How do IC Markets and Axi stack up against each other?
The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.
At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.
To compare IC Markets and Axi, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.
Does IC Markets or Axi have a better trust and regulation rating?
Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.
In our comparison, we found that Axi holds three Tier 1 and two Tier 2 licences, and IC Markets holds one Tier 1 and no Tier 2 licences.
Is Axi financially regulated?
Yes Axi was founded in 2007 and is regulated by ASIC, CySEC, DFSA, FCA, FMA and FSA-St-Vincent.
Is IC Markets financially regulated?
Yes IC Markets was founded in 2007 and is regulated by CySEC, SCB and FSA-Seychelles.
Based on these findings, Axi earned a higher trust rating than IC Markets.
Does IC Markets or Axi have lower costs?
Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged.
Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that IC Markets has overall lower trading costs than Axi.
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Does IC Markets or Axi offer a better choice of trading platforms?
Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms.
In this case, IC Markets offers support for cTrader, MT4, MT5 and TradingView and Axi offers support for MT4.
Do the brokers offer copy trading?
Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both Axi and IC Markets offer copy trading.
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Which broker offers a better choice of trading instruments?
A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that Axi offers a greater range and depth of instruments to trade than IC Markets. Axi offers 70 Forex pairs to trade and IC Markets offers 64 Forex pairs to trade.
And what about Cryptocurrencies?
In this case, IC Markets offers 18 cryptocurrencies while Axi offers 11 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with IC Markets.
Which broker offers better deposit and withdrawal processes?
Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals.
We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that both Axi and IC Markets charges a withdrawal fee. Overall, Axi has better deposit and withdrawal processes than IC Markets.
Which broker offers better educational support?
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.
IC Markets has better educational support than Axi. Both Axi and IC Markets offer educational support for more experienced traders.
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Which broker offers better market analysis materials?
To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field.
We found that IC Markets offers better research analysis than Axi and that both Axi and IC Markets offer frequent webinars.
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Our overall Verdict on IC Markets
An excellent all-round broker with a very high trust rating, IC Markets was founded in 2007 in Australia and holds licences from some of the strictest regulators in the world. IC Markets is well-known for its low trading costs, choice of trading platforms, and wide range of trading tools.
IC Markets offers a lower-cost trading environment than almost any other broker, with average spreads of 0.10 pips (EUR/USD) on its Raw Spread Account in exchange for a low commission of 6 USD (round turn) per lot.IC Markets is one of the few Forex brokers to support all four major trading platforms, including MetaTrader4, MetaTrader5, TradingView, and cTrader; and offers numerous trading tools for each, including VPS services, Trading Central, and various copy trading services.
Beginner traders will benefit from IC Markets’ exceptional customer support, which is available 24/7 to help with any account or technical queries. While its education section is more comprehensive than most other brokers', it offers a fairly limited selection of market analysis materials.
Our overall Verdict on Axi
An Australian broker with an excellent reputation, Axi is an MT4-only broker with three low-cost trading accounts and some of the best trading tools in the industry. We were also pleased to find that we were able to deposit funds via online banking in South African Rands.
Although Axi limits its platform choice to MT4, it offers traders free use of various powerful technical analysis tools, including Autochartist, MyFxBook, and PsyQuation. These tools help experienced traders and serious beginners make better trading choices. We were also impressed with Axi’s high-quality trading education and frequent market analysis.
Axi is not regulated by the FSCA and it allows South African traders to open accounts with its offshore brokerage, which is registered with the SVG FSA. The SVG FSA is not a regulator and does not supervise trading or protect traders. Traders who choose this option will not have negative balance protection, which means they can lose more than their initial deposit.
Which broker has the highest overall rating?
IC Markets has an overall rating of 4.46 and Axi has an overall rating of 4.44. For more detail please read our reviews of
IC Markets and
Axi.
