Axi Review South Africa- Main Features, Pros and Cons Revealed!
Founded in 2007, Axi is an Australian forex broker formerly known as AxiTrader. In 2020, the new “Axi” brand was launched. Axi is regulated by multiple financial authorities worldwide, including the Financial Conduct Authority (FCA) of the UK, the Australian Securities and Investments Commission (ASIC), and the Dubai Financial Services Authority (DFSA). Axi’s safety is enhanced by being regulated by several top-tier authorities.
During this Axi broker review South Africa, we discuss some of the most important facts about the broker. Keep reading to learn more.
What is Axi?
Put simply, Axi is an online broker that offers the global trading of CFDs, forex, crypto, commodities and more.
Axi has grown to encompass a significant portion of the forex market in just a few years. According to our research, the platform offers several unique features and is one of the best trading platforms globally. By 2015, Axi- a London-based brand- had moved $100 billion in monthly volume.
Under the London Company AxiCorp Limited brand, the Axi broker brand is currently regulated by the FCA in the UK. In Australia, AxiCorp Financial Services Pty Ltd is also regulated by ASIC.
Additional regulatory agencies in multiple jurisdictions are included in the regulation. With a great reputation, Axi is one of the best online brokers for beginners and experts.
RGT, a leading Australian private equity firm, made a significant strategic investment in AxiCorp in 2016. This initiative was designed to help drive its global growth. Due to the investment, the platform can offer services in many countries.
Axi currently offers trading services to over 100 countries including South Africa. Furthermore, their eight offices around the world ensure smooth sailing for over 40,000 traders.
According to their website, Axi is a broker built for traders by traders. Therefore, their top priorities are offering the best trading tools and the fastest execution live speeds. Because of this, Axi places a high priority on building trust and ensuring regulatory compliance.
What Assets Can You Trade With Axi?
With Axi, you can choose from a wide range of trading instruments. Among the markets, you can access Forex, Commodities, Cryptocurrencies, Stocks, Indices, Metals, Energies, Bonds, CFDs & ETFs. So there is something for everyone to trade, no matter their interests.
With tight spreads, flexible leverage, fast execution, and liquidity from 14 of the world’s leading banks, you can trade Forex across a huge range of major, minor and exotic FX currency pairs.
Commodities can be traded without purchasing the physical asset since you are simply trading the underlying asset’s price movement. Gold, silver, oil, and gas are some of the most popular commodities traded. Portfolio diversification often involves commodities as they have a proven to hold their value.
Axi allows you to trade indices based on stocks’ performance and price movements without actually owning them. Due to their diversity and flexible leverage, index trading is popular.
As long as cryptocurrency CFDs are allowed in your country of residence, you can trade them online with Axi. When you trade crypto with CFD, you do not purchase the underlying asset. This means that there is no need to have a crypto wallet.
For example, Axi allows you to trade Bitcoin CFDs without owning any Bitcoins – you trade based on price movements so that you can make money either way.
Your Money is at Risk.
Is Axi a Legit Broker?
Axi has been repeatedly praised for its trustworthiness with low-risk Forex trading.
The Australian Securities & Investments Commission and the Financial Conduct Authority (UK) license and regulate Axi. Over-the-counter derivatives carry significant risks, so traders should be sure they are dealing with a regulated broker who can provide transparency.
Clients’ funds are safely held in segregated accounts at top-tier banks and protected by compensation schemes. In addition, all online transactions, trade executions, and trader manipulations are fully encrypted.
Is Axi Regulated in South Africa?
Axi Broker has a solid reputation around the globe. AxiCorp Financial Services owns all subsidiaries operating under the Axi brand and has received regulation from a number of regulatory bodies including the DFSA and the CySEC.
The broker has a great reputation in general and is considered to be a safe platform to use in South Africa.
The Financial Commission, based in Hong Kong, is the first independent and self-regulatory organization. The organization offers clients a compensation fund of €20,000 per client as part of its protections.
With all that being said, South African traders can rely on Axi as a regulated entity and start trading on its platforms.
Your Money is at Risk.
