Axes Reviewed

Axes is an excellent option for both beginner and advanced traders. The broker offers a variety of trading instruments available with tight, competitive spreads, an STP pricing model, and fast execution.

Choose your quick section of our Axes review below.

A Quick Overview of our Axes Review:

• ✔️Axes at a glance
• ✔️Who is Axes?
• ✔️Safe or scam
• Pros and cons
• Leverage
• Accounts
• Market instruments
• Fees
• Deposit and withdrawal
• Trading platforms
• How to open an account
• Customer support
• Education

The only real drawback to Axes is the fact that the lax International Financial Market Relations Regulation Centre (IFMRRC) regulates the broker.

Who is Axes?

According to research in South Africa, Axes is a multi-asset Forex broker based in London that offers an advanced and feature-rich trading environment, with access to a wide asset selection, tight spreads, excellent trading platforms and great customer support.

Safe or scam

When traders evaluate brokers, regulation is one of the most crucial components that must be considered. Regulated brokers are required to comply with stringent rules and regulations set by regulatory entities and through this, client fund security can be ensured.

The activities of regulated brokers are also overseen by such entities to ensure that there is no fraud or foul play, and to ensure that traders are always protected against such activities.

Axes is licensed to operate by the Financial Services Authority (FSA), which is the prevalent financial body in the offshore locale of Saint Vincent and the Grenadines.

In terms of actual regulation, the International Financial Market Relations Regulation Centre (IFMRRC) oversees the broker.

While the broker is technically licensed and regulated, traders should note that these regulatory bodies are not as stringent or reputable as those such as the FCA in the UK or CySEC.

Pros and cons

Leverage

Leverage is a tool which is offered by numerous brokers to traders. With leverage, traders can open larger positions, allowing traders more exposures to the market in which they are trading despite their initial deposit.

However, as beneficial as leverage may be, it can also be detrimental when used incorrectly or abused. Leverage increases a trader’s chance of gains and thus, it also increases the risk of losses.

Traders are at risk of incurring losses which may exceed their initial deposit, leading to a negative balance on their trading account if the trader does not have the benefit of negative balance protection.

Leverage is expressed as a ratio, for instance 1:1, 1:50, 1:100, 1:500, and even up to 1:3000. Leverage and margin go together, with margin being the amount required from the trader at the start of the trade. This amount serves as collateral for any credit risks which may arise.

When traders apply leverage, the margin requirement is reduced, and the trader can open larger positions.

Axes offers varying leverage levels depending on the instrument being traded, with the maximum available being ratio 1:500, as follows:

Shares – up to 1:25

Forex – up to 1:500

Metals – up to 1:200

Indices – up to 1:500

Energies – Up to 1:100

These higher leverage levels are generally not available to retail traders from brokers operating within the EEA, where regulatory authorities have capped the maximum leverage at 1:30.

Accounts

A Forex account is a trading account that traders hold with a specific broker with the purpose of trading financial instruments. Brokers may offer traders either with a variety of accounts, with each catering for varying levels of skill, knowledge, and experience, or a single account that can be used.

The number of accounts along with the features offered will vary from one broker to the next. For this reason, it is imperative that traders evaluate brokers and make use of the demo accounts offered to explore the broker’s offering.

Axes offers traders the option of three accounts, namely the Live, Professional and VIP accounts. As can be derived from the account names, these are structured on a tiered basis, with conditions improving with each account.

For example, the VIP account provides 30% off spreads, as well as account managers and unlimited VPS use.

The Live account is more of a standard option which will suit most retail traders, but all these accounts do come with the following benefits:

Multiple payment options & free deposits

MT5 for desktop, web, & mobile

Tight spreads & low fees

250+ CFD assets

Demo Account

A free demo account is available from Axes, which can be opened easily through an online application directly through the broker’s website.

The demo account is funded with virtual currency and allows traders to explore the broker’s features in a risk-free environment, including full access to the MetaTrader 5 platform.

Islamic Account Option

Unfortunately, Axes does not provide an Islamic, or swap-free account, for Muslim traders. This is a drawback for traders of the Muslim faith, as the interest accrued through swap fees is prohibited by Sharia law.

Market instruments

Axes provides an excellent variety of trading instruments, which consist of the following:

Forex –over 70 major, minor, and exotic currency pairs

Shares – Over 150 global company shares

Indices –global spot indices including the FTSE 100 and S&P 500

Futures –commodity-backed and indices-backed futures

Energies –CFDs on energies such as natural gas and oil

Precious metals –gold, silver, and platinum

Cryptocurrencies – Bitcoin & Litecoin

Fees

Another crucial factor that traders must consider when evaluating a broker is the fees that they will incur. These fees relate to both trading and non-trading activities and actions.

Trading Fees

One of the first fees that traders will encounter concerns a minimum deposit fee which is paid after the trader has completed account registration.

Next, traders must consider the spreads, commissions, and margin requirements. With Axes, spreads on forex pairs start at 0.8 pips for the EUR/USD, 1.5 pips for the EUR/GBP, and 1.6 pips for the GBP/USD.

As such, these represent extremely competitive spreads relative to the industry offer today. All client trades are executed with No Dealing Desk intervention. Most trades are filled in under 10 milliseconds, with up to 2,000 trades executed per second.

