Should I use AxiaFX for money transfers?
Pros:
Cons:
Services Offered by AxiaFX
Official Website:
AxiaFX Review: Executive Summary
AxiaFX was an online foreign exchange trading platform that offered its clients a simple, convenient and user-friendly way to trade foreign currencies. The company was founded in 2006 by two experienced foreign exchange traders, and was headquartered in London, UK. AxiaFX is now closed and no longer authorised by the FCA. We recommend taking a look at our suggested alternatives to choose a top tier company to work with.
43
0Not Top 10 Ranked
Where is AxiaFX Available?
Our Top Rated AxiaFX Alternatives
On Money Transfer Comparison, we have reviewed 80+ money transfer services, 40+ of which could be considered direct AxiaFX competitors. View our best rated AxiaFX money transfer alternatives which have received higher ratings below:
- Min Transfer: £/€/$ 100
- Currencies Supported: 39
- Offices : UK, EU, USA, India, South Africa.
- Our Rating : 97.8%
- Most Global Offices and Reach
No Fees from Anywhere and Competitive Rates
96% Client Satisfaction
- Min Transfer: £/€ 100
- Currencies Supported: 40
- Offices : UK, EU, Singapore, and Australia.
- Our Rating : 93.4%
- High Quality Bespoke Service
MoneyFact's Best Provider Award
Over 100 Years of FX Experience Across Its Trading Desk
- Min Transfer: £/€/$ 50
- Currencies Supported: 120
- Offices : UK, EU, USA, HK, and UAE.
- Our Rating : 92.8%
- Business Oriented, Many High Profile Business Customers
Industry Veteran since 1979
Diverse Hedging Options and Excellent Guidance
Is AxiaFX Safe?
Company size:
Axia Fx Ltd was a currency broker firm founded in 2006 to provide private and corporate clients alike a viable alternative to banks when buying or selling foreign currency. The company has been growing at a steady pace and it trades around £1bn in foreign currency every years.
It was located in Canary Wharf, the heart of London’s financial district and how now moved to Devonshire Square, London, after being bought by Broadgate Mercury, an investment firm that also deals with CFD’s and speculative FX trading.
Regulated By:
FCA (UK)
Conclusion:
Relatively small player in the market, with somewhat of a long history and strong clientele, but it was hardly ever mentioned in the media, and there’s too little data on the firm for us to determine its trustworthiness.
AxiaFX Customer reviews
Research:
Axia FX gets a 4.4/5 grade on Review Centre, and a 4.9/5 rating on Free Index.
here are only 7 reviews on ReviewCentre. which is one of the largest client review platforms in the UK, and even less on Free Index (one of them written by someone who know worked for/ with AxiaFX).
We did find a few more positive opinions over at forums, but honestly, it’s not enough for us.
Conclusion:
Highly positive reviews, but only about a dozen of those.
We prefer companies that have hundreds, or thousands, of reviews online to make a definite positive conclusion, but it’s looking good.
AxiaFX Exchange Rates & Fees
Fees: 10 Pounds fees on smaller transfers below the 1,000 Pound mark, which is quite high. Goes to show the difference between small companies that just can’t afford handling clients that will bring in pennies, to larger companies that have everything pretty much automated through an online currency platform.
Exchange Rates: Unknown but we have one forum testimonial that suggests the pricing was much better than banks and other companies tested, and even beat our Fav World First.
We can’t really rely on that one testimonial but we assuming pricing is good.
Limits: No Limitations.
Conclusion:
High fees for smaller transfers, good exchange rates, no limitations.
AxiaFX Global Reach & Service
Research:
- Dedicated Dealer: Yes.
- Offices: UK
- Ways to approach: Email, Telephone
- Translations: None
- Accepts clients: UK Only.
- Currencies Handled: Not Stated
- Client reviews: Few Reviews
Additional Functionalities
Hedging:
Beyond the traditional regular money transfers and rates alert, you have the choice to opt for 6 different contracts: Spot, Forward, Time Option, Limit Order, Stop Loss & One Cancels Order (OCO). Most of these options are clearly explained and aim at hedging clients’ risks while opening up upside possibilities
App:
None, and also the site is not loading well on mobile.
Conclusion:
Good hedging options, and most importantly clearly communicated via the (new) friendly website. The fact the site is not mobile friendly does hurt ranking, as well as the fact that there are no special services for online merchants as bigger companies like Moneycorp or Currencies Direct propose.
Review Summary
Bottom Line
AXIA FX IS NO LONGER AUTHORISED AS A MONEY TRANSFER PROVIDER BY THE FCA AND ITS WEBSITE IS SHUT DOWN.