Our comprehensive comparison of Axi vs IG Group 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 important trading factors to help you make an informed decision between Axi and IG Markets.
Axi was founded in Sydney, Australia in 2007. The online broker is an Electronic Data Network (ECN) broker, which means they connect you directly with liquidity pools with no dealing desk (NDD). Prices are, therefore, set by the market, and Axi will not have any influence on the spreads. It is for this reason there is a commission charge of $7 round trip per lot.
Standard Accounts Spreads
When it comes to comparing the standard account spreads of the two forex brokers, there are some notable differences. Axi, for instance, has consistently offered competitive spreads, often outperforming other brokers in the market. This is largely due to their commitment to providing a transparent and fair trading environment for their clients.
“Axi’s commitment to transparency and fairness has resulted in some of the most competitive spreads in the industry. This is a testament to their dedication to providing an optimal trading environment for their clients.”
On the other hand, IG Broker has also made a name for itself in the industry with its competitive spreads. However, it’s worth noting that their spreads tend to be slightly higher than Axi’s. This could be due to a variety of factors, including their larger product offering and more comprehensive suite of trading tools.
| Forex Pair | Axi | IG Broker | Industry Average |
|---|---|---|---|
| EUR/USD | 1.2 | 1.13 | 1.18 |
| USD/JPY | 1.1 | 1.12 | 1.37 |
| GBP/USD | 1.3 | 1.66 | 1.51 |
| AUD/USD | 1.3 | 1.01 | 1.41 |
| USD/CAD | 1.3 | 1.98 | 1.70 |
| EUR/GBP | 1.2 | 1.71 | 1.56 |
| EUR/JPY | 1.2 | 2.27 | 1.85 |
| AUD/JPY | 1.4 | 1.62 | 2.09 |
Standard Account Analysis Updated October 2024[1]October 2024 Published And Tested Data
However, when we compare these brokers to the Industry Average, the picture becomes a bit more complex. The Industry Average spreads are generally higher than both Axi and IG Broker. This suggests that both brokers offer competitive spreads, with Axi having a slight edge.
In conclusion, while both Axi and IG Broker offer competitive spreads, Axi appears to be the cheaper option based on this data. However, traders need to consider other factors such as trading platform, customer service, and additional fees when choosing a broker.
Axi Pro Account
The Axi Pro account has several key features to note:
It is worth noting that Axi charges a commission in USD. Most other brokers charge in AUD. This extra expense can add up over time if you regularly trade.
Note: Axi offers two types of accounts. These accounts are MT4 Standard and MT4 Pro. MT4 Pro account spreads are narrower, and costs are cheaper than MT4 Standard accounts, even when one factor in the commission. It is for this reason our review will focus only on MT4 Pro.
IG Markets Plus/Trader Account (Standard Account)
Founded in 1974, IG is one of the oldest trading companies in the world. The forex broker offers two broad types of accounts. These are Retail and Professional. Our review is focused on the Retail account, given that you need at least $2.5 million in assets and to have been an active trader for the last 4 consecutive quarters to be eligible for a Professional Account.
If you are trading leveraged (CFD) instruments, IG has two types of trading accounts for retail traders. These setups:
Both accounts are the same, but with the ‘Limited Risk” account, you must purchase a ‘Guaranteed Stop Order’ to take a position, and you cannot use other types of stops to manage your risk.
The IG accounts have several features worth noting.
Over The Counter Trading (OTC) / Sponsored Access Trading
Over-the-counter trading is when trading does not occur through a formal trading exchange market. Instead, traders buy and sell forex currency pairs through a network that connects banks, brokers and dealers.
DMA (Direct Forex) – Ideal For Advanced Traders
With Direct Market Access (DMA) investors place their positions directly into the order books of the trading exchange. This means their orders do not need to go through their broker at any stage of the trade. In this way, it could be thought of as similar to an electronic communication broker (ECN).
It is important to note that DMA spreads are generally cheaper than IG Markets ‘ over-the-counter’ spreads (which use a market maker). This does not mean it is always cheaper, especially as there are commission charges to consider. Also, once you place an order, the order cannot change or be reversed.
