IC Markets vs Axi Comparison

Comparison Of Spreads

Our table below of the IC Markets vs Axi ‘ECN’ style accounts for average spreads suggests that IC Markets has better spreads.

IC Markets and Axi offer Electronic Communication (ECN) pricing. ECN brokers connect you directly with “liquidity pools” to provide you with the best spreads possible. The broker can provide low spreads because there is no dealing desk or requoting during the trading process. The quotes for the currency pair you buy or sell are exactly what the liquidity providers have quoted.

Below is a summary of the ECN trading account types each broker offers.

IC Markets Raw Spreads Account And Standard Account

Standard Account Spreads

When it comes to standard account spreads, there’s a noticeable difference between IC Markets and AxiTrader. IC Markets consistently offers lower spreads across all forex pairs, making it the cheaper option for traders. For instance, the EUR/USD pair has a spread of 0.1 with IC Markets, compared to 0.2 with AxiTrader. This trend continues across all pairs, with IC Markets always coming out on top.

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

However, it’s important to consider these figures in the context of the industry average. When we do this, we see that both brokers offer competitive spreads. In fact, both IC Markets and AxiTrader offer spreads that are equal to or lower than the industry average for every forex pair. This shows that while IC Markets may be the cheaper option, AxiTrader is also a cost-effective choice.

In my opinion, if cost is your primary concern, IC Markets would be the better choice due to their consistently lower spreads. However, it’s always important to consider other factors such as customer service, trading environment, and trustworthiness when choosing a forex broker.

Features Of IC Markets Raw Spreads Account:

• Formerly called True ECN account
• ECN pricing
• Spreads from 0.0 EUR/USD
• Minimum lots of 0.01 and maximum lots of 100
• USD$3.5 commission side-ways for each 100k traded
• Choice of MetaTrader 4, MetaTrader 5, cTrader
• Minimum deposit $200
• 64 Pairs for Trade
• Expert Advisors (EAs)
• Scalping and Hedging

Features Of The IC Markers Standard Account

• ECN + STP pricing
• Spreads from 1.0 EUR/USD
• No commission
• Minimum lots of 0.01 and maximum lots of 100
• Choice of MetaTrader 4, MetaTrader 5
• Minimum deposit $200
• 64 Pairs for Trade
• Expert Advisors (EAs)
• Scalping and Hedging

View our IC Markets standard vs raw account guide to learn more about the differences between the two account mentioned above.

Features Of IC Markets Islamic Account:

• Same features as RAW spreads account including spreads
• ECN pricing
• No Swap rates / Overnight fees/rolling fees
• Compliant with sharia law
• Must be of Muslim faith and proof will be required

Axi Pro Account And Standard Account

Axi Pro Account:

• ECN Trading Account
• Spreads from 0.0 EUR/USD
• Minimum trade size of 0.1 lots and Maximum Trade size of 100 lots
• USD$3.5 commission for swap transactions for each 100k traded (when using MetaTrader 4 platform)
• A minimum deposit of $0 (must meet margin to start trading)
• One-click trading
• Expert Advisors (EAs)
• Over 80 Pairs available for trade and 140+ cross pairs
• Leverage – depends on regulator
  • Regulation: Clients in the UK or Europe are regulated by the Financial Conduct Authority – FCA.
    • Leverage of 30:1 for major forex pairs and 20:1 for minor currency pairs
  • Regulation: Clients outside the UK and Europe are regulated by ASIC
    • Leverage of 500:1
• 30-day demo account trial period
• Available currencies are: AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD

Features Of Axi Standard Account:

• ECN Trading
• Spreads from 0.0 EUR/USD
• Minimum trade size of 0.1 lots and Maximum Trade size of 100 lots
• No commission
• Minimum deposit $0
• One-click trading
• Expert Advisors (EAs)
• Over 80 Pairs available for trade and 140+ cross pairs
• Leverage – depends on regulator
  • Regulation: Clients in the UK or Europe are regulated by the Financial Conduct Authority – FCA.
    • Leverage of 30:1 for major forex pairs and 20:1 for minor currency pairs
  • Regulation: Clients outside the UK and Europe are regulated by ASIC
    • Leverage of 400:1
• 30-day demo account trial period

