Our comprehensive comparison of IC Markets vs Axi 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 between IC Markets and Axi. Here are five noticeable differences:
Our table below of the IC Markets vs Axi ‘ECN’ style accounts for average spreads suggests that IC Markets has better spreads.
| Average Spreads (21/02/2019) | EUR/USD | USD/JPY | AUD/USD | GBP/USD |
|---|---|---|---|---|
| IC Markets | 0.1* | 0.2* | 0.2* | 0.4* |
| AxiTrader | 0.44* | 0.62* | 0.42* | 0.85* |
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
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.
| Forex Pair | IC Markets | AxiTrader | Industry Average |
|---|---|---|---|
| EUR/USD | 0.1 | 0.2 | 0.15 |
| USD/JPY | 0.2 | 0.3 | 0.25 |
| GBP/USD | 0.2 | 0.3 | 0.25 |
| AUD/USD | 0.2 | 0.3 | 0.25 |
| USD/CAD | 0.3 | 0.4 | 0.35 |
| USD/CHF | 0.2 | 0.3 | 0.25 |
| NZD/USD | 0.3 | 0.4 | 0.35 |
Standard Account Analysis Updated December 2024 [1]December 2024 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
Features Of The IC Markers Standard Account
View our IC Markets Raw Spread Vs Standard Accounts guide to learn more about the differences between the two accounts mentioned above.
Features Of IC Markets Islamic Account
Axi Pro Account And Standard Account
Axi Pro Account:
USD$3.5 commission for swap transactions for each 100k traded (when using the MetaTrader 4 platform)Features Of Axi Standard Account
Differences Between Accounts
The differences between the accounts can be summarised as
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.
Verdict: We recommend IC Markets for its low trading fees based on average spreads reported by both brokers.
IC Markets ReviewVisit IC Markets
| Trading Platform | IC Markets | Axi |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | No |
| cTrader | Yes | No |
| TradingView | Yes | No |
| Copy Trading | Yes | Yes |
| Proprietary Platform | Yes | No |
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 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:
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:
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:
Here is our comparison of MT5 vs MT4. You will see that MT5 offers more analytical and graphical tools, Timeframes, and 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.
| cTrader | MetaTrader 4 and 5 | |
|---|---|---|
| Depth of Market / Level II pricing | Yes (3 types) | MT5 only |
| Timeframes | 26 | MT4 - 9, MT5 21 |
| Advanced take profit and stop loss levels | Yes | No |
| Access to historical data via platform | No | Yes |
| Detachable charts for multiple monitors | Yes | No |
| Cloud hosted profile, templates and passwords | Yes | No |
| Automated trading | Yes | Yes |
| Strategy back-testing | Yes | Yes |
| Custom backgrounds | Yes | No |
| Adjustable session times | Yes | No |
| Platforms | Windows | Windows and Mac |
| Dealing desk allowed | No | Rejections possible |
| Scalping | Yes | Yes |
| Partial Fills | Yes | MT5 only |
| Single click close out trades | Yes | No |
| Full size tick charts | Yes | No |
| Trading signals | No | Yes |
Verdict: As Advanced Trading Tools offers more trading tools than NexGen, we recommend IC Markets when it comes to choosing a platform.
Both IC Markets and Axi offer distinct account features tailored to different trader needs. Here’s a breakdown:
| IC Markets | Axi | |
|---|---|---|
| Standard Account | Yes | Yes |
| Raw Account | Yes | Yes |
| Swap Free Account | Yes | Yes |
| Active Traders | Yes | Yes |
| Spread Betting (UK) | No | No |
Verdict: While both brokers offer competitive account features, IC Markets stands out with its diverse platforms and advanced trading tools, making it the superior choice for traders seeking comprehensive account features.
When it comes to trading, the experience and ease of use are paramount. We’ve spent countless hours testing various brokers, and our own testing has been quite revealing. IC Markets and Axi both offer a seamless trading experience, but there are some nuances worth noting:
Now, diving deeper into our own testing, we found that IC Markets shares the title for the lowest spread with Eightcap. This is a significant advantage for traders looking to minimise costs. On the other hand, Axi’s focus on MT4 ensures that traders who prefer this platform get the best possible experience.
Verdict: Both brokers offer a top-notch trading experience, but if we had to pick one, IC Markets slightly edges out with its diverse platforms and competitive spreads.
Axi Trust Score
IC Markets Trust Score
When it comes to trust and regulation, both IC Markets and Axi have established themselves as reputable brokers in the industry. They are both regulated by prominent financial authorities, ensuring that traders’ funds and interests are safeguarded.
IC Markets and Axi are both authorised and regulated under the financial regulation jurisdictions of the Australian Securities & Investments Commission (ASIC). Additionally, Axi falls under the regulation of the Financial Conduct Authority (FCA) in the UK. This dual regulation for Axi provides an added layer of security and trustworthiness for its clients.
Furthermore, both brokers ensure that clients’ funds are kept in segregated accounts. IC Markets uses two major banks, NAB and Westpac, for this purpose, while Axi solely uses NAB. This segregation ensures that traders’ funds are kept separate from the brokers’ operational funds, providing an added layer of protection against any potential financial discrepancies.
One notable difference between the two is Axi’s negative balance protection policy for retail traders. This policy protects retail traders from unfavourable trading conditions and the high risks associated with leveraged products. On the other hand, IC Markets does not offer negative balance protection, which might be a point of consideration for some traders.
| IC Markets | Axi | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CYSEC (Cyprus) | FCA (UK) ASIC (Australia) FMA (New Zealand) |
| Tier 2 Regulation | DFSA (Dubai) | |
| Tier 3 Regulation | FSA-S (Seychelles) SCB (Bahamas) | SVGFSA |
Verdict: While both brokers are trustworthy and well-regulated, Axi’s dual regulation and negative balance protection give it a slight edge in terms of trust and regulation. Axi is more trusted and more regulated in this comparison.
