FP Markets vs Axi Comparison

Your Trading Costs and Fees

When it comes to trading using a commission-free account type (aka a standard account), we found some interesting results. AXI claims to have spreads from 0.4 pips for EUR/USD, we couldn’t get close to this in our tests with the best we observed being 1.2 pips. And, while AXI doesn’t provide their average spreads, our test results found the broker average 1.45 pips for the EUR/USD pair. Other averages include 1.2 pips for AUD/USD and 1.1 pips GBP/USD.

FP Markets appear to provide more realistic minimum data compared to AXI. While their published minimum spread for EUR/USD is higher than AXI being 1.0 pips, their published average of 1.1 pips and our test average of 1.19 pips is actually lower than AXI average. Results for other currency pairs include 1.28 pips for AUD/USD and 1.42 pips for GBP/USD – both weaker than AXI.

Given AXI does better on some currency pairs – we averaged the results of 6 selected major currency pairs from our Standard account tests and found FP Markets is generally better with average 1.46 pips to AXI with 1.71 pips.

We did the same tests to compare the brokers commission-based accounts (aka STP or ECN). After averaging the same 6 major pairs, we found that the FP Markets RAW spread account has an average 0.41 pips and the AXI Elite account 0.73 pips For the EUR/USD pair, FP Markets average is more than half that of AXI being 0.20 pips to 0.43 pips.

We are somewhat surprised by these results given that AXI charges USD $7.00 per lot compared to FP Markets $6.00. So not only might you be paying more for the spread but more for commission as well.

Opening an account with FP Markets required a low $100, and AXI’s minimum is zero, so in that respect, they are both similar. We did not have deposit or withdrawal fees, so again, the two companies are closely competitive.

Standard Account Spreads

When comparing the standard account spreads of Axi and FP Markets, it’s clear that both brokers offer competitive rates. However, there are some differences that are worth noting.

Axi offers a slightly lower spread for the EUR/USD, AUD/USD, USD/CAD, and EUR/GBP pairs. This means that for these currency pairs, trading costs could be marginally lower with Axi. This is particularly important for traders who frequently trade these pairs, as even small differences in spreads can add up over time.

On the other hand, FP Markets offers a lower spread for the USD/JPY, GBP/USD, and AUD/JPY pairs. So, if you’re a trader who often trades these pairs, FP Markets might be the more cost-effective choice.

Standard Account Analysis Updated September 2023[1]September 2023 Published And Tested Data

When we compare these spreads to the industry average, both Axi and FP Markets offer competitive rates. In fact, for most of the pairs, both brokers offer spreads that are below the industry average. This is a testament to the competitiveness of these brokers in the forex market.

However, it’s important to remember that spreads are just one part of the equation. Other factors such as execution speed, platform usability, and customer service are also crucial when choosing a forex broker. As such, while Axi and FP Markets offer competitive spreads, I would recommend traders to consider these other factors as well before making a decision.

Our Verdict

Our results for spread and trading costs do suggest FP Markets has better value so it is no surprise our methodology has giving them a score of 7 compared to 6 for AXI.

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Your Trading Experience

FP Markets and AXI are on equal ground as they are both no-dealing desk brokers. Our team had the ability to easily open accounts and experience competitive ECN pricing with fast execution and tight spreads. We gave both a score of 12 for account opening.

Fast trades mean less risk of slippage, our testing found Execution speeds respectable for both forex brokers. Out tests found FP Markets have a Limit Order execution speed of 84ms and 90ms for AXI so practically the same. FP Markets however have faster market order executions of 138ms to 164ms for AXI. While this might not be much in raw numbers but when you are scalping or using EAs and trading conditions are volatile, every nanosecond can make a difference.

Our Verdict

The Trading Experience category did not offer us much to debate. Both forex brokers are so similar that their Non-Dealing Desk status, leverage, and execution speeds had no negative effect on our team’s trading. We gave both brokers a score of 12 in opening an account, and an overall score of 8.

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Your Tradeable Products

The difference between FP Markets forex pairs and AXI is slight. The former had at our disposal 63 pairs and the latter, 72. That is so close, it did not make any significant difference. Where AXI really shines is with their cryptocurrency offerings at 37 versus FP Markets 11.

FP Markets offers cryptocurrency trading through CFDs, but not through trading the underlying asset (e.g., buying Bitcoin). Crypto CFDs are not available to retail traders from any broker’s UK entity or to UK residents.

On the other hand, AXI shows they are leading the way with cryptocurrency trading by offering us 37. However, like FP Markets, AXI’s crypto CFDs are not available to retail traders from any broker’s UK entity or to UK residents.

FP Markets stands above AXI with share CFD trading. As reported on our site, “If you live in Australia, you’ll be able to open an IRESS trading account instead…, While all accounts on FP Markets have competitive ECN-like pricing, only IRESS accounts have Direct Market Access (DMA).”

