Get over it guys! 
There’s a lot of antipathy, hostility and argument, here. All of it’s both unnecessary and unhelpful. 
The facts are the facts, and they’re really easily verifiable by anyone who does any due diligence at all. I just looked into it for 15 minutes and very quickly understood the issue, as anyone can. It’s actually very simple indeed.
There are two different brokers. They’re completely separate companies, and they’re registered as limited companies in different countries.
Axi Select is owned and run by a broker called AxiTrader Limited. That’s the broker to which customers trying to qualify, through the prop firm, have to send their $500. The broker has no UK presence and doesn’t do business in the UK and wouldn’t be allowed to, because it isn’t regulated by the FCA.
There’s also another, entirely separate, UK broker called Axi Financial Services (UK) Limited, which has absolutely nothing to do with Axi Select at all, and that’s regulated by the FCA, but this has absolutely ZERO relevance to Axi Select customers at all.
To tell people, or to imply, that either Axi Select or the broker running it, is FCA-regulated is either downright dishonest or (if that’s not the actual intention) at the very least totally mistaken.
Either way, it just isn’t true. Period.
No. That simply ISN’T so.
Here is a forum post in which Greg Rubin, who describes himself as the Head of Axi Select, says “The Axi Select program is only available to clients of AxiTrader Limited which is incorporated in St Vincent and the Grenadines.” That’s the broker that ISN’T regulated by the FCA.
Anyone looking at that thread might wish to know, firstly, that the registered “Commercial Member” there posting under the name “profitfarmer” also posts here at Babypips (but without declaring here that he’s a commercial member) under the name “tingtong” and, secondly, that there’s also a Babypips thread about Axi Select.
(My own guess - and of course this part isn’t factual at all: it’s literally only a guess - is that anyone reading all that Babypips thread carefully enough, either as part of their basic due diligence or for any other reason, will probably have nothing to do with Axi Select at all: I think quite a bit of the attempted “forum marketing” done by AxiTrader Limited (SVG) is shockingly bad and probably directly counter-productive. Again, that’s my opinion only, but the rest of my post, above, is both factual and verifiable.)
Shall we leave it alone, now (“she asked optimistically”)? 