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Broker Score | Min. Deposit | Regulation | Trading Desk Type | Trading Instruments | Forex Pairs | Crypto Pairs | Pros | Cons | Regulation | Trading Conditions | Trading Platforms | Deposit & Withdrawal | Education & Research | Assets Available | Customer Service | % Lose with this broker | Leverage | Spread | Hedging | Scalping | Account Types | Islamic Account | Trading Platforms | Funding Methods | Trading Commission | ||
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USD 0 | ECN/DMA | Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals, WTIs | 70 | 11 |
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| Read Review | 75.6% | 500:1 | 0 pips | Yes | Yes | MT4 Pro Account, MT4 Standard Account | Yes | MT4 | Visa, Mastercard, Bank Transfer, Bitcoin, Neteller, Skrill, Sofort Banking, Giropay | 7 USD / lot - PRO account | ||||||||||
USD 200 | ECN/DMA | Bonds, Commodities, Cryptocurrencies, Stock CFDs, Forex, Futures, Indices | 64 | 18 |
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| Read Review | 70.81% | 500:1 | 0.10 pips | Yes | Yes | RAW - cTrader, RAW - MetaTrader, Standard - MetaTrader | Yes | MT4, MT5, cTrader, TradingView | Visa, Mastercard, Bank Transfer, Paypal, Neteller, Skrill | 7 USD / lot - Raw Spread Account |
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 FX Scouts Tanzania, 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.
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 two Tier 1 and no Tier 2 licences.
Based on these findings, Axi earned a higher trust rating than IC Markets.
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.
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 and Axi offers support for .
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.
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.
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.
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.
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.
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 0 offers better research analysis than 0 and that both Axi and IC Markets offer frequent webinars.
IC Markets is an Australian broker offering CFD trading on Forex, commodities, indices, bonds, cryptocurrencies, stocks, and futures. Compared to other ECN brokers, IC Markets has low trading costs, fast execution, and wide trading platform support – with MT4, MT5 and cTrader all available.
IC Markets caters to advanced traders with periodic strategy webinars, advanced analysis tools and a free VPS service for active traders. But – despite its focus on providing great trading conditions – IC Markets fails to deliver a structured course for beginners and Forex education, in general, is weaker than IC Market’s competitors.
Built by traders, for traders, Axi is an ASIC and FCA regulated ECN broker for the serious trader, where traders execute their positions directly on the markets without any broker interference.
While the trading platform choice is limited to MT4, Axi has received strong industry recognition for their setup including Best MT4 Broker 2018 (Compare Forex Brokers Australia) and Best MT4 Provider 2018 (UK Forex Awards).
Joining Axi requires a $5 minimum deposit which gives you a strong MT4 setup and an ECN account. This combination only highlights further that they are built by traders, for traders.