A forex-first Australian ECN broker with tier-1 FCA and ASIC cover, no minimum deposit, and raw spreads from 0.0 pips on the Pro account. Narrow on equities, and the funded-trader programme is the real differentiator.
Axi is a focused broker rather than a broad one, and that focus is the point. For a forex-first trader the Pro account is genuinely competitive with the best Australian ECN pricing - 0.0 pips plus a $7 round-turn works out around 0.7 pips all-in on EUR/USD, which puts it alongside IC Markets, Pepperstone Razor and FP Markets Raw.
What sets it apart is not the pricing, which several brokers match, but Axi Select: up to $1M in allocated capital at a 90% profit share, by invitation on demonstrated performance. Very few retail brokers offer a route to funded capital that does not involve paying for a challenge first. Free VPS hosting above 20 lots a month and PsyQuation's behavioural analytics push in the same direction, toward traders who are already serious about execution.
The limits are equally clear. Around 100 share CFDs will not satisfy anyone who trades equities seriously, cTrader is absent, and two fee policies - $25 on withdrawals under $50, $10 a month after a year of inactivity - are the kind of thing that annoys people who were not told up front. If you trade FX actively, Axi earns its place. If you want one account for everything, it does not.
The numbers that matter most when picking Axi.
Where Axi is strong, and where it is not.
In-depth analysis across regulation, costs, platforms, accounts, funding, and support.
Axi has operated as an Australian forex and CFD broker since 2007, trading as AxiTrader for most of that history. The proposition is deliberately narrow: forex-first execution on MetaTrader, no minimum deposit, and a set of services aimed at traders who already know what they are doing.
Axi operates a multi-entity structure with country-of-residence routing. Its record carries ASIC (Australia) and the FCA (United Kingdom) as primary regulators, with the DFSA (Dubai) and the FSA of Saint Vincent and the Grenadines additional. Which entity onboards you decides what protection you have, and the difference between them is not small.
The broker has maintained a clean regulatory record across its 17+ year history, with no major sanctions or client-fund incidents - including through the 2015 Swiss franc move that ended several competitors. Minor regulatory adjustments have been required by ASIC and the FMA in recent years; those were resolved without enforcement action or fines.
Axi also holds a New Zealand FSP registration, 518226, which the PipsPal record did not previously carry. Worth knowing what that is and is not: an FSP registration is a listing on the Financial Service Providers Register, not in itself a licence to deal, and the FMA has warned about firms registering in New Zealand while operating elsewhere. One gap remains in our checking: the FCA and ASIC registers could not be queried directly during this review, so the licence numbers Axi publishes there are carried as claims rather than register-confirmed entries. That is a gap on our side, not a finding against the broker.
Three account types with genuinely distinct cost profiles. Standard has no minimum deposit, no per-trade commission, and EUR/USD spreads starting around 0.9 pips with the cost embedded entirely in the spread. Pro also has no minimum deposit but moves to raw spreads from 0.0 pips plus a $7 round-turn commission, or $3.50 per side per standard lot. Elite requires a $25,000 balance and halves that to $3.50 per lot.
For a typical forex-focused active trader the Pro account is the right choice: around 0.7 pips all-in on EUR/USD, which is competitive with IC Markets, Pepperstone Razor and FP Markets Raw. PipsPal's own measured figure for Axi is 0.7 pips, though it is recorded against the MT5 Standard account, which sits oddly beside the 0.9 pip spread-only figure Axi publishes for Standard. Treat the measured number as the Pro-equivalent cost until we re-measure per account.
There are no deposit fees. Withdrawals are free above $50, but a $25 administration fee applies below that - unusual, and worth planning around. Inactivity costs $10 a month after 12 months of no trading, with possible account closure after two years at zero balance.
MT4 remains the primary platform, with the NexGen plugin adding advanced order types and sentiment indicators. MT5 arrived in 2024 with full multi-asset capability, depth of market and 21 timeframes. Both support Expert Advisors in full, scalping is explicitly permitted, and execution is typically under 30ms.
The proprietary Axi Trading Platform offers TradingView chart integration alongside Axi's own order management. Read that carefully: it means charting access, not native execution from a TradingView account. cTrader is not supported at all. Axi Copy Trading is a standalone product that links to MT4 and MT5 for replicating other traders' positions.
Around 220 CFD instruments. Forex is the strength, with 70+ pairs including a respectable exotic selection. Index CFDs cover 30+ global benchmarks, commodities span 20+ instruments across metals, energies and agriculturals, and crypto CFDs cover 30+ coins with leverage capped at 1:2 - conservative, and appropriate given the volatility. In 2025 Axi added 150+ cryptocurrency perpetual futures contracts.
The clear limitation is equities: roughly 100 share CFDs across US, UK and EU exchanges. Anyone who wants thousands should look at IG, CMC Markets or Saxo. Axi is a forex and core-CFD broker and does not pretend to be a multi-asset house.
Funding methods vary by entity: bank wire, Visa and Mastercard, Skrill, Neteller, and crypto in some jurisdictions. Bank and card deposits usually clear within one business day; e-wallets are typically instant. Accounts can be held in USD, EUR, GBP, CHF or PLN. Withdrawals are processed within one business day for most methods.
Support runs 24/5 via live chat, email and phone, with local teams in Australia, the UK and Dubai. Chat responses are typically under five minutes in business hours. Weekend cover is limited, which is a gap against brokers offering 24/7.
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