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Axi Review

Axi is a member of the AxiCorp Group, which was established in 2007 in Sydney, Australia, and has since evolved to become one of the world’s biggest online brokers, specializing in retail traders’ goods and services with customers in more than 150 countries, including Nigeria. Axi is currently not regulated by the CBN.

Updated : August 10, 2022

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005 regulations book

Regulation and Safety of Funds

005 feature selection

Account Types and Features

006 add user

Account Registration

003 responsive design

Trading Platforms

002 candlestick

Range of Markets

007 fees

Fees

001 cash withdrawal

Deposits and Withdrawals

003 research

Education and Research

002 affiliate marketing

Affiliate Program

008 auction

Final Verdict

004 review

Pros and Cons

001 question

FAQ

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

FSA, FCA, ASIC, DFSA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

66

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Axi Overview

Axi Review Overview

👉 According to research in Nigeria, Axi is a member of the AxiCorp Group, which was established in 2007 in Sydney, Australia, and has since evolved to become one of the world’s biggest online brokers, specializing in retail traders’ goods and services with customers in more than 150 countries, including Nigeria.

 

👉 While Axi is not regulated by the Central Bank of Nigeria (CBN), the broker is well regulated by the ASIC and FCA. In addition, while Axi does not have offices or local support in Lagos, Nigeria, traders can still access international customer support through the online website and other communication channels.

 

👉 In 2020, Axi was rebranded to Axi, and the broker was initially established by a group of traders, they understand what traders need and hence provide tight spreads with low slippage, rapid execution speeds, multi-lingual worldwide 24-hour customer care, and a secure and highly-regulated environment.

 

👉 AxiCorp Ltd., a London-based fully owned subsidiary of its Australian parent business, was established in 2012 as part of the firm’s worldwide expansion drive. Foreign currency trading is the primary emphasis of Axi, a well-established multinational collection of firms that offers financial solutions for private clients.

 

👉 All accounts come equipped with tight spreads and swift execution. Customers of Axi have direct access to liquidity providers from more than 14 of the world’s most powerful institutions. This Axi review will provide traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.

 

Distribution of Traders

👉 The distribution of traders for Axi is as follows:

➡️️​ Spain – 8.7%

➡️️​ Brazil – 7.1%

➡️️​ Malaysia – 6.6%

➡️️​ United Kingdom – 5.6%

➡️️​ Poland – 4.2%

 

Popularity among traders who choose Axi

🥇 While Axi does not have a large market share in Nigeria, the broker is still part of the Top 50 brokers that accept Nigerian traders.

 

