AxiTrader Review 2024: Should This Be Your Go-To Forex Broker?

AxiTrader review

This forex broker started as a two-person Sydney-based startup. 16+ years later, it has expanded its service catalog to over 60K customers.

Today, I shall review this Forex broker in detail, unpacking every aspect of its operation, services, and features. By the end of this piece, you should be able to decide whether Axi is simply a credible option or boasts the entire smorgasbord of trading features.

AxiTrader: Pros and Cons

Do not have time to read through the entire review? Well, here is a detailed list of pros and cons to help you take a quick call:

Pros

• Illustrious history
• Global reach
• Prompt customer support
• Competitive fee structure
• One of the few brokers to offer CFDs

Despite starting in 2007, AxiTrader amassed a trading volume figure of €100 billion in the year 2016. Its increasing global reach across regions like the Middle East, Latin America, and Germany played a major role in this.

Cons

• Limited products and offerings
• Complex features
• Regional restrictions exist

Axi: pros and cons

Background and History

AxiTrader operates under the AxiCorp Financial Services tag and has now rebranded itself to Axi in 2020. While the platform came into existence in 2007, the expansion into the Chinese and U.K. markets happened anywhere between 2012 and 2015.

This forex-cum-CFD broker was ideated and founded by Goran Darpac. To date, Axi positions itself as a trading platform built by traders with the singular aim of helping out the common folk. It is the customer-first approach that sets this Forex broker apart.

Here is the current Axi team — the leadership folks:

AxiTrader’s background

The rebranding initiative in 2020 was an attempt to expand the company’s reach further. At present, the international base of customers is worth marveling at.

Opening an Account on Axi: Unpacking the Process

Already interested in opening your first Axi account! Well, here is a detailed breakdown of the associated steps.

To get started, you must first initiate an eligibility check, ensuring that Axi offers services in your region. Once through with it, you can start the registration process. You need to fill out the standard form, confirm the credentials by offering the required documents, and get started by simply funding the recently created account.

AxiTrader account

Axi allows you to choose between the standard and pro accounts. While the standard account is free to use, the pro account attracts a $7 commission.

Post account selection, you must fill in the trader-specific details in the form of preferences. For instance, you can set the base fiat currency as USD or choose from 10 other options, like AUD, GBP, EUR, or more. You can even set the preferred leverage. Once the preferences are set, you need to verify the credentials.

In case you are wondering about the documents, here is a quick list:

1. Passport
2. National ID
3. Driver’s license
4. Bank statement
5. Any recognized utility bill (for verifying addresses)

Post the verification, which might take anywhere between one to three days, you need to fund your account. You can rely on the following payment methods to do the same:

• Bank transfers
• E-wallets
• Credit/debit cards
• ACH

And once you are done funding, you can start trading. But first, you must choose the assets to work with.

AxiTrader and the Available Platforms

Provided you have already created your Axi account; you now access these CFDs and Forex broker via the web interface or Android and iOS apps. Here is what each platform has to offer:

Axi Web Interface

Interested in sticking to the web interface on your Windows laptop or Mac? Here are the features you can explore:

1. Can be accessed on any browser
2. Includes standard market analyzing features and trading tools
3. Offers access to a holistic MetaTrader 4 trading platform with charts
4. One-stop-solution for learning the tricks of trade
5. Also available as PC and Mac desktop apps

Axi Android App

It is worth noting that for Android and iOS usage, there are two Axi apps available. Firstly, there is Axi’s copy trading app, meant for replicating the strategies of top traders. Plus, there is the mobile version of the MetaTrader4 Axi trading interface.

Here are the Android exclusive features to consider:

• One of the more interactive UIs
• MT4 app boasts easy-to-locate charts, analysis tools, and indicators
• A dedicated Expert Advisors section with support for Algorithmic trading
• Access to copy trading facilities

Axi iOS App

Some of the iOS specific traits of Axi include:

• One-click access to all trading resources and tools
• Access to complete trading history
• Access to advanced tools like notifications, financial news, and more
• Holistic UI that’s optimized for the iPad OS.

AxiTrader platforms

On the iPad, there is a minor feature modification as Meta Trader 4 allows you access to four charts at once. Plus, you get access to 30 indicators.

AxiTrader: Features and Services

Now that we have looked closely at Axi, it is appropriate to delve deeper into its features and offerings.

Choice of Trading Accounts

If you wish to trade using Axi as your forex broker, it might make sense to look at the choice of Meta Trader 4 trading accounts. Do note that these choices are similar to what Axi accounts — standard and Pro have to offer. Meta Trader 4 accounts are strictly meant for trading and are segregated as Standard, Pro, and Elite accounts.

Also, different accounts have different deposit and trade limits. The fee structure associated with account management is also different. What stands out is Axi offering something called the Islamic Trading Account, designed for users who prefer zero-interest payments, swap fees, and another targeted and Islam-adhering ethos.

Multi-Asset Exposure

One of the best things about AxiTrader is its ability to offer the widest possible selection of tradable forex and Contracts for Difference. Starting with forex, you get access to 70+ pairs without worrying about commission, brokerage fees, and even high spreads.

As for the pairs, the most popular ones include EUR/USD, USD/JPY, GBP/USD, and more. The tradable forex pairs are further segregated as Majors, Minors, and Exotics.

