Axiory

Founded in 2011, Axiory is headquartered in Belize and regulated by the International Financial Services Commission (IFSC).  Its copy trading platform is a white label of London & Eastern LLP, and is authorised and regulated by the FCA (note that the copy trading account will be available in the near future).

For all intents and purposes, the IFSC is not considered a forex broker regulator and applies no supervision of any CFD trading-related activities.  Clients must rely solely on the reputation of Axiory, as no additional measures exist to ensure client protection. However, in a show of good faith, Axiory segregates all funds from the company’s operating capital and it offers negative balance protection to all its clients.  However, as Axiory is not regulated by the FSCA, traders are not protected under any local investor protection schemes.  

Axiory also participates in a compensation scheme through the Financial Commission, and client deposits are protected up to a maximum of 20,000 USD per trader.  

Overall, because of its long history of responsible behaviour, segregation of client funds, and provision of negative balance protection, Axiory seems like a safe broker to trade with, but due to the lack of regulatory oversight, this cannot be confirmed. 

The account-opening process at Axiory is easy, hassle-free, and fully digital.

All traders can open an account at Axiory but will need to meet the minimum deposit amount of 10 USD on each account to do so.

Creating an account is straightforward, the process is fully digital, and accounts are usually ready within one day.  Axiory offers both individual and corporate accounts, but for the purposes of this review, we will focus on opening an individual account:

1. First, click on the “Sign Up” button at the top right-hand corner of the Home Page.
2. Axiory’s intake form requires clients to fill in their personal details (including name, country of residence, email address, birth date, and create a password). A verification code will be sent to the registered email address. 
3. At this point, traders will have access to the demo account, which comes preloaded with 10,000 USD in virtual funds.
4. Traders can then open a live account, and choose their account settings, including platform (MT4, MT5, or cTrader), account type, base currency (EUR or USD), and level of leverage (up to 400:1).
5. Traders will then have to complete their personal information.
6. Axiory requires individuals to submit a copy of their National ID, Passport or driver’s licence with the signature page.
7. Once this step is complete, clients are required to fill out a questionnaire that helps Axiory assess the trader’s investment knowledge, experience, and expertise to deem the suitability and relevance of the services on offer. While most brokers don’t include this step in the account-opening process, it is a responsible move in an industry that is often accused of an irresponsible approach to consumer protection.
8. Lastly, traders will have to submit a document proving their residence.  A proof of residence/address document must be issued in the name of the account holder within the last 3 months and must contain a trader’s full name, current residential address, issue date, and issuing authority.

9. We advise you to read Axiory’s risk disclosure, customer agreement, and terms of business before you start trading. 

Once all the documents have been received, the account will be ready for trading within one day.  

Overall, Axiory’s account opening process is fast, hassle-free, and fully digital compared to other similar brokers.

While some traders will be disappointed that Axiory does not offer crypto CFDs, the range and depth of assets available to trade are impressive.

Unlike other brokers with a range of accounts with higher minimum deposits linked to tighter spreads, Axiory offers four forex trading accounts all with a minimum deposit of 10 USD.  Two of the accounts are commission-free accounts with trading costs included in the variable spreads, and two of the accounts offer tighter spreads in exchange for a commission per lot. The accounts are also linked to different platforms (MT4, MT5, or cTrader).

Axiory’s accounts were assessed to compare the costs to those of other Forex brokers. 

When making this calculation, we used one lot of EUR/USD as a benchmark as it is the most commonly traded currency pair and it usually has the tightest spread.

Trading costs on Axiory’s Nano and Tera Accounts are lower than those on the Standard and Max accounts, and lower than those of other brokers. Most other market maker brokers have an average trading cost of 9 USD per lot of EUR/USD traded.  Additionally, all trading accounts have a minimum deposit of 10 USD, making them accessible to all traders.

Swap Fees

Another important cost to consider is the swap rate charged on positions held overnight.   Interest is paid (or received) for each night a position is held. When trading a currency, you are borrowing one currency to purchase another. The swap interest fee is calculated based on the difference between the two interest rates of the traded currencies.

The swap rates are published alongside each instrument in the trading specifications tab on the website.  Axiory also provides a convenient swap calculator.  

We opened and tested Axiory’s accounts:

Nano Accounts

The Nano Account boasts favourable trading conditions for beginner traders, with variable spreads at 0.20 pips, a 6 USD/lot commission, and maximum leverage of up to 400:1.  The Nano Account is available on the MT4 and cTrader platforms, and the minimum transaction is 0.01 lots.