Our Verdict

Compliments to AXI with more forex currency pairs and cryptocurrencies. As crypto interest has increased dramatically since Bitcoin came on the scene in 2009, companies such as AXI are keeping up. But, FP Markets really put a focus on CFD trading, which our seasoned traders appreciated. We give FP Markets a score of 8 and AXI a 7.

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Your Trading Platforms and Tools

FP Markets focuses primarily on trading with financial instruments using the MT4 trading platform and MT5 Trading platforms. We like these platforms for the trading tools they include such as Expert Advisors for automation, range of indicators and drawing tools. AXI by contrast solely offers us the MetaTrader 4 forex trading platform, which we think is fine just know that this limits your ability to trade shares.

Both FP Markets and AXI provided us with robust mobile trading options. FP Markets offers its proprietary app, MetaTrader, and cTrader platform suites, while AXI provides the MetaTrader 4 app. Both forex brokers’ mobile apps offered us a range of features, including charting tools, watchlists, and forex calendars.

Our Verdict

FP Markets has a slight advantage in this category, as it offers both MetaTrader 4 and 5 platforms, while AXI only offers MetaTrader 4. Both FP Markets and AXI offer solid mobile trading experiences, with no clear winner in this category. Overall, we give FP Markets a Trading Platforms and Tools score of 7, and AXI a 6.

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Broker Trust, Regulation, and Risk Management

FP Markets (First Prudential Markets) is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), ensuring a high level of trust and security for our team of traders.

AXI is regulated by two tier-one regulators, including the ASIC and the Financial Conduct Authority (FCA). Additionally, the company has multiple tier-two regulators, including the Dubai Financial Services Authority (DFSA) and FMA (New Zealand), providing a high level of trust for our traders.

For traders outside the above jurisdictions, you would join the broker’s subsidiary based in St Vincent and the Grenadines. The country has no formal Forex regulator meaning both these brokers are simply registered as a business and therefore technically unregulated.

Thanks to BREXIT, traders in the UK are no longer protected by CySEC meaning if you are a UK resident and you join FP Markets, technically you are not joining one of their regulated subsidiaries.

Our Verdict

Both FP Markets and AXI are well-regulated and trustworthy forex brokers, with AXI having a slight edge due to more regulators. It was close, but we gave AXI a score of 7 and FP Markets a 6.

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Customer Experience, Education, and Funding Methods

FP Markets is known for its excellent customer service, offering 24-hour support from its Sydney-based team. Support was available to us via e-mail, phone, and live chat. If we chose to, we could have received a dedicated account manager to assist with trades, forex training, and market information.

AXI also offered us award-winning customer service, with a 24-hour-a-day customer centre available on weekdays. Just like FP Markets, support provides us with e-mail, phone, or live chat assistance as needed. Anyone on our forex trading team had access to a dedicated AXI account manager if desired.

We had a range of educational resources through FP Markets, including webinars, tutorials, and a demo account to test our skills and learn more about their brokerage. The educational content is continuously updated, helping our team to stay informed and improve trading strategies.

AXI offered us various educational resources, including chart tools, online courses, educational videos, and daily market updates. Any of our team members who registered could access these resources to enhance our trading knowledge and skills.

Our team had the ability to access market research through FP Market’s Traders Hub section, featuring daily articles, video content, and streaming news headlines from top-tier sources such as Citibank, Rabobank, Commerzbank, Reuters, and others. AXI provided daily market news and analysis, including a Daily Report, Technical Report, weekly Market Insights outlook, and a Fundamental Analysis section with daily articles covering global markets. We found both companies quite satisfactory.

Offering us a range of deposit and withdrawal options, FP Markets included bank transfers, credit cards, and various e-wallets such as Skrill and Neteller. Withdrawals were typically processed within one business day, with no fees for Australian bank accounts and a small fee for international bank accounts.

Plentiful deposit options were available to us by AXI, including bank transfer, credit card, MasterCard, Skrill, BPAY, China UnionPay, bank wire transfer, and MoneyBookers. Withdrawals could be sent to our bank account, Neteller, or credit card. AXI does not charge fees for Australian bank account withdrawals, but international bank account withdrawals may incur charges.

Our Verdict

Both FP Markets and AXI provide excellent customer service and support, making it a tie in the Customer Experience category. We gave both brokers a high score of 9.

Funding methods, although not exactly the same, were more than satisfactory. We had enough options with both brokers and did not feel inhibited by either side.

FP Markets and AXI provided us with comprehensive educational resources, along with valuable market research. After navigating the sites, we felt FP Markets was just a little more user-friendly, so we gave them a score of 8 and AXI a 7.

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