Let us not beat around the bush and say what must be said about Axi: it is a promising brokerage with the potential of reaping you handsome profits.
But of course, this is a claim that can easily be done without the benefit of an actual discussion. This is especially important given that this firm, much like its contemporaries delve into the complex trading instrument, the CFD. Said asset is already unpredictable as it is; trading with the underlying asset is a different animal altogether. As this is the case, it should already be admitted that losses in trading transactions are always in the cards when we consider any type of asset for trading, its just that CFDs have greater complexity with consideration to the leverage that it is granted.
So for this review, we will weigh the potential earnings against the possible risks of trading through Axi despite its relatively enticing reputation. The review will consider the firm’s asset offerings, the trading software that it provides for its clients, and the live trading accounts that the firm’s clients may open.
All About Axi
An Australian firm, Axi’s trading activities are sanctioned by the ASIC within the country. It also operates in the United Kingdom under the regulation of the FCA.
With these two high profile regulatory bodies seeing all transactions made via the firm through, it is easy to say that the services being offered by Axi are wholly legal and does not in any way impede or bypass any legal proceedings. This allows for the greater confidence among traders. The only thing that they are to worry now is the actual trades that they will perform through the firm.
Axi’s Accessible Assets
Among the many offerings that Axi makes are CFDs for Foreign Currency, Stock Index, Commodity, and Cryptocurrency.
As disclosed through its live site, Axi CFDs for Forex are admittedly the highest with consideration to its direct competitors. The pairs that are offered in this regard amount to 76. The Stock Index, Commodity, and Crypto are decent at best.
The leverage are not subject to alteration of any capacity given as the firm goes under the the stringent regulations of the FCA.
Live Trading Accounts
No inactivity fees are charged for any of its accounts, something that would greatly appreciated by the more discriminating traders.
On top of this, the firm also has low Forex trading fees and the CFD fees.
Axi offers two categories for its accounts, namely Ownership and Fee Infrastructure.
Under ownership, three trading account types are available. By the names alone, it is easy to comprehend the respective nature for each:
For the fees charged, we have 2 account classifications:
- The Standard which is devoid of fees for commissions and has high spreads and
- The Pro which has low spreads and a round trip of 7 USD
Swap-Free accounts are also available for Islamic traders, something that the team found to be a welcome addition as it fosters diversity by respecting the Sharia Law.
Opening an account with Axi is relatively easy. The interested party need only provide his or her particulars, answer questions, and undergo a verification process.
Deposits are without fees and may be done through bank transfer, credit and debit cards, and eWallets. Alternative payments may also be administered through GiroPay, IDeal, Sofort, among others.
Likewise, withdrawals do not come with charges and may be done through the same implements and channels the deposits employ.
The Trading Software
The trading software offered through Axi enlisted the partnership of MetaQuotes so that it may offer the MetaTrader 4 platform.
While all the features that the MT4 as are mirrored through this version of it, navigation throughout the software is slow–something that is owed to the internet connection, but to the consumption of resources that the application itself makes.
Meanwhile, the firm’s offering of its own web platform comes with the capability of being customized with great capacity. Sizes and positions can easily be changed to the trader’s whim, but would take his or her patience due to the UI’s seemingly old design. The functions appear challenging to search, contributing to the speed of lodging transactions.
Another thing that could be improved about the platform is the addition of the login authentication. This would account for greater security, something that would benefit the integrity of client data and funds.
An Exceptional Customer Service
One of the things lauded by the trading community about Axi is its customer support system. The agents that take in the concerns of traders are highly responsive. They are available throughout the day despite being limited only to 5 days a week.
A client can reach the support system through voiceless chat, voice, and electronic mail. The first two channels are highly efficient in that the response are speedy. However, it must be noted with great focus that in some instances the support agent had given inaccurate and even false data and information regarding facets of the firm’s service like fee infrastructures. While it can be chalked up to a rookie mistake, this can single-handedly destroy the reputation the firm had built for itself.
While it is true that the brokerage firm Axi has received the favor of the online trading community, the fact of the matter is, there are still areas that it can still improve on.
The version of the MT4 can still be tweaked so as to speed up its navigation.
The customer service needs to be beefed up through the employ or further training of more competent agents.
In general, with a strong regulatory status and a wholly efficient system for trading accounts and software, Axi might just prove to be the most sound choice for both novice and seasoned traders.