Australian forex broker AxiT offers ECN style tight spreads for its Pro Account. Though the MT4 platform, you can access 140+ currency pairs for forex trading, $0 minimum deposit, fast execution, award-winning customer support and other CFD products including cryptocurrencies like Bitcoin.
See our Axi Standard vs Pro Account review and our Axi review below:
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Axi (formerly AxiTrader) is considered the best MetaTrader 4 forex broker based on five core advantages:
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The overall rating is based on review by our experts
Our Axi review found that the company offers ECN broker spreads. This means that they don’t use a dealing desk but instead connect their clients with an ECN network so you can trade directly with global liquidity pools. These liquidity pools consist of 14 of the world’s leading banks.
There are two Axi account types that impact the fx broker costs when trading with Axi.
Primary features of each account include:
1) MT4 Standard Account
This trading account is designed for beginner forex traders as it’s not a market makers account. This forex trading account spreads are wider than their Pro account however the account has no commissions.
2) MT4 Pro Account
This account is designed for intermediate forex traders looking to minimise spreads when trading. To keep costs low, AxiTrader does not widen the spread but instead charges a commission of $7USD round trip for each standard lot.
You can view our AxiTrader Standard Vs Pro guide to understand which account is right for you. Below is a comparison of the average spreads for each trading account Axitrader offer:
When spreads and fees are compared to other Australian forex brokers, the overall result was favourable. This included comparisons to popular currency broker including Pepperstone and IC Markets. This is because their ‘no dealing desk‘ allows direct trading with liquidity pools, which also enhances execution speeds.
Axi focuses solely on the MetaTrader 4 forex trading platform. This forex platform is the most popular globally based on its functionality, ease-of-use and automated trading. Based on solely MT4 Compare Forex Brokers found Axi offered the best forex platform offering. It didn’t though receive maximum scores simply because competitors such as Pepperstone and IC Markets offer additional platforms.
The MT4 forex trading platform is ideal for forex traders of all levels. The forex trading platform is very clean, and all the charts and other trading tools are easy to find and use.
The site navigation is very nice and offers the best graphical user interface, which makes it ideal for all forex traders. Their trading platforms extend MAC and Windows PC and mobile trading tools like smartphone devices such as the iPhone and Android phones and iPad and Android. Traders can make use of the Autochartist and Myfxbook Autotrade, which is a social-based trade community. Registered traders can use Myfxbook to connect with their account and follow the trades of experienced forex traders.
Additional enhancements of MetaTrader 4 have been made through MT4 Next Generation, which gives you access to extra features.
Features included with MT4 NexGen include:
In 2014, an Investment Trends report found that Axi forex broker had the strongest brand association as being ‘trustworthy’. This was backed up in 2017 when the Investment Trends Australian forex broker report gave it the highest overall client satisfaction. This could be attributed towards the CFD broker been Australian owned, with an Australian customer support team. This is based in Sydney meeting ASIC training requirements for staff.
The customer service of Axi Corp (Axi) has also won awards thanks to its 24-hour day customer centre. This is only closed on the weekend when currency markets are closed. They can be contacted via e-mail, phone or live chat. The company has clients in more than 150 countries and a Monday to Friday call-centre. When the Sydney office isn’t open, there is support from London and Chisinau. All forex traders that open an account are provided with a dedicated account manager. Account managers assist with trades, forex training, and other market information. Below shows some of the key players at Axi who have one of the most experienced team worldwide.
Axi offers a wide currency for trading forex. With over 80 currency pairings and 140+ cross pair. This means that in addition to classic currency pairs such as AUD / USD, GBP / USD and EUR / USD, there are also minor and exotic pairings. Minor, exotic and cross pairs can have more movements due to thin liquidity which can present significant profit opportunity albeit with a more high risk.
Our Axi broker review noted that in addition to forex, they offer other instruments for trading CFDs. The Axi range of markets includes:
Note: Cryptocurrency trading is not available for Axi clients with AxiCorp Limited, the Axi subsidiary of the UK. FCA compliance requirements do not allow forex brokers to offer crypto products for trade.
