Our comprehensive comparison of Axi vs CMC Markets dissects key areas like trading costs, Forex trading platforms, and regulations to help you choose the right Forex broker.
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Our comprehensive comparison covers the 10 most crucial trading factors to help you make an informed decision between AXI and CMC Markets.
When it comes to forex trading, the devil is often in the details. And one of those details that can make a significant difference to your trading experience is the spread. Let’s take a closer look at the average standard account spreads for two forex brokers, Axi and CMC Markets, and see how they stack up against the industry average.
Axi’s spreads across the board are competitive, with the EUR/USD pair at 1.2, USD/JPY at 1.1, and GBP/USD at 1.3, to name a few. These figures are slightly below the industry average, which is a good sign. However, when we turn our attention to CMC Markets, we see a slightly different story. Their spreads are generally higher than Axi’s, with the EUR/USD pair at 1.12, USD/JPY at 1.38, and GBP/USD at 1.3.
| Forex Pair | Axi | CMC Markets | Industry Average |
|---|---|---|---|
| EUR/USD | 1.2 | 1.12 | 1.18 |
| USD/JPY | 1.1 | 1.38 | 1.37 |
| GBP/USD | 1.3 | 1.3 | 1.51 |
| AUD/USD | 1.3 | 1.64 | 1.41 |
| USD/CAD | 1.3 | 1.32 | 1.70 |
| EUR/GBP | 1.2 | 0.857 | 1.56 |
| EUR/JPY | 1.2 | 1.55 | 1.85 |
| AUD/JPY | 1.4 | 1.8 | 2.09 |
Standard Account Analysis Updated December 2023[1]December 2023 Publish And Tested Data
In my opinion, Axi seems to offer a more cost-effective solution for traders, especially when you consider the cumulative effect of spreads on your trading costs over time. However, it’s worth noting that while spreads are an important factor, they’re not the only one. Other aspects, such as customer service, platform usability, and additional features, should also be considered when choosing a broker. As always, it’s about finding the right balance that suits your individual trading needs and style.
CMC Markets Fees
CMC is a market maker; this means the broker does not connect you to liquidity pools but instead is the direct counterparty to your order. This means they take the other side of the trade and only offer a standard account with no commission fee structure. As CMC Markets is a market maker, spreads will tend to be slightly higher compared to non-market maker traders (such as Axi); however, wider spreads do not necessarily mean they are more expensive.
Some things to note about CMC Markets:
The online broker offers some of the largest collections of currency pairs for trade we have seen. With over 330 global currency pairs. If you are looking to trade with both major forex pairs and exotic currency pairs, then CMC might suit your needs.
CMC Markets Additional Fees
When you have a CMC account, there are several costs to be aware of:
Holding Costs (Rollover Fees): This occurs when you hold your position after trading has closed for the day. The holding cost uses the tom-next rate for the currency pair in the underlying market.
Market Data Fee: Trading with certain instruments will incur a $20+GST fee to activate the monthly subscription to access the market data. If you execute two or more trades in the month, you will receive a refund for your fee.
Guaranteed Stop Loss Order: If selected, you will need to pay a premium to use this feature. This will be a premium rate x number of units. The premium rate will vary according to the chosen trading platform.
Axi Fees
Unlike CMC, Axi (formally AxiTrader) is an Electronic Data Communication (ECN) broker. This means they connect you with liquidity pools and offer you tight spreads. Orders are filled by trading with banks, financial institutions, brokers and private investors.
Axi offers lower spreads when compared with CMC Markets.
Axi, by comparison with CMC Markets, only offers 80 currency pairs. While this may be less than CMC Markets, it covers all the major pairs most traders would consider for trade.
Axi does not require a minimum deposit and allows expert traders.
Axi Additional Fees
When trading with Axi, you need to be aware of one fee. This is the swap rate.
Swap Rate: This is the same as CMC Markets’ holding fee. If you hold a position overnight for a currency pair, the rate charged will vary by currency pair and the swap rate in the market at the time, the position size and the spread Axi has on offer.
Head-To-Head Fee Comparison
Below are the most recently provided average spreads for each broker according to their website. Average spreads apply for 1 month. Spreads for Axi are taken from their MT4 Pro Account, as this is their lowest-cost account (compared to the MT4 standard account).
| AVG Spreads (11/02/2019) | EUR USD | USD JPY | AUD USD | GBP USD |
|---|---|---|---|---|
| CMC Markets (Nov 2018) | 0.81 | 0.88 | 0.75 | 1.25 |
| AxiTrader (Nov 2017) | 0.44 | 0.62 | 0.42 | 0.85 |
As you can see, Axi, on average, provides lower spreads, BUT these spreads don’t factor in commissions.
| AxiTrader cost with commission by lots | Mini Lots commission ($0.07 roundtrip) | Micro Lots commission ($0.70 roundtrip) | Standard lots commission ($7 roundtrip) | Cost with Commission by lot type |
|---|---|---|---|---|
| AUD USD Spread 0.61 pips (Nov 2017) | 0.131 (0.061 + 0.07) | 0.131 per mini lot | ||
| AUD USD Spread 0.61 pips (Nov 2017) | 1.31 (0.61 + 0.70) | 1.31 per micro lot | ||
| AUD USD Spread 0.61 pips (Nov 2017) | 13.1 (6.1 + 7) | 13.1 per standard lot | ||
The table above shows the cost that would be paid for each Axi account once commissions are factored in.
Now, let us compare these costs for each lot and trade size with CMC Markets, which do not have commission fees.
Mini Lots
CMC Markets Cost = 0.10 x 0.75 (since AUD USD has 0.10 value per pip in mini lots) = USD $0.075 per mini lot
This compares favourably with Axi, which costs $0.31 per mini lot
Micro Lots
CMC Markets Cost = 1 x 0.75 (since AUD USD has 1 value per pip in micro-lots) = USD $0.75 per micro lot
This compares favourably with Axi, which costs $1.31 per mini lot
Standard Lots
CMC Markets Cost = 10 x 0.75 since AUD USD has 10 value per pip in standard lots) = USD $7.50 per micro lot.
This compares favourably with Axi, which costs $13.10 per standard lot
Verdict: Although Axi has a lower spread when it comes to basic costs – we can conclude that CMC Markets is cheaper because they don’t have commissions.
Review Of CMC MarketsVisit CMC Markets
CMC Markets Next Generation
CMC Markets has a proprietary trading platform called Next Generation’ and, in late 2018, started to offer MetaTrader 4.
The CMC Markets ‘Next Generation’ platform
This award-winning platform, introduced in 2013, has been built using the knowledge CMC Markets has gained from over 20 years of industry experience and is great for active traders. Some of the most notable features of the platform include:
CMC Markets’ ‘Next Generation’ platform offers 5 different types of layouts to tailor to the needs of different types of traders. An experienced trader might prefer an advanced layout with lots of complex information and data, while new traders might prefer the standard layout, which only contains essential information.
Next Generation is available as an app on all iPhones and iPads and Android phones and tablets. Traders using a PC can access the trading platform via the web browser.
Key features available include:
Charting Tools
CMC Markets offers some of the most sophisticated charting tools available. Key features include:
CMC Markets MetaTrader 4
For a year, CMC Markets resisted all temptations to introduce MetaTrader 4 into their platform portfolio. Although MetaTrader 4 is the most used and popular platform for both traders and brokers worldwide, CMC Markets always believes their platform offers a superior experience.
CMC Markets’ decision to offer MetaTrader 4 is a strategic move. Although CMC Markets says it is to meet the demands of existing clients, it will also allow them to attract clients with their competitors, as MetaTrader 4 is a familiar product to them.
We will discuss the benefits of MetaTrader 4 in the Axi platforms section, but it is important to be aware that there may be some restrictions if you use Mt4 with CMC Markets. These include:
Axi MetaTrader 4
Developed in 2007, MetaTrader 4 by MetaQuotes is the most readily available platform made available by online forex brokers.
MetaTrader 4 is popular not only with brokers but with traders as well. There are several reasons for this, including:
Key features of MetaTrader 4 include
Axi’s ‘NexGen’
Not to be confused with CMC Markets Next Generation platform, Axi includes a complimentary platform extension to MetaTrader 4 to give the client a greater trading experience. This extension consists of a range of features, including advanced management tools, sentiment trading and enhanced ordering.
