AxiTrader Review 2021
For this AxiTrader review, we opened a live account and deposited over €6,000.
We traded the popular instrument in each market to determine the actual spreads and placed 12 trades in total.
We contacted the broker’s customer support team to resolve the challenges we faced.
Finally, we withdrew our funds to determine if the withdrawal process was smooth.
What is AxiTrader
Axi is an Australian Forex and CFDs broker formerly known as AxiTrader. The broker was founded in 2007 and rebranded to Axi in 2020.
The broker is licensed in Australia, the United Kingdom, the UAE and Saint Vincent and the Grenadines.
Axi offers the following tradeable instruments: forex pairs, indices, commodities and cryptocurrencies. Its product range is quite narrow as compared to other brokers.
Here’s a summary of Axi’s key features:
|🗺️ Regulated in||Australia, UK, UAE, St Vincent and the Grenadines|
|🛡️ Is AxiTrader safe||Yes|
|💰 EUR/USD Spread||1.2|
|💳 Minimum deposit||US$0|
|💰 Withdrawal fee||US$0|
|🖥️ Trading Platform||MT4|
|📈 Markets offered||Forex, Indices, Commodities, Cryptocurrencies|
|📉 Number of Products||132|
Licenses and Regulations
Axi is licensed by 4 regulators globally including the top-tier UK’s FCA, Australia’s ASIC, Dubai’s FSA, and St Vincent and the Grenadines FSA.
Here’s a full list of the licenses held by Axi’s subsidiaries:
|Legal entity||Registered in||Regulator||License Number||Accepting Clients From||Compensation Scheme Amount|
|AxiCorp Limited||United Kingdom||Financial Conduct Authority (FCA)||509746||UK & EU||£85,000|
|AxiCorp Financial Services Pty Ltd||UAE||Dubai Financial Services Authority (DFSA)||2758||Middle East||No compensation scheme|
|AxiCorp Financial Services Pty Ltd||Australia||Australian Securities & Investments Commission (ASIC)||318232||Australia||No compensation scheme|
|AxiTrader Limited||St Vincent and the Grenadines||Financial Services Authority||25417 BC 2019||Globally many countries||No compensation scheme|
Is AxiTrader Safe
Yes, AxiTrader is safe to trade. The broker broker is regulated by the top-tier UK FCA and the ASIC, which have stringent rules and enforcement mechanisms.
The FCA also guarantees traders registered under the UK entity deposit compensation of up to £85,000 in case the broker goes bankrupt.
We did not encounter any major issues when trading with AxiTrader.
For this review, we opened an account with AxiCorp Limited which is regulated by the UK’s Financial Conduct Authority (FCA), which we used to deposit money, place trades, and finally withdraw our funds.
We recommend that you open your account with the UK entity since it is the only one that offers deposit protection to traders if it is available to you.
We consider the FCA regulation to be the best since it provides compensation of up to £85,000 in case the broker goes bankrupt.
Fees and Commissions
Axi charges low fees for all the instruments on offer including Forex pairs, indices, commodities and cryptocurrencies.
The broker’s average spreads for the popular instruments in each market was below industry averages.
We were particularly impressed by the low spreads charged on Bitcoin trades, which are less than a third of the industry average, making the broker very attractive to Bitcoin traders.
Spread Charged in our Trades
In our tests, we chose the popular instrument in each market. We placed 3 trades for each instrument to get a complete picture of the average spread. We tested the Standard Account with AxiCorp Limited which charges a spread on all tradable instruments. The spreads were generally stable as shown in the table below.
|Markets||Instruments||1st trade||2nd trade||3rd trade||Avg. Spread|
We tested all our trades via the MetaTrader 4 mobile app on our iPhone. Axi does not offer any other trading platforms, which is a drawback.
