Besides the fees you pay to open and close trades, some brokers also have fees for depositing and withdrawing funds from your account. 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. 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. Axi offers different leverage levels to its clients depending on the entity under which they registered their accounts.

I advise against the former, which despite the advertised minimum spread of 0.4 pips, carries costs roughly three times above that and beyond. It is an expensive account, and I recommend traders opt for the Pro alternative. The commission of $7.00 per round lot remains competitive, and spreads start as low as 0.0 pips, an ideal combination for algorithmic traders and scalpers. Cryptocurrencies, such Ethereum, XRP, Litecoin, Dash, Stellar Lumens or others are not in the broker’s portfolio on offer. At the point of writing this review, the only digital asset available for CFD trades is Bitcoin. Axi offers 24/7 customer support via e-mail, live chat, or eleven toll-free numbers, but I did not find an FAQ section.

Overall, we found that AxiTrader fees are relatively low or no fees at all. The information on this site may be accessed worldwide however it is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. Any information or advice contained on this website is general in nature only and does not constitute personal or investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. You should seek independent financial advice prior to acquiring a financial product.

1. There are regularly streamed videos also talking about current issues affecting the markets.
2. In this case, the client’s funds are safely kept in segregated accounts with top-tier banks and secured by compensation schemes.
3. Axi Select has become my preferred prop service due to its unparalleled access to substantial capital.
4. Another advantage is that the broker groups the education material according to certain topics, to help both beginner and professional traders find the information they need easier.

We consider the FCA regulation to be the best since it provides compensation of up to £85,000 in case the broker goes bankrupt. The broker is regulated by the top-tier UK FCA and the ASIC, which have stringent rules and enforcement mechanisms. Another interesting point is that the Demo version is held separately from the live, meaning that just because you opened a Demo account, it doesn’t mean that you’ll be able to do much on Axi’s website. In fact, you must log in through the email they sent you with your password credentials to be able to access your Demo account.

Axi Minimum Deposit and Withdrawal

It’s a powerful trading tool that can seriously boost any traders’ performance by providing high quality information and highly relevant data. While Axi offers a demo account with flexible options concerning the account balance, base currency, and leverage, it is limited to 30 days. Therefore, I consider it pointless, as traders use demo accounts to test applications and trading strategies, which requires significantly more than 30 days. Most popular trading styles such as hedging, scalping or using EAs (Expert Advisors) are allowed with all IC Markets trading accounts. With clients all over the globe, the online broker AxiTrader offers high-quality, multi-lingual 24/5 customer support through live chat, a toll-free phone hotline and email. Our review found, that their award-winning service was named ‘#1 for Customer Service’ in the December 2013 Investment Trends Australia FX Report.

AxiTrader Review

Retail Clients of Australia and New Zealand are given the added protection of negative balance protection. This means that you cannot lose more than the amount of money invested with us. Investing in CFDs does not provide any entitlement, right or obligation to the underlying financial asset. No, IC Markets is licensed and regulated by the Australian Securities and Investments Commission (ASIC), who are recognized as one of the toughest regulators in the financial services industry worldwide. When using AxiTrader’s MetaTrader4 Pro Account, traders can enjoy an ECN-type environment with lower spreads and generally faster execution speeds. The available cryptos include Bitcoin, Dash, Ethereum, Litecoin and Ripple.

Our trusted Broker

A truly comprehensive range of tools, at AxiTrader’s mainstay MetaTrader 4 brings a very competitive technical solution to trade through market-making execution. Yes,  scalping is allowed by Axi meaning if you are a scalper then the broker is an excellent choice thanks to the supportive environment, low spreads, and fast ECN execution. Besides, the broker also allows hedging and copy trading sophisticated strategies allowing traders to improve their trading experience. AxiTrader further offers a few interesting VPS service options, which are especially beneficial to high-frequency traders or those who use automated trading strategies. One of the biggest drawbacks with this Forex broker are the very limited options for deposits and withdrawals. Deposit methods only include debit and credit cards (VISA, Mastercard, Maestro and JCB), Neteller, Skrill, bank wire transfers and broker to broker funds transfer.