Verdict
By comparing the average spreads of the ‘Pro’ (also known as ECN accounts) and cross-referencing it with the commissions charged, we found Axi has the lowest brokerage in 2024. Traders should take into consideration that the base currency chosen (e.g. AUD) will impact the fees charged as the commission is based on this currency.
Axi only offers one platform, while IG Markets offer 6 platforms or 3 truly different platforms.
Axi is a MetaTrader 4 (MT4) specialist. MetaTrader 4 by MetaQuotes allows investors access to all the CFDs Axi offers across multiple devices, including iOS and Android tablets and mobile devices, browsers (with WebTrader) and PCs. Key features of MetaTrader 4 include the ability to effectively and efficiently analyse markets, develop and plan trading strategies and execute and organise your trades.
There are several reasons to choose MetaTrader 4. These include:
The World’s Most Used Trading Platform
MetaTrader 4 is the most popular trading platform for forex brokers to offer to clients. This makes it the most used platform by traders. One of the major benefits of MetaTrader 4 being available with many brokers is that investors can easily change from one broker to another broker without having to learn how to trade on a new platform.
Powerful Capacity
MT4 needs to be a powerful software platform. It is the world’s most used trading platform, which means its servers need to be able to handle hundreds of thousands of trades at a time across hundreds of different financial instruments. Trading with the MT4 platform is there very fast, accurate and precise.
Sophisticated Software
MT4 has a suite of technical analysis tools, including in-depth charts, graphical tools and algorithms to identify data points so investors can access competitive spreads in real time. The MT4 platform feature also includes automatic price and trade alerts, daily and monthly market reports and customisable data analysis that can be accessed at the click of a button for easy access to just about any information investors might need.
MT4 has some 30 technical indicators integrated into the system and over 2000 custom indicators. A further 700 indicators are available behind a paywall. This makes MT4 ideal for both beginners and advanced traders, as the trade information can be as simple or advanced as you would like. These indicators can be shown with multiple charts, all of which can run simultaneously.
Expert Advisors
MT4 allows you to integrate expert advisors into the MT4 platform through the use of the MQL4 language. Trading automation means you can trade 24 hours a day 7 days a week.
Fully Customisable
MT4 is known to be extremely user-friendly and customisable. The interface can be changed to meet your preferences and tastes. This means you can change the colours, text and bar sizes on graphs.
Features of MetaTrader 4 include:
Axi ‘Nex Gen’ Add-On Feature
Not only does MT4 come with a wealth of built-in tools, but even more tools can be added with Axi’s ‘NexGen’. Traders can add terminal windows, alerts, economic calendars, trading news and signals and more.
IG Markets Platform
IG Markets also offers MT4 with the same features as IG Markets however, it does not offer an add-on feature like ‘Nex Gen’. Instead, IG offers several other platforms.
Below is a summary of their features:
IG Markets Specialised Platforms
IG Markets Core Platforms
It is important to understand when to choose which platform. For example, not all platforms allow DMA trading. ProRealTime costs $40 a month if you don’t meet minimum monthly trade requirements. Some platforms limit the types of stops and orders you can do.
Verdict
There is no doubt IG Markets, by offering lots of platforms, have tried to tailor to all traders’ needs. IG Markets, for example, offer ‘Guarantee Stop Loss Orders’, which is not available with Axi. It is worth noting that while offering a wide range of platforms can be an advantage, it can also be a disadvantage. This is because having too many choices makes it hard to know which is the right platform for you. In this sense, we like that Axi only offers one platform.
*Your capital is at risk ‘70% of retail CFD accounts lose money’
When it comes to accounts and features, both AXI and IG Markets have unique features that cater to different types of traders. AXI offers an MT4 Pro account with ECN-style spreads, low swap rates, and fast execution speeds. They also provide a free VPS service for traders who meet minimum trade volumes.
Each broker has its own strengths, so your choice would depend on what specific features or trading conditions are most important to you.