Looking at the spreads charged in our trades, we found that they were all lower that industry benchmarks. None of Axi’s average spreads were above industry averages, which was quite impressive. We also discovered that the broker charges extremely low spreads on Bitcoin trades as compared to its peers.
|Markets||Instruments||Avg. Spread Charged||Industry Avg. Spread|
Axi does not charge other non-trading fees such as account inactivity fees or deposit and withdrawal fees.
Axi offers 2 account types with different fee structures, that is, the Standard, and PRO accounts. See the differences below:
|Spreads||From 0.4 pips||From 0.0 pips|
|Commissions||None||$7 round trip (USD)|
|Minimum Trade Size||0.01 lots||0.01 lots|
|Products||140+ FX pairs, Metals CFDs||140+ FX pairs, Metals CFDs|
|Pricing||5 digit pricing||5 digit pricing|
|Margin/Leverage||Up to 30:1*||Up to 30:1*|
|Base account currencies||AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD||AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD|
|Demo Period||30 days||30 days|
|VPS||Free (minimum trading volumes might apply)||Free (minimum trading volumes might apply)|
Axi also offers swap-free Islamic Accounts. The main difference with Islamic accounts is that instead of daily swap rates, there is an administration fee charged if you hold positions for more than 3 nights.
For our tests, we chose to open a Standard Account.
Axi account opening is fast and seamless. We tested the entire process when opening our account, and it was fully digital.
Here are the 5 steps to opening an Axi account:
- Enter your full name, email address, phone number, country of residence and application type.
- Enter your personal details including title, date of birth, country of birth, residential address, and nationality.
- Provide your current employment status, job title, company, and Tax ID.
- Answer questions about your income sources, average income and savings, as well as market knowledge.
- Verify your ID and current residential address using either a National ID or Passport and a bank statement.
The registration process took a total of 15 minutes and our account was approved on the next day, which was expected.
We registered our account on 18 October 2020 and it was verified on 19 October 2020. Our account was approved after submitting all the required documents.
We opened a standard account with AxiCorp Limited, which is regulated by the UK’s FCA.
Deposit and Withdrawal
Axi offers free and fast deposits and withdrawals. There are various options for funding your account, including bank wires, credit and debit cards, and e-wallets such as Skrill and Neteller.
Axi has no minimum deposit for its standard and PRO accounts.
Axi clients can deposit funds into their trading accounts using debit/credit cards, bank transfers, and e-wallets such as Skrill, and Neteller.
The table below shows the details of our deposits:
|Payment Method||Submitted Date||Funded Account Date||Funding Time||Fee|
|Skrill||18 Dec 2020||18 Dec 2020||Instant||zero|
|Debit card||18 Dec 2020||18 Dec 2020||Instant||zero|
|Neteller||18 Dec 2020||18 Dec 2020||Instant||zero|
|Debit card||23 Dec 2020||23 Dec 2020||Instant||zero|
All the deposit methods offered by Axi are instant and free, we did not make a deposit via bank transfer.
Axi processes client withdrawals via most of the payment methods available for deposit making it convenient for its clients to withdraw their funds.
However, you cannot withdraw funds back to a credit/debit card even if you funded your account using this method.
Traders should bear in mind that credit card deposits can only be withdrawn via bank transfers.
|Payment Method||Submitted Date||Funds Released Date||Funds Arrived Date||Withdrawal Time||Fee|
|Skrill||8 Jan 2021||8 Jan 2021||8 Jan 2021||Same day||zero|
|Neteller||9 Jan 2021||NA||NA||NA||zero|
|Neteller||11 Jan 2021||NA||NA||NA||zero|
|Bank Transfer||12 Jan 2021||12 Jan 2021||13 Jan 2021||1 day||zero|
We encountered a hitch as our two Neteller withdrawal requests were declined. Axi’s customer service reps told us that our first Neteller withdrawal was cancelled due to a technical error, while the second withdrawal was cancelled because we had made our last deposit via credit card.
We were advised to initiate our next withdrawal via bank transfer, which we did, and the funds arrived on the next day.