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:
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:
Verdict: 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.
In the world of forex trading, education is key. Both IC Markets and Axi understand this and have invested in providing their traders with top-notch educational resources. Based on our findings and our in-depth testing, here’s a comparison of the educational features from both brokers:
Diving deeper into our own testing, it’s clear that both brokers prioritise education. However, the nuances in their features can make a difference depending on what a trader is looking for.
Verdict: While both brokers offer excellent educational resources, based on our testing, Axi slightly edges out with its beginner-friendly content and comprehensive educational platform, making it the superior choice for traders seeking top-tier educational resources.
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:
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.
Verdict: IC Markets offers 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 without needing to contact customer service. Therefore, we recommend IC Markets.
Funding options play a crucial role in the overall trading experience. It’s not just about the variety but also the ease, speed, and security of transactions. Both IC Markets and Axi have put considerable effort into ensuring their traders have a range of funding options to choose from. Based on our findings and our in-depth testing, here’s a comparison of the funding options available from both brokers:
IC Markets offers a plethora of funding methods, including credit/debit cards, bank wire transfers, and various e-wallets. They pride themselves on offering instant deposit options and fast withdrawal processes. Axi, on the other hand, also provides a comprehensive list of funding methods with a focus on ensuring the security of transactions. They offer several e-wallet options, bank transfers, and credit/debit card transactions.
| Funding Option | IC Markets | Axi |
|---|---|---|
| Credit/Debit Card | ✅ | ✅ |
| Bank Wire Transfer | ✅ | ✅ |
| PayPal | ❌ | ✅ |
| Skrill | ✅ | ✅ |
| Neteller | ✅ | ✅ |
| UnionPay | ✅ | ❌ |
| Bitcoin | ❌ | ✅ |
| FasaPay | ✅ | ❌ |
| POLi | ✅ | ❌ |
| BPay | ✅ | ✅ |
Verdict: While both brokers offer a wide range of funding options, IC Markets provides a slightly broader spectrum, making it the superior choice for traders seeking diverse and convenient funding methods.
The minimum deposit requirement is a significant factor for many traders, especially those just starting out. It determines the initial capital needed to begin trading and can be a reflection of the broker’s accessibility to traders of all levels. Both IC Markets and Axi have set their minimum deposit requirements, but how do they compare?
IC Markets, known for its trader-friendly policies, has always aimed to make trading accessible to the masses. Their minimum deposit reflects this ethos, ensuring that even novice traders can start without a hefty initial investment. Axi, while also being a top-tier broker, has its own set of requirements that cater to its diverse clientele.
| Broker | Minimum Deposit |
|---|---|
| IC Markets | $0 |
| Axi | $0 |
Both brokers have made it incredibly accessible for traders by setting their minimum deposit requirement at $0. This is a commendable move, ensuring that barriers to entry are minimal.
Verdict: Both IC Markets and Axi offer a $0 minimum deposit, making them equally accessible choices for traders looking to start without any initial investment.
IC Markets is the winner because of its diverse platforms, competitive spreads, and comprehensive account features. The table below summarises the key information leading to this verdict:
| Criteria | IC Markets | Axi |
|---|---|---|
| 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 those just starting out in the trading world, Axi offers a more beginner-friendly environment with its comprehensive educational resources and user-friendly platform.
For seasoned traders looking for advanced tools, diverse platforms, and competitive spreads, IC Markets stands out as the top choice.
IC Markets generally offers lower costs compared to Axi. They consistently provide lower spreads across major forex pairs. For instance, their average spread for EUR/USD is often below 1 pip. This competitive pricing structure is one of the reasons many traders prefer them. For a more detailed comparison on spreads and commissions, you can check out this comprehensive guide on Lowest Commission Brokers.
Both Axi and IC Markets offer MetaTrader 4, but Axi is known as an MT4 specialist. They have optimised their services around this platform, ensuring traders get the best MT4 experience. IC Markets, on the other hand, offers multiple platforms including MT4. If you’re specifically looking for the best MT4 experience, this list of top MT4 brokers might be of interest.
When it comes to social or copy trading, IC Markets has a slight edge. They offer various platforms that integrate with social trading services, allowing traders to copy strategies from seasoned professionals. Axi, while offering a rich trading environment, doesn’t focus as much on social trading. For those keen on exploring the world of social trading further, here’s a comprehensive guide on the best social trading platforms.
Neither IC Markets nor Axi offer spread betting as a primary service. Spread betting is a unique form of trading popular in the UK and some other regions, and not all brokers provide this service. For those interested in spread betting, it’s essential to find a broker that specialises in this area. You can explore a list of top spread betting brokers in the UK on this comprehensive guide.
In my opinion, IC Markets stands out as the superior choice for Australian forex traders. Founded in Australia and regulated by ASIC, IC Markets has a deep understanding of the Australian trading landscape. Their competitive spreads, diverse platforms, and strong customer service make them a top choice for Aussie traders. Axi, while also a commendable broker, is headquartered overseas. For a more detailed look at the best brokers in Australia, check out this guide on the Best Forex Brokers In Australia.
For UK traders, I believe Axi offers a slightly better trading experience. They are FCA-regulated, ensuring a high level of trust and security for UK-based traders. While IC Markets is a global powerhouse in the forex world, Axi’s focus on the UK market and its comprehensive features tailored to UK traders give them an edge. It’s also worth noting that IC Markets, although a top-tier broker, was founded overseas. For a deeper dive into the best brokers for UK traders, here’s a comprehensive guide on the best forex brokers in UK.
No commission account spread proprietary testing data and published website spread information, centralised on our Standard Account Spreads page.
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