Verdict: If you’re looking for a more comprehensive suite of features and a broader range of account types, IG Markets takes the cake. However, if you’re after a more streamlined, cost-effective trading experience, AXI’s MT4 Pro account might be more up your alley.
When it comes to trading experience and ease, both Axi and IG Markets have their merits. Axi offers fast execution speeds with low latency, thanks to its servers being near key exchanges in New York. This minimises the risk of slippage during execution.
IG Markets also offers Direct Market Access (DMA), ideal for advanced traders. On the other hand, Axi provides a transparent and fair trading environment, which is a testament to its commitment to its clients.
*Your capital is at risk ‘70% of retail CFD accounts lose money’
Axi Trust Score
IG Group Trust Score
When it comes to trust and regulation, both IG Markets and Axi have their merits, but they cater to different needs. IG Markets has been in the industry since 1974, giving them a long-standing reputation. They are regulated by multiple top-tier authorities, including the FCA in the UK and ASIC in Australia. Their popularity is evident from numerous positive reviews and a wide global reach.
Axi, on the other hand, is also well-regulated, being ASIC-regulated and founded in Australia. While they may not have the extensive history that IG Markets has, they’ve built a solid reputation and have received positive reviews for their transparent trading environment and low spreads.
Regulation:
In terms of age and broker reputation, IG Markets has the upper hand, with its founding year going back to 1974, establishing a long-standing reputation in the industry. Axi, founded in 2007, has also built a solid reputation but doesn’t have the extensive track record that IG Markets boasts. When it comes to popularity and reviews, IG Markets is highly popular, with numerous positive reviews, while Axi is gaining popularity and has mostly positive reviews.
| AXI | IG Group | |
|---|---|---|
| Tier 1 Regulation | FCA (UK) ASIC (Australia) FMA (New Zealand) |
ASIC (Australia) FCA (UK) BaFin (Germany) FINMA (Switzerland) NFA/CFTC (USA) CYSEC (Cyprus) MAS (Singapore) FMA (New Zealand) |
| Tier 2 Regulation | DFSA (Dubai) | JFSA (Japan) DFSA (Dubai) |
| Tier 3 Regulation |
SVGFSA |
BMA (Bermuda) FSCA (South Africa) |
Verdict
If you’re looking for a broker with a long-standing reputation and multiple regulatory approvals, IG Markets is the clear winner. However, Axi also offers a trustworthy and transparent trading environment, especially for those based in Australia.
IG Markets offers one of the largest and most diverse Contracts For Difference portfolios in the online broker industry. With over 150,000 markets on offer for trade, chances are IG Markets allows you to trade in your desired derivative.
| Feature | Axi | IG Markets |
|---|---|---|
| Forex Pairs | 50+ | 80+ |
| Indices | 10+ | 20+ |
| Commodities | 15+ | 30+ |
| Stocks | 100+ | 10,000+ |
| ETFs | 5+ | 250+ |
| Cryptocurrencies | 5 | 8 |
| Bonds | 2 | 10 |
| Options | No | Yes |
| Futures | No | Yes |
| Binary Options | No | Yes |
Axi doesn’t offer to trade Shares, interest rates, Options, Sectors, AUD-denominated markets, ETFs and IPOs.
Axi doesn’t seek to be an all-in-one broker service but to specialise in forex. However, they do give you access to other derivatives such as commodities and cryptocurrencies like Bitcoin and Indices.
Important note: Both Axi and IG Markets are regulated by the Financial Conduct Authority (FCA) in the United Kingdom. Due to recent changes to FCA forex and CFD trading rules, UK traders are no longer able to trade cryptos. UK brokers are not allowed to give retail traders access to cryptocurrency markets.
Verdict: If you want to trade with a wide range of CFDs or derivatives, then we recommend IG Markets. The range of derivates on offer is hard to beat. If you only want to trade in forex, then we recommend Axi as this is their speciality.
*Your capital is at risk ‘70% of retail CFD accounts lose money’
Axi and IG Markets both offer educational resources, but they cater to different needs. Axi focuses on webinars and basic trading guides, which are great for beginners.