Standard Account

The Standard Account is a commission-free account with optimal trading conditions. Spreads average at 1.2 pips on the EUR/USD, which is in line with other similar brokers.  Again, support is offered for both the MT4 and c-Trader platforms, and the maximum leverage is up to 400:1 on this account.  

Max Account

Like the Standard Account, Max accounts are commission-free accounts, with an average spread of 1.8 pips on the EUR/USD, which is wider than other similar brokers.  Trading is also offered on the MT4 and cTrader platforms, but this account offers the highest leverage – of up to 777:1.

Tera Account

The Tera Account is the only Forex account available on the MT5 trading platform. Trading conditions are similar to the Nano account, with spreads that average at 0.20 pips in exchange for a commission of 6 USD per lot, and leverage of up to 400:1.  

Alpha Account

The Alpha Account is an MT5-only share trading account.  There are no minimum deposit requirements on this account and because it is a share account, traders become shareholders.  Shares are unleveraged products, and as such, leverage is up to 1:1.  

Demo Accounts

Axiory offers demo accounts that mimic real market trading conditions, where one can test various trading strategies without taking on any financial risk.  Demo accounts are unlimited, and Axiory provides a starting balance of 10,000 virtual trading dollars.  One also can try out the various account options, trading platforms, Axiory tools and gain access to all technical and fundamental analyses.  

Axiory’s mobile platform support is better than other similar brokers.

Available for both of the most popular operating systems, mobile apps give traders the freedom to trade anywhere, anytime. 

MetaTrader

MT4/MT5 users enjoy the same technical features as desktop apps, including customisable charting tools, full trading history, and access to trading robots. However, traders should note that there is some loss in functionality when compared to the desktop trading platforms, including reduced time frames and fewer charting options.

cTrader

cTrader offers handy features including pinch-to-zoom, fling scrolling, and double-tap action to re-centre charts, as well as in-app notifications on mobile and tablet formats.

Axiory offers support for the MetaTrader4 (MT4), Metatrader5 (MT5), and cTrader platforms. These platforms allow for a smooth trading experience with all the necessary trading tools and resources on hand to conduct research and analysis, enter and exit trades, and use third-party automated trading software.   

All platform choices are free to use, all can be downloaded to your PC or Mac and all have web versions of the platform. All platforms are also available on mobile Android and iOS devices.

MT4

While not the most beginner-friendly software, MT4 has been the industry-standard platform for trading Forex and CFDs since 2005. Its intuitive interface and user-friendly environment provide essential tools and resources for successful online trading.    Features of the MT4 include:

• A built-in library of more than 50 indicators and tools to streamline the analysis process.
• An impressive array of analytical tools, available in nine timeframes for each financial instrument.
• Live price streaming on live accounts and demo accounts 128-bits encryption for secure trading
• Algorithmic trading, which allows any trading strategy to be formalised and implemented as an Expert Advisor. 
• Customisable alerts
• Access to MetaTrader market and MQL4 community 

MT5 

The MT5 trading platform is being adopted by more Forex brokers all the time; it has a more modern interface, allows for an unlimited number of charts to be used, shows Depth of Market, and has a built-in Economic Calendar. It also has a larger number of pending order types than MT4 and features an embedded chat system. Additionally, the MQL5 scripting language is more efficient than its precursor, and MT5 has more advanced charting tools than MT4.  Note that the MT5 platform is the only one on which traders can trade real shares. Other features of MT5 include:

• Optimised processing speeds
• Share trading
• Built-in economic calendar
• 21 timeframes.
• 38 inbuilt indicators.

Axiory provides a selection of installation guides and videos on how to set up the various platforms.

cTrader

cTrader is a much younger trading platform than MT4/MT5 but has been on the market for almost ten years.  As a result, the platform has been built using the latest technologies and trends. In many respects, c-Trader already exceeds its rival’s feature set and is still being updated regularly with new updates and improvements. All updates focus on improving traders’ experience and helping them manage their risk and trade effectively. 

Key features of the cTrader platform include:

• Detailed trade analysis, including the analyze tab, which provides an overview of the performance of your account
• Large range of indicators
• Advanced platform customisation with cTrader Automate (formerly cAlgo)
• The ability to add multiple take-profit orders.
• Comprehensive educational videos are available within the platform.

Axiory also provides a range of helpful videos to help traders make the most of the cTrader platform.

