Axes Review 2024

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Written By
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Written By
William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
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Fact Checked By
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Fact Checked By
Tobias Robinson
Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.
Updated

1.5 / 5
Axes is #14 in our CFD broker rankings.
$100
MT5, TradingCentral
Forex, CFDs, indices, shares, commodities, futures
FSA, IFMRRC
Neteller, PayPal, Skrill, Visa

Awards

  • Best Forex Broker 2020 - Online Personal Wealth Awards
  • Best Forex Broker of the Year 2019 - World Finance Magazine
  • Best European Value Broker 2019 - Global Forex Awards
  • Best Broker 2018 - Financial Times And Investors Chronicles Awards
  • Best FX Service Provider 2018 - City Of London Wealth Management Awards
  • Best Forex Trading Experience 2018 - UK Forex Awards

Axes Review

Axes is a forex and CFD broker offering online trading through the MT5 platform. In this review, we’ll look at minimum deposits, payment options, regulators, fees, and more. Find out if Axes is a safe and trustworthy broker.

Axes Company Details

Founded in 2018, Axes LLC is based in London and provides a high-quality trading experience to over one million accounts across 153 countries. The broker is regulated by the Financial Services Authority (FSA) of Saint Vincent and the Grenadines.

The broker has picked up a long list of international awards for its trading services and offers over 250 financial instruments across six asset classes, attracting both beginners and experienced traders.

Trading Platforms

MetaTrader 5

The MetaTrader 5 (MT5) platform offers advanced trading tools, ideal for experienced traders. The platform provides fast and seamless trading on a customisable interface. Features include:

Axes MT5 platform
Axes MT5 platform

The MT5 platform is available for download on Windows and Mac PCs, directly from the broker’s website.

MetaTrader WebTrader

The web-based version of MetaTrader 5 is easily accessible from any major internet browser. Users can access all the same features as the desktop program, including over 50 customisable indicators such as Bollinger Bands and moving averages, as well as numerous graphs and charting tools. You can access WebTrader straight from the broker’s website, using your login details.

Markets

Axes offers over 250 CFDs across several main markets:

Spreads & Commission

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. Spreads are around 1 point for the FTSE 100 and 0.04 for Brent oil. For precious metals, spreads on gold are around 0.39. Overall, the broker is around average in terms of trading fees.

Clients should also be aware of swap charges for overnight positions and a monthly inactivity fee if accounts are unused.

Leverage

Leverage at Axes varies depending on the asset:

These are high leverage rates and allow clients to take sizeable positions with small capital outlay. This does, of course, also increase the size of potential losses. A breakdown of margin requirements can be be found on the Axes website.

Mobile Apps

Users can trade on the MT5 mobile app, meaning that trades can be executed on the go. The convenient app provides many of the same features as the desktop platform, including real-time quotes, comprehensive technical analysis, and financial news. Traders also benefit from easy-access mobile features including push notifications and live chat support.

Axes MT5 mobile app
Axes MT5 mobile app

The mobile app is compatible with iOS and Android smart devices and can be downloaded from the Apple App Store or Google Play Store.

Payment Methods

Deposits

Axes offers several fast deposits options, all of which are free to use:

Traders should check with their payment provider or bank for any intermediary fees. The minimum deposit with Axes is $100. Head to the client area to finance your account.

Withdrawals

Traders can withdraw funds using the same fee-free methods listed above. Bear in mind that some banks or payment processors may charge their own fees. Axes aims to process all withdrawals in one working day.

Demo Account

Axes offers a demo account, where you can practice trading strategies in a zero-risk environment. You can register for a practice account from the broker’s homepage. If you’re undecided about Axes, a simulator account is an excellent way to try before you buy.

Deals & Promotions

At the time of writing, Axes does not offer any welcome deposit bonuses or promotions. With that said, this may change so check the broker’s website and social media pages in case of new offers.

Regulation Status

Axes holds a license with the Financial Services Authority (FSA) in Saint Vincent and the Grenadines. The broker is also regulated by the International Financial Market Relations Regulation Centre (IFMRRC). However, traders should be aware that neither of these regulatory bodies are held in particularly high esteem. As such, we’d recommend caution before opening an account. Disgruntled clients won’t have the same regulatory support that’s provided with FCA or CySEC regulated brokers.

