Max. Leverage
1:30
for Forex

Minimum Deposit
$5
EUR/USD Spread
1.3 pips
Benchmark

Axi is a forex and CFD trader, offering spread betting and trading services for foreign exchange currencies (forex) and CFDs on shares, indices, commodities, oil, metals, and cryptocurrencies via their platform.

Axi was founded in Australia in 2007, and has an office there, as well as in the UK and Dubai. In each of these locations, Axi is licensed to offer its services.

We will examine the safety and regulation of Axi, their account types and tradable instruments, supported trading platforms, deposit/withdrawal options, account opening process, and customer support in this review.

Axi Review Summary
Broker Name Axi Financial Services (UK) Limited
Establishment Date 2006
Website www.axi.com
Address Axi Financial Services (UK) Limited, Level 13, 73 Miller Street, North Sydney, NSW 2060 Australia
Minimum Deposit $5
Maximum Leverage 1:30
Regulation FCA, ASIC, DFSA
Trading Platforms MT4, available on PC, Mac, Web, Android, & iOS
Visit Axi

Axi Pros

  • Axi is regulated in UK
  • Responsive live chat available 24/5
  • Offers commission-free trading account
  • Free deposits and withdrawals
  • Fast deposits processing

Axi Cons

  • Charges dormant account fees
  • Supports only MT4
  • Has few instruments to trade
  • Customer support is not available 24/7

Is Axi broker regulated?

Axi is the trading name of AxiCorp Limited, which is licensed in multiple jurisdictions by Top-Tier financial regulators under different names. This means that clients’ funds are safer and the risk and the broker can be trusted.

Find the various regulations of Axi in different countries below:

1) Financial Conduct Authority (FCA), United Kingdom: Axi is regulated by the FCA as ‘Axi Financial Services (UK) Limited’ and authorised to offer financial services in the UK, with reference number 466201, issued in 2007.

Axi is also registered with the Financial Services Compensation Scheme (FSCS) which protects clients’ funds of up to £85,000 in the event that the broker is unable to pay up clients.

Axi Regulation in the UK

2) Australian Securities & Investments Commission (ASIC): Axi is regulated in Australia as AxiCorp Financial Services Pty Ltd with ACN (Australian Company Number) 127-606-348 since 2007 and is licensed to provide financial services in Australia.

Axi License in Australia

3) Dubai Financial Services Authority (DFSA): Axi is regulated in Dubai, UAE as ‘AxiCorp Financial Services Pty Ltd’, DFSA Reference Number: F003742, authorized to carry on financial services in 2018.

Axi Regulation in Dubai

Axi Leverage

Leverage on Axi depends on the instrument you are trading and whether you are a retail or professional client.

Retail clients on Axi have a maximum leverage of 1:30 for major forex pairs, 1:20 for minor forex pairs, gold, and major indices, 1:10 for minor indices, energies, and metals, and 1:5 for shares.

With a leverage of 1:30, you open a trade worth 30 times the size of your deposit. For example, if you deposit £1,000, you can place a trade of £30,000.

The maximum leverage on Axi for Professional clients is 1:400, which is for major forex pairs, other instruments have lower leverages.

Axi Account Types

Axi offers 3 account types; Standard, Pro and Elite Accounts. Axi also offers Swap-free Islamic Accounts available for Muslim traders, and beginners can open demo accounts to practice trading before putting real money on the line. You can open an account as an individual or corporate body.

Find an overview of the various account types on Axi below:

Account Types on Axi UK

1) Standard Account: The Axi Standard Account is designed for retail clients who are new to trading. This account allows you to trade forex and CFDs on shares, indices, commodities, oil, and metals.

This account is spread only and you do not pay any commissions when you open or close trade positions. Spreads start from 0.4 pips for major forex pairs and you pay swap fees whenever you keep a trade position open past the closing time of the market.

This account has no mandatory minimum deposit requirement, the minimum trade size is 0.01 micro-lots, with a maximum leverage of 1:30.

You have negative balance protection with this account, which means you cannot lose more than the amount of money in your trading account. If a trade position is unsuccessful and you have a loss, any negative balance on your account will be reset to zero.

2) Pro Account: The Axi Pro Account is designed for retail clients who want to pay lower spreads. This account allows you to trade forex and CFDs on shares, indices, commodities, oil, and metals.