Verdict: Based on our testing, IG Markets offers the best educational resources, with a score of 8.5.
*Your capital is at risk ‘70% of retail CFD accounts lose money’
Customer service is crucial in trading, and both Axi and IG Markets excel in this area. Axi offers 24/5 customer support via live chat, email, and phone. IG Markets also provides 24/5 support but adds the benefit of multiple languages.
| Feature | AXI | IG Markets |
|---|---|---|
| Live Chat | Yes | Yes |
| Email Support | Yes | Yes |
| Phone Support | Yes | Yes |
| Multilingual Support | No | Yes |
| FAQ Section | Yes | Yes |
| Educational Resources | Yes | Yes |
Verdict: IG Markets offers superior customer service with a score of 9.
*Your capital is at risk ‘70% of retail CFD accounts lose money’
Funding your account is straightforward with both Axi and IG Markets. Axi offers multiple funding options, including credit/debit cards, bank transfers, and e-wallets like Skrill and Neteller.
| Funding Option | Axi | IG Markets |
|---|---|---|
| Credit/Debit Card | ✓ | ✓ |
| Bank Transfer | ✓ | ✓ |
| PayPal | ✗ | ✓ |
| Skrill | ✓ | ✗ |
| Neteller | ✓ | ✗ |
| Crypto | ✗ | ✗ |
| Cheque | ✗ | ✓ |
Verdict: IG Markets offers more diverse funding options.
*Your capital is at risk ‘70% of retail CFD accounts lose money’
When it comes to minimum deposits, Axi has the edge as it requires no minimum deposit to open an account. IG Markets, on the other hand, also has no minimum balance but does have minimum margin requirements to open a position.
| Feature | Axi | IG Markets |
|---|---|---|
| Minimum Deposit | $0 | $0 |
Verdict: Axi offers a lower barrier to entry with no minimum deposit requirements.
IG Markets is the winner because it offers a more comprehensive suite of features, a broader range of account types, and superior educational resources. The table below summarises the key information leading to this verdict.
| Criteria | AXI | IG 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 | ✅ | ❌ |
IG Group is better for beginner traders due to its comprehensive educational resources and user-friendly platform.
Axi is better for experienced traders who are looking for lower spreads and an ECN trading environment.
Axi has lower costs when it comes to spreads. They offer spreads as low as 0.0 pips on their MT4 Pro account. However, IG Markets offers a more diverse range of account types that might suit different trading styles. For more information on low spreads, you can visit our Lowest Commission Brokers page.
Axi is superior for MetaTrader 4 users, offering an MT4 Pro account with ECN-style spreads. IG Markets also supports MT4 but doesn’t offer the same level of customisation. For more details, check out our best MT4 forex brokers in the UK.
Neither Axi nor IG Markets offer native social or copy trading features. However, both brokers allow for third-party integrations that can facilitate social trading. For more on this, visit our best copy trading platforms.
IG Markets offers spread betting, which is tax-free in the UK. Axi does not offer this feature. 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, offering a sense of local trust. IG Markets is also ASIC-regulated but is originally from the UK. For more, visit our Best Forex Brokers In Australia page.
From my perspective, IG Markets is superior for UK Forex traders. They are FCA-regulated and have a long-standing reputation in the UK market. Axi is also FCA-regulated but is originally from Australia. For more details, check out our Best Forex Brokers In UK.
No commission account spread proprietary testing data and published website spread information, centralised on our Standard Account Spreads page.
Ask an Expert
Which is better to copy trade on? Axi or on IG?
IG only has copy trading via MT4 and you are limited to Standard spread only. Axi might be a better choice, you can use MT4 Signals or Axi Copy Trading App which connects you to the MetaTrader Signals network and you can choose between a standard or a RAW spread account.
What is the highest leverage on IG market?
For retail traders it can be 1:30 in the UK, Australia, Europe, New Zealand and UAE. This is the maximum allowed by the regulator. For other regions and for professional traders it is 1:200.