Markets and Products
At Axi, you can trade CFDs on Forex pairs, stock indices, commodities, and cryptocurrencies.
Here’s the complete list of Axi’s product offering:
Axi offers several cryptocurrency products including Bitcoin, which is the most popular and largest crypto by market capitalization. Axi offers a small number of Cryptocurrencies to traders, just 6 instruments. We found the costs of trading Bitcoin at Axi were much lower than industry averages. The average Bitcoin spread in our trades was just 14.4 versus the industry average of 45.
The trading conditions at Axi are good. You can run most types of trading strategies as the broker allows high-risk strategies such as hedging and scalping.
There are no time limitations for keeping your hedging positions open. Axi also allows the use of Expert Advisors (EAs).
Axi offers different leverage levels to its clients depending on the entity under which they registered their account.
Traders can also change the leverage level of their account after registration.
The table below outlines the various leverage levels available to clients:
|Markets||AxiCorp Limited||AxiCorp Financial Services Pty Ltd||AxiCorp Financial Services Pty Ltd||AxiTrader Ltd|
|Other Commodities (except gold)||10:1||50:1||50:1||50:1|
AxiTrader offers the popular MetaTrader 4 (MT4) platform to its clients and does not have a proprietary trading platform. Traders can trade via the broker’s website, as well as via the mobile and desktop MT4 applications.
The lack of a proprietary trading platform may dissuade traders who do not like the popular MT4 platform. However, traders who prefer the MT4 platform will be right at home with AxiTrader.
The MT4 platform can be customised to a great extent, but is a bit dated and Axi’s web platform can be slow at times.
Research and Tools
Axi provides research tools via the MetaTrader 4 platform’s in-built features. However, the platform does not provide trade ideas or fundamental reports that could affect certain instruments.
The broker provides some market analysis on its blog, but the information is not frequently updated to keep up with market events.
We found the PsyQuation tracking tool to be very useful for tracking our trading performance and setting trade alerts.
AxiTrader offer in-depth articles on many trading topics to help traders improve their trading results.
AxiTrader also provided video tutorials on how to navigate their platform. The broker could provide more video tutorials covering other topics.
Axi’s educational articles are grouped according to the relevant trading topics making it easy for traders to find information on specific topics.
AxiTrader’s customer support team was helpful and provided direct and relevant answers to our questions, but not at all times. On our first interaction with the customer service team via live chat we received an inaccurate answer to our question.
You can contact AxiTrader via email, and live chat. We waited for 1-8 minutes before being connected to the customer service team via the live chat function.
Axi outsources its live chat customer support to specialised agencies. The first agency we dealt with told us that our Neteller withdrawal was cancelled due to a technical issue. We repeated the transaction and it was declined a second time.
We reached out via the live chat function and the second agency gave us the correct reason why our Neteller withdrawals were cancelled. They recommended we do a bank transfer, which we did and were successful.
Our email queries were answered within the same day, which was quite fast, and we got very accurate answers.
See the results of our test below:
|Question||Response Time||Quality of reply|
|Live chat||About withdrawal||We were connected to an agency about 45 seconds. We waited about 2-8 mins between responses.||It was direct but it was not accurate.|
|Live chat||About withdrawal||We were connected to an agency about 5 seconds. We waited about 1-7 mins between responses.||It was direct and accurate|
|About scalping||Same day||It was direct and accurate|
Overall, our experience with AxiTrader was smooth from opening our account, to the deposit, trading and withdrawal processes.
A major pro was that Axi has low spreads across all the instruments we traded with Bitcoin spreads being very low. The broker also offers fast deposits and withdrawals.
However, Axi offers a small number of tradable instruments, about 130, and does not offer ETFs and stocks, which is a drawback.
We recommend that traders open account with the UK, Australia or Dubai entities if it is available to you.
Author of this review
By George Rossi
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.
Now I am passionate about reviewing and comparing forex brokers.
Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology