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Axi

Australia|5-10 years|
Suspicious Regulatory License|Suspicious Scope of Business|Clone Firm Australia|High potential risk|

http://www.axichina.com/

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http://www.axichina.com/

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Broker Information

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Company Name

AxiCorp

Company Abbreviation

Axi

Platform registered country and region

Australia

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 3
Previous Detection : 2024-03-28
  • The claimed AustraliaASIC regulation (license number: 318232) is verified as a clone firm. Please pay attention to the risk!
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!

WikiFX Verification

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Pyramid scheme complaint
Expose
Resolved

Axi deducted rollover and bonus without my permission, making positions wiped out. And then the market became better

1: The crude oil was invested since December 21. The next day I saw that their rollover was -23 pips for long orders and 20 pips for empty orders, so I specifically consulted the customer service of the platform's official website. The customer service said that the overnight fee is Normal (there are screenshots showing the overnight fee of MT4 software and screenshots of consulting customer service) 2: After confirming that the overnight fee is correct, I re-operated the crude oil empty order on December 22 and held the position until January 4 for a total of 14 days , And a part of it slowly increased in the middle 3: On January 4, the platform privately deducted all the overnight interest and bonus I received, which caused the account to be directly liquidated at the high position of crude oil, and then the crude oil began to plummet 4: Contact the platform, the platform said they set the wrong crude oil overnight fee, so they have to deduct it (I have been operating the crude oil for half a month and they did not realize the error, just when the crude oil new high was deducted and the position could be liquidated. Deductions will not be liquidated at any time within half a month. Only on January 4th, is there such a coincidence?) 5: Let’s take a step back. Even if they set the wrong settings, it’s completely their own problems. Their mistakes have seriously affected my judgment of operation (for other varieties, I usually do short-term operations in Weicang because of customer service. It is said that the overnight fee is normal, so I placed a heavier list on crude oil to prepare for the midline) 6: Regarding the bonus issue, the platform said that the bonus cannot carry losses. When the net value is lower than the credit limit, the bonus will be deducted. However, the situation at that time was that my net worth was still about $3,000 after deducting the overnight fee. (Initially deposit 7990, bonus 1598), much higher than 1598, did not meet the conditions for deduction of bonus (all transaction records can be checked) 7: Don’t let customers pay for platform errors

FX3149017791
2021-01-14 19:15

Axi · Company Summary

Axi Basic Information
Company Name Axi
Founded 2007
Headquarters Australia
Regulations None (Claimed ASIC regulation has been verified as a clone firm)
Tradable Assets 50 currency pairs, 6 cryptocurrency pairs, 20 commodities, 31 index CFDs
Account Types Standard, Pro, Elite
Minimum Deposit Varies (Standard: $0, Pro: $0, Elite: $25,000)
Maximum Leverage Up to 500:1
Spreads Varies (Standard: From 0.4 pips, Pro: From 0.0 pips, Elite: From 0.0 pips)
Commission Varies (Standard: None, Pro: $7 round trip, Elite: $3.50 round trip)
Deposit Methods Bank wires, credit/debit cards, online payment platforms, cryptocurrencies, etc.
Trading Platforms MetaTrader 4 (MT4), MT4 web terminal, Axi Copy Trading App
Customer Support Phone: 303-893-0552 (Monday-Friday, 9am to 5 pm MST),Fax: 202-893-0507
Education Resources Not specified
Bonus Offerings None

Overview of Axi

Established in 2007 and based in Australia, Axi provides traders with a diverse range of trading instruments, including forex, cryptocurrencies, commodities, and index CFDs. Offering account types such as Standard, Pro, and Elite, Axi caters to traders of varying experience levels. Despite claiming ASIC regulation, which has been verified as a clone firm, Axi operates without genuine regulatory oversight.

Overview of Axi

Is Axi Legit?

Axi claims to be regulated by ASIC (Australian Securities and Investments Commission) with license number 318232. However, it's important to note that this regulation has been verified as a clone firm. Traders should exercise caution and be aware of the associated risks when considering trading with Axi, as it operates without legitimate regulatory oversight.