Axi at a Glance 

🏛️ HeadquarteredAustralia
🏛️ Nigerian Based OfficeNo
👍 Accepts Nigerian Traders?Yes
📅 Year Founded2007
📱 Nigerian Office Contact NumberNone
⚖️ RegulationASIC, FCA
🔎 License Number• Australia – AFSL 318232
• United Kingdom 06378544 and FCA Ref 509746
⚖️ CBN RegulationNone
✴️ Regional RestrictionsUnited States, Canada, Iran
☪️ Islamic AccountYes
📈 Demo AccountYes
📈 Retail Investor Accounts3
📊 PAMM AccountsYes
📊 Liquidity ProvidersYes, 14 global banks
💵 Affiliate ProgramYes
📊 Crypto trading offered?Yes, CFDs
🚀 Offers a Nigerian Account?No
💻 Dedicated Nigerian Account Manager?No
📈 Maximum Leverage1:30 for Retail Traders, 1:400 for Professionals
📈 Leverage Restrictions for Nigeria?No
💳 Minimum Deposit (₦)0 NGN
💳 Nigerian Naira Deposits Allowed?Yes
💰 Active Nigerian Trader Stats1.3 million
📈 Active Nigerian-based Axi customersUnknown
💰 Nigeria Daily Forex Turnover$1.25 million+
💳 Deposit and Withdrawal Options• Credit Card
• Debit Card
• POLi
• Bank Transfers
• FasaPay
• Sofort
• Giropay
• iDEAL
• Neteller
• Cryptocurrency
• Skrill
• Boleto
• Internet Banking
• Laos QR Payments
• Myanmar QR Payments
• AstroPay
💰 Segregated Accounts with Nigerian Banks?Yes
💻 Trading Platforms• MetaTrader 4
💰 Tradable Assets• Forex
• Share CFDs
• Indices
• Commodities
• Energies
• Precious Metals
• Cryptocurrency CFDs
🌐 Offers USD/NGN currency pair?No
🌐 USD/NGN Average SpreadN/A
📈 Offers Nigerian Stocks and CFDsNone
👨‍💼 Languages supported on WebsiteEnglish
👥 Customer Support LanguagesMultilingual
👥 Customer Service Hours24/5
👥 Nigerian-based customer support?No
💰 Bonuses and Promotions for NigeriansNone
✴️ Education for Nigerian beginnersYes
📊 Proprietary trading softwareNo
💰 Most Successful Nigerian TraderUche Paragon ($20 million net worth)
✔️ Is Axi a safe broker for Nigerians? Yes
✔️ Rating for Axi Nigeria9/10
✔️ Trust score for Axi Nigeria 84%
👉 Open an account👉 Open Account

Regulation and Safety of Funds

Axi Review Regulations

👉 Axi is a registered broker and as such must adhere to all the rules and guidelines set in place to safeguard investors. Regulated businesses are part of the Axi family of firms.

 

👉 It is important to remember that Axi is subject to a varied set of regulations in various markets since separate authorities oversee the broker. AxiCorp Financial Services Pty Ltd. uses the trademark Axi as a trading name and the broker is regulated by:

➡️️​ The Australian Securities and Investments Commission (ASIC), with an Australian Financial Services License under AFSL 318232.

➡️️​ The Financial Conduct Authority (FCA) under reference number 509746.

 

👉 Because Axi is a licensed broker, it must follow the standards established in place to protect investors. The Axi family of companies includes regulated enterprises. Keeping in mind that Axi is subject to different sets of rules in different markets is critical since they are regulated by different agencies.

Account Types and Features

Axi Review Trading Accounts

👉 Axi offers traders the option to choose between three live retail investor accounts, namely:

➡️️​ Standard Account

➡️️​ Pro Account

➡️️​ Elite Account

 

Live Trading Accounts

Standard Account

👉 The Standard Account is Axi’s entry-level account for traders of all skill levels looking for the best trading conditions at a price that is comparable with other brokers. 

 

Account FeatureValue
💳 Account setup costsNone
📈 Average spreadsFrom 0.4 pips
💸 Commissions on tradesNone
📈 Minimum Position Size0.01 lots
💵 Minimum deposit requirement0 NGN
💰 Range of marketsAll
📲 Mobile trading offered?Yes
📱 MT4 NextGen offered?Yes
🚀 Martin and Leverage offered?Yes, up to 1:30 for Retail clients and 1:400 for Professional traders
💸 Account Base CurrencyAUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD
✔️ Demo trading availability30 Days
📈 VPSYes, free
🤝 Expert Advisors offered?Yes
📉 AutoChartistYes
💻 Myfxbook AutoTrade offered?Yes
💳 PsyQuation offered?Yes
💰 PsyQuation Premium offered?Yes

 

Pro Account

👉 The Pro Account is designated for professional traders who are well-versed in how the financial markets work, who have effective risk management, and tested strategies.

