Overview of Axi
Established in 2007 and based in Australia, Axi provides traders with a diverse range of trading instruments, including forex, cryptocurrencies, commodities, and index CFDs. Offering account types such as Standard, Pro, and Elite, Axi caters to traders of varying experience levels. Despite claiming ASIC regulation, which has been verified as a clone firm, Axi operates without genuine regulatory oversight.
Is Axi Legit？
Axi claims to be regulated by ASIC (Australian Securities and Investments Commission) with license number 318232. However, it's important to note that this regulation has been verified as a clone firm. Traders should exercise caution and be aware of the associated risks when considering trading with Axi, as it operates without legitimate regulatory oversight.
Pros and Cons
Despite offering a range of trading instruments and account types, Axi faces significant drawbacks. The absence of genuine regulatory oversight, coupled with concerns about fund safety and transparency, casts doubt on the reliability of the broker. Additionally, regulatory restrictions limit accessibility for traders from certain regions, undermining its potential reach. The lack of valid regulation raises uncertainty regarding the legitimacy and credibility of Axi, posing risks for prospective traders.
Trading Instruments
Axi offers traders a diverse range of trading instruments, including 50 currency pairs, 6 cryptocurrency pairs, 20 commodities, and 31 index CFDs.
Here is a comparison table of trading instruments offered by different brokers:
Account Types
Axi offers three account types: Standard, Pro, and Elite. The Standard account, which is the default option, provides spreads as low as 0.4 pips and does not charge any commissions. On the other hand, the Pro account offers zero spreads but charges a commission of $7 per trade. Lastly, the Elite account features zero spreads and a lower commission of $3.50 per trade, but requires a higher minimum deposit of $25,000. All accounts support leverage up to 500:1 and offer access to over 140 FX pairs and Metals CFDs. Additionally, Axi provides demo accounts for practice trading and Islamic accounts with no swap fees for clients with specific religious requirements.
Leverage
Axi offers leverage up to 500:1 across all its account types, allowing traders to amplify their positions in the market. However, the maximum leverage may vary depending on the asset being traded, and traders should be aware of the associated risks when using high leverage.
Here is a comparison table of maximum leverage offered by different brokers:
Spreads and Commissions
Axi provides variable spreads on its Standard and Pro accounts, starting from as low as 0.4 pips. The Standard account does not charge any commissions, while the Pro account incurs a commission of USD 7 per round trip. The Elite account, designed for professional traders, features zero spreads but requires a higher deposit of USD 25,000 and a commission of USD 3.50 per round trip.
Deposit & Withdraw Methods
Axi offers a variety of deposit and withdrawal methods, including bank wires, credit/debit cards, online payment platforms like Neteller and Skrill, cryptocurrencies such as Bitcoin, and regional online banking solutions. Withdrawal requests are processed within one to two hours, ensuring swift access to funds for traders. While Axi does not charge internal fees for withdrawals, third-party processor costs may apply. Traders must ensure that the name on their Axi account matches the name on the chosen payment processor or bank account. Additionally, Axi accepts traders from the UK, South Africa, Malaysia, Singapore, and Canada, but not from the US.
Trading Platforms
Axi offers the MetaTrader 4 (MT4) platform for trading, accessible on Windows, Mac, and Android devices. Additionally, traders can utilize the MT4 web terminal for browser-based trading convenience. For those interested in copy trading, Axi provides the Axi Copy Trading App, allowing users to follow and replicate trades of successful investors
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Customer Support
The Axi customer support can be reached through telephone: 303-893-0552 (Monday-Friday, 9am to 5 pm MST), Fax: 202-893-0507. Address: HugeDomains2635 Walnut St.Denver, CO 80205.
Negative Reviews
This Axi has been exposed in a series of scandals. Many scammed traders said that they were unable to withdraw funds from Axi platform, and this broker deducted rollover and bonus without their permission. A traders said that he deposited $44000 and his balance increased to $70500 and then this broker blocked him.
Conclusion
In conclusion, while Axi offers a diverse range of trading instruments and account types, its lack of genuine regulatory oversight presents significant disadvantages. The absence of valid regulation raises concerns about fund safety, transparency, and the legitimacy of the broker. Moreover, regulatory restrictions limit accessibility for traders from certain regions, potentially restricting its market reach. Prospective traders should carefully consider these drawbacks before engaging with Axi's services.
FAQs
Q: Is Axi regulated？
A: No, Axi's claimed ASIC regulation has been verified as a clone firm, raising doubts about its regulatory status.
Q: What trading instruments does Axi offer？
A: Axi provides access to 50 currency pairs, 6 cryptocurrency pairs, 20 commodities, and 31 index CFDs.
Q: What account types does Axi offer？
A: Axi offers three account types: Standard, Pro, and Elite, each with varying features and requirements.
Q: What is the minimum deposit required to open an account with Axi？
A: The minimum deposit varies depending on the account type, ranging from $0 for the Standard and Pro accounts to $25,000 for the Elite account.
Q: What is the maximum leverage offered by Axi？
A: Axi offers leverage up to 500:1 across all its account types, allowing traders to amplify their positions in the market.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2024-03-27 10:52
2024-02-07 15:43