Advanced management tools include:
Sentiment trading tools include:
Enhanced ordering tools include:
Verdict
Before, we would’ve leaned towards suggesting Axi since they provide MetaTrader 4—a platform that CMC didn’t offer at the time. Axi also throws in some extra features for MT4 that you won’t find with CMC. Now, it’s really about what you’re looking for: the added perks from Axi for MT4 or the CMC NexGen experience. We’re big fans of MT4 ourselves because it’s got a solid reputation, and a lot of users trust it.
Based on our comprehensive comparison, AXI has superior accounts and features. AXI offers lower spreads and is an ECN broker, providing direct access to liquidity pools. This makes it more cost-effective and transparent for traders. On the other hand, CMC Markets is a market maker with slightly higher spreads but offers a broader range of currency pairs and additional features like market data fees. So, if you’re looking for lower costs and direct market access, AXI would be the better choice for you.
Verdict: Based on these categories, AXI seems to have the edge in offering superior platforms and features.
When it comes to trading experience and ease, both AXI and CMC Markets have their merits. AXI offers MetaTrader 4 with add-on features, making it a go-to for traders familiar with the platform. On the other hand, CMC Markets’ ‘Next Generation’ platform is highly customisable, catering to both new and experienced traders.
Verdict: CMC Markets offers a more versatile platform with real-time alerts and client sentiment tracking. AXI, however, shines in its MetaTrader 4 add-ons, providing an edge for traders who prefer this platform.
Trust is a difficult criterion to measure, but for a simple measure, we have compared the age, size of the broker and regulation quality (and quantity). So firstly, let’s compare age.
CMC Markets (originally Currency Management Corporation) was founded in 1989, while Axi (originally AxiTrader) was in 2007. Not only does that make CMC Markets 18 years older, but we would argue that the location it was founded in (The United Kingdom) is also more trusted than Kingstown, Saint Vincent and the Grenadines, which is where Axi was registered.
Second, there is the number of traders that use both brokers. In the case of CMC Markets, they state that they have over 1 million traders (note that this includes share traders), while Axi states they have 60,000. When it comes to age, clearly, CMC Markets is the winner.
Finally, we considered the regulation of both brokers. For Axi they are regulated by:
It should be noted that Axi was shortlisted as one of the best forex brokers in Dubai in 2023.
While for CMC they are regulated by:
It should be noted that CMC Markets was shortlisted on the Best forex platform Australia list, Best forex platform UK list and Best Forex Broker NZ list.
Verdict
In the battle for trust and regulation, CMC Markets clearly takes the crown. With a history dating back to 1989 and being founded in the more trusted jurisdiction of the United Kingdom, CMC Markets has a legacy that’s hard to beat. Add to that a whopping client base of over 1 million traders, and you’ve got a broker that stands out for its credibility and scale. When it comes to regulation, both brokers are well-regulated with key financial authorities like ASIC and FCA. However, CMC Markets goes the extra mile with additional regulations from BaFin, MAS, IIROC, and FMA. They’ve also been shortlisted on multiple ‘Best Forex Platform’ lists in Australia, the UK, and New Zealand.
CMC Markets CFDs
CMC Markets offers the most extensive range of CFDs among all the online trading brokers we have reviewed. In addition to Forex, the following CFDs are available:
1. Indices
2. Hard and Soft Commodities
3. Shares
4. Treasuries
5. Cryptocurrencies
When it comes to shares, it is worth noticing that CMC Market’s main business is selling shares, so it is not surprising to see that much of their website and support is stock trading focused. Not only do CMC Markets allow you to buy and sell domestic shares, but also international ones. Not all brokers offer this. CMC Markets also allow access to stockbroker investment products such as ETFs, Managed Funds, and Listed Investment Companies. Another offering that is not common among brokers.
When it comes to commodities. CMC Markets offers just about all the hard and soft commodities you can imagine. Not only can you get Cocoa through the US exchange, but Cocoa Bulk Beans through the UK exchange. Similarly, you can specify the type of coffee (Arabica, Robusta) you desire and the type of Crude Oil (Brent, West Texas).
Treasuries are also available for investment. This is not usually available among Forex Online Brokers.
Cryptocurrencies are perhaps the only area in which CMC Markets don’t offer a large range of options but offer all the main ones, including Bitcoin/Cash, Ethereum, Litecoin, and Ripple.
