Our review of Axi broker 3.9/5

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Axi in brief

Our opinion of Axi

We particularly liked Axi's low forex fees and the availability of the MetaTrader 4 platform, which remains one of the most robust tools in the trading industry. The inclusion of copy trading through the Axi Copy Trading app is a useful feature for traders who wish to follow experienced professionals. Additionally, the broker’s zero-minimum deposit policy makes it accessible for those just starting their trading journey.

We would have liked a more diverse range of assets beyond forex and CFDs, as the limited selection does not cater to traders seeking stocks, ETFs, or cryptocurrencies. The lack of registered accounts, such as TFSAs and RRSPs, is a significant drawback for Canadian traders who prioritize tax-efficient investing.

Furthermore, while Axi’s regulation by top-tier authorities is commendable, the absence of registration with the OSC, BCSC, and ASC may deter some Canadian investors looking for enhanced local oversight.

Who is Axi designed for?

Axi is best suited to intermediate forex traders who value low fees, professional tools, and the flexibility of a copy trading feature but do not require a broad spectrum of investment options or tax-advantaged accounts.

Before you zero in on Axi, explore other options in the market.

Let's find out more about our test results on Axi.

Security and reliability 3.5/5

Axi, formerly known as AxiTrader, was established in 2007 and has built a solid reputation as a forex-focused broker. It serves clients in over 100 countries, with a growing user base and recognition for its customer-centric approach. While Axi has not won any major industry awards in recent years, it remains well-regarded for its transparent fee structure and professional-grade tools.

For Canadian traders, Axi offers a reliable trading environment underpinned by its regulation with reputable authorities, including the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC). However, Axi is not registered with Canadian regulatory bodies such as the Ontario Securities Commission (OSC), British Columbia Securities Commission (BCSC), or Alberta Securities Commission (ASC), which may limit its appeal for those seeking enhanced local oversight.

Axi ensures a secure trading experience by maintaining segregated client accounts, adhering to strict regulatory requirements, and offering negative balance protection. Additionally, the broker provides tools like stop-loss and take-profit orders to help traders manage risk effectively. However, the lack of guaranteed stop-loss orders, which some competitors offer, may concern risk-averse traders.

Market and asset diversity 2.5/5

Axi positions itself as a forex-focused broker with additional access to CFDs on indices and commodities. While its offerings are sufficient for traders concentrating on these asset classes, the limited range of instruments compared to competitors may deter those looking for a more diverse portfolio. The absence of stocks, ETFs, and cryptocurrencies further restricts its appeal to traders seeking comprehensive market exposure.

Below is a comparison of Axi’s available assets against the market average:

Our opinion on the diversity of Axi's offerings

Axi’s focus on forex trading is evident, but its limited asset diversity falls short of market standards. Traders seeking a broader selection of instruments may find more comprehensive options elsewhere. This broker is best suited for those who specialize in forex and are comfortable with a narrower range of tradable assets.

Platforms and tools 3.5/5

Axi offers access to the widely acclaimed MetaTrader 4 (MT4) platform, catering primarily to forex traders and those seeking advanced tools for technical analysis. While MT4 remains a powerful and reliable choice, Axi does not provide a proprietary platform or access to more modern trading interfaces, which limits its appeal to those accustomed to enhanced usability and features.

MetaTrader 4 (MT4)

MT4 is a well-established trading platform known for its comprehensive suite of tools. Traders can access a range of customizable charts, over 30 technical indicators, and advanced analytical features. The platform also supports automated trading through Expert Advisors (EAs), making it an excellent option for experienced traders who utilize algorithmic strategies. However, for beginners, the platform may feel complex due to its steep learning curve.

Axi Copy Trading App

Axi enhances its platform offering with the Axi Copy Trading App, allowing traders to replicate the strategies of seasoned professionals. This feature provides a passive trading option for less experienced traders or those interested in learning from experts. The app integrates smoothly with MT4, providing a seamless experience.

Decision Aids and Analysis Tools

While MT4 is equipped with robust charting and analysis tools, Axi does not provide additional proprietary decision aids such as sentiment analysis, economic calendars, or AI-based insights. Competitors often include such features to offer added value to traders. This gap may leave traders reliant on external resources for comprehensive market analysis.

Order Types

Axi supports standard order types such as market, limit, stop-loss, and trailing stop orders, as well as take-profit options. However, it does not offer guaranteed stop-loss orders, which could be a limitation for risk-averse traders operating in volatile markets.