Axi Pros and Cons
In addition to being regulated by the top-tier FCA and ASIC, Axi is a reliable broker. With Axi, you can choose from various trading platforms, fund your account with a variety of payment methods, and enjoy excellent customer service.
The negative points include the limited range of instruments available and the lack of educational courses for beginners.
- Easy-to-use and advanced trading platforms
- A powerful trading tool for professional market analysis
- Fast execution, low commission fees, and tight spreads
- Accounts without commissions
- A variety of deposit and withdrawal methods
- Fee-free account funding
- Access to the excellent Autochartist software for free
- Trading tools loaded into MetaTrader 4 NextGen
- PsychQuation Premium
- VPS hosting for free
- Beginners can learn from Axi Trading Academy
- Sharing ideas with like-minded individuals through the Axi trading community
- Multilingual customer service
- Support services are available 24/5
- There are no MetaTrader 5 platforms available
- Support is not available 24/7
- Clients from certain countries cannot be accepted
Axi Broker Key Features
The Axi platform offers a good selection of trading tools to assist your trading. This includes signals, chart analysis, multiple account management, and more.
Before opening a real account, you can test the trading conditions and platforms with demo accounts. Practicing your trading strategies with virtual funds can be a great way to familiarize yourself with the trading platforms. Then, when you feel confident enough to trade with real money, you can open a live account. Before trying out a new system or broker, we always recommend to start on a demo account.
- With a demo account, you can find your preferred trading style without risking any money
- Practice and develop essential trading skills with $50,000 of virtual funds
- When you open a Live account, you get unlimited access for 30 days
- MT4 is the world's leading trading platform
- Get the same features and functionality as Live trading accounts, such as products, pricing, charts, etc.
Your Money is at Risk.
Several options are available for funding an Axi trading account, including Moneybookers/Skrill, Neteller, Wire Transfer, Credit Card, and BPAY. Axi also allows broker-to-broker transfers with selected companies so that you can transfer your account from another brokerage to Axi.
Axi's clients may also choose their account base currency in either GBP, USD, EUR, CHF, or PLN and deposit funds in those major currencies.
Axi does not have a minimum deposit requirement; you can deposit any amount you like.
Depending on the method you choose, withdrawals can take 2 to 5 days to process. However, the broker has promised to introduce instant payments to your phone over time.
We found the process of opening an Axi account to be quick and easy. Nowadays, everything is done online. Simply fill out the form and verify your email address to register. After that, you will need to upload proof of identification and address for KYC purposes. After verification, you can fund your account and begin trading. You can contact customer support if you need assistance during the process.
Platform Fees and Spreads
Axi earns money from spreads and fees in its Standard and Pro Accounts. In the case of a Pro account, there is a fee of $3.5 per traded lot and a much lower spread rate.
The spreads on Standard accounts are much wider. Furthermore, Axi is a market maker, which means when it serves as your counterparty, it can directly benefit from your losses. Overnight positions are also subject to swap rates, passed on to traders.
Axi's spreads are generally competitive or similar to those on other sites. For example, standard accounts have an average spread of 1.24 (0.44 in a pro account) for EURUSD. For GBPUSD, the average spread is 1.73 (0.85 in a pro account), and for AUDUSD, it is 1.32 (0.42 in a pro account). The figures were dated February 2017.
The commission for trading with Axi is zero if you open a standard account. For standard account holders, spreads start at 1.0 pips. Compared to the pro account, the pro account charges a USD 7 roundtrip commission but spreads start at 0.0 pips.
The most cost-effective trading strategy for a customer depends on the amount and level of trades they wish to conduct. Other brokers offer more competitive rates than these, which are roughly in line with the industry standard.
Axi offers MetaQuotes trading platforms. The site's primary trading platform is MT4 (MetaTrader 4). The application is available for Android, Apple, Mac, and Windows computers.
Additionally, traders can use MT4 NextGen. In addition to MT4, this platform provides additional functionality. Additionally, Axi offers MT4 trading signals and MT4 multi-account management.