This account charges commissions of $7 (round turn) when you open or close a trade position. Spreads start from 0.0 pips for major forex pairs and you also pay swap fees whenever you keep a trade position open past the closing time of the market.

This account has no mandatory minimum deposit requirement. The required minimum trade size is 0.01 micro-lots, with a maximum leverage of 1:30 and has negative balance protection as well.

3) Elite Account: The Axi Elite Account is designed for professional clients who are experienced traders and want to access higher leverage. This account allows you to trade forex and CFDs on shares, indices, commodities, oil, metals, and cryptocurrencies.

The Elite Account on Axi charges commissions of $3.50 (round turn) when you open or close a trade position. Spreads start from 0.0 pips for major forex pairs and you also pay swap fees whenever you keep a trade position open past the closing time of the market.

Professional Accounts on Axi require a minimum balance of $25,000. The required minimum trade size is 0.01 micro-lots, with a maximum leverage of 1:400 which applies to forex majors, other instruments have lower limits.

Professional traders on Axi do not have negative balance protection, which means you can lose more than the money in your account if you suffer a loss, and will be required to deposit more money to clear any negative balance. You will also not be eligible for any financial compensation in the event that the broker cannot pay up their obligations.

To get a professional account, first, create a retail account, then apply to customer support and sign documents waiving the protections accorded to retail clients.

To qualify for a professional account, you need to meet at least 2 of the 3 conditions below with proof that:

  1. You have carried out at least 10 transactions of significant size each quarter for the last 4 quarters
  2. You have a portfolio of investments in financial instruments of more than 500,000 EUR or GBP equivalent
  3. You have worked in the financial sector for at least 1 year, in a professional role that requires knowledge of the services offered on Axitrader

Professional Account on Axi UK

4) Islamic Account: Axi offers Islamic Accounts to Muslim traders that are in compliance with sharia law. These accounts are swap-free (interest-free), which means you do not pay any swap fees for keeping a trade position open past the closing time of the market.

This account is a swap-free specific account, and you can only trade forex majors, forex minors and precious metals. You do not pay commissions, as this is a spread-only account with maximum leverage of 1:30.

To get a swap-free Islamic Account on Axi, first, create a standard account then contact the Axi Client Service (custom support) team to convert your account to a swap-free status.

Axi UK Swap-Free Islamic Account

Axi Base Account Currency

Your trades, deposits, profits, losses, and withdrawals on the platform are measured in your base account currency.

The available account base currencies on Axi UK are British Pound sterling – GBP, Australian Dollars – AUD, Canadian Dollars – CAD, Swiss Franc – CHF, Euros – EUR, Japanese Yen – JPY, Polish zloty – PLN, Hong Kong Dollar – HKD, New Zealand Dollar, Singapore Dollar, and the United States Dollar – USD.

Axi Overall Fees

Axi charges different fees depending on your account type, the instrument you are trading, and the size of your trade. Here is an overview of Axi trading and non-trading fees.

Trading fees

1) Spreads: Axi adds a markup to the ask prices of instruments traded on their platform, this markup is the difference between the ask and bid prices of the tradeable instruments, it is called ‘Spreads’ and measured in pips which serves as revenue for the broker.

Axi operates a variable spreads system, which means that the spreads will fluctuate during the day to reflect market movements. The spreads on Axi depend on the instrument you are trading and your account type.

Average spreads during peak trading hours for majors like EURUSD is 1.4 pips on the Standard Account and 0.3 pips on the Pro Accounts, but this changes as the market moves.

2) Commission fees: Axi offers commission-free trading for all instruments on the Standard Account, while the Pro and Elite Accounts pay a round turn commission of $7 and $3.50 respectively, whenever they open and close trade positions.

The commission fees can be higher, depending on the instrument you are trading and the size.

3) Swap fees: The market closing time on Axi is 5 PM New York time. If you keep a trade position open past this time, you will incur rollover fees also called swap fees or overnight funding costs. This fee will be added to your profit or loss when you close the position.

Swap fees on Axi are calculated based on the size of your trade, the spread cost of the trade, the prevailing swap rate, the number of days you keep the trade open, and whether your trade position is a buy (long) or sell (short).

Islamic Accounts do not pay swap fees.

Non-trading fees

1) Deposit and Withdrawal fees: Axi offers free deposits and withdrawals. You do not pay any fees when you deposit funds to your account or withdraw from it. This applies to all account types and payment methods.

