Axi Forex Broker Review

Launched in 2007 in Australia, Axi is one of the oldest actors of the online Fx/CFD trading scene. Axi is well regulated and it seems to enjoy a decent reputation among actual users.

In addition to its Australian headquarters (located at Level 10, 90 Arthur Street, North Sydney, 2060, Australia), the broker maintains regional offices in the UK and in the United Arab Emirates.

As mentioned, the reputation of the brokerage is decent. That means quite a bit for an operator who has been around for close to 12 years now. While most trader feedback is positive, there are a few complaints peppered in here and there.

Spread manipulation and stop loss hunting are two of the most complained-about issues with Axi. Some traders have also complained about unexpected downtimes at crucial moments (when attempting to close a trade) etc. The quality of customer support has been slammed as well. Some have also alleged that the broker trades against its own clients.

It is important to point out that for every bad review out there, there are several good ones posted. Some of the reviewers who bill Axi a scam are apparently shady online operators promising scam victims to recover their monies. They have apparently taken to “advertising” their services through these review sections.

The corporate entity behind the UK-based branch of the operation is AxiCorp Limited. The company is licensed and regulated by the UK’s FCA. Its FCA reference number is 509746. This license means that Axi is MiFID-compliant and as such, it can legally operate in most countries of the European Economic Area, with the exception of the ones that expressly forbid online trading.

AxiCorp limited is a wholly owned subsidiary of the Australian branch of the brokerage, represented by AxiCorp Financial Services Pty Ltd. The main corporate entity is a registered company in Australia and New Zealand. Its company numbers are: ACN 127 606 348 and NZBN 9429042567608. Obviously, the company is licensed by the AFSL, its license number being: 318232. In addition to its AFSL license, AxiCorp also holds a New Zealand Derivatives Issuer License, provided by the local FSP. The number of this license is: 518226. They also hold a FSA license in Saint Vincent and the Grenadines with the number 25417 BC 2019.

As mentioned, regulation is one of the strengths of the brokerage. In addition to the above detailed regulatory jurisdictions, it is also licensed by the DFSA of the United Arab Emirates.

Axi does not accept traders from the US and Israel, in addition to a number of African countries, Iraq, Iran and North Korea.

Platform & Tools

Axi’s platform offer is built almost entirely around MetaQuotes’ MT4. The award-winning platform has been made available in a staggering array of versions, covering just about every device capable of running the software.

There are versions for PC, Mac, iOS, Android and there is a WebTrader too, which is a no-download, browser-based variant.

MT4 can be downloaded directly from the Axi website, in all its supported versions, for free.

In addition to the above-mentioned variants, MT4 NextGen and MT4 Multi Account Manager (MAM) versions are also available, together with MT4 Trading Signals.

MT4 hardly needs to be described for traders. It is by far the best trading platform for charting and live technical analysis. Axi’s version covers 61 currency pairs, and it supports EAs (Expert Advisors). It is available in a free Demo version as well as in a full, real money version.

Pretty much everything about MT4 – including charts, technical indicators, EAs and scripts – can be customized.

The NextGen version offers sentiment-based trading, in addition to advanced management tools and enhanced ordering.

The MAM platform allows account managers to trade block orders from a single master account. MAM supports no fewer than 6 allocation methods and as many order types, unique as well as normal.

As far as trading tools are concerned, the broker aims to cater to those using EAs. EAs work best with a proper VPS service, and Axi has this angle covered. Its VPS service is provided by 3rd party partners, such as ForexVPS and MetaTrader VPS. Commercial network services are also available.

Another interesting tool in the Axi arsenal is AutoChartist. AutoChartist looks for trade opportunities all the time, alerting traders whenever it happens upon a profitable setup.

The tool plugs seamlessly into MT4. It is available in a limited Demo version, which features a 5-candle delay. The range forecast feature of the tool lets traders set proper stop losses and take profits for their trades, based on statistical data.

PsyQuotation is a premium trading platform option, to which all newly registered Axi clients gain access for lifetime – as long as the offer stands.

The platform offers premium trading tools, scores of powerful technical indicators and it allegedly does better when it comes to forecasting and trading signals.

PsyQuotation is available in a Demo version as well.

Axi supports a number of 3rd party trading signal providers. Traders can use ZuluTrade, MyFXBook as well as Tradency and DupliTrade.

Asset Classes

Axi’s Forex pairs section is the biggest one with the most generous trading conditions. It currently features some 80 currency pairs, from majors to minors and exotics.

In addition to that, the broker also offers bullion, metals and a number of commodities such as oil. Indices are supported as well: some 11 of them, covering various markets and trading venues world over.

Besides such traditional asset classes, Axi also offers cryptocurrency trading. Digital currencies cannot be bought in their “physical” forms however. They are only available for trading through CFDs, meaning that you will only “gamble” on their price swings, without ever holding any.

Commission & Fees

Commissions and fees depend on the account type for which traders register. There are two live account types and a spread betting one.

The MT4 Standard account does not charge any commissions. Its spreads start from 1 pip however. Neither account type requires a minimum deposit.

The MT4 Pro account has spreads starting from 0.0 pips. It does however charge a commission of $7/round trip.

The setting up of either of these two account types does not cost a dime.

Spread betting enjoys tax free status in the UK, so many traders residing there prefer it to legacy account types.

Research & Education

The official site of the broker offers a full suite of free eBooks, webinars, video tutorials and online education. It also goes to great lengths to explain the basics of online trading and to get new traders acquainted with the impressive capabilities of MT4.

Customer Service

The Axi support staff can be contacted via email (service@axi.com) and a selection of local toll free phone numbers. For the UK, the support number is: +44 203 544 9646. Australians can call 1300 888 936.

The Contact page of the broker features a handy Callback option too.

Mobile Trading

MT4 is available for iOS and Android devices. The mobile versions of the platform are full of useful features, while keeping everything tight and compact.

Conclusion

Axi is a decent trading destination with a reasonable selection of trading platforms and tradable assets. The trading conditions are not half bad either.

The main strength of the broker arguably resides in its regulatory status and reputation however.