Axiory offers many deposit and withdrawal methods available in EUR and USD. As a regulated broker, Axiory makes sure that all Anti-Money Laundering rules and regulations are followed. For a client, this means that deposits can only be made using a bank account or card registered in your name; no third-party deposits are allowed. Withdrawals must be made to the same account or method where the funds originated. 

Axiory offers a wide range of funding methods, including credit cards or debit cards, bank wire transfers, and various e-wallet payment methods (Skrill, Neteller, Sticpay, vLoad). Although most deposits are processed instantly, withdrawals by bank transfer and credit/debit cards can take 3 – 10 days to be processed.  Additionally, traders should be aware that AXIORY reserves a maximum period of 5 (five) working days, starting at the moment of placing a withdrawal request by Client before the funds are transferred to the Transaction Account of the Client. The period serves for Verification of the Client placing the request and the amount of funds remaining on the Trading Account.

Axiory offers two base currencies, which is limited compared to other brokers.

At Axiory, traders can only choose from two base currencies: USD and EUR. This is limited compared to most other international brokers, who usually allow accounts to be denominated in between 5 – 10 base currencies.  

Only having accounts denominated in USD and EUR is hugely limiting for traders, and especially for s who will likely have bank accounts denominated in AUD.  This means that s will have to pay conversion fees on all deposits and withdrawals. Conversion fees can make trading expensive, and affect profitability. 

Additionally, some traders may want to have multiple accounts with different base currencies to avoid paying conversion fees.  However, because Axiory accounts are only denominated in USD and EUR, this is not possible.  

In this case, it is better to open an account at a digital bank.  Digital banks offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. 

Axiory offers a good range of technical analysis tools, including Autochartist, Axiory Strike Indicator, MT4 Custom Indicators, and various trading calculators.

AutoChartist

Free for all Axiory clients, no matter the account balance, Autochartist is a popular third-party trading tool.  Autochartist continuously scans markets and automatically recognises trade setups based on support and resistance levels. Once an opportunity has been identified, traders are alerted.  Some of Autochartist’s key features are:

• Chart pattern recognition
• Fibonacci pattern recognition
• Key level analysis
• Pattern quality indication 

Autochartist is one of the most valuable tools on the market.

Axiory Strike Indicator

Using a sophisticated mathematical model, the Strike Indicator helps traders identify the start of a trend. It is free for all Axiory clients.

MT4 Custom Indicators

MT4 technical indicators are powerful technical analysis tools that help you identify market trends. With custom indicators, you can automate your technical analysis for day-to-day trading activities. Get customised indicators provided by Axiory or develop your custom indicators and trading robots using the MQL4 language. 

Trading Calculators

Axiory offers five trading calculators:

Margin Percentage Calculator: With Axiory’s Margin Calculator, traders can calculate exactly how much margin is required in order to guarantee a position that they would like to open and adjust its size accordingly. 

Currency Converter Tool: Axiory’s currency converter tool uses real-time market rates as presented in the Axiory trading platforms and applications. 

Pip Value Calculator: The PIP Calculator allows traders to find out the exact value of their trading positions in the currency of their trading account.

Swap Rates Calculator:  The Swap Rate Calculator helps traders calculate the fee they will be charged based on the instrument they are trading, the account currency, and trade size. 

Profit Calculator: This is a profit and loss calculator. You can use it to find out how much you will either lose or gain in case your stop-loss and/or take-profit levels are reached. 

Axiory’s market analysis materials are excellent compared to most other brokers.

Axiory Intelligence prides itself on unique articles and material prepared by an in-house team of analysts and trading experts with years of experience in the industry. Everything published on its website is prepared, analyzed, and presented by its own team and is specially designed for traders. Market analysis materials include an up-to-date Trading Calendar, technical and fundamental analyse, an Economic Calendar, and a weekly market commentary.

Axiory’s Trading Academy provides dozens of multi-leveled lessons through a series of rich educational articles. Its step-by-step, strategically categorized, and carefully designed articles are useful for beginner and experienced traders alike.  It also offers a range of webinars covering topics such as ‘Trading Psychology,’ ‘Practical Trading’ and ‘Money Management.’ Webinars are run two to three times a week, and archives of previous webinars are available on Axiory’s YouTube channel.  

For the purposes of this review, we found the customer support polite, helpful, and responsive.  The only downfall is that support is only available during business hours, whereas most other brokerages offer support 24 hours a day, five days a week.