Plus500 vs Axi

Does Plus500 or Axi Have Superior Pricing?

In the realm of forex trading, pricing is a critical aspect that can’t be overlooked. Whether it’s the spread or commission, every little cost adds up, affecting your bottom line. Here, we’ll compare Plus500 and Axi to understand which broker offers more favourable pricing.

1. Standard Account Spreads

When it comes to standard account spreads[1]September 2023 Published And Tested Data , both Plus500 and Axi offer competitive spreads with no commissions. Based on our standard account spread tests, we found that Axi had the lower spreads of 1.24 pips on average across the top five forex majors, while Plus500 was higher at 1.86 pips.

In terms of tested standard spreads, Plus500 slightly lags behind Axi. As an experienced trader myself, I appreciate the importance of the tightest possible spreads, and Axi seems to have a slight edge in this regard.

2. RAW Account Spreads

Based on our tests [2]Raw account spreads published on each broker's website (updated monthly) plus our own testing , we recorded the average RAW spread as 0.55 pips across the major pairs. However, Plus500 does not offer a RAW account or tight spreads, so Axi wins this section.

3. RAW Account Commission Rates

Plus500 does not offer commission-based trading accounts like the RAW trading accounts, so it doesn’t score any points in the section. Axi, on the other hand, offers low commissions from $3.50 per 100k traded on the forex markets (or $7 per lot per round-trip). If you have an account of $25,000 or more, then the Axi Elite account dramatically reduces the commission to $3.50 per one-lot round-trip. [3]Commission rates taken from broker's website monthly

4. Deposit & Withdrawal Fees

In terms of deposit and withdrawal fees, both brokers fare pretty similarly. Neither Plus500 nor Axi charges any fees when it comes to funding and withdrawing from your account, and the process is fairly seamless in both cases. I believe it’s a win-win situation for traders who are seeking convenience and affordability.

5. Other Fees To Consider

The other fees to consider include if the brokers have an inactivity fee in place. Plus500 has an inactivity fee which is $10 per month if you do not place a single trade within 90 days of your last trade. Similarly, Axi also charges $10 for being inactive, although they have a longer inactivity threshold of 365 days, making them less strict than Plus500.

Verdict: The verdict is clear that Axi wins in standard and raw spreads while Plus500 offers competitive spreads on the major pairs. The other fees associated with funding and withdrawing are closely matched; you should just be mindful of the inactivity fees. Overall, Axi is the winner in the pricing department, mainly due to its competitive spreads and focus on cost efficiency.

The choice between Plus500 and Axi may vary depending on individual preferences and trading needs. But from a pricing standpoint, Axi seems to have a slight advantage, making it a suitable choice for those who prioritize cost efficiency in their trading activities. As someone who’s been in the industry for years, I find these differences quite intriguing and vital for making the best choice.

Which Broker Can You Trust More?

Trust is paramount in forex trading. When assessing Plus500 and Axi, the regulatory aspect plays a crucial role.

1. Plus500 Regulation

Top-tier authorities, including ASIC, FCA, and CySEC, regulate Plus500. This extensive regulation ensures transparency and ethical operation, instilling confidence in traders.

2. Axi Regulation

Axi is also strongly regulated by ASIC and FCA. Their adherence to these regulators indicates a commitment to secure and fair trading.

3. Trust Comparison

Both brokers have been established for over 15 years and are widely regulated in multiple jurisdictions. Plus500 has the edge when it comes to trust because more Tier-1 regulators regulate it, and it is an FTSE250-listed company. Axi, on the other hand, is also regulated by two top tier 1 regulators and has been trading longer.

Overall, both brokers are highly trustworthy, with Plus500 having a slight edge due to a broader range of regulators and being a publically traded company on the London Stock Exchange. The choice might depend on personal or regional preferences.
Plus500 ReviewVisit Plus500

*Your capital is at risk ‘76.4% of retail CFD accounts lose money’

What Broker Offers Better Trading Platforms?

Choosing the right trading platform is essential for executing trades effectively and leveraging various tools for success. In this section, we’ll explore each platform to determine the best choice for your needs.

1. MetaTrader 4 and MetaTrader 5

Plus 500, for some reason, doesn’t provide access to MetaTrader 4 or MetaTrader 5, while Axi only provides MT4 access, making Axi the obvious choice if you want to use MetaTrader. Although the default option for MetaTrader platforms out of the two brokers, Axi does provide MT4 NExtGen, which is a set of plugins that provides enhanced ordering, sentiment trading and management trading tools that don’t come with MT4 as standard.

2. cTrader and TradingView

Neither broker supports cTrader or TradingView.

3. Plus500 WebTrader

Plus500 offers a proprietary trading platform that seamlessly works across all your devices. Although it’s less powerful than MetaTrader or TradingView, it has all the essential features you would look for in a platform.

4. Social Trading And Copy Trading

Neither broker has an advantage in this section as neither offers copy or social trading.

5. VPS and Other Trading Tools

Virtual Private Server (VPS) and other trading tools are helpful for traders looking to run automated trading strategies or live far away from the broker/exchange. Again, Plus500 lacks a VPS service, while Axi offers an MT4 forex VPS hosting service. We analysed 20 brokers to find which broker had the fastest VPS speeds using MetaTrader 4. Based on our findings, Axi placed second fastest VPS, making it a solid choice if you want fast execution speeds with a VPS.

