Choosing a reputable broker is crucial to the success of your trading. There’s a simple reason for this: you need to be confident that your money is in safe hands. Find out what AvaTrade vs Axi is like.
We made it easy for you to compare AvaTrade vs Axi side by side, because we compare them side by side, so you can decide what is right for you. But remember, the final decision need to be based on the way and what you are going to trade.
Comparing AvaTrade vs Axi side by side, you can judge their effectiveness, price, ease of use, technical support, and trustworthiness.
So, Avatrade vs Axi, Which One is Better in 2022? Keep on reading!
Avatrade vs Axi: Overview
AvaTrade is an internationally regulated beginner-friendly CFD broker offering trading on Forex, cryptocurrencies, commodities, indices, stocks, bonds, vanilla options, and ETFs.
AvaTrade has received extensive industry recognition for AvatradeGO, one of the most popular mobile trading applications available globally and, unlike many European brokers, has a local Nigerian customer support team.
AvaTrade’s single commission-free account has a minimum deposit requirement of 100 USD and has average trading costs for a market maker broker, with spreads starting at 0.90 pips on the EUR/USD.
In terms of trading platforms, AvaTrade offers a wider choice than most brokers, with support MT4, MT5, AvaOptions, and its proprietary web trader platform.
The same is true for the trading tools available, with Avatrade offering Trading Central, Duplitrade, and AvaProtect, its own innovative risk management system.
Furthermore, Avatrade does not charge any deposit or withdrawal fees and provides an excellent selection of educational materials to get new traders started.
All of the features at AvaTrade combine to create a revolutionary trading experience that gives you all the tools you need to succeed.
Axi (formerly Axitrader) is an Australian CFD broker regulated by ASIC, the FCA and the DFSA. Axi offers clients CFD trading on Forex, metals, commodities, cryptocurrencies, and indices – a smaller range than most brokers but with a good selection of 70+ Forex pairs.
Axi accounts seem to offer clients industry competitive trading costs – the Standard Account (from 1 pip EUR/USD) and the Pro Account (0.0 pips EUR/USD + 7 USD commission) – but unnecessarily dodges transparent practices by not publishing average spreads.
Although Axi limits its platform choice to MT4, it offers traders free use of various powerful platform-integrated technical analysis tools, including Autochartist, MyFxBook and PsyQuation to help experienced traders and serious beginners make better trading choices.
At Axi, beginners have access to high-quality, structured learning material and frequent market analysis – though neither the education nor the market research is as good as the best brokers in this space.
AvaTrade vs Axi: Safety
Is AvaTrade Safe?
AvaTrade is considered a safe broker to trade with.
Founded in 2006 in Ireland, AvaTrade has more than 200,000 registered clients globally and is a leading Forex and CFD broker.
Avatrade has a corporate structure composed of multiple regulated entities that operate in different regions across the world, including South Africa, Australia, Cyprus, Japan, Abu Dhabi, and the British Virgin Islands.
In Nigeria, Ava Trade Ltd is regulated by the British Virgin Islands FSC. The BVI FSC is not considered one of the best regulators, and its rules are not as strict as those of other regulators such as ASIC and those of the EU.
However, it does allow AvaTrade to offer higher leverage and bonuses to Nigerians.
Furthermore, although the BVI FSC does not require client funds to be segregated from the operational funds of the company, Avatrade segregates all client funds at top-tier banks, and provides negative balance protection to all traders.
Is Axi Safe?
With a long history of responsible behaviour and top-tier international regulation, we consider Axi to be a safe broker to trade with.
However, Nigerian residents will be trading with Axi’s subsidiary registered in St Vincent and the Grenadines, which does not regulate Forex brokers and only acts as a business registrar.
Axi (formerly AxiTrader) is an ECN-only Forex and CFD broker founded in Sydney in 2007.
Axi has expanded rapidly since its foundation and has become one of the most respected brands in Forex and CFD trading, with over 42’000 traders on its books and satellite offices in London, Dubai, Singapore, Germany and China.
