AxiTrader Review

Review

In October 2020, AxiTrader announced a rebranding of its company from AxiTrader to Axi. At the same time, Axi announced a one-year sponsorship of British football team Manchester City FC, a move the brand hopes will increase brand awareness for the company's new name.

AxiTrader is the trading name of AxiTrader LTD, a company supposedly authorized and regulated in St. Vincent and the Grenadines by the Financial Services Authority (FSA). AxiTrader LTD is a wholly-owned subsidiary of AxiCorp Financial Services Pty LTD, based in Australia. It is critical to note that as of July 29th 2019, New Zealand Financial Markets Authority (FMA) has suspended the derivatives issuer license of AxiCorp Financial Services Pty LTD. According to the regulator, the brokerage violated the Financial Markets Conduct Act 2013 on four counts.

The four counts consist of the absence of a Product Disclosure Statement or Disclose Register Entry before marketing to retail traders, failure to submit audited financial statements, failure to obtain an assurance engagement with a qualified auditor, and failure to notify the regulator of a change in senior management after a new CFO was hired. According to the FMA, AxiCorp Financial Services Pty LTD doesn’t possess the proper systems, procedures, and resources. The license will remain suspended until the regulator is satisfied that the violations have been corrected, which was not the case at the time of this AxiTrader review. In January 2020, Australian regulator ASIC also revoked AxiCorp’s license, claiming that the company did not comply with regulatory demands.

It is important to note that this regulatory suspension doesn’t impact international clients, as AxiTrader LTD operates under FSA jurisdiction, and AxiCorp LTD operates under FCA jurisdiction. Likewise, AxiCorp under ASIC jurisdiction remains fully compliant with regulators. It does show issues under the corporate umbrella, and how Axi adresses them is important to all traders who manage their accounts with this broker. Overall, this remains a genuine broker with its origin in Australia, founded in 2007, and an expanding market share across the globe.

AxiTrader Homepage

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Regulation and Security

AxiCorp Financial Services Pty LTD, the corporate owner of all operating subsidiaries, maintains regulatory oversight by the Australian Securities and Investments Commission (ASIC), one of the top global regulators. It is important to note that ASIC suspended the licenses earlier in 2020, pending a review for violating rules and regulations, which was appealed by AxiTrader. Following the conclusion of the process, this broker kept its Australian Financial Services Licence, where it also holds an automatic Client Money Insurance coverage up to $1,000,000.

U.K. traders will manage their portfolios from the Financial Conduct Authority (FCA) regulated entity AxiCorp Limited, where it has already initiated its planned rebranding phase to Axi. Since 2015, AxiTrader holds a Category 4 license with a Retail endorsement from the Dubai Financial Services Authority (DFSA). AxiTrader obtained it following the insolvency of Alpari UK, whose Middle East operations were purchased by AxiCorp. Given the category of its license, AxiCorp Financial Services Pty Ltd (DIFC Branch) is not allowed to hold client assets or client money. Regrettably, this subsidiary fails to explain to traders how it serves them, which presumably does so via its international entity, AxiTrader Limited.

AxiTrader Limited operates out of St. Vincent and the Grenadines, where it caters to all its global traders. The financial regulator, the St. Vincent and the Grenadines Financial Services Authority (SVGFSA), is responsible for oversight of international business companies (IBCs), but it does not regulate Forex brokers. IBCs are authorized to carry out business activities related to the Forex market but remain unregulated entities, which often confuses retail traders. Forex brokers are allowed to state registration with the financial regulator but generally omit the lack of regulation.

There are steps for Forex broker to take to ensure traders have adequate protection. The most popular choice is membership with the Hong-Kong-based Financial regulation, the first independent self-regulatory organization, and external dispute resolution (EDR) body, specialized in Forex. The Compensation Fund covers deposits up to €20,000, placing it on par with protection granted by Forex brokers operating under the oversight of the Cyprus Securities and Exchange Commission (CySEC). Additionally, client funds remain fully segregated from corporate ones across all four operating subsidiaries. Overall, Axi maintains a secure trading environment and remains one of the most trusted brokers.

