Make an informed decision before opening an Axi account by reading our Axi account types review.
Axi Account Types Features | Axi Standard | Axi Pro | Axi Elite |
|---|---|---|---|
Minimum Deposit | $0 | $0 | $25,000 |
Minimum Forex Spreads | 0.4 pips | 0.0 pips | 0.0 pips |
Commissions | Commission-free | $7.00 per 1.0 round lot | $3.50 per 1.0 round lot |
Maximum Leverage | 1:500 | 1:500 | 1:500 |
Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
Account Base Currencies | AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD | AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD | USD, EUR, GBP, AUD |
Axi Account Opening - Step by Step
Traders can open available Axi account types via an online application.
Below is a step-by-step guide on how to open your Axi trading account:
- On the Axi homepage, click “Open Account” in the top right corner.
- Axi asks for your name, e-mail address, phone number, country of residence, and application type. Fill out the details and click ”Submit.”
- Account verification is mandatory per regulatory-mandated AML/KYC requirements, usually satisfied by uploading a copy of a government-issued ID and one proof of residency document.
Restricted countries:
- Axi does not provide a list of restricted countries.
Axi Islamic Account
Axi offers swap-free Islamic accounts upon receiving e-mail requests and at the discretion of the Axi account type department. Axi notes that traders can only have a swap-free account if they have no other account types, as it prohibits having both. Traders who request an Islamic account will receive a Trading Notice with details about the interest-free nature and general account conditions.
Axi will monitor the swap-free account to ensure traders use it in good faith and for the intended purpose, which is for traders who cannot receive interest or pay swap rates due to their religion.
Axi Demo Account
Axi offers a $50,000, 30-day time-limited MT4 demo account with AUD, EUR, GBP, USD, CHF, and PLN as account base currencies. Traders cannot change them once Axi creates the demo account.
Conclusion:
- Beginner traders can test the Axi trading conditions and the MT4 trading platform.
- Traders can test EAs, tweak and try new strategies, evaluate signal providers, and bug-fix algorithmic trading solutions after funding a live account, which turns the time-limited demo account into a permanent one.
- Beginners should consider inherent limitations like the absence of exposure to the full range of trading psychology and use caution with the excessive demo account balance.
Axi Account Verification
Axi complies with four regulators, which include mandatory account verification to satisfy AML/KYC stipulations. They are the industry standard, and traders should avoid brokers who do not require account verification, as it is a clear sign of a scam. Most traders will pass the Axi account verification by uploading a government-issued ID and one proof of residency document. Axi may ask for additional information on a case-by-case basis.
Only verified traders can use Axi and request withdrawals. Therefore, new clients should upload the necessary verification documents when they open their Axi account types to avoid potential issues.
Axi Safety & Security
Axi became a well-respected and trustworthy Forex broker since opening its doors in 2007. It segregates client deposits from corporate funds and offers negative balance protection to retail traders. While it complies with four regulators, it caters to most international traders from its unregulated but duly registered subsidiary in Saint Vincent and the Grenadines. It is also a Hong Kong-based Financial Commission member.
Axi has regulatory licenses issued by the following regulators:
- Australian Securities & Investments Commission (ASIC)
- New Zealand Financial Markets Authority (FMA)
- The United Kingdom Financial Conduct Authority (FCA)
- Dubai Financial Services Authority (DFSA)
Axi Account Pros & Cons
Traders should consider the pros and cons of the Axi account types before deciding which one suits their requirements.
The pros of the Axi account types are:
- No Axi minimum deposit requirement for the Standard and Pro account with AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, and USD as account base currencies
- Competitive trading fees
- Well-regulated and trustworthy
- MT4 trading platform upgraded with Autochartist and six plugins via MT4 NexGen
The cons of the Axi account types are:
- Competitiveness depends on the operating subsidiary.
- High minimum deposit requirement for the low-cost Elite account
How to Remove an Axi Account
Axi notes that once traders close their Axi account types, they cannot reactivate them in the future.
Before traders can request an Axi account removal, they must close all positions and have a cash-only balance. Axi states that traders with a negative balance must deposit to reach $0. With negative balance protection, this appears unlikely unless Axi waives it amid misuse or violation of the client agreement.
After traders withdraw their balance, they must e-mail a written request to service@axi.com from their registered e-mail address, as it remains directly linked to their MT4 account.
Axi Account Types Bottom Line
Trades may choose from three Axi account types, a swap-free Islamic account by request, and a 30-day time-restricted demo account, which becomes unrestricted once traders open and fund a live portfolio. It offers ten account base currencies and over a dozen payment processors, including localized methods for its core growth markets and cryptocurrencies.
Axi upgrades the MT4 trading platform with six plugins via MT4 NexGen and Autochartist. Traders also benefit from a cutting-edge trading infrastructure, collocation with its 20+ liquidity providers globally, segregated client deposits, and a well-regulated, trustworthy trading environment with negative balance protection.
For additional up-to-date information on Axi, read our full broker review. Yes, A swap-free Islamic account is available at Axi. No, Axi does not offer a bonus account. The $25,000 minimum deposit Axi Elite account is the best option due to lower trading fees. Trading costs are the only difference between the Axi Standard and Pro accounts. Axi offers a standard, Pro, and Elite account. A demo account and swap-free Islamic accounts are also available.FAQs
Does Axi offer an Islamic account?
Does Axi offer a bonus account?
Which account type is best at Axi?
What is the difference between Axi Standard and Pro accounts?
What are the different account types at Axi?