Is Axi Legit?

Pros and Cons

Despite offering a range of trading instruments and account types, Axi faces significant drawbacks. The absence of genuine regulatory oversight, coupled with concerns about fund safety and transparency, casts doubt on the reliability of the broker. Additionally, regulatory restrictions limit accessibility for traders from certain regions, undermining its potential reach. The lack of valid regulation raises uncertainty regarding the legitimacy and credibility of Axi, posing risks for prospective traders.

Pros Cons
  • None
  • Lack of genuine regulatory oversight raises concerns about fund safety and transparency.
  • Limited accessibility for traders from certain regions due to regulatory restrictions.
  • Uncertainty regarding the legitimacy and credibility of the broker in the absence of valid regulation.

Trading Instruments

Axi offers traders a diverse range of trading instruments, including 50 currency pairs, 6 cryptocurrency pairs, 20 commodities, and 31 index CFDs.

Trading Instruments

Here is a comparison table of trading instruments offered by different brokers:

Broker Currency Stocks Indices Crypto Commodities
Axi Yes No Yes Yes Yes
FXTM Yes Yes Yes Yes Yes
FP Markets Yes Yes Yes Yes Yes
XM Yes Yes Yes Yes Yes

Account Types

Axi offers three account types: Standard, Pro, and Elite. The Standard account, which is the default option, provides spreads as low as 0.4 pips and does not charge any commissions. On the other hand, the Pro account offers zero spreads but charges a commission of $7 per trade. Lastly, the Elite account features zero spreads and a lower commission of $3.50 per trade, but requires a higher minimum deposit of $25,000. All accounts support leverage up to 500:1 and offer access to over 140 FX pairs and Metals CFDs. Additionally, Axi provides demo accounts for practice trading and Islamic accounts with no swap fees for clients with specific religious requirements.

Account Type Standard Pro Elite
Features Free setup, Autochartist, Myfxbook, PsyQuation, EA compatibility, VPS Free setup, Autochartist, Myfxbook, PsyQuation, EA compatibility, VPS Free setup, Autochartist, Myfxbook, PsyQuation, EA compatibility, VPS
Account 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
Available Leverage Up to 500:1 Up to 500:1 Up to 500:1
Minimum Deposit $0 $0 USD 25,000
Commission Per Trade None $7 round trip (USD) $3.50 round trip (USD)
Decimal Pricing 5 digit pricing 5 digit pricing 5 digit pricing
Trading Instruments 140+ FX pairs, Metals CFDs 140+ FX pairs, Metals CFDs 140+ FX pairs, Metals CFDs
Min. Lot Size Per Trade 0.01 lots 0.01 lots 0.01 lots
Spreads From 0.4 pips From 0.0 pips From 0.0 pips
Demo Account Yes Yes Yes
Swap/Rollover Free Yes Yes Yes
Hedging Yes Yes Yes
Scalping Yes Yes Yes
Copy Trading Support Yes Yes Yes

Leverage

Axi offers leverage up to 500:1 across all its account types, allowing traders to amplify their positions in the market. However, the maximum leverage may vary depending on the asset being traded, and traders should be aware of the associated risks when using high leverage.

Here is a comparison table of maximum leverage offered by different brokers:

Broker Axi eToro XM RoboForex
Maximum Leverage 1:500 1:400 1:888 1:2000

Spreads and Commissions

Axi provides variable spreads on its Standard and Pro accounts, starting from as low as 0.4 pips. The Standard account does not charge any commissions, while the Pro account incurs a commission of USD 7 per round trip. The Elite account, designed for professional traders, features zero spreads but requires a higher deposit of USD 25,000 and a commission of USD 3.50 per round trip.

