Switch Markets vs Axi

Switch Markets vs Axi Comparison Table 2024
Switch Markets Axi
3.3
3.7
United States Flag Traders from US not accepted
United States Flag Traders from US not accepted

Switch Markets is a multi-asset CFD brokerage, regulated by ASIC and SVGFSA. The new brand offers trading on the MT4 platform and leverage up to 1:500. The broker boasts over 180 instruments, with some additional tools including copy trading services and free VPS hosting.

Axi is a global forex and CFD trading firm, founded in 2007 in Sydney, Australia. Highly leveraged trading opportunities plus a $0 minimum deposit make it a popular choice among 60,000+ traders worldwide. Axi also stands out for its resources, including copy trading and Autochartist.

81.6% of retail investor accounts lose money when trading CFDs with this provider
Bonus Offer
100% Deposit Bonus
Comment by Reviewer
"Based on my tests, I think Switch Markets could be a good option for both new and experienced day traders, with accessible accounts, zero commissions and spreads from 0 pips. My main complaint is that the selection of 180+ products may be a little light for some traders." "Axi maintains its position as a top forex and CFD broker for seasoned traders, with more than 70 currency pairs, raw spreads and additional benefits for high-volume trading. Beginners will also appreciate the user-friendly copy trading service and free forex eBooks."
Pros
  • Switch Markets offers access to a decent range trading tools including a market sentiment heatmap, an economic calendar and a VPS. I particularly appreciate the diverse range of forex calculators
  • I found 14 accessible deposit options and 5 base currencies. The impressive average processing times of 1 minute and 2 seconds should also appeal to active traders
  • I am impressed by the complimentary access to the HowToTrade education resources, community chatroom and market analysis for just a $100 deposit
  • Traders can access copy trading solutions via the MetaTrader Trading Signals tools and duplicate positions of experienced traders in real-time
  • I think the $50 minimum initial deposit for both account types is very competitive compared to some other brands
  • A strong range of advanced tools are available for experienced day traders, including the Autochartist market scanner, VPS solutions and exclusive MT4 NexGen features
  • The broker's inactivity fee terms are fairly generous, only charging a $10 fee after a long inactivity period of 12 months - some brokers charge after only 3 months
  • The broker’s free trading resources are geared towards short-term traders, including various market calendars and dividend forecast schedules
  • Experienced traders can benefit from the Axi Select funded trader programme, offering funding up to $1 million and up to 90% profit share
  • The $0 minimum deposit, zero-commission pricing structure, and user-friendly copy trading service will appeal to beginners
  • Traders can choose between 10 base account currencies plus a wide range of free deposit methods, including cryptos
  • Among other educational resources, there’s an excellent selection of free eBooks for newly registered beginners
  • Axi is a well-regulated and established broker, with a strong track record since 2007
Cons
  • I'm a little concerned that the global entity is regulated offshore by the SVGFSA, a low-tier watchdog with very limited financial protection for clients
  • Spreads are not the most competitive for Standard account holders in my opinion, averaging 1.5 pips on EUR/USD
  • There's a limited choice of third-party charting platforms compared to other brands, with only MT4 available alongside the proprietary app
  • The demo account expires after only 30 days - many alternative brokers that we test allow you to practice for 60 days or more
  • The tightest round-trip commission fees of $3.50 are only available to those who can deposit $25,000
  • The Axi Select program requires a $500 minimum deposit to enter the first Seed stage
Awards
  • Best EMEA Region Broker - ADVFN International Financial Awards, 2020