Axi is regulated by the Australian Securities and Investments Commission (ASIC), the UK’s Financial Conduct Authority (FCA), the Dubai Financial Services Authority (DFSA) and is registered with St Vincent and Grenadines Financial Services Authority (FSA).
AvaTrade vs Axi: Trading Fees
Avatrade Trading Fees
Avatrade’s trading fees are average compared to other Forex brokers.
Unlike other brokers that offer a range of account types with lower spreads linked to higher minimum deposits, Avatrade only offers one commission-free account that employs instant execution.
Avatrade’s fee structure is transparent, and it publishes all trading fees.
Avatrade’s account was assessed to compare the costs to those of other brokers. The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spreads.
Minimum Deposit: $100
Axi Trading Fees
Axi’s trading fees are average compared to other ECN brokers, but lower than most market makers
Unlike other brokers that offer a range of account types with lower spreads linked to higher minimum deposits and a range of trading platforms, Axi offers only two MT4 market-execution accounts with no minimum deposit.
The Standard Account has the trading costs included in the spread while the Pro Account offers tighter spreads and a small commission per trade. For more detail on Axi’s trading accounts, click here.
Axi is an MT4 only broker, but this singular focus provides for one of the best MT4 trading experiences in the world, for more on Axi’s trading platforms, click here.
Axi’s fee structure is transparent, and it publishes all the spread and commission costs associated with either account.
Axi’s accounts were assessed to compare the costs to those of other brokers. The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spread and commission
NOTE: Axi has no minimum deposit requirements (though it does recommend a minimum of 200 USD) making it a good choice for both beginner and experienced traders.
AvaTrade vs Axi: Non-trading Fees
Avatrade Non-trading Fees
Avatrade’s non-trading fees are mostly low compared to other Forex brokers, but its inactivity fees are high.
Avatrade does not charge deposit or withdrawal fees but does charge an account inactivity fee of 50 USD per quarter after three months of inactivity.
Additionally, a fee of 100 USD will be added to this after 12 consecutive months of no trading. Compared to other brokers, these fees are extremely high.
Axi Non-trading Fees
Axi has some of the lowest non-trading costs in the Forex trading industry
While most brokers will charge an inactivity fee on trading accounts that haven’t been used for some months, Axi does not. In addition, there are no withdrawal or deposit fees – making Axi one of the lowest cost brokers in the world in terms of non-trading costs.
AvaTrade vs Axi: Account Opening
Opening An Account At AvaTrade
Avatrade’s account opening process is hassle-free compared to other brokers.
All Nigerains are eligible to open a trading account at Avatrade but will have to meet the minimum deposit requirement of 100 USD.
Creating an account is fast and fully digital, and accounts are usually ready for trading in a matter of minutes.
How To Open An Account At AvaTrade
- Clients should click on “Register now” on Avatrade’s main page, and choose either a Real or a Demo account.
- Avatrade’s intake form requires clients to fill in their name, email address and choose either an individual or joint account.
- Clients are required to answer questions that determine their level of trading knowledge.
- Avatrade requires individuals to submit a copy of their National ID or Passport with the signature page, as well as a copy of a recent utility bill or bank statement.
- Documents can be scanned or sent through as a high-quality digital camera picture.
Opening An Account At Axi
Opening an account at Axi is a fully digital process but does require a suitability assessment that is not carried out by many other brokers.
All Nigerians are eligible to open a trading account at Axi but will have to follow the fully digital three-step application process. Once the process is complete, Axi aims to approve applications within a few minutes.
How To Open An Account At Axi
- Create your login via the Axi website, you will be asked for your name, email address, country of residence, phone number and whether you want an individual, joint or company account. We will be focusing on opening an individual account.
- The second step is to confirm your identification. Axi needs two ID documents from you, the easiest way to provide these documents is to take a photo of them with a mobile phone:
- A photo ID (passport, driver’s license or national ID card) and;
- A secondary ID (a bank or utility statement with your full name and address dated in the last three months).
AvaTrade vs Axi: Account Types
AvaTrade Account Types
Avatrade offers only one account type that is suitable for both beginner and more experienced traders.
