Connect with us
The Forex market is one of the most fast-paced financial markets in the world. As a trader or investor, you need a forex broker to help you facilitate your participation in the market. While there are different forex brokers on the FX market, Axiory offers outstanding forex trading services.
Axiory is not new in the forex scene, for more information about this broker, you can read our Axiory review for a broad overview of their services, account types, customer support, trading platforms, tradable assets, and much more.
In this article, we will take a different approach from the review. We will take a deeper look at the Axiory account types to give you a broader view of the different account types that Axiory operates. This article will also give you a heads-up so that you know exactly, at a glance, the type of account to kick-start your trading career with.
Axiory Account Types
Axiory offers different account types for you to choose from. Some of these account types are Nano account, Standard account, Max account, Tera account, Alpha account, Islamic account, as well as a demo account.
These account types are not available for traders or investors in certain jurisdictions or regions, including UK, EU, USA, Canada, Australia, Japan, Indonesia, Islamic Republic of Iran, Belize, and North Korea.
Axiory Demo Account
The essence of trading with a demo account cannot be overemphasized. A demo account is strictly designed for prospective forex traders to learn how forex trading works.
Thankfully, Axiory has a user-friendly demo account that you can use. The account comes with many advantages. To open the demo account, you need to visit the Axiory website and complete the account registration form. With the Axiory demo account, you can practice your trading strategies with virtual money, which does not pose any risks.
The good news is that the Axiory demo account is unlimited. You can use the account for as long as you wish until you are confident of trading in a live environment. You can read our best unlimited forex demo account for a list of the best unlimited forex demo accounts available for forex traders.
Axiory Standard Account
The Axiory Standard account is perfect for professional and intermediary traders. The account is available with both MT4 and cTrader trading platforms. Traders are required to deposit at least $10 to trade forex with the standard account.
With the Axiory Standard account, you can trade in more than 150 financial instruments, including pure metals, oil, forex, stocks, and much more. The average spread on the standard account for the EUR/USD currency pair is 1.2 pips. Additionally, the commission for stock CFDs is $0.04 per CFD. Lastly, the Standard account comes with a leverage of 1:400.
Axiory Nano Account
Next is the Nano account. The Axiory Nano account comes with low spreads and thus is suitable for day traders. It is available with both cTrader platform and the popular MT4 trading terminal. The minimum deposit required by Axiory to operate the Nano account is pegged at $10.
Additionally, the Nano account supports more than 150 tradable financial instruments, including index, stock CFDs, forex, metals and energies. The spreads on this account type start from 0 pips, but if you are trading the EUR/USD pair, the spread is 0.2 pips.
For commissions payable by traders, Axiory charges $6 per lot. They also charge a commission of $0.04 per CFD. What’s more? The leverage at the moment is up to 1:400.
Axiory Max Account
The Axiory Max account is also designed for professional traders. The account is available on both cTrader and the popular MT4 trading terminal. Axiory recently changed the minimum deposit on this account from $100 to $50 and further more to $10. So to start using the Max account, you need to deposit at least $10 to get started.
As with other account types we have discussed so far, the Max account supports over 150 tradable assets, ranging from stocks, forex, pure metals, oil, and commodities. With the Max account, the average spread is 1.8 pips if you trade the EUR/USD pair. More so, the spread is a little higher than what is obtainable with other account types and even other brokers on the market.
For commissions payable by traders, Axiory charges $0.6 per CFD for stock CFDs. Plus, traders will get a leverage of up to 1:777 with this account.
Axiory Alpha account
The Axiory Alpha Account is an account designed for real stocks and ETFs trading. As of now, Axiory has made available over 100 stocks and ETFs to be traded.
This account type was made available by Axiory without a minimum deposit, and the commissions are low as well being just 1.50$ per stock traded.
Axiory Tera Account
The Axiory Tera Account is quite similar to the Axiory Nano Account. It’s an account type designed to have a low account opening barrier, as well as offering great trading features in terms of costs and possibilities.
That’s why the minimum deposit here is low being at $10, while spreads on forex start at 0,2 pips (+$6/lot). If you’re interested in trading CFD stocks, the commission starts at $0,04 per stock traded.
Regarding the trading platform available, the Tera Account works on MT5, and the maximum leverage available is 1:400.