Traders can complete trades quickly and easily thanks to the platform's ease of navigation. In addition, even new traders have access to comprehensive educational material.
When you use MT4, Axi is a good choice; if you wish to work with other platforms, perhaps more than one on the same site, then Axi won't fit your needs. The site is available 24/7/365.
24/7 trading is available on most assets.
Furthermore, as Axi's volumes increased, it launched operations and multilingual customer service in various locations, including China, Latin America, the Middle East, Germany, and more. As a matter of fact, Axi's award-winning customer support is well known in the trading industry.
Axi offers free training for traders of all levels, covering basic, intermediate, and advanced topics. eBooks, webinars, video tutorials, and a glossary are all available in the center. The courses were all created by traders for traders. This means you can be confident you're getting the information you need from industry experts. In addition, taking self-paced courses gives you the flexibility to go over lessons as often as needed. Finally, for a wider audience, we think it's great that the tutorials are available in 24 languages. Since most brokers only have English content, this helps them stand out.
Videos cover forex trading, stocks, CFDs, market analysis, trading psychology, trading strategies, trading platforms, social trading, and more.
This website offers a large selection of free eBooks. Whether you're interested in learning the fundamentals of Forex, learning different strategies, or looking for expert trading tips, the eBook series can be beneficial to you.
Free Educational Course
This free educational course teaches you how to place trades, manage risk, analyze charts, trade news, and more. In addition, you must arm yourself with essential skills and strategies to trade the financial markets.
A five-part free series written by pro traders breaks down some of the basics you need to know about trading, such as:
- The FX trading process
- The best trading tools, techniques, and strategies
- Technical analysis and essential indicators
- Content such as video tutorials and other bonuses
Market blogs provide the latest market news. The site includes market analysis, education, and company news. To inspire potential trade ideas, this section is regularly updated with technical and fundamental chart analysis.
- Market News: Keep up with the latest economic news and market events
- Market Analysis: Explore the global markets' trades, trends, and products
- Expert Commentary: Discover the trading world through the eyes of a professional trader and gain unique insights
Seminars & Webinars
Axi offers free weekly webinars on market analysis, trade management, trading psychology, and more. So you can always learn something new about the markets, no matter how experienced.
Axi Trading Circle
Axi Trading Circle is an exclusive online trading community that connects you with leading experts, qualified analysts, and traders worldwide. The community is a place to exchange ideas, ask questions, and gain practical advice on trading.
Daily Market Insights
Become more knowledgeable and improve your trading skills with exclusive expert insights, trend analysis, and views on the latest market news.
Knightsbridge Trading Academy
Axi clients receive complimentary access to the London Stock Exchange-accredited Knightsbridge Trading Academy's top online trading courses. Learn from elite traders and accredited tutors in this course. Videos, webinars, guides, and exams are included.
Your Money is at Risk.
Axi Account Types
You can choose between standard or pro accounts based on your individual needs. All accounts offer simple and secure funding, advanced trading platforms, and powerful tools for finding trading signals.
Spreads, commissions, and minimum deposits are the main differences between the accounts. Your trading strategy will determine the type of account you choose. For example, rather than pay a commission, you can choose to pay a spread mark-up with low spreads.
140+ FX pairs, metals, and CFDs are available for each account. Due to ESMA restrictions, EU leverage is capped at 1:30 due to leverage up to 1:500. MT4 NextGen, expert advisor trading, and a free VPS are all available on both accounts. For casual traders, MT4 NextGen does require a $1,000 minimum deposit, but I do not think this is necessary.
MT4 Standard Account
There is no minimum deposit requirement, spreads start at just 0.4 pips, and commissions are not charged on the standard account. So the spreads on this account aren't the lowest, but there is no commission fee. Our analysis found that the commission cost was the same whether you paid it separately or included it in the spread.
MT4 Pro Account
A commission of $3.5 is charged on the pro account, which has variable spreads starting at 0.0 pips. This account may be the best choice when you need the tightest spreads. It may be the case if you use a scalping system that aims to take advantage of minor price changes.