Besides being a reliable forex broker, AxiTrader also offers CFDs involving stocks, cryptocurrencies, indices, commodities, and even IPOs. In the case of CFDs, you do not own the underlying asset on trade, only the price difference.

Different types of CFDs trading on AxiTrader allow you to experience the perks of dividends, high leverage, and the ability to go long or short, depending on the market scenario.

For crypto CFDs, you can work with 30 assets, with the highest possible leverage of 200:1 available. In case you want to trade stock-specific CFDs, there are 100+ choices to pick from. Some of the more popular ones include Alibaba, HSBC, Apple, and more. With Share CFDs, you can trade in the U.S., the U.K., and other European markets.

AxiTrader features

In case you want to trade index CFDs, you can get access to 30+ assets and the highest possible leverage of 500:1.

Integrated Trading Platforms

Even though you can track assets and other trading insights on AxiTrader, this forex and CFD broker even comes with a built-in trading platform — Meta Trader 4. While the app versions of MT4 exist, you can even work with the MT4 web trader, accessible via any given browser.

This advanced trading functionality comes with built-in charts, price alerts, indicators, and tons of other nifty traits.

Copy Trading Tools

One of Axi’s more underrated features is the Copy Trading functionality. This feature lets you track the trades of top Axi traders and even copy the same to be more profitable. You can even connect the copy trading platform with the MT4 terminal to better track your trades.

Autochartist

In case you want to trade but aren’t particularly good with charts and timing the markets, you can use the “AutoChartist” plugin. Autochartist scans the markets for you, helps you get automated trading insights, lets you access stats, and do more with your trading gigs.

Calculators

Before you start trading using this forex and CFD broker, you can use the featured calculators to stay one step ahead of the trading fees, spreads, and more. For instance, before you start trading forex pairs, you can use the currency converter to see the rates.

Demo Account

In case you do not wish to put your hard-earned money at risk before learning the trading ropes, AxiTrader even lets you open a demo account. You get access to $50,000 worth of made-up money, 5-day 24/7 customer support, and a diverse selection of base currencies.

Besides the mentioned features, Axi also offers complete access to an extensive trading-friendly repository featuring the economic calendar, exchange holiday list, dividend schedules, CFD rollover dates, and more.

Plus, for advanced traders, there is the Mets Trader 4 VPS hosting service in play, offering round-the-clock support and trading connectivity.

Finally, here is the list of assets pertaining to each category:

Forex picks

Stock-based CFDs

Upcoming IPO-backed CFDs

Index CFDs

Commodity CFDs

AxiTrader keeps adding new investing and trading instruments, depending on market scenarios, key company decisions, and other metrics.

Fee Structure

AxiTrader’s fee structure has several elements to it. For instance, regardless of the account type in sight, the platform doesn’t charge any account maintenance fee. Now, coming to the account-specific fees, the standard account spread is set at 0.9 pips, whereas the Pro and Elite accounts are spread-free.

AxiTrader fee structure

But then, you need not pay any commission to run the standard account, but the elite and pro accounts need $3.50 and $7 for each trade. The CFD or Forex financing or margin rates vary depending on the share, commodity, or cryptocurrency you plan to trade. For instance, financing for the Apple CFD is priced at 6.1%.

Do note that Axi doesn’t charge any deposit or withdrawal fees, but inactive users need to pay $10 to resume trading. This forex broker charges $10 for service resumption after the one-year period.  Another aspect of Axi’s fee structure is the 3% overhead or fee that is charged for bank transfer deposits exceeding $50,000.

AxiTrader Limits Explored

Now that you know Axi’s fee structure, let us look closer at the limits. For starters, there is no deposit limit for standard and pro accounts. However, the minimum deposit limit for an elite account is $25,000.

Regardless of the account type, the minimum lot size per trade is 0.01. This means you need not worry about buying at least one unit of a CFD. Another aspect of Axi is the support for fiat deposits and withdrawals. As for deposits, or rather payment methods, Axi supports the following:

1. Bank transfers
2. FasePay
3. Neteller
4. Skrill
5. Boleto
6. POLi

Axi limits and more

For countries like China, Thailand, Vietnam, Brazil, and more, Axi supports a wide range of Internet banking options for deposits. For withdrawals, bank transfers work fine, more so as Axi doesn’t charge any withdrawal fee.

Security Standards and the State of Customer Support

By now, you should know which Axi features make it desirable enough! Yet, not every decision is about the features. Axi boasts a pretty extensive set of security standards led by advanced encryption protocols.

In case you plan on setting up the mobile app, Axi lets you set up the two-factor authentication. This forex and CFD broker also adheres to international regulatory standards — U.K-specific FCA, Australia’s ASIC, and more — making it one of the more trusted platforms around.

Axi and the security standards

This crypto broker also brings in innovative security implementations like ISO27001, which adheres to the security standards, client portal security standards, and fraud prevention measures as part of the safety posture.

Regarding the security posture, Axi makes way for a bot/human-powered live chat interface. Additionally, phone support is available for international customers, followed by a multi-channel support system. Plus, there is a detailed Axi blog to help you get better at trading, email support at [email protected], and a “Help Center.”

Who Should Onboard AxiTrader?

If you prefer trading in Forex and multi-asset CFDs, AxiTrader is the right broker for you. Plus, for professional traders, this platform offers a $1 million capital allocation fund sans registration or account maintenance fee. Overall, anyone from a beginner to an advanced trader can onboard Axi, the forex broker.