. VPS provides the automated trading solution 24/7 via the MetaTrader 4 platform.
PsyQuation Premium is another unique tool that is available for the Axi traders who have a minimum balance of $500 and trade at least one regular lot each month. It provides comprehensive forecasting, a variety of trading signals, and quantitative analysis. Besides, PsyQuation buzzes the traders if there are any mistakes in their strategy and help to grow as a matured trader.
Axi Review: Leverage
Axi leverage may vary according to the region and account. European traders will have fixed leverage of 1:30 while FCA regulated traders cannot change the leverage levels. However, clients in other territories can change the leverage rate. For example, to test the pro account, we have used 20:1 leverage for the stocks and 30:1 for the forex. Axi leverage may go up to 1:500.
Axi spreads varied on account types. Usually, the standard account offers a wider spread that starts from 0.4 pips, while the pro account supports the higher spreads starting from 0.0 pips.
Axi Review on Markets to Trade
Axi offered markets are not just limited to forex; it also offers CFD, Gold, Silver, Oil, Commodities, Indices, and Cryptocurrencies. These multiple markets help traders to diversify their portfolio in many ways. Besides, investing in different markets also helps to recover any potential loss from any volatile markets such as forex.
Axi Deposit and Withdrawals
Axi doesn’t charge any money to deposit or withdrawals. However, Axi withdrawal and deposit methods are slightly different. For the deposits, you may use cards, e-wallets, and bank transfers.
While most of the brokers offer a certain minimum deposit, Axi minimum deposit is zero. So, you are open to deposit any amount you want and start trading.
The withdrawal method has fewer options than other best forex brokers. Axi’s withdrawal option is limited to wire transfers and e-wallets only.
Learn to Trade Features
While researching for this Axi review, we came to know that Axi has a feature that can learn to trade. It is a forex education feature that provides education to all the Axi brokers via tutorials, videos, tips, eBooks, and tools. Besides, it also supplies expert insights such as market analysis, news, expert commentary of price changes. The ultimate goal of Axi forex education is to reduce and earn maximum profit from trading.
Axi Customer Service
You can reach Axi through live chat, phone, and emails. However, they are available only 24/5. Still, you can email them anytime, even after office hours too, but they will reply during those 24/5 time periods.
The finding from the research of Axi review is that they respond fast. From our test, we have found a satisfactory customer service personnel who provided a prompt solution for our problems. However, they could have been done better if they would provide 24/7 service.
The multiple regulators make Axi an authentic broker. Besides, the low forex fees with zero inactivity fees make them more versatile. The free of cost deposit and withdrawals is a plus for the Axi users.
However, they have some drawbacks too, such as, they could increase the product range and improve the fundamental data. Besides, 24/7 customer support could add more value to the company.
This unbiased Axi review should guide you to make your decision whether you want to trade with them or not.
Top Rated Online Best Forex Brokers 2024