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.
- Louis Schoeman
Jump to:
Regulation and Safety of Funds
Account Types and Features
Account Registration
Trading Platforms
Range of Markets
Fees
Deposits and Withdrawals
Education and Research
Affiliate Program
Final Verdict
Pros and Cons
FAQ
Overall Rating
- 4.8/5
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 Review – 14 key points quick overview:
Regulation and Safety of Funds- Account Types and Features
- Account Registration
- Axi Vs FXTM Vs XM – Broker Comparison
- Trading Platforms
- Range of Markets
- Broker Comparison for Range of Markets
- Trading and Non-Trading Fees
- Deposits and Withdrawals
- Axi Education and Research
- Axi Affiliate Program
- Verdict on Axi
- Axi Pros and Cons
- Frequently Asked Questions
Axi 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
| 🏛️ Headquartered | Australia |
| 🏛️ Nigerian Based Office | No |
| 👍 Accepts Nigerian Traders? | Yes |
| 📅 Year Founded | 2007 |
| 📱 Nigerian Office Contact Number | None |
| ⚖️ Regulation | ASIC, FCA |
| 🔎 License Number | • Australia – AFSL 318232 • United Kingdom 06378544 and FCA Ref 509746 |
| ⚖️ CBN Regulation | None |
| ✴️ Regional Restrictions | United States, Canada, Iran |
| ☪️ Islamic Account | Yes |
| 📈 Demo Account | Yes |
| 📈 Retail Investor Accounts | 3 |
| 📊 PAMM Accounts | Yes |
| 📊 Liquidity Providers | Yes, 14 global banks |
| 💵 Affiliate Program | Yes |
| 📊 Crypto trading offered? | Yes, CFDs |
| 🚀 Offers a Nigerian Account? | No |
| 💻 Dedicated Nigerian Account Manager? | No |
| 📈 Maximum Leverage | 1:30 for Retail Traders, 1:400 for Professionals |
| 📈 Leverage Restrictions for Nigeria? | No |
| 💳 Minimum Deposit (₦) | 0 NGN |
| 💳 Nigerian Naira Deposits Allowed? | Yes |
| 💰 Active Nigerian Trader Stats | 1.3 million |
| 📈 Active Nigerian-based Axi customers | Unknown |
| 💰 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 Spread | N/A |
| 📈 Offers Nigerian Stocks and CFDs | None |
| 👨💼 Languages supported on Website | English |
| 👥 Customer Support Languages | Multilingual |
| 👥 Customer Service Hours | 24/5 |
| 👥 Nigerian-based customer support? | No |
| 💰 Bonuses and Promotions for Nigerians | None |
| ✴️ Education for Nigerian beginners | Yes |
| 📊 Proprietary trading software | No |
| 💰 Most Successful Nigerian Trader | Uche Paragon ($20 million net worth) |
| ✔️ Is Axi a safe broker for Nigerians? | Yes |
| ✔️ Rating for Axi Nigeria | 9/10 |
| ✔️ Trust score for Axi Nigeria | 84% |
| 👉 Open an account | 👉 Open Account |
Regulation and Safety of Funds
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 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 Feature | Value |
| 💳 Account setup costs | None |
| 📈 Average spreads | From 0.4 pips |
| 💸 Commissions on trades | None |
| 📈 Minimum Position Size | 0.01 lots |
| 💵 Minimum deposit requirement | 0 NGN |
| 💰 Range of markets | All |
| 📲 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 Currency | AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD |
| ✔️ Demo trading availability | 30 Days |
| 📈 VPS | Yes, free |
| 🤝 Expert Advisors offered? | Yes |
| 📉 AutoChartist | Yes |
| 💻 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 Feature | Value |
| 💳 Account setup costs | None |
| 📈 Average spreads | From 0.0 pips |
| 💸 Commissions on trades | $7 round trip |
| 📈 Minimum Position Size | 0.01 lots |
| 💵 Minimum deposit requirement | 0 NGN |
| 💰 Range of markets | All |