 

Account FeatureValue
💳 Account setup costsNone
📈 Average spreadsFrom 0.0 pips
💸 Commissions on trades$7 round trip
📈 Minimum Position Size0.01 lots
💵 Minimum deposit requirement0 NGN
💰 Range of marketsAll
📲 Mobile trading offered?Yes
📱 MT4 NextGen offered?Yes
🚀 Martin and Leverage offered?Yes, up to 1:30 for Retail clients and 1:400 for Professional traders
💸 Account Base CurrencyAUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD
✔️ Demo trading availability30 Days
📈 VPSYes, free
🤝 Expert Advisors offered?Yes
📉 AutoChartistYes
💻 Myfxbook AutoTrade offered?Yes
💳 PsyQuation offered?Yes
💰 PsyQuation Premium offered?Yes

 

Elite Account

👉 The Elite Account is perfect for wholesale and professional traders, offering the following features and benefits.

 

Account FeatureValue
💳 Account setup costsNone
📈 Average spreadsFrom 0.0 pips
💸 Commissions on tradesFrom $3.50 round trip
📈 Minimum Position Size0.01 lots
💵 Minimum deposit requirement10,400,000 NGN equivalent to $25,000
💰 Range of marketsAll
📲 Mobile trading offered?Yes
📱 MT4 NextGen offered?Yes
🚀 Martin and Leverage offered?Up to 1:400
💸 Account Base CurrencyUSD, EUR, GBP, AUD
✔️ Demo trading availability30 Days
📈 VPSYes, free
🤝 Expert Advisors offered?Yes
📉 AutoChartistYes
💻 Myfxbook AutoTrade offered?Yes
💳 PsyQuation offered?Yes
💰 PsyQuation Premium offered?Yes

 

Demo Account

Axi Review Demo Account

 

👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital. 

 

👉 There is a certain degree of risk involved when trading financial markets and Axi offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.

 

👉 Traders who register a demo account with Axi need to note that the demo account is only available for 30 days.

 

Islamic Account

👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.

 

👉 This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.

 

👉 As a reputable broker, Axi is committed to providing outstanding service to all its customers, no matter where they reside. Nigerian Traders of the Islamic religion may create an account with Axi that is swap-free and interest-free to guarantee that the broker’s service is accessible to them.

 

👉 After being accepted for an Islamic account, Nigerian traders will get a Trading Notice explaining the account’s interest-free nature and basic terms and restrictions.

 

👉 Please be aware that Axi maintains the right to monitor interest-free accounts to ensure they are being used in good faith and for the intended objectives, and to contact traders personally if the broker detects any abnormalities.

 

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

FSA, FCA, ASIC, DFSA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

66

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Account Registration

Axi Review Account Registration

👉 To register an account with Axi, Nigerian traders can navigate to the official website of Axi and select the option to open an account from the homepage. Traders will be required to complete an online application where they need to provide some personal information, information about their source of income, and more.

 

👉 In addition, traders must provide a copy of their identity document and proof of residence as a part of the KYC procedure. Once traders have submitted their documents, their application will be reviewed and subsequently approved, if everything is in order.

 

Axi Vs FXTM Vs XM – Broker Comparison

AxiFXTMXM
⚖️ RegulationASIC, FCACySEC, FSCA, FCA, FSC MauritiusFSCA, IFSC, ASIC/AFSL, CySEC, DFSA
📱 Trading PlatformMetaTrader 4• MetaTrader 4
• MetaTrader 5
• FXTM Trader
• MetaTrader 4
• MetaTrader 5
💰 Withdrawal FeeYesYesNone
📈 Demo AccountYesYesYes
📊 Min Deposit0 NGN10,000 NGN2,000 NGN
💰 Leverage

1:30/1:4001:20001:888
💳 Spread0.0 pips0.0 pips0.0 pips
✴️ CommissionsFrom $3.5From $0.4$1 to $9
💳 Margin Call/Stop-OutFrom 90%/50%60%/40%, 80%/50%50%/20%, 100%/50% (EU)
📊 Order ExecutionMarketMarket/InstantMarket, Instant
💰 No-Deposit BonusNoneNoNo
💰 Cent AccountsNoNoNo
📊 Account Types• Standard Account
• Pro Account
• Elite Account
• Micro Account
• Advantage Account
• Advantage Plus Account
• Micro Account
• Standard Account
• XM Ultra-Low Account
• Shares Account
⚖️ CBN RegulationNoneNoNo
💵 NGN DepositsYesYesYes
💳 Nigerian Naira AccountNoYesNo
👥 Customer Service Hours24/5
24/5
24/5
🛍 Retail Investor Accounts334
☪️ Islamic AccountYesYesNo

