FP Markets vs Axi 2024

2. Better Trading Platform: FP Markets

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, a 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 offer us a range of features, including charting tools, watchlists, and forex calendars.

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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3. Superior Accounts And Features: FP Markets

FP Markets and Axi both present a range of account features tailored to cater to the diverse needs of traders. Here’s a breakdown:

• Execution Type: Both FP Markets and Axi operate as no-dealing desk brokers, offering Straight Through Processing (STP).
• Demo Account: Both brokers provide a demo account, allowing traders to practice and familiarise themselves with the platforms without risking real money.
• Standard Account: Both FP Markets and Axi offer a standard account type. FP Markets, however, also provides a Raw account, while Axi offers Pro and Elite accounts.
• Fixed-spread Account: Neither broker offers a fixed-spread account.
• Swap-free Account: Both FP Markets and Axi cater to the needs of Muslim traders by offering swap-free accounts.
• Base Currencies: FP Markets provides 7 base currencies, whereas Axi offers a more extensive range with 10.
• Maximum Forex Leverage: FP Markets offers leverage ranging from 1:30 to 1:500 for Pro and Offshore accounts. Axi, on the other hand, provides leverage from 1:30 to 1:400 for Pro and Offshore accounts.
• Execution Speed: FP Markets boasts a Limit Order execution speed of 84ms and a Market Order speed of 138ms. Axi slightly lags with a Limit Order speed of 90ms and a Market Order speed of 164ms.

Verdict: While both brokers offer robust account features, FP Markets edges out with its Raw account option and slightly faster execution speeds, making it the preferable choice for traders seeking diverse account types and superior features.

3. Best Trading Experience And Ease: Tie

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 when you are scalping or using EAs and trading conditions are volatile, every nanosecond can make a difference.

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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5. Stronger Trust And Regulation: Axi

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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.

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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6. Top Product Range And CFD Markets: FP Markets

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).”

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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7. Superior Educational Resources: FP Markets

Both FP Markets and Axi have invested significantly in providing educational resources to their traders. These resources are crucial for both beginners and experienced traders looking to enhance their knowledge and trading skills. Here’s a comparison based on our own testing:

• Webinars: FP Markets regularly hosts webinars covering various trading topics, while Axi also offers webinars but with a slightly lesser frequency.
• Tutorials: FP Markets provides detailed tutorials on its platforms and trading strategies. Axi, on the other hand, offers tutorials mainly focused on its MT4 platform.
• E-books: Both brokers offer a range of e-books, with FP Markets having a more diverse collection spanning various trading topics.
• Trading Courses: Axi offers comprehensive trading courses for beginners and intermediate traders. FP Markets provides courses, but they are more general in nature.
• Market Analysis: Both brokers provide daily market analysis, helping traders make informed decisions.
• Trading Tools: FP Markets offers a range of trading tools, including calculators and economic calendars. Axi also provides similar tools but with a focus on MT4-based tools.

Verdict: Based on our testing, FP Markets offers a slightly more comprehensive and diverse range of educational resources, making it the top choice for traders keen on continuous learning.

8. Superior Customer Service: FP Markets

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.

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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9. Better Funding Options: FP Markets

When it comes to funding options, both FP Markets and Axi offer a diverse range of methods to cater to their global clientele. From traditional bank transfers to modern e-wallet solutions, traders have the flexibility to choose a method that best suits their needs. However, it’s essential to note that while some methods might be instant, others could take a few business days to process.

Our in-depth testing and analysis of the funding options provided by both brokers revealed some differences. While FP Markets provides a slightly broader range of options, Axi ensures that their methods are more streamlined and efficient. This distinction can be crucial for traders who prioritize quick and hassle-free transactions.

Verdict: Based on the available funding options, FP Markets offers a more comprehensive range compared to Axi, making it the preferable choice for traders seeking diverse funding methods.

10. Lower Minimum Deposit: Axi

The initial deposit required to open a trading account is a significant consideration for many traders, especially those just starting out. A lower minimum deposit allows traders to test the broker’s platform and services without committing a large sum. Both FP Markets and Axi have made efforts to cater to a wide range of traders by offering accounts with varying minimum deposit requirements.

FP Markets and Axi offer different account types, each with its own set of features and benefits. The minimum deposit requirement varies depending on the account type chosen. Here’s a breakdown of the minimum deposit amounts for the major account types offered by both brokers:

Verdict: When it comes to the minimum deposit, Axi offers a more flexible approach with no minimum deposit for its Standard and Pro accounts, making it more accessible for traders of all levels. However, their Elite account requires a substantial deposit, catering to more experienced traders.

Our Final Verdict On Which Broker Is The Best: Axi or FP Markets?

FP Markets is the winner because it dominates in most of the key areas that traders value the most, such as spreads, trading platforms, account features, product range, educational resources, customer service, and funding options. The table below summarises the key information leading to this verdict:

Best For Beginner Traders

For those just starting out in the world of trading, Axi offers a more accessible approach, especially with its no minimum deposit requirement for its main account types.

Best For Experienced Traders

For seasoned traders looking for a comprehensive trading environment with competitive spreads, advanced platforms, and a wide range of products, FP Markets stands out as the preferred choice.