Axi CFDs
Axi’s CFD range offering is far more selective than CMC Markets. Axi does not sell shares or stockbroking investments or treasuries, and the range of commodities available is restricted to Oil, Cocoa, Coffee, Copper, Natural Gas and Soybeans. Common commodities (that CMC Markets offer) such as Wheat, Rice, Cattle, Sugar, and Copper are not available. Axi does, however, offer a larger range of Cryptocurrencies than CMC Markets, as they also offer Dash.
Important Note: Both brokers are regulated by the Financial Conduct Authority in the United Kingdom. Due to recent changes in FCA regulation, CMC Markets and Axi’s UK subsidiaries are no longer able to offer retail traders cryptocurrency trading or products.
Verdict: CMC Markets easily win this one as they offer one of the largest ranges of CFD instruments for trade in the online broker market.
When it comes to educational resources, both brokers offer a variety of tools to help traders. AXI focuses on MetaTrader 4 tutorials and webinars, while CMC Markets provides in-depth market insights and analysis.
Verdict: Based on our testing, CMC Markets offers superior educational resources with a score of 8 out of 10.
Customer service is a crucial aspect when choosing a broker. AXI offers 24/5 customer support, while CMC Markets extends its service to weekends.
| Feature | AXI | CMC Markets |
|---|---|---|
| Live Chat | Yes | Yes |
| Email Support | Yes | Yes |
| Phone Support | Yes | Yes |
| Weekend Support | No | Yes |
| Multilingual | Yes | Yes |
Verdict: Based on our testing, CMC Markets offers superior customer service with a score of 9 out of 10.
Funding your account is straightforward with both brokers, but there are some differences to note. AXI offers more traditional methods like bank transfers and credit cards, while CMC Markets expands its options to include e-wallets.
| Funding Option | AXI | CMC Markets |
|---|---|---|
| Bank Transfer | ✓ | ✓ |
| Credit Card | ✓ | ✓ |
| PayPal | ✗ | ✓ |
| Skrill | ✗ | ✓ |
| Neteller | ✗ | ✓ |
Verdict: CMC Markets offers better funding options with a wider range of payment methods.
When it comes to the minimum deposit, both brokers are quite accommodating. Axi does not require a minimum deposit, making it accessible for traders of all levels. CMC Markets, on the other hand, has a minimum deposit requirement based on the account type.
| Broker | Minimum Deposit |
|---|---|
| Axi | $0 |
| CMC Markets | Varies |
Verdict: Axi offers a lower minimum deposit, making it more accessible for traders of all levels.
CMC Markets is the winner because it excels in multiple categories, including stronger trust and regulation, a broader range of CFD markets, and superior customer service. The table below summarises the key information leading to this verdict.
| Criteria | Axi | CMC Markets |
|---|---|---|
| Lowest Spreads And Fees | ❌ | ✅ |
| Better Trading Platform | ✅ | ✅ |
| Superior Accounts And Features | ✅ | ❌ |
| Best Trading Experience And Ease | ✅ | ✅ |
| Stronger Trust And Regulation | ❌ | ✅ |
| Top Product Range And CFD Markets | ❌ | ✅ |
| Superior Educational Resources | ❌ | ✅ |
| Superior Customer Service | ❌ | ✅ |
| Better Funding Options | ❌ | ✅ |
| Lower Minimum Deposit | ✅ | ❌ |
For beginner traders, CMC Markets is the better choice due to its comprehensive educational resources and user-friendly platform.
For experienced traders, Axi is the better option due to its lower spreads and MetaTrader 4 platform.
CMC Markets has lower costs when it comes to spreads and fees. They offer competitive spreads and a wide range of trading instruments. For more details, check out our lowest spread brokers in the UK.
Axi is the superior choice for MetaTrader 4 users. They offer a stable and feature-rich MT4 platform. For more on this, visit our best MT4 brokers page.
Neither Axi nor CMC Markets offer social or copy trading. However, there are other brokers that do. For more information, check out our best copy trading platforms.
CMC Markets offers spread betting, while Axi does not. For more on spread betting, you can visit our best spread betting brokers in the UK.
In my opinion, Axi is superior for Australian Forex traders. They are ASIC-regulated and founded in Australia. For more details, visit our Australian Forex brokers page.
For UK Forex traders, I’d recommend CMC Markets. They are FCA-regulated and have a strong presence in the UK. For more information, check out our best UK Forex brokers.
No commission account spread proprietary testing data and published website spread information, centralised on our standard account spread page..
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