AuthorBy Björn Michels
Updated: August 5, 2022

Trading with a reputable online broker is a crucial factor for success in the international markets. At FX Australia, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

Select brokers to compare

Scroll for more detailsPreviousNext
Overall Rating
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
11110.54.12/ 5 USD 100CySEC Regulated BrokersFinansinspektionenFinancial Services Authority – St. Vincent & the GrenadinesECN/DMAForex, Indices, Commodities, Metals, Cryptocurrencies3230
  • Fast and free withdrawals
  • Copy trading accounts
  • Limited range of assets
  • Restrictive account types
Read Review 1110.503.5/ 5 11110.54.5/ 5 11110.54.5/ 5 111115/ 5 1110.503.5/ 5 111104/ 5 111104/ 5 0500:10.60 pips cTrader ECN, MT4, MT5 MT4, MT5Bitcoin, Neteller, Skrill, Mastercard, VisaFees Included in Spread
11110.54.34/ 5 AUD 0FCA Regulated BrokersASIC Regulated Forex BrokersFMA Regulated Forex BrokersDubai Financial Services AuthorityECN/DMAForex, Indices, Commodities, WTIs, Metals, Stock CFDs, Cryptocurrencies7011
  • Low minimum deposit
  • Tight spreads
  • Innovative trading tools
  • MT4 only
  • Limited range of assets
Read Review 11110.54.5/ 5 11110.54.5/ 5 111104/ 5 11110.54.5/ 5 11110.54.5/ 5 11110.54.5/ 5 111104/ 5 75.6%30:10 pips MT4 Pro Account, MT4 Standard Account MT4Visa, Mastercard, Bank Transfer, Bitcoin, Neteller, Skrill, Sofort Banking, Giropay7 USD / lot - PRO account

At FX Australia, 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 Axi and OctaFX, 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 Axi or OctaFX 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 two Tier 1 and two Tier 2 licences, and OctaFX holds no Tier 1 and two Tier 2 licences.

 

Can I trust Axi?

Yes as Axi was founded in 2007 and is regulated by ASIC, DFSA, FCA and FMA.

 

Can I trust OctaFX?

Yes as OctaFX was founded in 2011 and is regulated by CySEC, FSA-St-Vincent and Fi.

 

Based on these findings, Axi earned a higher trust rating than OctaFX.

Does Axi or OctaFX 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 OctaFX has overall lower trading costs than Axi. 

Scroll for more detailsPreviousNext
Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Commission
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
OctaFX
11110.54.5/ 5
EUR, USD
0.70 pips
USD 0
USD 7
0.70 pips
1.50 pips
1.40 pips
Axi
11110.54.5/ 5
AED, CAD, EUR, GBP, JPY, NZD, PLN, SGD, USD
1.00 pips
USD 0
USD 10
0.00 pips
0.10 pips
0.10 pips

 

Does Axi or OctaFX 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, OctaFX offers support for MT4 and MT5 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 OctaFX offer copy trading.

Scroll for more detailsPreviousNext
Broker
Platform Choice
Copy Trading
Platforms
OctaFX
11110.54.5/ 5
Axi
111104/ 5

 

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 OctaFX. Axi offers 70 Forex pairs to trade and OctaFX offers 32 Forex pairs to trade.

And what about Cryptocurrencies?

In this case, OctaFX offers 30 cryptocurrencies while Axi offers 11 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with OctaFX.

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 Axi charges a withdrawal fee and OctaFX does not. Overall, OctaFX has better deposit and withdrawal processes than Axi. 

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. 

Axi and OctaFX both have moderate educational support. Neither Axi nor OctaFX offer educational support for more experienced traders.

Scroll for more detailsPreviousNext
Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
OctaFX
Medium
Axi
Medium

 

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 Axi offers better research analysis than OctaFX and that Axi offer frequent webinars and OctaFX does not.

Scroll for more detailsPreviousNext
Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
OctaFX
Axi

 

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 Axi is regulated by ASIC, an Australian regulator that provides a high level of investor protection. 

Although Axi limits its platform choice to MT4, it offers traders free use of various powerful platform-integrated technical analysis tools, including Autochartist, MyFxBook, and PsyQuation to help experienced traders and serious beginners make better trading choices. We were also impressed that beginners have access to high-quality, structured learning material and frequent market analysis.

Axi’s range of financial instruments is slightly limited compared to other brokers, but it offers over 70 Forex pairs and has recently added share CFDs. Finance professionals and wealthy clients will also be pleased to note that they can access leverage of up to 400:1 for major Forex pairs on the Elite Account.

Our overall Verdict on OctaFX

OctaFX will be a difficult choice for many Australian traders. On the one hand, it has very low trading costs, charges no fees for deposits and withdrawals, and has a great copy trading service.

On the other hand, OctaFX is essentially unregulated in Australia, does not accept bank transfers or cards for deposits or withdrawals, and has a very limited range of instruments to trade compared to other brokers: 32 Forex pairs, 5 commodities, 10 indices and 30 cryptocurrencies.

If you can look past these issues, you will find a low-cost broker with a fairly standard setup: Two accounts with minimum deposits of 100 USD, a slick mobile app, and a good range of trading tools. OctaFX also heavily promotes its wide range of bonuses and with no ASIC regulation, it can offer leverage of 1:500 on Forex pairs.

Which broker has the highest overall rating?

Axi has an overall rating of 4.34 and OctaFX has an overall rating of 4.12. For more detail please read our reviews of Axi and OctaFX.

Stay updated

This form has double opt in enabled. You will need to confirm your email address before being added to the list.

Featured Brokers

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Close
>