Axiory Islamic Account
The last account type is the Islamic account. At its core, Axiory allows traders to open swap free accounts. For more information on swap free accounts, you can read our swap free islamic forex brokers article. Also please note that you can operate all the account types we have discussed so far (Nano, Standard, Max, and Tera) as an Islamic account.
To use any of the account types as an Islamic account, you need to open a live account, reach out to Axiory customer support team or your business development representative for assistance. But allow up to 24 hours after account creation.
Axiory Account Types Comparison
|Features of Axiory
|Spread on forex
||Stocks and ETFs
|Min. lot size
||0.01 standard lots
||0.01 standard lots
||1 lot = 1 share
*Commission on Stock CFDs is 0.04 USD per CFD for Nano, Tera and Standard Accounts and 0.06 USD for Max Account
**Commission on Stock and ETFs starts from 1.50 USD per lot for Alpha Account
Axiory Account Opening
After you’ve gained ample trading confidence through the demo account, the time is now ripe for you to switch to a live account. Opening a live account on the Axiory platform is quick and simple. Launch your browser and visit their official webpage. Navigate to where you will find “Open Account” to start the process. Then, follow through with all the instructions provided by the broker.
Required documents for the account opening
To validate your trading account, you need to upload some documents. The documents required for verification include a colored scanned passport or driver’s license and proof of residence that is not older than 6 months. The acceptable proof of residence document includes a bank account statement and utility bill. The two documents should be in PDF format, otherwise the verification team will reject your application.
Bonus and promotions
Bonuses and promotions are a way for brokers to reward loyal traders on their platforms. Axiory is one of brokers on the market that offer forex traders mouth watery bonuses and promotions. For instance, they offer a 50% bonus that is valid until March 31, 2021. Traders can make up to $5,000 on top of their deposit with this special bonus.
Also, when you open a live trading account, Axiory will give you a non-bonus deposit of $25. If you are interested in this promo, you can check our forex brokers bonus promotions post.
Axiory Account Deposit and Withdrawals
One of the yardsticks to determine a reliable and trustworthy broker is the ease of deposit and withdrawing your earnings. Axiory is a game-changer in this regard, as they do not charge a commission for both deposit and withdrawal. However, they have no control over what third-party merchants charge.
If you are funding or withdrawing your earnings via eWallet, the fees largely depend on the payment processor. Bank wire attracts charges which are borne by traders or investors. It typically takes between 3 to 10 business days before the system processes your bank wire transactions (deposit/withdrawal).
For credit/debit cards payment (deposit), the waiting time is instant. For withdrawals, it may take up to 3 business days. The. For eWallets, the waiting time for withdrawals is instant. You can read our Axiory minimum deposit guide for more information on which deposit and withdrawal methods to choose.
Axiory Account Management
In this section, we will walk you through the best practices when it comes to managing your Axiory account.
Axiory Account Inactivity
Live trading accounts do not become inactive on the Axiory platform. And the broker does not charge an inactivity fee if you abandon your trading account for a long time. If you have any problem with your trading account, don’t hesitate to contact their customer support desk.
How to close an Axiory Account
You can close your trading account if you are no longer interested in trading forex on the broker. But first ensure you withdraw all your balance before you initiate the account closure request.
To close your account, contact the customer support desk with your request. You can reach the customer support desk via live chat, email, or on the phone.
Axiory Account Types FAQ
If you have any questions regarding the Axiory account types, before you reach out to the customer support team, we advise that you go through these FAQs first.
What account types are available at Axiory?
Axiory offers 5 different account types plus a demo account. The 5 different account types are Nano account, Max account, Standard account, Tera account, Alpha account, as well as an Islamic account.
Does Axiory offer a demo account?
Yes, Axiory offers a user-friendly demo account. The process of opening the demo account is simple and straightforward. The Axiory demo account is unlimited, meaning you can use the account for as long as you wish until you gain ample confidence of trading in a live environment.
In fact, you can open multiple demo accounts if you so wish. Once you believe you are courageous enough to trade in a live environment, you can switch to a live account while still holding your demo account.
Okay, that’s it. Axiory is not a new entrant in the forex brokerage scene. The broker has been around for a while. Axiory offers five different account types plus a demo account. The 5 different account types are Nano account, Max account, Standard account, Tera account, Alpha account as well as an Islamic account.
Each of these account types come with different commissions, pips, and leverage. Before you opt for any of the accounts, go over the account details, learn the minimum balance and the requirements to hold the account.
For more information about the broker, you can read our Axiory review to learn more about their brokerage services.