The corporate owner of all Axi operating subsidiaries maintains regulation with ASIC.

Axitrader regulators

Confirmation of regulation is available at the ASIC website.

Axitrader ASIC regulation

UK traders will trade with the FCA regulated entity AxiCorp Limited.

Axitrader FCA regulation

AxiCorp Financial Services Pty Ltd (DIFC Branch) operates under the oversight of the DFSA.

Axitrader DFSA regulation

All international trades will manage portfolios at AxiTrader Limited, the unregulated Axi entity out of St. Vincent and the Grenadines.

Axi Entity

AxiTrader Limited is a member of the Hong-Kong-based Financial Commission, adding another layer of security.

AxiTrader Hong Kong financial commission

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Fees

Axi obtains its revenues from spreads in its Standard Accounts and also from commissions charged in its Pro Accounts. Additionally, this broker is a market maker meaning it will directly benefit from traders’ losses where it acts as the counterparty.

Financing costs on overnight positions, or swap rates, equally apply and are passed onto traders. CFD positions on indices are subject to corporate actions, like dividends, which will either be credited or debited from a trader’s portfolio, depending on the trading position held past the ex-dividend date.

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What Can I Trade

This broker is primarily a forex broker and offers over 80 currency pairs which is an ample coverage of the currency market; plenty of minor and exotic currencies are available for trading. A mix of hard and soft commodities, 31 equity CFDs and six cryptocurrency CFDs complete the offered products. The asset selection is rather limited and proper cross-asset diversification is impossible. Pure Forex accounts enjoy a sound selection of assets, and indices are presented properly. AxiTrader offers new retail traders plenty of opportunities to start their first trading account, but more advanced traders will run into limits rather fast.

Spreads in the Pro Account start from as little as 0.0 pips on the EUR/USD, the raw spreads come with a price tag of $7 per lot round trip; this represents an extremely competitive commission charged for raw spreads. Active Forex traders can immensely benefit from this trading environment which concludes one of the best features offered by this broker. Spreads in the Standard Account start from 1.2 pips in the EUR/USD, but are free of commissions.

A sample of assets available for trading at Axi:

Sample of AxiTrader assets

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Account Types

Traders have two choices at Axi, the Standard account which comes with higher spreads and no commission charges or the Pro Account with raw spreads and commission charges. The spread in the Standard Account is slightly elevated, but the trading conditions in the Pro Account are excellent. All traders are treated equally and there is no up-selling of better trading conditions for vaster deposits. This practice has been abandoned by many brokerages and Axi has clearly embraced the trend.

The maximum leverage offered is 1:500 as Australia remains one of a handful jurisdiction where regulators haven’t yet limited leverage. The only error uncovered by this review is in regard to spreads, on the account comparison page spreads for the Standard Account are listed as 1.0 pips while the target spread is listed at 1.2 pip at another section. This marks minimal oversight but should be corrected nevertheless.

AxiTrader account comparison

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Trading Platforms

Axi offers the comprehensive suite of the MT4 trading platform which runs on all devices, PC or Mac, Android or Apple, and also comes as a web version. Like many other brokers, AxiTrader doesn’t provide any of the required upgrades to turn the MT4 trading platform from a below-average out-of-the-box platform into a powerful gateway to financial markets. The most standard approach is to market the MT4 as a dominant trading platform as is since most retail traders are unaware of the limitations or what else is available.

The MT4 infrastructure allows for the development of cutting-edge trading solutions, fully supports automated trading and features back-testing capabilities. The foundation of the MT4 is solid which explains why so many third-parties have invested hundreds of millions around this platform. AxiTrader doesn’t make an effort to present the MT4 trading platform properly, which is moderately disappointing.

AxiTrader lists a tool with the name “MT4 NexGen”, but clicking on it merely directs to the homepage of this broker. Conceivably something is intended, or maybe something has been abandoned, but in any case, this is unacceptable from a broker who wants to communicate a sophisticated impression. The MT4 Multi-Account Manager (MAM) is equally available which greatly complements the excellent trading conditions offered in the Pro Account.

 

AxiTrader doesn’t make an effort to fully present the MT4 trading platform and sticks to the bare minimum.