Verdict:

Both brokers only offer one platform to trade from, which is rare to find with most forex brokers. However, we make Axi the winner of this section because it offers MetaTrader 4 as its trading platform, which is a top choice for most traders. Plus500, however, maintains a strong presence with its user-friendly trading platform, making it an ideal choice if you are a beginner.
Plus500 ReviewVisit Plus500

*Your capital is at risk ‘76.4% of retail CFD accounts lose money’

Other Trading Factors

Considering various trading factors outside the main features is crucial when choosing a broker. In this section, we’ll explore the minimum deposit, payment methods, and execution speeds for Plus500 and Axi.

Minimum Deposit

Axi has no minimum deposit, making it accessible for beginners or those with a smaller investment budget. In contrast, Plus500 has a higher minimum deposit requirement of £100. The lower entry point offered by Axi may appeal to new traders, while Plus500’s requirement may align more with experienced traders or those with a higher investment capital.

Payment Methods

Plus500 offers various payment methods, including credit cards, PayPal, Skrill, and bank transfers, giving traders various options for deposits and withdrawals. Axi, on the other hand, offers similar options but also includes cryptocurrencies as a payment method. The additional option Axi provides may appeal to some traders, especially those interested in digital currencies.

Below is a table comparing the payment methods:

Which Broker Has More Trading Products?

Axi provides a more comprehensive range of products when it comes to trading forex, cryptocurrencies and commodities. However it is Plus500 that has an impressive range of markets to trade, albeit the majority is through share CFDs. Nevertheless, Plus500 provides over 11,000 trading products which is superior to Axis which is under 500.

Verdict:

Axi has the edge if you want to trade non-share CFDs as they offer more markets across forex, commodities, and crypto. With that said, we think Plus500 wins this section as they have a more comprehensive offering of shares compared to Axi.

Execution Speeds

Execution speeds are essential in trading as they reduce the chances of the orders slipping and ensure you get the prices you want. We recently did a test to find out which broker had the fastest execution speed on MetaTrader 4 and ranked Axi in the top five. Because Plus500 does not provide MT4, we can’t verify their execution speed.

Below is a table summarising the key differences:

Verdict: 

Axi wins the execution speed comparison with our independent analysis and is in the top 5 brokers for execution speed. So, if you want a fast execution speed with MetaTrader 4, then Axi is your best choice.

What Account Types Are Available?

Selecting a broker with suitable account types and base currencies can significantly impact a trader’s experience. In this section, we’ll explore the differences between Plus500 and Axi in these two key areas.

1. Trading Accounts

Plus500 only offers one type of trading account: its standard account, which is a spread-only account with no commissions. In contrast, Axi has two account types, the Standard and Pro trading accounts, that provide you with a choice of trading fees. The Standard account offers spread-only trading and no commissions, while the Pro account offers low trading commissions and tight spreads from 0.0 pips.

2. Base Currencies

Plus500 offers a range of base currencies, including USD, EUR, and GBP, allowing traders to choose the currency that best suits their trading needs and currency exposure. Axi, on the other hand, provides a more extensive selection of base currencies, including some less common ones like SGD and CHF. This broader range could appeal to international traders or those looking to trade in more exotic currency pairs. The choice here depends on the individual trader’s currency preferences and specific trading strategy.

Below is a comparison table of the account types and base currencies of the two brokers:

The differences in trading accounts and base currencies between Plus500 and Axi may cater to different trader needs and preferences. Understanding these nuances will help you make an informed choice between these brokers.

Which Broker Has Superior Customer Support?

Customer support can be a vital part of a broker’s trading service, especially if you are a beginner to the forex market. Both Plus500 and Axi provide customer support, but subtle differences might affect your decision.

Plus500 Customer Support

Plus500 prioritises responsive and accessible support for its traders. They offer 24/7 customer service via live chat, providing real-time assistance. Plus500 also has a comprehensive FAQ section on its website, allowing traders to find answers to common questions. Email support is available, although phone support is notably absent. Plus500’s customer support is offered in multiple languages, accommodating a global clientele.

Axi Customer Support

Compared with Plus500, Axi emphasises personalised support. They offer 24/5 live chat support and have dedicated phone lines in various regions. This means that some may prefer that traders can speak directly to a support representative. Email support and an informative FAQ section are also part of Axi’s customer service offering. Like Plus500, Axi provides support in several languages, catering to an international audience.

Below is a comparison table of the key customer support features at Plus500 and Axi:

The choice between Plus500 and Axi for customer support may come down to specific preferences, such as the desire for phone support or 24/7 availability. Plus500’s round-the-clock live chat may appeal to those who trade at various hours, while Axi’s phone support might be preferable for those who value direct communication.
Axi ReviewVisit Axi

Our Take On Which Broker Is Best

Choosing between Plus500 and Axi can be a complex decision, considering all the aspects of forex trading. After careful evaluation, here’s our summary.

Best For Beginner Traders: Plus500 offers an intuitive interface, extensive educational resources, and 24/7 customer support. These features make it an appealing choice for those new to trading.

Best For Experienced Traders: Axi, with its advanced trading tools, multiple account types, and robust regulatory framework, caters more to seasoned traders seeking a robust trading environment.

Below is a comparison table summarising the two brokers across essential factors:

Verdict

For beginners, the seamless user experience and comprehensive support at Plus500 make it a clear choice. For experienced traders, Axi’s fast execution speeds, choice of advanced trading accounts, and personalised approach mark it as a preferred option. While Plus500 excels in user-friendliness and accessibility, Axi stands out for its use of MetaTrader 4 and customised solutions.
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