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In the dynamic world of online trading, finding a broker that aligns with your needs and trading style is crucial. Axi, an Australia-based forex broker, has garnered attention for its compelling blend of affordability, variety, and innovative tools designed to cater to traders of all levels.
This article delves into an in-depth review of Axi, examining its strengths and areas where it might fall short compared to its competitors. From its competitive forex fees and impressive selection of currency pairs to the ease of account setup and flexibility in account base currencies, Axi positions itself as a go-to platform for those looking to navigate the forex market effectively.
Furthermore, we'll explore Axi's adoption of the MetaTrader 4 platform, its copy trading feature, and additional analytical tools that offer traders the opportunity to refine and experiment with their strategies. Whether you're a novice trader or have years of experience under your belt, this review aims to provide you with a comprehensive understanding of what Axi offers and how it can fit into your trading journey.
Axi Background
Axi (formerly AxiTrader) is a forex broker owned and operated by seasoned forex traders who recognize the sharp requirements of investors and traders in the foreign exchange markets. The company has spread its businesses in the UK and Australia where in the UK it’s regulated by the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) in Australia.
Axi is under AxiCorp Financial Pty Ltd founded in Sydney, Australia in 2001. Over the years, the broker company developed into one of the biggest companies in its location. Not only did the company perform well in Australia as its dominance has also spread to other financial markets in the world.
In 2007, Axi was brought in primarily as a forex trading platform and had since led the Australian retail foreign exchange market.
The company is considered to belong to Australia’s top forex brokers and even extended its expertise to other locations. Among its goals is to move towards the retail trading market in Europe using its branch in the UK as its highlight.
Axi’s strategic locations in Asia-Pacific and Europe enable it to take advantage of its proven track record and present stiff competition against other brokers.
Overview
This section provides an overview of Axi's account base currencies, deposit fees and options, and withdrawal fees and options.
Account Base Currencies
Axi offers a wide range of base currencies, including AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, and USD. This selection is greater than that of its closest competitors, such as TMGM and Eightcap. By choosing a base currency that matches your bank account or trading assets, you can avoid conversion fees. Additionally, you can save on currency conversion fees by opening a multi-currency bank account at a digital bank.
Deposit Fees and Options
Axi does not charge any deposit fees, but if monthly deposits via methods other than bank transfer exceed $50,000, Axi may charge a 3% fee. Axi offers several deposit methods, including bank transfers, credit/debit cards, broker-to-broker transfers, electronic wallets, and cryptocurrencies. Deposits via bank transfer can take several business days, while payment with a credit/debit card is instant.
Axi supports several electronic wallets, including Neteller, Skrill, Sofort, GiroPay, iDeal, Polish Internet Banking, Global Collect, and China Union Pay. However, some methods and currencies may not be available to you based on your residency.
Axi Withdrawal Fees and Options
Axi does not charge any withdrawal fees and offers several methods for withdrawal, including bank transfers, credit/debit cards, broker-to-broker transfers, and electronic wallets. However, if you withdraw less than $50, you will be charged a $25 administration fee, unless the withdrawn amount is your full account balance. Withdrawals via bank transfer can take several business days.
You can only withdraw money to accounts in your name, and if you want to withdraw funds to a debit/credit card, you can only withdraw to the same card you made the deposit from. The withdrawal method must be the same as your deposit method, except for deposits via bank card, which you can withdraw to your bank account.
To initiate a withdrawal, simply log in to the Client Portal, select ‘Withdraw Funds', choose the withdrawal method, add your bank account details, enter the amount you wish to withdraw, and initiate the withdrawal.
Trading Options
Axi offers five account types:
- Standard: Has a minimum deposit of $0, no commission, and spreads starting at 0.9 pips. The minimum trade size is 0.01 lots, and the leverage is up to 500:1.
- Pro: Has a commission of $7 per lot, with a spread starting at 0.0 pips. The trade costs $3.50 to open and close, and 3.50 per lot.
- Elite: A VIP account for high volume traders. It has spreads starting at 0.0 pips, a commission of $3.50 per lot, and up to 500:1 leverage. It also offers exclusive market analysis, free VPS, and analytics tools.
- Islamic Swap-Free: Designed for those who prefer a financial approach aligned with Islamic principles.
- Risk-Free Demo trading accounts: One of Axi's five account types.Â
Regulatory Agreement
Axi is a low-cost forex broker based in Australia that offers tools to help build trading strategies. As of November 2023, Axi is regulated by several authorities worldwide, including:
- The UK's Financial Conduct Authority (FCA)
- The Australian Securities and Investments Commission (ASIC)
- The Dubai Financial Services Authority (DFSA)
Axi's legal documentation includes:
- Client Agreement
- Privacy Policy
- US WHT – 871(m) FormÂ
For those looking into to get into forex trading, Axi presents a reliable platform. Its operations are straightforward and its platform is highly accessible, making forex investing a breeze.
Its conformity to regulatory standards is also vital to making this investment ideal for most poeple. However, if you're risk-averse you can learn how to make money online without investment.