Additional Features

Axes provides a useful economic calendar and an all-in-one FX calculator. There is also an education centre with free video courses, although the links appear to be broken. Those relatively new to trading may wish to look elsewhere for a more comprehensive selection of resources.

Account Options

There are three accounts to choose from: Live, Professional, and VIP. Benefits, as you move up the account tiers, include up to 30% off spreads with the VIP account, unlimited VPS use, and dedicated account managers. The standard Live account will suit most retail traders while experienced, high volume traders may prefer the VIP option.

Benefits

Benefits of trading with Axes include:

Drawbacks

Disadvantages of trading with Axes include:

Trading Hours

Axes follows standard market operating hours. See the broker’s website for a detailed breakdown of the opening hours of the market you are interested in.

Customer Support

Axes claims to offer support in multiple languages and from various locations. However, upon testing, we were disappointed. The live chat feature doesn’t work and the FAQ portal contains broken or outdated links.

If you do need to contact the support team, we’d recommend:

The broker’s head office address is 34 New House, City of London, EC1N 8JY, United Kingdom.

Trader Security

The MetaTrader 5 platform follows industry-standard security measures, with Secure Sockets Layer (SSL) encryption to protect data exchange between servers. There is also the option of Two-Factor Authentication (2FA) upon login.

Axes Verdict

Axes offers a decent range of CFD assets on the desktop, web and mobile MT5 platforms. Spreads are competitive and fast payment options are also available. But unfortunately, customer support and educational resources are seriously lacking, which makes us wary to recommend the broker to readers. Also, the broker isn’t regulated by a reputable onshore agency, which raises concerns about how safe and trustworthy Axes is.

Top 3 Alternatives to Axes

Compare Axes with the top 3 similar brokers that accept traders from your location.

  1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

  2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.

  3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.

Axes Comparison Table

Compare Axes With Similar Brokers
Axes IG Interactive Brokers World Forex
Rating 1.5 4.4 4.3 4
Markets Forex, CFDs, indices, shares, commodities, futures CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts
Demo Account Yes Yes Yes Yes
Minimum Deposit $100 $0 $0 $1
Minimum Trade 0.01 Lots 0.01 Lots $100 0.01 Lots
Regulators FSA, IFMRRC FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA SVGFSA
Bonus 100% Deposit Bonus
Education No Yes Yes No
Platforms MT5, TradingCentral Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral MT4, MT5
Leverage 1:500 1:30 (Retail), 1:250 (Pro) 1:50 1:1000
Payment Methods 4 6 6 10
Visit Visit Visit Visit Visit
Review IG
Review
Interactive Brokers
Review
World Forex
Review

Compare Trading Instruments

Compare the markets and instruments offered by Axes and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare Axes Trading Instruments
Axes IG Interactive Brokers World Forex
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil No Yes No Yes
Gold Yes Yes Yes Yes
Copper No Yes No No
Silver Yes Yes No Yes
Corn No No No No
Crypto Yes Yes Yes Yes
Futures Yes Yes Yes No
Options No Yes Yes No
ETFs No Yes Yes No
Bonds No Yes Yes No
Warrants No Yes Yes No
Spreadbetting No Yes No No
Volatility Index No Yes No No

Axes vs Other Brokers

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FAQ

Is Axes a scam?

Axes is regulated by the FSA in St Vincent and the Grenadines. This offshore regulator is not particularly reputable which does raise concerns about the safety of the broker. We’d recommend caution before opening an account.

Does Axes offer bonds trading?

Axes does not offer trading on bonds. Instead, clients can trade CFDs, stocks, indices, forex, commodities, and futures.

How much capital do I need to trade with Axes?

The minimum accepted deposit is $100, however, the broker recommends funding your account with at least $500.

Where is Axes based?

Axes is headquartered in London but is registered with the FSA in Saint Vincent and the Grenadines.

What leverage is offered at Axes?

The maximum leverage offered at Axes is 1:500, although this varies depending on the market.