Axi has a very problematic and unpleasant history. They’re essentially fraudsters, pretending to be FCA-regulated while in fact “Axi Select” accounts are opened offshore and not properly regulated at all. Many people think they could (and indeed should) be next in the litigation firing-line after MFF.
Oanda perhaps a much better proposition, but with a very limited range of countries.
There’s always been unrestricted competition.
As with brokers, what improves things for customers is better regulation and compliance (so that - among other things - companies don’t make blatantly fraudulent statements on their websites, as it turned out MFF did).
Yes. It’s on their website. They stress prominently how well regulated they are, but they don’t tell you anywhere that Axi Select accounts are held offshore by a separate company and NOT regulated that way.
Only if you ask directly, then they tell you.
In other words, they try to deceive you.
Typical Axi
I also see that, re all the CFD ones (but the US market is only about 6% of their turnover anyway).
I see exactly the opposite with all the futures ones, and I think we all welcome that.
OANDA Labs Assessment Limited Company Registration Number: C 106331, 171, Old Bakery Street, Valletta, VLT 1455, Malta
Dose it help that it’s Oanda? I think so. They’d get a ton of negative publicity for their regulated brand if they scammed folks here, don’t you think?
One is EU-regulated in Malta and the other - a firm with a long history of “disappointed customers” to put it mildly - is all-but-unregulated (i.e. only by a famously fake regulator!).
I’m not sure where you are getting this information from? Axi clearly state that Axi Select is only available to SVG members. From the Axi Select website:
With regard to Axi Select being next in the firing line, they are the only firm as far as I know that offer live trading accounts in the prop space and also do not service US clients, so they imo, seem the safest in the prop space right now.
There are a lot of prop trading firms in the market for trading and yu can start trading with one of them. Do some deep research before starting with them but I think there is no harm in trading with a prop trading firm.
It’s a passive recruitment process. They have their challenge, and anyone can sign up. If you pass, they give you some money to trade. If you do well with their money, you and them both profit.
With the exception of Lux Trading, the forex “funding firms” are actually your counterparty, and win when you lose. They don’t open real, funded accounts for you with a real broker. Some pretend to, but they own the “broker” themselves.
I’ve joined the Axi Select program and am now gradually improving my EDGE score. I don’t think they’ll encounter issues like MFF or those experienced by other prop firms in the American market. Unlike most other companies, they are one of the few where you trade on a real account instead of a demo.
These days, in response to the MFF litigation, loads have changed the fine print on their site, reworded everything carefully and aren’t even claiming to, and when you look closely at the others, many of them own the “brokers” themselves. Just a little due diligence goes a long way!
Absolutely, you’re right. There’s a stark contrast between the two entities. While one operates under the regulatory oversight of the EU in Malta, ensuring adherence to strict standards and regulations, the other lacks such oversight and has garnered a reputation for disappointing customers, to say the least. It’s essential for traders to carefully consider these factors and choose a platform that prioritizes transparency, security, and regulatory compliance to safeguard their investments and trading experience.