  • Best Forex Broker Middle East - forex-awards.com, 2019
  • Best Forex Broker Europe - forex-awards.com, 2019
  • Best MT4 Forex Broker - atozmarkets.com, 2019
Instruments
CFDs, Forex, Stocks, Cryptos, Commodities Forex, CFDs, indices, shares, commodities, cryptocurrencies
Demo Account
Yes Yes
Minimum Deposit
$50 $0
Trading Platforms
  • MT4
  • MT4
  • AutoChartist
  • DupliTrade
Payment Methods
Minimum Trade
$1 0.01 Lots
Regulator
ASIC FCA, ASIC, DFSA, FMA
Margin Trading
Yes Yes
STP Account
No No
ECN Account
No Yes
DMA Account
No No
MAM Account
No Yes
PAMM Account
No No
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
No No
Robo Advisor
No No
Negative Balance Protection
Yes Yes
Market Maker
Yes No
P2P Trading
No No
Spot Trading
Yes Yes
Mobile Apps
iOS & Android iOS & Android
Android App Rating
3.4
iOS App Rating
2.5
Auto Trading
Yes - Equinix Myfxbook plus Expert Advisors (EAs) on MetaTrader
Copy Trading
Yes Yes
Copy Trading Platform
Switch Markets offers copy trading services with low fees via the MetaTrader 4 terminal. After partnering with Pelican Trading, Axi remains a strong option for traders seeking a reputable copy trading service. The user-friendly app requires no minimum deposit and connects seamlessly to your MT4 trading account.
Social Trading
Yes Yes
Trade Signals
MT4 Yes - on MT4
VPS Hosting
Yes Yes
Tournaments
No No
Demo Competitions
No Yes
Ethical Investing
No No
Custodial Account
No No
Guaranteed Stop Loss
No No
Islamic Account
Yes Yes
Account Currencies
  • USD
  • EUR
  • GBP
  • CAD
  • AUD
  • NZD
  • CHF
  • SGD
  • USD
  • EUR
  • GBP
  • CAD
  • AUD
  • JPY
  • CHF
  • HKD
  • SGD
Stock Exchanges
Commodities
CFD Trading
Switch Markets offers 180+ CFD instruments with 1:500 leverage and fast order execution speeds of <76 ms. I find commissions are also fairly competitive, coming in at $7 per round turn for Pro account holders. Axi offers 220+ products covering forex, shares, commodities, indices and cryptos. Spreads on EUR/USD come in at around 0.2 pips in the Pro account and 1.1 pips in the Standard account. These are competitive and aligned with equivalent accounts at leading low-cost brokers like Pepperstone.
Leverage
1:500 1:400
FTSE Spread
1.2 from 100 (floating)
GBPUSD Spread
0.5 from 0.6 pips (floating)
Oil Spread
2.0 from 0 pips (floating)
Stocks Spread
Variable Variable
Forex Trading
I think the range of 60+ major, minor and exotic currency pairs is fairly competitive, especially with spreads from 0 pips in the Pro account. Experienced traders can also access high leverage up to 1:500 in the popular MT4 platform. Axi continues to offer a strong selection of 70+ currency pairs - more than many top brokers including award-winner AvaTrade, with only 50+. There are no restrictions on trading strategies including algo trading and scalping, which will serve both short-term and long-term traders.
GBPUSD Spread
0.5 from 0.6 pips (floating)
EURUSD Spread
0.1 from 0.2 pips (floating)
EURGBP Spread
0.6 from 0.5 pips (floating)
Assets
60+ 70+
Cryptocurrency
There's only 6 crypto CFDs available at Switch Markets, though I was pleased to see leverage of 1:3 available. I like that you can also benefit from BTC, ETH, XRP, USDT and USDTRC20 deposit options. The broker offers a strong selection of 30 popular cryptos paired with fiat currencies, other tokens and metals. The high leverage up to 1:200 will serve experienced crypto traders, whilst the zero-commission pricing structure will appeal to beginners.
Spread
Variable Variable
Coins
  • BTC
  • ETH
  • LTC
  • XRP
  • BCH
  • BNB
  • BTC
  • LTC
  • OMG
  • FTT
  • BTC
  • BCH
  • DOG
  • LTC
  • XLM
  • AAVE
  • COMP
  • LRC
  • MKR
  • SUSHI
  • UNI
  • BAT
  • CRV
  • ENJ
  • LNK
  • MANA
  • MATIC
  • SAND
  • XRP
  • LNK
  • XRP
  • KSM
  • AVAX
  • ETH
  • SOL
  • XTZ
  • ADA
  • DOT
  • EOS
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No No
Auto Market Maker
No No
81.6% of retail investor accounts lose money when trading CFDs with this provider
More Comparisons
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