Note that you will incur a deposit fee of 3% if your deposits exceed the limit of $50,000 in a month. For withdrawals below $50, you may incur a withdrawal fee of $25.

2) Account Inactivity charges: If you do not perform any trade on your account for 12 months, your account will be categorized as inactive and any balance in your account will be charged a £10 or 10 units of your account currency monthly.

If you do not have any funds in your account, no negative balance will accumulate on the account.

How to Open Axi Account in UK?

Follow these steps to open a trading account on Axi.

Step 1) Visit the website of Axi at www.axi.com and click on the ‘OPEN AN ACCOUNT’ button.

Axi UK Website

Step 2) Fill out your name, phone number and email, then check the boxes to agree to the Privacy Policy, click ‘SUBMIT’, then create a password and click ‘Continue’

Create Account on Axi UK

Axi Account Signup

Step 3) Confirm your email address by clicking the link sent to your inbox, then choose an account type and select the jurisdiction you want to be registered under, then click ‘NEXT’.

Axi Account Types UK

Axi Account Registration

Step 4) Choose your preferred base account currency, then click NEXT.

Signup with Axi UK

Step 5) Provide your date of birth, residential address and nationality, then click ‘Verify my account’.

Axi Account Registration UK

Step 6) Upload verification documents like ID Card to verify your identity and utility bill or bank statements for address. This will enable the broker to verify your account.

Axi Account Verification

Step 7) Answer questions about your employment, provide your Tax Identification Number (TIN) and National Insurance Number, answer questions about your finances and trading experience then click NEXT.

New Trader Registration On Axi

Trading Experience on Axi

Step 8) Agree to the terms and conditions then click ‘Continue’ then review the information you have provided and click ‘Submit Application.

Axi Account Application

Axi Deposits & Withdrawals

Payment methods accepted on Axi for deposits and withdrawals are bank transfers, e-wallets (Skrill, Neteller, etc.) and Credit/Debit cards. Find an overview of deposits and withdrawals on Axi UK below:

How much is minimum deposit to Axi?

There mandatory minimum deposit on Axi is US$5 for cards and e-wallets, while bank transfers have no madatory minimum deposit amount.

Although the broker recommends a minimum deposit of $200 to enable you open larger trade sizes, you can deposit less than this amount.

Cards and e-wallets deposits are credited instantly while it can take 1 to 3 business days for bank transfer deposits to be credited to your account.

How do I deposit money into Axi?

Step 1) Log in to your Axi Client Portal (dashboard) via clientportal.axi.com.

Log in to Axi

Step 2) Click on the ‘Accounts and Billing’ tab on the left side menu, then select ‘Deposit and Withdrawal’.

Step 3) Choose a payment method and follow the on-screen instructions to complete your deposit.

What is the Axi Minimum withdrawal?

The minimum withdrawal amount on Axi is $50 for bank transfers and $5 for e-wallets. Note that withdrawals less than $50 dollar will attract withdrawal fees of about $25 and Axi currently does not support withdrawals to cards.

Withdrawal requests on Axi are processed within 1-2 business day and may take up to 5 days to receive funds for withdrawals to local bank accounts, while e-wallets receive funds immediately after it is processed.

How do I withdraw from AXI?

Follow these simple steps to withdraw money from your Axi Account:

Step 1) Log in to your Axi Client Portal (dashboard) via clientportal.axi.com.

Step 2) Click on the ‘Accounts and Billing’ tab on the left side menu, then select ‘Deposit and Withdrawal’.

Step 3) Choose a payment method and follow the on-screen instructions to complete your withdrawal request.

Axi Trading Instruments

You can trade the following financial instruments on Axi:

Instrument Availability Number
Forex Yes 65 currency pairs on Axi (majors, minors and exotics)
Commodities Yes 11 Cash and futures commodities on Axi (Agriculture, Metals, Oil and NatGas)
Precious Metals Yes 7 pairs of Metals on Axi (including Gold, Palladium and Silver)
Indices Yes 31 Cash and futures index on Axi (USTECH, UK100, FRA40, and others)
Shares Yes 49 shares on Axi (US, UK, EU shares and others)
Crypto assets Yes 11 Pairs of cryptocurrencies on Axi (BTC, ETH, DOG, paired to USD)*

*Axi offers cryptocurrency trading to only Professional clients.

Axi Trading Platforms

1) MetaTrader 4: MT4 is the only trading application supported by Axi for trading financial markets. This is available on the web, desktop, and mobile devices (Android & iOS). You can also use EAs as professional clients or other tools.