Differences Between Account Offerings

The differences between the accounts can be summarised as

• ECN style accounts for each broker have a commission but spreads do not widen
• Standard accounts for each broker spreads are widened by 1 pip (1 pip = US$10 per standard lot)
• IC Markets have a minimum deposit of US$200 to open a live account. Axi do not
• Axi has a different regulator in different regions. This means different leverage is available
• Islamic account has overnight swap fees. All other accounts have swap rates

The other main difference our Axi review found was the online broker offers more trading pairs. Most traders will only be concerned with traditional pairs. Niche pairs offered by Axi will only be of benefit to a very small subset of traders. The extra pairs offered are unlikely to be a consideration for most traders. Axi also has one-click trading to speed up executions.

Trading Spreads And Commission Conclusion

We recommend IC Markets for its low trading fees based on average spreads reported by both brokers.

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Axi Vs IC Markets Forex Trading Platforms

Both IC Markets and AxiTrader offer MetaTrader 4 (called MT4). IC Markets also offers MetaTrader 5 (MT5) and cTrader while AxiTrader is an MT4 specialist.

MetaTrader 4

MT4 has long been the most popular trading platform in the world.  The trading platform is great for all types of traders. Beginners that only need basic tools and experienced users require more advanced features. One great benefit of using MT4 is that traders can easily change from one broker with MT4 to another broker using the same platform as so many brokers offer the platform.

MT4 popularity can be attributed to a number of reasons including:

1. One of the oldest and therefore most trusted platforms
2. Easy to use interface that is well-liked by traders
3. Resource-efficient so your system can run smoothly
4. Flexibility – a choice to trading instruments including forex, Cryptos, equities, indices and commodities
5. Customisable – You can build your own indicators and Expert advisors (EAs) for algorithmic trading.
6. A worldwide community of users means you have a large network for platform and trading support
7. Large MT4 marketplace for pre-made apps for EAs, Charts
8. Can be used with Android and iOS mobile and tablets, MAC and Windows PCs, browsers with WebTrader

Both brokers offer an add-on that gives you access to extra MT4 features.

AxiTrader MT4 Enhancement Feature

NexGen is an enhancement tool offered by AxiTrader. NexGen enables better trading by offering very useful additional functionality for both beginner and experienced traders. It is free to all traders. Features on offer by NexGen consist of:

1. Advanced Order Management – this is a suite of tools that allows for the management of funds and trades directly from your charts.
2. Sentiment Indicator for real-time insight into how others are trading.
3. Trade journal for advanced trade analysis. This helps with learning what trades are working or failing.
4. Twitter feeds and relevant Forex news so you are informed on forex news events you may need to know.

Overall, NexGen gives traders invaluable tools to assist with decision-making, trade management and execution.

IC Markets MT4 Additional Option

Advanced Trading Tools is an enhancement tool offered for the MT4 IC Markets. This tool offers traders 20 advanced features to assist with decisions, trade management and execution. Advanced Trading Tools consists of many of the same features that NexGen however there are some additional features. This includes Market Manager and Smart Lines. Market Manager is a watch list of open positions. Smart Lines utilises objects drawn on charts that can be used to become a take-profit or stop-loss position.

Advanced Trader Tools is a feature-rich tool that gives traders an invaluable edge when trading. It assists with trade decision-making and trade execution. Advanced Trader Tools offers more features than NexGen.

MetaTrader 5

IC Markets offers MT5 as a trading option.