Demo accounts are available to test trading conditions and platforms before a real account. It's a great way to learn about trading platforms and risk-free practice your strategies using virtual funds. You can open a live account when you feel confident enough to trade with real money.
The Islamic accounts offered by Axi comply with Sharia law. In accordance with religious beliefs, this account doesn't charge swap fees or interest payments. If you follow the Muslim faith, just send support a request, and they can handle the switch for you.
Can You Make Profits With Axi?
Despite a few minor issues, Axi is still a well-regulated broker. Traders at this broker mostly trade currency pairs on the forex market. For entry-level cross-asset diversification, commodities, indices, and cryptocurrencies are available; however, more experienced traders will find the overall asset range limited.
Trading conditions for the Pro Account are excellent; traders have access to raw spreads for just $7 per lot round trip or $3.50 one way; the Standard Account is not recommended as the EUR/USD has a fixed spread of 1.2 pips.
Most market makers have lower minimum deposits, smaller trade requirements, and no commissions on trades.
Axi is one of the few brokers that does not require it, so you won't have to worry about slippage. As a result, Axi's maximum leverage for the Pro Account is 1:500.
You can place a 0.01 lot trade with Axi Trader. Depending on the type of account you open, this may differ. As Axi provides both ECN and STP execution, you can expect close spreads and greater clarity about your trade execution cost.
As a market maker, Axi may have lower entry requirements than an ECN broker, which usually has higher capital and minimum transaction requirements.
Is Axi A Good Broker?
Overall, Axi is an extremely trustworthy, established broker with competitive trading options. The Axi platform is perfect for beginners and more experienced traders alike. It is widely acknowledged that MT4 is among the best trading platforms.
Axi also offers MT4 NexGen, greatly improving the site's functionality and trading experience. Across all devices, the app offers full functionality and a seamless user experience.
Using the site is easy and self-explanatory. For both new and experienced traders, there is a wealth of educational content.
Axi's relatively high leverage and competitive commissions make it a good trading site for value. In addition, Axi has been in the industry for over a decade, so it already enjoys a good reputation.
MT4 is the only trading platform offered by this site, so users can't try out alternative platforms that may be more suitable for them.
How To Start Using Axi
As part of Axi's regulatory framework, clients must satisfy compliance checks. These checks ensure that you are safe and able to trade. ASIC and the FCA require brokers to request some documents before opening an account.
Step 1: Register for an Account
The following things are required to open an Axi trading account:
Obtain a color copy of your passport, driving license, national ID, or state-issued identification. You can use them to prove your identity.
A bank statement or utility bill shows your address clearly and is no older than three months. These documents ensure that you live in the country you specified as proof of your address.
Your Money is at Risk.
Step 2: Chose an Account Type
Be sure to select the right brokerage account type for you before submitting any personal information. Once you have selected your options on the registration page, you can proceed to the next step.
Step 3: Verify ID
In this step, you will be asked to scan and upload your proof of identity on the broker's website. Depending on the broker, this could be a passport, an ID card, or a bank statement. It is common for online brokers to ask for physical copies of your documents. As a result, the account opening process can take a long time.
Steo 4: Deposit Funds
You can begin trading once your account is confirmed and opened. If there is no minimum deposit, you can deposit any amount to your broker account, and let's get started!
Step 5: Start Trading
At Axi, you can now trade different instruments such Cryoticurrency CFDs, commodities, forex and more.
Axi Broker Review South Africa- Our Conclusion
Regarding reliability, Axi represents one of the best options available to traders at any level of experience. With headquarters in highly regulated jurisdictions, customers can trade confidently, knowing that their funds and personal information are protected, enabling them to immerse themselves in the market. In addition, the ecosystem offers a wide range of CFDs, though adding instruments like shares would help increase its value.
Advanced traders can connect directly with value-added third-party services, while beginners will enjoy MT4 and accompanying tools, especially MT4 NextGen. As a market-maker, Axi makes a strong impression thanks to its dedication to delivering transparency, trustworthiness, and reliability while providing the essential features that ensure trading success.
Your Money is at Risk.