We define beginner traders as inexperienced traders who have never traded before, or who have been trading for less than a year. Beginners often do not want to risk trading large sums of money, and will generally not be able to trade full-time during the workweek.
Avatrade’s account is suited to both beginner and more experienced traders because of the reasonable minimum deposit requirement and average trading costs.
Other brokers offer a range of accounts for beginners with lower minimum deposits and sometimes allow trading in micro-lots. Furthermore, more experienced traders may prefer to pay a higher minimum deposit in exchange for tighter spreads, which is not available at Avatrade.
Axi Account Types
Axi offers two account types, which is average when compared to other ECN brokers. Both account types are suitable for beginner traders.
Axi offers excellent trading conditions on both of its live accounts, the difference between the two is the commission and tighter spreads on the MT4 Pro Account.
A major advantage with Axi is the free AutoChartist on all accounts and a free VPS service once you hit a minimum trading volume.
AvaTrade vs Axi: Deposits And Withdrawals
Avatrade Deposits and Withdrawals
Avatrade’s deposit and withdrawal fees are low compared to other market makers. However, withdrawal times are slow compared to other brokers.
A well-regulated broker, Avatrade ensures that all Anti-Money Laundering rules and regulations are followed, and as such, all non-profit withdrawals are returned to the deposit source. It is important to note that traders must withdraw up to 100% of the deposit to a credit or debit card. After this, funds may be withdrawn by another method, but they must be in the trader’s name. Avatrade does not charge fees for deposits or withdrawals.
Axi Deposits and Withdrawals
Axi charges no fees for deposits or withdrawals via any method, a rare feature amongst Forex brokers. Compared to other brokers, Axi’s has a large number of funding methods, including Nigerian internet banking in NGN.
A well-regulated broker, Axi ensures that all Anti-Money Laundering rules and regulations are followed, and as such, all non-profit withdrawals are returned to the deposit source. No matter your deposit method, the withdrawal of all profits must be made by bank transfer to a bank account in your name. Note that Axi does not allow any withdrawals whatsoever by credit/debit card.
Axi allows deposits and withdrawals in most common currencies, including NGN from Nigerian online banking services. Be aware that you will pay a conversion fee if the base currency of your account is anything other than your deposit currency.
Withdrawals are generally processed within 1-2 days, and funds will only be returned via the same method as the deposit. All withdrawal requests must be made from within the client portal. Axi does not charge a fee for making a withdrawal, but your bank may add charges depending on the method of transfer.
AvaTrade vs Axi: Customer Support
Avatrade’s Customer Support
Avatrade offers excellent customer service compared to other similar brokers.
Customer support is available 24/5 for CFD trading, and 24/7 for cryptocurrency trading. Support is available in a range of languages via email, live chat, and via a South African telephone number.
Customer support is responsive, polite, and knowledgeable – the live chat agent was able to answer all of our questions satisfactorily.
Axi Customer Support
All new and existing clients have dedicated account management and access to customer support 24/5 via telephone, email and live chat. Toll-free numbers are available in Australia, China, Germany, Hong Kong, Indonesia, Malaysia, New Zealand, Singapore, Spain, Thailand and the UK.
This support will help you get started and learn how to trade at any time of day that suits your schedule.
ALSO READ: 25 Top NFT Marketplaces To Buy & Sell NFTs
CONCLUSION: AvaTrade vs Axi
AvaTrade is one of the best, largest, and most reputable market maker brokers in the world. Trading costs are average compared to other large market makers, with spreads starting at 0.9 pips on the EUR/USD in exchange for a minimum deposit of 100 USD.
On the other hand, for experienced traders who value simple account options, strict regulation and the heavily customisable MT4 platform, Axi is a very tempting option.
The limited demo account, single platform support and complex trading tools on offer may put off some beginner traders, but there is no required minimum deposit and all clients get a dedicated account manager.
Education and market analysis are both good and experienced traders will appreciate the wide range of currency pairs; overall Axi is good for serious beginner traders and more experienced MT4 users looking for a new broker.
In our comparison of Avatrade vs Axi, we give you the power to make your choice.