Trading Platforms

Axi Trade Trade Accounts

 

👉 Axi provides numerous versions of the well-known MetaTrader 4 (MT4) trading platform. MT4 is accessible on a variety of platforms, including desktop (Windows, Linux, or Mac), online (several internet browsers), and mobile (iPhone, iPad, Android, Tablet).

 

👉 Whether traders choose to trade on a desktop or mobile device, MT4 is compatible with any preferred technology and operating system. It has a plethora of pre-installed tools and customizable functionality.

 

👉 This is the most widely used version of MetaTrader 4, which is used by millions of traders worldwide to trade the financial markets. Traders can access Axi’s entire range of trading instruments using the high-performance MT4 platform. To begin trading, just download and install MT4 for PC or Mac and log in to the trading account.

Axi Range of Markets

Axi Review Range of Markets

👉 Axi offers a wide range of markets that spans these asset classes:

➡️ Forex

➡️️​ Share CFDs

➡️️​ Indices

➡️️​ Commodities

➡️️​ Energies

➡️️​ Precious Metals

➡️️​ Cryptocurrency CFDs

Axi Broker Comparison for Range of Markets

AxiFXTMXM
💰ForexYesYesYes
🔨 Precious MetalsYesYesYes
💰 ETFsNoNoNo
📊 CFDsYesYesYes
📈 IndicesYesYesYes
💵 StocksYesYesYes
💳 CryptocurrencyYesNoNo
💰 OptionsNoNoNo
💸 BondsYesYesYes
🔋 EnergiesNoNoYes

Trading and Non-Trading Fees

Axi Review Trading Fees

Spreads

👉 The spreads that Nigerian traders can expect from Axi will depend on the trading instrument, the account that is being used and the overall market conditions. Typical spreads that Nigerians can expect are:

➡️️​ Standard Account – variable, from 0.4 pips

➡️️​ Pro Account – variable, from 0.0 pips

➡️️​ Elite Account – variable, from 0.0 pips

Commissions

👉 Commissions on trades when trading with Axi are as follows:

➡️️​ Pro Account – From $7 per round turn, which is $3.50 per side.

➡️️​ Elite Account – From 3.5 per round turn, which is $1.75 per side.

Overnight Fees, Rollovers, or Swaps

Axi Review Overnight Fees

 

👉 Nigerian traders can view the live overnight fees and live spreads for different financial instruments from their MetaTrader 4 trading platform. Traders who trade CFDs must note that there are overnight charges on Future CFD contracts as well.

 

Deposit and Withdrawal Fees

👉 Deposit fees are charged on card payments when Nigerian traders exceed a monthly limit equivale to $50,000. In such cases, a fee of 3% will be applied to the transaction while all transactions below this amount remain free.

 

👉 Withdrawals are free if they exceed the minimum of $50, or the overall trading balance of the account. If withdrawals are made in fewer amounts, traders are subject to an administration fee of $25.

 

Other Fees

👉 If there is no trading activity on a trading account for 12 consecutive months, there will be an inactivity fee charged of 10 units of the base currency of the account. If the account balance reaches zero, Axi can close the account without notifying the trader.