How do I open an MT4 account with Axi?

Axi is a member of the Hong Kong-based Financial Commission, featuring a €20,000 compensation fund. A $1,000,000 client money insurance policy is also in place, making the unregulated St. Vincent axitrade and the Grenadines unit the best-protected one with the best trading conditions. Besides competitive trading costs, Axi offers traders the third-party trading analysis platform PsyQuation.

You can start trading the £50,000 virtual funds credited to your account. This virtual money can be used in a replica of the live trading environment. The first thing to note about setting up an account with AxiTrader is that a free demo account is available before progressing to setting up a full account. As we will see, the process of starting to trade with AxiTrader also provides a useful learning curve, allowing you to gain experience and confidence as you progress with this broker. As you will see, the process of creating an account with AxiTrader is straightforward – you can even begin trading within 10 minutes of starting the process of creating an account. Shadow the world’s best traders and never miss a beat with these helpful trading tools.

A copy of the ID and one proof of residency documents generally satisfies this step and completes KYC/AML stipulations. Axi provides traders with 50 currency pairs, six cryptocurrency pairs, 20 commodities, and 31 index CFDs. Equity CFDs are notably missing, which is a negative in my book as I trade them, but Forex traders have a good selection. The research section with the broker only provides access to an economic calendar and no other insightful research tools like other major brokers. As a client, you may also enjoy the possibility to have account base currency in GBP, USD, EUR, CHF, or PLN and deposit funds in those major currencies as well. At the first stage and as a new to trading, you also can open a free 30-day trial Demo account with a virtual cash balance of £50,000 to practice skills and touch a trading process in a “real”.

The spreads on all forex trading pairs are variable according to market conditions. The spreads are very competitive for Standard Accounts as there are no other trading commissions applied to trades. There may be swap rates applied when holding forex positions overnight. Customers can also set up a demo account to test Axi’s trading environment and their offering before entering the markets with real money.

You can see all your withdrawal requests and their status on the withdrawal page. If you would like to make a bank withdrawal, you’ll need to verify your bank account details. Fundamental tools, training resources, trading education and expert coaching to help you continuously improve. Axi does not consider your financial objectives or personal circumstances. If you want to know more about the broker, such as any other fee charged, the order execution method, and more, check our Axi Review.

Leverage is a quite known instrument, which obviously multiplies the initial capital you trading with and can be a very useful tool to magnify your potential gains, but in case you use it smartly. When the funds reach your account, simply launch MT4 and you will be able to start your Forex trading career. Funds can be deposited using most major currencies, including AUD, USD, GBP, CAD and many more. For the purpose of Forex trading for beginners, the best option is a Standard account. It is also worth noting that you have the ability to change to a Pro account as you progress. The second key step in the process of creating a full account is verifying your identity.

At this stage AxiTrader will also ask you if your application is an individual one, a joint one or a company/trust account. Of course, the trial will expire after 30 days, so once your demo period has finished you will need to create a full account in order to continue trading with AxiTrader. However, if you already feel confident enough to create a full account, you can skip this step and go to the next part of the process, “Step 1 – Getting a full account”. When someone feels they are ready to try live trading and create a full Live Account, there are then two options for them to choose from. To assist those who are entirely new to Forex trading, AxiTrader operates two different types of account.

Axi offers a positive swap on EUR/USD short positions, meaning traders get paid money. Axi Select has become my preferred prop service due to its unparalleled access to substantial capital. This access allows me to explore diverse trading opportunities, scale my strategies, and venture into new markets.

Deposit and Withdrawal

Looking at the spreads charged in our trades, we found that they were all lower than 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. We placed 3 trades for each instrument to get a complete picture of the average spread.