Axi does lack a few CFD trading services such as stockbroking and Shares CFD services. This means that you will need to find a share trader provider in addition to Axi as your CFDs provider. Those looking for an all-in-one trading experience may want to consider some of the larger brokers such as CMC or IG.
The broker is an Australian based merchant that was founded in 2008 with its headquarters located in Sydney. Axi prides itself on the 24-hour support, fast trade execution, tight spreads with minimum account slippage.
The parent company AxiCorp Financial Services Pty Ltd changed its brand name Axitrader to become Axi at the end of 2020. In the same process, they also changed their existing website from axitrader.com to axi.com to match its efforts to revamp the AxiCorp brand.
Over 60,000 former Axitrader clients with live accounts from over 100 countries have continued to trust Axi with their online trading operations.
In terms of regulatory oversight, Axi’s online trading services comply with the financial rules imposed by 3 tier-one regulators, including:
Overall, Axi fully complies with the regulatory standards imposed by some of the top financial regulators in the world. However, it’s worth mentioning that in July 2019, New Zealand’s financial regulator suspended AxiCorp licenses for not complying with the Financial Markets Conduct Act 2013. As a result, New Zealand retail traders can’t apply for an Axitrader account because Axi has stopped offering its services in this jurisdiction.
Our Compare Forex Brokers’ Axi review found that it has a US subsidiary called Axi USA. This is the avenue US-based traders need to choose to trade forex to meet American regulation. At present, the broker offers two different types of trade executions. These are the ECN instant trade order and Non-Dealing desk execution.
The educational centre offers chart tools that provide concise information on various commodities, equity indices and currency pairs. The FX charts offer in-depth information on various charts and provide a suitable interpretation of the various price fluctuations. It does this using oscillator and Fibonacci levels. Axi also offers various online courses right from basic Forex introduction to in-depth market analysis. The broker offers several educational videos which the registered traders can watch free of charge and get enlightened. In addition to the above, the broker also posts daily market updates. This keeps traders award of developments in the Forex industry.
Our Axi review above explains the wide range of financial instruments for trade like oil, silver, gold, CFD, etc. Traders can choose from 50 different types of currency pairs like AUD/USD, JPY/EUR, EUR/USD, AUD/CAD, etc. The market is open 24-hours and one can trade at any point of time suited to their needs. It offers low-cost trading with best in class risk tolerance limit and different types of assets to choose from.
Traders can choose a major base currency for their account from the AUD, USD, JPY to Euro. Deposit options for client funds include bank transfer, credit card, MasterCard, Skrill, BPAY, China UnionPay, bank wire transfer, MoneyBookers to Neteller can be used. For people having AUS bank accounts, the withdrawals do not attract any type of commissions. However, the broker can charge anywhere between 15 to 25 dollars for people having international bank accounts. All the deposits are processed instantly while the withdrawals can take up to 5 days to settle.
Withdrawing funds from an Axi MT4 account is secure, fast, and the transaction fees are low to none. The withdrawals are processed on 9:00 am to 3:00 pm AEST on weekdays. After 3:00 pm they are processed the following business day. Ways to withdraw funds including a bank account, Neteller or Credit Card, with some anti-money laundering regulations involved. Some international transfer will result in charges. When choosing to make a credit card or debit card deposit, a withdrawal must be to the same card. This is assuming the withdrawal is made within 90 days.
Axi is a favourite among Australian forex traders. They have a simple to use forex trading platform, tight spreads (low fees) and an excellent training program. The fx broker is certified in Australia, which is critical due to the safeguards in place to protect currency traders.
Australian forex traders have different requirements from forex brokers ranging from leverage, fees to features. This Axi review was based on our trading platform comparison, focusing on broker features as a focal point. If you have a different priority, then visit our homepage and view our other forex broker comparison charts. Our most popular forex broker comparison tables are low fee, high leverage and bonus offers. All information comes from providers’ websites with each provider offering free demo accounts to trial their offering and trading currency.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.