Deposits and Withdrawals

Axi Review Deposits And Withdrawals

👉 Axi offers the following deposit and withdrawal methods:

➡️️​ Credit Card

➡️️​ Debit Card

➡️️​ POLi

➡️️​ Bank Transfers

➡️️​ FasaPay

➡️️​ Sofort

➡️️​ Giropay

➡️️​ iDEAL

➡️️​ Neteller

➡️️​ Cryptocurrency

➡️️​ Skrill

➡️️​ Boleto

➡️️​ Internet Banking

➡️️​ Laos QR Payments

➡️️​ Myanmar QR Payments

➡️️​ AstroPay

Axi Education and Research

Axi Review Education And Research

👉 The educational materials that Nigerian traders can expect from Axi include:

➡️️​ MetaTrader 4 Video Tutorials

➡️️​ Free eBooks

➡️️​ Axi Trader’s Blog

➡️️​ Axi Academy

➡️️​ Trading Courses

➡️️​ Trading Education

➡️️​ Trading Tools and Resources

 

👉 Axi offers advanced traders the following tools and features:

➡️️​ Essential market news

➡️️​ Market analysis

➡️️​ Expert commentary

➡️️​ VPS Hosting

➡️️​ Social Trading and Signal Providers

➡️️​ PsyQuation

➡️️​ PsyQuation Premium

➡️️​ AutoChartist

➡️️​ MT4 NextGen

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

FSA, FCA, ASIC, DFSA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

66

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Axi Affiliate Program

Axi Review Affiliate Program

👉 Axi offers an affiliate program that can provide affiliates with commissions of up to $1,000 per qualified client. Axi Affiliates is a simple method to make some additional money from website visitors.

 

👉 Axi’s commission-based referral program offers Nigerians the chance to earn money by referring consumers to the broker. If Nigerian traders become a Master Affiliate, they could earn up to $1000 CPA per qualifying customer, plus a 10% commission on Sub-Affiliate revenue.

 

👉 The benefits of using Axi’s affiliate program include:

➡️️​ Tiered payment structures as website traffic increases. The more Nigerians refer, the more commission they could earn per client that registers with Axi.

➡️️​ Affiliates can easily track their clients and view the overall performance of campaigns.

➡️️​ Affiliates are given banners, landing pages, and several other marketing tools to help partners draw more clients.

➡️️​ The ability to easily withdraw commissions using flexible payment methods.

➡️️​ Access to dedicated customer support throughout the Affiliate journey.

Verdict on Axi

Axi Review Verdict

👉 Axi is a reputable broker with a long list of accolades for its innovative trading tools and services. In addition to user-friendly trading platforms and a wide variety of trading instruments, they provide an exceptionally competitive trading environment.

 

👉 The offered Spreads are narrow, trades are executed quickly, and commissions are reasonable with this broker. Customer service and instructional resources are also available around the clock, as well as a wide range of handy deposit/withdrawal options.

Axi Pros and Cons

✔️ Pros❌ Cons
Axi is a multi-regulated and award-winning CFD and forex brokerThere are inactivity fees charged
The platforms are user-friendly and available across devicesThere is limited leverage offered to retail clients
Nigerians can deposit funds in Nigerian Naira using local deposit methodsDeposit and withdrawal fees can be applied
There are no account fees chargedThere is only one trading platform offered
AutoChartist, MetaTrader 4 NextGen, and PsyQuation are offeredThe demo account expires after 30 days
There is a comprehensive trading academy provided
There is an active and helpful Axi community provided
Signal providers and free VPS is offered

Frequently Asked Questions

 

Is Axi a fake or scam?

No Axi is not a fake/scam is this broker is regulated by two of the strictest regulatory authorities in the world, namely ASIC and FCA.

Does Axi offer leverage and what is the maximum ratio offered?

Yes, Axi offers maximum leverage of 1:30 to retail traders and 1:400 to professional traders.

Does Axi offer an Islamic Account?

Yes, Axi offers an Islamic Account.

What is the overall rating for Axi out of 10?

9/10.

Is Axi suitable for beginner and professional traders?

Yes, Axi is perfect for both beginners and professional traders.

9.6/10 - (16 votes)

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