AxiTrader MT4 offering

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Unique Features

Three unique features stand out at Axi: the Autochartist MT4 Plugin, VPS hosting and PsyQuation Premium. Autochartist is a market scanner that can identify chart patterns and trading opportunities in real-time. It also delivers market reports three times per day, conducts a volatility analysis and through performance statistics, traders can further fine-tune their trading approach. This is by far one of the most effective third-party tools a broker can offer to its traders.

VPS hosting allows traders to operate their automated trading solutions 24/7. AxiTrader doesn’t provide this service in-house and has partnered with the following four VPS hosting providers: ForexVPS, MetaTrader VPS, Commercial Network Services (CNS), and BeeksFX. Prices range from $10 per month to $35 per month, but Axi will credit traders who use ForexVPS and CNS if 20 lots are trader per month, while BeeksFX users may obtain a 30% discount through a coupon.

PsyQuation Premium is free of charge for all Axi clients who maintain a minimum balance of $500 and trade one standard lot per month. PsyQuation Premium is an advanced trading tool that offers trading signals, comprehensive forecasting, and quantitative analytics. Premium trading tools include the Order Flow Sentiment Indicator (OFSi) and potentially the most exceptional feature is the AI-guided analysis of a trader’s daily performance. It alerts traders of mistakes and assists them in becoming better traders over time, it can be compared to having your trading coach guiding you daily. It is safe to say that despite limitations on the MT4 platform, Axi has performed an outstanding job when it comes to offering its traders a competitive trading environment.

The Autochartist MT4 Plugin remains one of the most vital trading tools for retail traders.

AxiTrader Autochartist offering

PsyQuation Premium may be the most cutting-edge trading tool Axi offers to its traders.

AxiTrader PsyQuation offering

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Research and Education

The bulk of AxiTrader’s research has been outsourced to Autochartist and PsyQuation Premium which is perfectly fine. AxiTrader does operate a market analysis section where it provides quality content through market commentary, filled with trade ideas. This complements the outsourced research and produces an overall remarkable combination that grants traders an attractive research package.

Education follows the same approach and relies on PsyQuation Premium, which is complemented by educational articles published on the AxiTrader website, video tutorials, eBooks and an online trading course. New traders are given all the tools required to learn how to trader and then become a better trader at AxiTrader. As this AxiTrader review progressed, more bright spots started to emerge that lifted this brokerage into a higher echelon.

Outsourced research is complemented by in-house content that features quality articles with trading ideas.

AxiTrader education section

The video library offers MT4 related videos that introduce the basics of the trading platform.

Five eBooks are available for download and new traders should consider them as a starting point.

AxiTrader ebooks

An education center is mentioned with courses present in 24 languages, but how to obtain them remained unspecified.

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Customer Support

Axi provides 24/5 support and traders can either call a toll free number, request a call-back, send an e-mail, or use the live chat to contact a representative. Most topics are sufficiently covered, and an FAQ section is also available. Traders at reliable brokers typically don’t experience the need to contact customer support and this appears to be the case here at AxiTrader as well. Despite some minor issues, this broker is managed well, and clients are unlikely to find themselves in need of support.

AxiTrader contact info

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Bonuses and Promotions

At the time of this review, Axi didn’t offer any bonuses or promotions to traders.

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Opening an Account

New accounts are opened via an online application form, as is the standard procedure across all brokerages. Axi has created a three-step process that satisfies regulatory requirements in regards to AML/KYC requirements and new traders should feel comfortable submitting their details, copy of ID and proof of residency to this broker.

AxiTrader open account page

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Deposits and Withdrawals

Axi offers a comprehensive range of deposit and withdrawal options. Besides credit/debit cards and bank wires, clients have the choice of Skrill, Neteller, China Union Pay, FasaPay, Thai International Banking, Vietnamese Instant Banking, and Polish Instant Banking. While no fees are imposed from Axi, third-party fees are applicable. Processing time is listed as instant for most options, except for bank wires which can take up to five business days. For security reasons, the name on the account from where a deposit originates must match the name on the account, and withdrawals will be sent back via the same means of the deposit method.