Spreads and Commissions

Deposit & Withdraw Methods

Axi offers a variety of deposit and withdrawal methods, including bank wires, credit/debit cards, online payment platforms like Neteller and Skrill, cryptocurrencies such as Bitcoin, and regional online banking solutions. Withdrawal requests are processed within one to two hours, ensuring swift access to funds for traders. While Axi does not charge internal fees for withdrawals, third-party processor costs may apply. Traders must ensure that the name on their Axi account matches the name on the chosen payment processor or bank account. Additionally, Axi accepts traders from the UK, South Africa, Malaysia, Singapore, and Canada, but not from the US.

Trading Platforms

Axi offers the MetaTrader 4 (MT4) platform for trading, accessible on Windows, Mac, and Android devices. Additionally, traders can utilize the MT4 web terminal for browser-based trading convenience. For those interested in copy trading, Axi provides the Axi Copy Trading App, allowing users to follow and replicate trades of successful investors

Trading Platforms

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Customer Support

The Axi customer support can be reached through telephone: 303-893-0552 (Monday-Friday, 9am to 5 pm MST), Fax: 202-893-0507. Address: HugeDomains2635 Walnut St.Denver, CO 80205.

Negative Reviews

This Axi has been exposed in a series of scandals. Many scammed traders said that they were unable to withdraw funds from Axi platform, and this broker deducted rollover and bonus without their permission. A traders said that he deposited $44000 and his balance increased to $70500 and then this broker blocked him.

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Conclusion

In conclusion, while Axi offers a diverse range of trading instruments and account types, its lack of genuine regulatory oversight presents significant disadvantages. The absence of valid regulation raises concerns about fund safety, transparency, and the legitimacy of the broker. Moreover, regulatory restrictions limit accessibility for traders from certain regions, potentially restricting its market reach. Prospective traders should carefully consider these drawbacks before engaging with Axi's services.

FAQs

Q: Is Axi regulated?

A: No, Axi's claimed ASIC regulation has been verified as a clone firm, raising doubts about its regulatory status.

Q: What trading instruments does Axi offer?

A: Axi provides access to 50 currency pairs, 6 cryptocurrency pairs, 20 commodities, and 31 index CFDs.

Q: What account types does Axi offer?

A: Axi offers three account types: Standard, Pro, and Elite, each with varying features and requirements.

Q: What is the minimum deposit required to open an account with Axi?

A: The minimum deposit varies depending on the account type, ranging from $0 for the Standard and Pro accounts to $25,000 for the Elite account.

Q: What is the maximum leverage offered by Axi?

A: Axi offers leverage up to 500:1 across all its account types, allowing traders to amplify their positions in the market.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

News

 UK FCA Warns against Clone of FX Broker Axi

Exposure UK FCA Warns against Clone of FX Broker Axi

2023-02-04 08:00

The FCA has issued a warning against “AXI Corp Limited’. “AXI Corp Limited” is a clone firm of the forex and CFD broker Axi and its sister company, One Financial Markets.

WikiFX
2023-02-04 08:00
Exposure
 UK FCA Warns against Clone of FX Broker Axi

User Reviews

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Meisdj
more than one year
I've deposited two transactions into my trading funds, but neither of them has been credited to my trading account instantly. It's been several hours since I initiated these transactions, and they still haven't reflected in my trading account. This lack of instant processing is something the broker should have informed the customers about beforehand!
2024-03-27 10:52
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0
0
Franker
more than one year
Deposits from four different banks hindered my trading attempts. Spent a frustrating 1.5 hours on anti-fraud checks with the banks, only to confirm they didn't freeze the deposits.
2024-02-07 15:43
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0
0
loverage
more than one year
Here I am, a mixed bag of emotions with Axi. Withdrawal hiccups, a taste of a potential scam, but then a glimmer of hope as the market turned in my favor. It's a bumpy road, folks. Stay cautious out there.
2023-12-15 19:05
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0
0
達達尼亞
more than one year
This Axi is definitely a scammer, and they used delayed tactics when I told them I wanted two withdraw my funds. After two months, I finally received my funds, but I won’t like to use this broker anymore.
2023-03-13 10:09
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