MT5 is MetaQuotes successor to MT4. Takeup of MT5 has been slow because MT4 is such a good product however MT5 offers everything MT4 does and more. There are a few good reasons to consider MT5 over MT4 there include:

• MetaQuotes has ceased development of MT4 and will discontinue support in future
• MT5 allows a greater choice of trading instruments. If you want to trade Shares CFD you will need to use MT5
• Greater backtesting features

Here is our comparison of MT5 vs MT4. You will see that MT5 offers more analytical and graphical tools,  Timeframes, Order types than MT4.

cTrader

If the MetaTrader platform is not to your liking, then you can consider cTrader. cTrader is a newcomer compared to MetaTrader and offers many features not available in MT4. MT5 has more of the features that made cTrader unique. One thing to be aware of with cTrader is you can only use it for trading forex.

Forex Platform Conclusion

As Advanced Trading Tools offers more trading tools than NexGen we recommend IC Markets when it comes to choosing a platform.

Open a demo accountVisit IC Markets

IC Markets And Axi Execution Speeds

Some of the fastest execution speeds in the forex broker industry are achieved by IC Markets. This is because IC Markets uses a dedicated fibre optic cable to interconnect Australia to liquidity providers at major financial centres. Faster execution speeds prevent “slippage” from occurring.  Our Axi review found they offer execution technology that is acceptable for most traders but also offer Virtual Private Servers (VPS) for traders needing additional execution speed.

IC Markets Execution Technology

1. Faster Execution through the use of cables with fibre optic technology. Dedicated cables mean a lower likelihood of data congestion and therefore greater bandwidth. IC Markets advise average order execution speed is under 40ms.
2. Low Latency by connecting directly to Equinox servers in New York for MT4 and London for cTrader.  Placing servers in data centres close to different financial centres achieve lower latency by spreading loads.

Lags due to average execution speed can result in large losses. This makes IC Markets fast execution a very valuable asset when trading.

Axi Execution Technology

1. VPS servers for low Latency – VPS are (virtual) private servers for use by clients that are placed near financial centres. By giving clients exclusive access to servers that are connected via a fibre optic cable super fast data transmission speeds can be achieved. VPS servers are maintained 24 hours a day which means no downtime.

Use of VPS server provides numerous benefits over provided infrastructure include guaranteed 24 hours connectivity,  minimal data congestion and fast execution however with this comes a price. Axi has an arrangement with multiple VPS providers. While this is not free, discounts are available provided a certain number of trades are executed each month.

VPS is best for traders using automation to trade at all hours of the day and don’t want to risk downtime with their connection.

Execution Conclusion

Our comparison shows IC Markets provides some of the best technology to achieve the highest execution for Australian traders. The average trader will not require VPS infrastructure. The average trader is not likely to will want to worry about the required setup and expenses associated with VPS. With this in mind, we recommend IC Markets over Axi when selecting a broker based on execution.

Open a demo accountVisit IC Markets

Risk Minimisation

Indeed, IC Markets and also Axi is lacking in specialised risk management tools. Both brokers do offer some risk tools but these are standard features all brokers offer. These include:

1. ‘Automatic margin stop out‘ or ‘minimum balance protection’ detects when a traders account will fall below a minimum amount. If the trader’s balance falls below the minimum level then the online broker will try to close the trader’s position before their account goes into negative. This however is not guaranteed meaning traders can still go into negative.
2. ‘Margin stop-loss order’ allows a trader to define an amount they are willing to lose on a trade. The online broker will try to exit the trader before the trader loses more than the amount set. Traders can still go into negative in a volatile market therefore this stop-loss is not guaranteed.
3. ‘Take profit’ is the same as a stop-loss order however the trader exits the market when the desired profit is reached.
4. Industry Regulated. IC Markets and Axi is authorised and regulated under the financial regulation jurisdictions of the Australian Securities & Investments Commission (ASIC). Axi also falls under the Financial Conduct Authority (FCA).
5. Segregated Accounts – IC Markets use 2 accounts. NAB and Westpac. Axi only uses NAB.
6. Negative Balance Protection – Axi’s negative balance protection policy protect retail traders from unfavourable trading conditions and the high risk associated with leveraged products. IC Markets doesn’t offer negative balance protection.