AxiTrader payment details

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General Information

Company Information

  • Broker's Name : AxiTrader
  • Headquarter : Australia
  • Regulation : FCA, FSA

Account Information

  • Type of Broker : Market Maker
  • U.S. Clients Allowed :
  • Minimum Deposit :
  • Maximum Leverage : 1:500
  • Commissions / Spreads : Both
  • Account 1 : Standard
  • Account 2 : Pro
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Managed Accounts :
  • Institutional Accounts :
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Type of Platform : MetaTrader 4, Web-based, Other
    • Platform Languages :
      • English
    • OS Compatibility :
      • Mac
      • Windows
      • Linux
      • Mobile
      • Web
      • iPhone
      • iPad
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :

Customer Support

    • Website Languages :
      • English
      • Spanish
      • Arabic
      • Japanese
      • Chinese
      • Russian
      • Thai
      • Bahasa
      • Other
  • Support Hours : 24/5
  • E-mail Support :
  • SMS Support :
  • Chat :

Pros and Cons

  • Demo Account
  • Accepts U.S. Traders
  • Choice of Different Platforms
  • No Bonuses or Promotions

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FAQ

Is AxiTrader legit?

Yes, Axi is a legit broker, registered in four jurisdictions and regulated in three. This broker remains one of the most trusted Forex brokers today and is also a member of the Hong-Kong-based Financial Commission.

What is the minimum deposit for Axir?

Axi has no minimum deposit requirements, granting all traders freedom and flexibility to manage their accounts.

Is Axi an ECN broker?

Yes, Axi is one of the most technologically advanced ECN brokers. It has co-location servers with over 20 liquidity providers, grants traders raw spreads from 0.0 pips for a commission of $7 per round lot.

Is AxiTrader regulated?

AxiTrader maintains regulation in three jurisdictions. ASIC regulates AxiCorp Financial Services Pty LTD, while AxiCorp Limited and AxiCorp Financial Services Pty Ltd (DIFC Branch) operate under the oversight of the FCA and DFSA, respectively. AxiTrader Limited maintains registration with the SVGFSA as an IBC, but Forex brokers remain unregulated in St. Vincent and the Grenadines.

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Summary

Axi suffers from minor regulatory issues but remains an overall well-regulated broker. The corporate office is established in Australia, but international traders will be served from the office out of St. Vincent and the Grenadines. Axi claims to be authorized and regulated in that jurisdiction by the Financial Services Authority (FSA) under number 25417 BC 2019, but at the time of this review, this could not be confirmed. Regulation in Australia by ASIC and in the UK by the FCA is indeed confirmed, and Axi is also a member of The Financial Commission, the first independent self-regulatory organization and external dispute resolution (EDR) body for the Forex market, based in Hong Kong. Broadly speaking, traders should feel safe managing their portfolios at Axi, but there are other brokers out there that offer similar services without the regulatory issues.

This broker is primarily focused on the forex market and most assets for trading are currency pairs. Commodities, indices, and cryptocurrencies are available and allow for entry-level cross-asset diversification; more advanced traders will find the overall asset selection limited. Trading conditions provided in the Pro Account are excellent, traders receive access to raw spreads for a commission of only $7 per lot for a round trip or $3.50 one way; the Standard account is not recommended as the EUR/USD is listed with a target spread of 1.2 pips. Maximum leverage is 1:500 which further complements the Pro Account trading conditions.

The MT4 trading platform is the only one offered, but Axi has carried out an excellent job when it comes to offering auxiliary services to traders; this includes the Autochartist MT4 Plugin, VPS hosting and PsyQuation Premium. Minor in-house research is provided, and an effort has been made to construct a sound educational section, the net product has elevated Axi into the top quartile of brokerages, one step below a prime broker.

While several minor discrepancies remain and a few unanswered regulatory questions in smaller jurisdictions require attention, Axi represents a genuine choice if the supplementary services are taken into account. The Pro Account trading conditions remain excellent and the most attractive feature. With a few tweaks, this broker can further rise in the ranks and is properly positioned to increase its market share.

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Broker Comparison

Pepperstone vs. AxiTrader

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