Fees, spreads and commissions 4/5

Axi offers a competitive fee structure for forex traders, particularly with its Pro Account, where spreads start at 0.0 pips with a $7 commission per lot. However, spreads on indices and commodities are slightly higher than the market average, making it less appealing for traders focusing on these asset classes. Below is a detailed comparison:

Other Fees

• Deposit Fees: Deposits are free for all methods, allowing traders to fund their accounts without incurring additional costs.

• Withdrawal Fees: Withdrawals are also free, making Axi competitive compared to brokers that charge fees for this service.

• Overnight Fees: Overnight fees vary depending on the instrument being traded, with forex and CFD positions subject to swap rates that are not explicitly listed but align with market standards.

• Inactivity Fees: Axi does not charge inactivity fees, which is advantageous for traders who may not trade regularly or need to pause their activity.

How is Axi's price positioning?

Axi stands out for its zero-fee deposit and withdrawal policy and its competitive forex spreads for Pro Account users. However, spreads for indices and commodities are slightly higher than the market average, and the overnight fees vary depending on the instrument. The absence of an inactivity fee is a positive feature, making it an attractive option for less active traders. Overall, Axi’s fee structure is strong but could improve in certain areas to match top-tier brokers.

Customer reviews 4.4/5

Axi holds a Trustpilot rating of 4.4/5 based on 2,670 reviews, with most customers praising its low forex fees and reliable platform but some voicing concerns over limited asset diversity and platform usability.

Here are some recent testimonials from Canadian users:

• Sarah T (January 12, 2024): "I’ve been using Axi for forex trading, and while the spreads on the Pro Account are great, the limited range of assets like stocks or ETFs is frustrating. The MetaTrader 4 platform works well, but it feels outdated compared to other platforms I’ve used. Overall, it’s good for forex, but not ideal for diversification."
• Michael L (March 5, 2025): "Axi’s zero deposit and withdrawal fees were a big selling point for me, and the copy trading feature helped me follow experienced traders when I was starting out. However, I found their customer support a bit slow to respond, which was disappointing when I needed help with a withdrawal issue. Decent for experienced forex traders, but not very beginner-friendly."
• Priya S (November 22, 2024): "I’ve been trading commodities on Axi, and the spreads are slightly higher than I expected compared to other brokers. The platform is stable, but I miss having more advanced tools or market insights directly integrated. Axi is fine if you’re focused on forex or specific assets, but I feel like it’s missing features for a more well-rounded experience."

How is Axi positioned in relation to its competitors?

Conclusion of our review on Axi

Axi offers competitive features, particularly for forex-focused traders, with low spreads on Pro Accounts and support for the widely trusted MetaTrader 4 platform. The inclusion of a copy trading feature sets it apart for those looking to replicate strategies from experienced traders. However, its limited asset diversity and reliance on traditional platforms may not appeal to traders seeking a wider range of instruments or innovative technology.

The broker positions itself well for intermediate to advanced traders but might fall short for those seeking comprehensive tools and assets.

Before opening an account with Axi, compare the best brokers in Canada:

What types of accounts are available with Axi in Canada?

Axi provides a straightforward selection of account types tailored to meet the needs of different trading profiles. These include the Standard Account, Pro Account, and a Demo Account. Additionally, Axi offers an Islamic Account for traders adhering to Sharia law.

Standard Account

The Standard Account is ideal for beginner and intermediate traders. It features spreads starting at 0.4 pips with no commission per trade, making it a cost-effective option for those trading in smaller volumes. The account provides access to MetaTrader 4 and Axi’s Copy Trading App, offering robust tools for market analysis and strategy execution. With no minimum deposit requirement, the account is accessible to traders of all levels.

Pro Account

The Pro Account is designed for high-volume or professional traders. This account offers lower spreads starting at 0.0 pips, combined with a commission of $7 per lot. It provides the same platform access as the Standard Account, including MetaTrader 4 and the Copy Trading App, but is better suited to those executing larger trades who can benefit from tighter spreads.

Demo Account

The Demo Account is a valuable tool for new traders or those looking to test strategies in a risk-free environment. It provides $100,000 in virtual funds and simulates real market conditions using Axi’s trading platforms. The demo account has no time limit, allowing users to practice at their own pace while gaining confidence and proficiency in the tools provided.