Risk Management Conclusion

Both IC Markets and Axi offer the same basic risk management approaches. The only real difference between each broker is that Axi falls under the regulation of two different financial regulatory bodies. FCA regulation might not matter so much for traders in Australia but the peace of mind offered with the security two financial regulation bodies is why we are recommending you on an account with Axi when it comes to risk management.

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IC Markets vs Axi Other CFDS (e.g. Cryptocurrencies)

Both IC Markets and Axi offer various Contracts for Difference (called CFD for short). IC Markets, however, offers a more extensive range. Both ECN brokers offer the following:

1. Indices / Indexes.
2. Commodities (i.e. energy and metals).
3. Soft Commodities (i.e. agriculture).
4. Cryptocurrencies.

When it comes to cryptocurrencies, IC Markets offer the following – Bitcoin, Bitcoin Cash, Ethereum, Dash, Litecoin and Ripple with leverage of 5:1. Axi however only offers Bitcoin and this is with leverage of 10:1.

IC Markets offers the following CFDs that are not offered by Axi:

1. Bonds
2. Futures
3. Stocks

CFDs Conclusion

IC Markets CFD range is more extensive than Axi. If traders are looking for an ‘all in one’ type product then IC Markets is the product we recommend.

Open a demo accountVisit IC Markets

Customer Service

Both IC Markets and Axi offer live chat, phone and email support that all brokers typically offer.

IC Markets Customer Support

IC Markets trader support team has quite a few selling points. These are:

• 24/7 customer service. Most brokers only offer customer service 24/5. IC Markets offer customer service on weekdays and weekends. ECN traders seeking trades when markets are closed will find this feature useful.
• Help Centre. Traders can type in a keyword that will suggest answers for questions they may have.
• Emails that can be directed to specific IC Markets departments. Departments include Client Relations, Support, Accounts, Info, Marketing.

Axi Customer Service

In 2017, Axi was awarded the most reliable broker by atoZforex.com. Axi has a reputation for being one of the most trustworthy brokers. Part of the reason Axi is considered trustworthy is because of the excellent customer service they provide.

Axi offers toll-free local phone support in numerous countries in Australia, Europe and Asia. Very few brokers offer support for such a range of companies.

Customer Service Conclusion

IC Markets offer 24/7 customer service which is unique among forex brokers. In addition to this, they have a useful library so users can search for answers they may have questions for without needing to contact customer service. Therefore we recommend IC Markets.

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Deposits And Withdrawals

Both IC Markets and Axi offer the standard deposit and withdrawal methods however there are some differences in the range of funding available.

IC Markets offers the following deposit and withdrawal methods; Debit card and credit cards (Visa, MasterCard), Skrill, Wire Transfer, Neteller VIP, Local Bank Transfer (outside Australia), WebMoney, BPay Deposit (Australia Only), PayPal, Branch Cash Deposit (Australia Only), China UnionPay, Neteller, Broker to Broker Transfer, Fasapay, Qiwi. IC Markets does not charge deposit or withdrawal fees however providers may charge fees at their end. IC Markets minimum deposit requirement is $200. View more on IC Markets deposits here.

Axi, by contrast, accepts the following deposit and withdrawal methods; Visa, MasterCard, Neteller, Skrill/Moneybookers, Local to International Bank Transfers, BPay, China Union Pay, WeChat and Bank Wire. Broker to Broker transfer is also available for select few companies. Axi minimum deposit requirement is $0.

Those having accounts in Australia will not have to pay a commission. International bank transfers, however, are subject to a $15 to $25 commission.

Neither fx broker offers a joining bonus. This is common for an ECN forex broker as margins are tighter.

Deposits And Withdrawals Conclusion

IC Markets offer a wider range of funding methods. We, therefore, recommend IC Markets as one of the top Australian Forex Brokers.

Open a demo accountVisit IC Markets