Axi is the quiet incumbent: running since 2007, regulated by ASIC under AFSL 318232, with FCA coverage and a raw-spread reputation. Opes Advisors notes no significant regulatory action across its history, and Myfxbook's Axi review page records competitive raw spreads of 0.0 to 0.2 pips on EUR/USD in peak hours. The Forex Peace Army review adds the community-verdict layer. Raw-spread brokers can partner with SpinDepth on pricing-led programs.
The regulation story
AxiCorp Financial Services holds the ASIC licence at the core, with FCA-authorised coverage for UK clients and offshore seats for other regions. ASIC's retail protections and Australia's leverage rules anchor the brand, which is why the entity check still matters per region. The licence guide matches your account to the right register.
Pricing and longevity
Raw spreads near zero plus a reasonable commission make Axi a scalper's consideration, and seventeen years without major regulatory action is the compounding trust that newer challengers cannot buy. Compare the raw-spread lane against Pepperstone's Razor, the other cost-first incumbent.
- Since 2007, no major regulatory action
- ASIC AFSL 318232 core licence
- FCA coverage plus offshore seats
- 0.0 to 0.2 pip raw spreads
Key takeaways
Axi's edge is seventeen years of clean regulatory history plus ASIC and FCA anchors. Its raw-spread lane competes directly with Pepperstone. Verify your regional entity, then test the spreads live.
Seventeen years without a regulatory black mark is a moat no ad campaign can buy.
What ASIC regulation gives an Axi client
An Australian financial services licence comes with a specific set of duties. ASIC requires licensed brokers to hold client money in trust accounts separate from the firm's own funds, to meet capital requirements, to keep records ASIC can inspect and to belong to the Australian Financial Complaints Authority, the free external dispute service clients can turn to when a complaint is not resolved.
Since 2021 ASIC has also limited how CFDs can be sold to retail clients. The product intervention order caps leverage at 30 to 1 on major currency pairs, 20 to 1 on minor pairs, gold and major indices, 10 to 1 on other commodities, 5 to 1 on shares and 2 to 1 on crypto CFDs. It requires positions to be closed when margin falls to half the required level and stops retail accounts from going below zero. These are close to the rules the EU and UK apply, and they explain why Australian brokers advertise lower leverage to local clients than their offshore arms do elsewhere.
Australia has no national compensation scheme for CFD clients. Protection rests on segregation, capital rules, ASIC supervision and the complaints authority, so the quality of the broker's own controls matters.
UK clients and the FCA layer
UK residents are served by Axi's FCA-authorised entity. The FCA applies similar leverage and margin rules to ASIC, and adds the Financial Services Compensation Scheme, which covers eligible clients up to 85,000 pounds if an authorised firm fails. Complaints that are not settled can go to the Financial Ombudsman Service. Clients in other regions, served by offshore entities, do not get these protections, which is why the region on the account application matters as much as the brand name.
How raw-spread pricing really adds up
A raw-spread account quotes the market's own bid and ask with little or no markup and charges a commission per lot instead. The cost of a trade is the two added together. On one standard lot of EUR/USD, a pip is worth about 10 US dollars, so a 0.1 pip spread costs about 1 dollar. Add a commission of, for example, 7 dollars per round turn, and the all-in cost is about 8 dollars, the equivalent of 0.8 pips.
A standard account with no commission might quote 1.0 pip or more on the same pair. For a trader who opens many positions a day, the difference over a month is large. For a trader who places a few long-term trades, the overnight financing cost on held positions can matter more than the spread. Comparing accounts means working out the cost for your own trading pattern, at the hours you trade, because raw spreads widen when liquidity thins at the daily rollover and around major news.
Platforms and tools
Axi offers MetaTrader 4, the long-standing standard for forex traders and automated strategies, along with its own mobile app and a set of trading tools. MetaTrader's strength is portability: expert advisors, custom indicators and copy services built for it run at any broker that offers the platform, so a trader can move without rebuilding a toolkit. Traders who need MetaTrader 5 features, cTrader or TradingView integration should check the current platform list for their region before opening an account.
Why a clean record is worth checking yourself
Seventeen years without a significant enforcement action is a strong signal, but it is easy to verify rather than take on trust. ASIC publishes enforcement outcomes and a professional register where a licence number such as 318232 can be looked up, showing the licensee's name, status and authorisations. The FCA register does the same for UK firms. A search takes minutes and confirms that the licence on the website belongs to the entity named in the client agreement.
Funded trading and other programs
Like several large brokers, Axi has added programs beyond standard trading accounts, including a funded trader offering and partner programs for introducers. These programs have their own terms, separate from the trading account, and should be read on their own merits: who provides the capital, what performance rules apply and how payouts are made.
A five-step check before funding an Axi account
- Confirm which Axi entity serves your country in the legal documents.
- Look up that entity in the ASIC or FCA register, or in the offshore regulator's register if that is where you are served.
- Compare the raw and standard accounts using your own trade sizes and frequency.
- Test spreads on a demo during the sessions you trade, including the daily rollover.
- Deposit a small amount and complete a withdrawal before trading larger sizes.
Reading the spread figures in reviews
Spread figures quoted in reviews, such as 0.0 to 0.2 pips on EUR/USD, usually describe the tightest conditions during the most liquid hours, when London and New York overlap. Outside those hours, and in the minutes around major releases such as US jobs data or central bank decisions, raw spreads can widen to several pips. Brokers that publish average spreads by hour give a more honest picture than a single best figure. When comparing Axi with Pepperstone or IC Markets, compare averages over the same period, on the same pairs, at the times you trade, and remember that execution speed and slippage add or remove cost in ways a spread table does not show.
Who Axi suits, and who it does not
Axi's mix of raw pricing, MetaTrader support and a long regulatory record suits active forex traders and those running automated strategies who want an established Australian or UK entity behind their account. It suits less well traders who want a wide range of real shares and ETFs to own outright, or those who prefer an all-in-one investing app. As with any broker, the best test is a demo during your own trading hours followed by a small live account.
The bigger picture
Raw-spread incumbents dominate the scalping lane because execution and trust compound over decades. Axi and Pepperstone define that lane, and everyone else prices around them.
What to watch next
Watch commission changes as the pricing war moves. Watch ASIC rule updates for retail leverage. And watch Myfxbook review trends as the community barometer.
How is Axi regulated?
AxiCorp holds ASIC licence AFSL 318232 with FCA coverage for the UK and offshore seats for other regions.
Is Axi a safe broker?
It has run since 2007 with no significant regulatory action across its history, an unusually clean record.
What spreads does Axi offer?
Raw spreads of 0.0 to 0.2 pips on EUR/USD in peak hours plus commission, aimed at scalpers.
Does Australia have a compensation scheme for CFD clients?
No. Australian clients are protected by client-money segregation, capital rules, ASIC supervision and the Australian Financial Complaints Authority, but there is no national compensation fund for CFD accounts.
How do I check an ASIC licence number?
Search the number or the company name in ASIC's professional register. It shows the licensee, the licence status and what the licence covers.
Is a raw-spread account always cheaper?
Not always. It is usually cheaper for active traders, but the commission, the hours you trade and overnight financing all change the real cost.
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