Islamic Account

Axi’s Islamic Account is designed for traders who follow Sharia law, ensuring compliance with Islamic finance principles. This account is swap-free, meaning traders are not charged overnight interest on positions. It offers the same features as the Standard Account, including access to MetaTrader 4 and competitive spreads, while adhering to specific religious requirements.

Deposits and withdrawals at Axi: How does it work?

Axi provides a competitive and user-friendly system for deposits and withdrawals, supporting a range of methods such as bank transfers, credit/debit cards, and electronic wallets like Skrill and Neteller. All options are fee-free, which is an advantage over brokers that charge processing fees for certain methods.

The timeframes for processing are standard, with bank transfers taking 1-3 business days and card or e-wallet transactions typically processed within 24 hours.

However, Axi does not support modern payment options like PayPal, which some competitors offer for faster and more flexible funding. Overall, while Axi’s deposit and withdrawal processes are cost-effective, it lacks the broader payment flexibility seen in other top-tier brokers.

Does Axi offer copy trading?

Axi offers a copy trading feature through its dedicated Axi Copy Trading App, which integrates seamlessly with the MetaTrader 4 platform. This feature allows traders to replicate the strategies of experienced traders, providing an opportunity for less experienced traders to benefit from the expertise of seasoned professionals.

Software and Platform

The Axi Copy Trading App is easy to navigate and can be accessed through both desktop and mobile devices. It provides a clear interface where users can browse and select traders based on their performance metrics, risk level, and trading history. The platform ranks traders according to their profitability and risk, enabling users to make informed decisions.

Features

The copy trading feature includes real-time updates, automatic trade replication, and customizable settings, allowing users to control factors such as trade size and risk management. This ensures that the copied trades align with the user’s overall trading goals and risk tolerance.

Number of Traders to Copy

Axi offers a broad selection of traders to copy from a global network. The platform displays detailed statistics on each trader, such as win rate, total returns, and the types of strategies they employ. While the exact number of traders available may vary, Axi ensures a diverse pool of options for users to choose from.

No additional fees for copy trading with Axi

Axi does not charge additional fees for using the copy trading app. The standard trading costs, such as spreads and commissions associated with the chosen account type, still apply. This makes the feature accessible without imposing extra financial burdens.

What is the tax treatment of income generated by Axi?

Income generated through trading on Axi is subject to Canadian tax laws under the Income Tax Act. The type of income earned—whether it is capital gains, business income, or dividends—determines the tax treatment. Below is a detailed explanation of the applicable tax regime and how traders can declare their income.

Applicable taxation

• Capital Gains: Profits from the sale of assets such as forex or CFDs are treated as capital gains. Only 50% of the net gains are taxable at the trader’s marginal tax rate.
• Business Income: Frequent traders or those trading professionally may have their profits classified as business income. In this case, 100% of the earnings are taxable, but related expenses can be deducted.
• Foreign Income: Any income earned from trading foreign assets (e.g., forex) must also be reported. Foreign taxes paid on income may be eligible for a foreign tax credit, reducing the overall tax burden.

How to declare trading income or revenues from Axi

• Report capital gains and losses using Schedule 3 on the T1 General Income Tax and Benefit Return. Traders must provide details such as the adjusted cost base (ACB), proceeds of disposition, and resulting gains or losses.
• Declare business income on the T2125 Statement of Business or Professional Activities if trading is classified as a business activity. This form allows the deduction of related expenses such as internet fees or trading software costs.
• Foreign income and taxes must be disclosed on the T1135 Foreign Income Verification Statement if holdings exceed $100,000 CAD at any point during the year.
• Maintain accurate records of all trades, including dates, amounts, transaction costs, and any foreign exchange conversions.

Points to remember while filing your taxes

• No Registered Accounts: Axi does not offer registered accounts like TFSAs or RRSPs, meaning all trading profits are fully taxable without tax deferral or exemption benefits.
• Capital Loss Offset: Losses incurred can be used to offset gains in the same year or carried forward to future years to reduce taxable income.
• Classification of Income: Traders should determine whether their activity qualifies as investment income (capital gains) or business income, as this impacts taxation significantly.
• Seek Professional Advice: Consulting a tax professional can ensure accurate reporting and compliance with Canadian tax laws.

Contact: how do I contact Axi's customer service?

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.