Axi Copy Trading

Axi UK offers copy trading features that allow beginners to copy trades placed by expert and experienced traders. To start copying trades on Axi, download the app, choose a trader you want to follow, adjust your trade size and risk tolerance, and the app will automatically start copying their trades.

The recommended minimum amount to start copy trading on Axi is $250, although you can start with less.

Copy Trading on Axi

Axi UK Execution Policy

Axi is the sole execution venue of your trades and deals with you as principal. This means the broker acts as a market maker and you are not dealing with the underlying exchange. Also, your orders are not executed at any external execution venue.

For retail clients, the best possible execution result is based on total consideration. The total consideration sees price as the most important factor of all execution criteria. It is a combination of the price of the CFD you are trading and the cost of execution.

Here are the criteria considered by Axi when determining the best way to execute your trades:

Classification: Axi takes into consideration your expectation and characteristics to determine if you are a retail client or a professional trader.

Price: As much as possible, Axi will try to execute your order at requested price. In rare occasions, they might even execute it a better. However, this is not guaranteed. If there is slippage or error in price, your order may be filled at an unfavorable price.

Speed: Poor internet connection can cause delayed execution. This can lead to latency and erroneous pricing. Axi will reject your order if this happens or fill it at a different price.

Axi UK Customer Service

Axi UK offers 24/5 online customer support to traders via the following channels:

1) Live chat support: The Axi live chat can be accessed via an icon on every page of their website and is available 24/5 Monday to Friday. When our team tested the online live chat support, we got a response as soon as we started the chat and there was no wait time and the answers to our questions are relevant.

Axi uses has a chatbot that suggests articles and possible answers to your questions when you first initiate a chat. To transfer to a live agent, click on ‘Get in touch’. you will be required to provide your email address and name to chat with the live agent.

Axi Live Chat UK

Axi Online Customer Service

2) Email support: Axi offers email support to traders in the UK. When we tested the Axi email support, we got an autogenerated reply acknowledging receipt of our inquiry but did not get any feedback from a live agent after several hours.

The Axi UK email address for inquiries is [email protected]

3) Phone support: Axi offers phone support to traders in the UK and you can speak to them during working hours on business days.

Axi phone number in the UK is +44 203 544 9646 and the international number is +61 2 9965 5830. Axi also has WhatsApp support via +61 448 090 530.

Do we Recommend Axi UK?

Axi is considered safe in terms of clients’ funds because they are regulated in the UK and registered with the Financial Services Compensation Scheme (FSCS) which ensures retail clients’ funds of up to £85,000. They are also regulated by ASIC, which is a Tier-1 financial regulator.

The fees on Axi are moderate as you can trade commission-free with the Standard Account or with low spreads on the Pro Account. You can also apply for a professional account to access more leverage and trade crypto assets.

Axi customer service is not so good as they respond only on the live chat, while the email support is not responsive. Although the broker’s website is easy to navigate and contains up-to-date information about the company and its trading conditions, the account opening process is relatively longer.

The broker is also good for beginners as you have negative balance protection, with a low minimum deposit of $5, and they charge inactive account fees only after 12 months. Note that they also offer relatively few tradable instruments.

We recommend that you try Axi if you want to start trading financial assets. You can visit their website to read up more about them and chat with a customer support agent to help you make up your mind.

You should also check out the available instruments to ensure they have the markets you want to trade.

Axi UK FAQs

Is Axi a regulated broker?

Axi is a regulated broker in multiple jurisdictions including the Financial Conduct Authority (FCA), United Kingdom, Australian Securities & Investments Commission (ASIC), and Dubai Financial Services Authority (DFSA).

Is Axi a market maker?

Axi is a non-dealing desk broker and do not make their own prices, they get prices from liquidity providers, thus, Axi is not a market maker.

How long does it take to withdraw from Axitrader?

Withdrawal requests on Axi are processed within 1-2 business day and may take up 3 to 5 days to receive funds for withdrawals to local bank accounts, while e-wallets receive funds immediately it is processed. Axi currently does not process withdrawals to cards

Does Axi allow scalping?

Yes, Axi allows scalping. Scalping is a trading style that specializes in profiting off of small price changes by holding them for a brief period then reselling.

Scalping requires a trader to have a strict exit strategy because one large loss could eliminate the many small gains the trader worked to obtain.

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