| 📲 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 Currency | AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD |
| ✔️ Demo trading availability | 30 Days |
| 📈 VPS | Yes, free |
| 🤝 Expert Advisors offered? | Yes |
| 📉 AutoChartist | Yes |
| 💻 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 Feature | Value |
| 💳 Account setup costs | None |
| 📈 Average spreads | From 0.0 pips |
| 💸 Commissions on trades | From $3.50 round trip |
| 📈 Minimum Position Size | 0.01 lots |
| 💵 Minimum deposit requirement | 10,400,000 NGN equivalent to $25,000 |
| 💰 Range of markets | All |
| 📲 Mobile trading offered? | Yes |
| 📱 MT4 NextGen offered? | Yes |
| 🚀 Martin and Leverage offered? | Up to 1:400 |
| 💸 Account Base Currency | USD, EUR, GBP, AUD |
| ✔️ Demo trading availability | 30 Days |
| 📈 VPS | Yes, free |
| 🤝 Expert Advisors offered? | Yes |
| 📉 AutoChartist | Yes |
| 💻 Myfxbook AutoTrade offered? | Yes |
| 💳 PsyQuation offered? | Yes |
| 💰 PsyQuation Premium offered? | Yes |
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
- 4.8/5
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
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
| Axi | FXTM | XM | |
| ⚖️ Regulation | ASIC, FCA | CySEC, FSCA, FCA, FSC Mauritius | FSCA, IFSC, ASIC/AFSL, CySEC, DFSA |
| 📱 Trading Platform | MetaTrader 4 | • MetaTrader 4 • MetaTrader 5 • FXTM Trader | • MetaTrader 4 • MetaTrader 5 |
| 💰 Withdrawal Fee | Yes | Yes | None |
| 📈 Demo Account | Yes | Yes | Yes |
| 📊 Min Deposit | 0 NGN | 10,000 NGN | 2,000 NGN |
| 💰 Leverage | 1:30/1:400 | 1:2000 | 1:888 |
| 💳 Spread | 0.0 pips | 0.0 pips | 0.0 pips |
| ✴️ Commissions | From $3.5 | From $0.4 | $1 to $9 |
| 💳 Margin Call/Stop-Out | From 90%/50% | 60%/40%, 80%/50% | 50%/20%, 100%/50% (EU) |
| 📊 Order Execution | Market | Market/Instant | Market, Instant |
| 💰 No-Deposit Bonus | None | No | No |
| 💰 Cent Accounts | No | No | No |
| 📊 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 Regulation | None | No | No |
| 💵 NGN Deposits | Yes | Yes | Yes |
| 💳 Nigerian Naira Account | No | Yes | No |
| 👥 Customer Service Hours | 24/5 | 24/5 | 24/5 |
| 🛍 Retail Investor Accounts | 3 | 3 | 4 |
| ☪️ Islamic Account | Yes | Yes | No |
Trading Platforms
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 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
Axi FXTM XM
💰Forex Yes Yes Yes
🔨 Precious Metals Yes Yes Yes
💰 ETFs No No No
📊 CFDs Yes Yes Yes
📈 Indices Yes Yes Yes
💵 Stocks Yes Yes Yes
💳 Cryptocurrency Yes No No
💰 Options No No No
💸 Bonds Yes Yes Yes
🔋 Energies No No Yes
Trading and Non-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
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 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
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
- 4.8/5
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 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 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 broker | There are inactivity fees charged |
| The platforms are user-friendly and available across devices | There is limited leverage offered to retail clients |
| Nigerians can deposit funds in Nigerian Naira using local deposit methods | Deposit and withdrawal fees can be applied |
| There are no account fees charged | There is only one trading platform offered |
| AutoChartist, MetaTrader 4 NextGen, and PsyQuation are offered | The 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.