Non-trading fees

Where non-trading fees are considered, traders must consider fees relating to account inactivity, deposit and withdrawal fees, account management and maintenance fees, currency conversion fees, and others.

The broker does charge swap fees as well as an inactivity fee on accounts. The price structure for both categories can be requested from the broker’s client support.

Deposit and withdrawal

When evaluating brokers, the ease with which deposits and withdrawals can be made is another imperative factor to consider.

Axes accepts the following deposit methods:

Credit/debit card

Bank transfer

UnionPay

Neteller

PayPal

Skrill

Both deposits and withdrawals are supported free of charge by the broker, although your selected payment processor may charge a fee, which is beyond the broker’s control.

The minimum deposit required to open an account is $100, which is a low requirement compared to many other brokers in the industry.

The broker provides an excellent selection of accepted deposit currencies, including:

USD

EUR

GBP

CHF

PLN

AUD

JPY

ZAR

Trading platforms

The trading platform is the software that traders use to execute their trades. Each broker reserves the right to offer their own preferred trading platform. Where some brokers offer a variety of third-party platforms, others prefer offering their own proprietary platforms, if they have one.

Axes offers trading on three highly advanced trading platforms, namely MetaTrader 4, MetaTrader 5 and cTrader.

Though offering distinct features, each of these platforms provides access to more than 260 CFD assets in 6 different classes, quality execution, advanced online trading tools, and trading systems.

How to open an account

Opening an account with Axes is an easy, straightforward process that consists of the following steps:

Navigate to the “Accounts” portal located on the homepage and select the option to open a new account.

Provide your registration details, including your full name, email address, contact details etc.

Select the account for which you wish to apply.

You will have to submit certain documentation, including proof of address. Once this submission has been verified, you can deposit into your new account and begin trading.

Customer support

Axes offers excellent multilingual customer support, with a reliable and professional support team that can be contacted via live chat, email, or telephone.

Education

Axes provides a good variety of educational tools, including free online courses as well as comprehensive video tutorials. These courses are available for both beginner and advanced traders.

Such tools, resources, and materials prove helpful especially for beginner traders who do not yet know how to navigate trading or the markets.

Research

Research tools help traders in their activities in addition to helping them hone their skills in making informed trading decisions.

Apart from the advanced research tools built into the broker’s three feature-rich trader platforms, Axes also provides traders with independent analytical tools, including an economic calendar, market analysis, and a variety of trading calculators.

Awards

Awards serve to instil confidence in a broker as it reflects the level of service the broker offers. Axes has an excellent offering; therefore, it is not surprising that Axes has won several awards to date.

The latest awards include Best FX Execution from CFI.Co Awards, Best Execution Broker from Global Brands Magazine, and Best FX Provider from Online Personal Wealth Awards.

Conclusion

Axes is a legit forex trading company and is a regulated and transparent broker with high operational standards, low trading fees, superior service delivery, helping investors reach their objectives. It caters for all types of traders with different levels of experience.”

Beginner traders will appreciate the comprehensive educational resources, excellent customer support, and the low minimum deposit. Advanced traders will appreciate the feature-rich trading platforms, tight spreads, and great analytical features.

Disclaimer

Axes warns potential customers that Forex and CFDs trading carries a substantial risk and may not be suitable for all investors.

Before deciding to trade with Axes, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.

Axes warns that margin trading involves the potential for profit as well as the risk of loss.

Movements in the price of foreign exchange and commodities are very unpredictable, hence Axes cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.

FAQ

TRADING ENVIRONMENT

How many instruments can I trade with Axes?

Axes provides access to the following assets:

Forex

Shares

Indices

Futures

Energies

Precious metals

Cryptocurrencies

Which platforms are supported by Axes?

MetaTrader 4, MetaTrader 5 and cTrader.

Does Axes offer leverage?

Yes. The broker provides a maximum leverage of 1:500.

What spreads can I expect with Axes?

With Axes, spreads on forex pairs start at 0.8 pips for the EUR/USD, 1.5 pips for the EUR/GBP, and 1.6 pips for the GBP/USD.

Does Axes charge commission?No.

Is Axes regulated?

Yes, the International Financial Market Relations Regulation Centre (IFMRRC) regulates Axes.

Is Axes a recommended forex trading broker for experts and beginners?

Yes. Axes offers an excellent environment for both beginners and experts.

What is the overall rating out of 10 for Axes?

8/10.

ACCOUNTS

What is the difference between a demo and live trading account?

A demo account is an account funded with virtual money that allows for risk-free trading while a live trading account requires actual capital.

With a demo account, traders can safely explore the broker’s offer, practice trading, or test out their trading strategies that they wish to use in a live trading environment.

Does Axes offer a demo account?

Yes.

How long is the demo account valid?

This is not indicated.

Which live trading accounts does Axes offer?

Axes offers traders the option of three accounts, namely the Live, Professional and VIP accounts.

What are the available deposit currencies for a live trading account?

USD

EUR

GBP

CHF

PLN

AUD

JPY

ZAR

DEPOSITS AND WITHDRAWALS

What is the minimum deposit for Axes?

$100.

How do you make a deposit and withdrawal with Axes?

Credit/debit card

Bank transfer

UnionPay

Neteller

PayPal

Skrill

Does Axes charge withdrawal fees?

No.

How long does it take to make a withdrawal?

Typically, bank transfers can take between 3 to 5 business days, while e-payments can take around 10 minutes.