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Axi GBP/USD spread

Your expert
Krisztián G.
Fact checked by
Tamás D.
Updated
3w ago
Personally tested
Data-driven
Independent

Is the GBP/USD spread low at Axi as of September 2024?

Hurray! The GBP/USD spread is low at Axi.

The GBP/USD spread is 0.6 at Axi while the average spread is 1.0 for the same currency pair at 60 brokers reviewed by BrokerChooser.

My key findings in a nutshell
Krisztián
Krisztián Gátonyi
Forex • Market Analysis • Algo Trading

I've thoroughly tested Axi services with our analyst team by opening a real-money account and these are my most important findings:

  • Spreads greatly influence the cost of forex transactions
  • Spreads can vary from broker to broker
  • A low/narrow doesn't spread necessarily mean a broker is cheap as other fees may be high
  • Always check whether a broker charges commission on forex trades
  • On some forex positions that are open for several days, the financing rate may be a significant cost

Brokerage service highlights at Axi

💰 Deposit fee $0
💰 Withdrawal fee $0
💳 Deposit methods Bank transfer, Credit/debit cards, Neteller, Skrill, Sofort, GiroPay, iDeal, Polish Internet Banking, Global Collect, China Union Pay
💸 Account base currency AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD
💸 Minimum deposit $0
🗺️ Country of regulation UK, Australia, Dubai, St. Vincent and the Grenadines
🎮 Demo account provided Yes
📋 Read more Check out the Axi review for 2024
Overall score
4.4/5
Minimum deposit
$0
FX fee
Low
Index CFD fee
Average
Withdrawal fee
$0
Account opening
1-3 days
Visit Axi

76.3% of retail CFD accounts lose money

The spread is a cornerstone of forex trading

The spread is the difference between the best (highest) purchase and the best (lowest) sell price on the market. Also referred to as bid-ask spread or buy-sell spread), spreads are super important when calculating the costs of a forex transaction.

If you have a brokerage account at a forex broker and you open a position, you will need to pay a transaction cost (trading fee). Brokers also need to make money, right? Spreads are one way for brokers to make a pretty buck.

There are two distinct ways in which they do it:

  1. They offer the market spread to their clients but add their own commissions/markups. This method typically involves lower/narrower spreads.
  2. They offer their own spread, which includes their fees and they usually don't apply commissions. In this model, the spread tends to be higher/wider.

See the table below for forex spreads used by Axi for major currency pairs.

Spreads for major FX pairs at Axi
Currency pair Spread Low / Average / High
EURUSD 0.2 Low
GBPUSD 0.6 Low
AUDUSD 0.4 Low
EURCHF 0.3 Low
EURGBP 0.5 Low

Data updated on September 19, 2024

There are so-called 0 spread brokers, which claim to work with the lowest possible minimum spread: zero. Sounds great, right?

Except it’s often misleading because they actually charge higher spreads for the vast majority of the trades. The best way to ensure you trade forex at low costs is to check average spreads as those reflect the true costs charged by the broker.

Is there a commission at Axi on forex trades?

Generally speaking, the lower/narrower the spread, the better for forex traders. But as explained above, you also need to consider whether your broker charges a commission. Brokers that charge a commission typically work with lower spreads but the final cost may still be higher. Do the math before making a decision.

Does Axi charge a commission?

Yes, Axi charges commission on forex transactions as per the following table.

FX commission description FX commission per 1 lot ($100k) Low / Average / High
$3.50 commission per lot per trade $3.50 Low

Make sure you check financing rates at your broker

The financing rate or overnight rate is a fee you will have to pay when you hold a leveraged position for more than a day. When you open a leveraged position, you are trading with money borrowed from your broker.

This doesn’t come free, you will need to pay an interest on this borrowed money. This interest is called the financing rate.

If you trade on a very short time horizon (i.e. scalping or intraday trading), the spread will be your most important consideration and you won’t need to worry about financing rates. If, however, you keep your forex position open for several days, the financing rate will become a more important cost factor than the spread on certain trades.

In general, financing rates at Axi are Low.

The Cable: one of the most popular currency pairs in the world

The GBP/USD currency pair is often called “the Cable” in forex trading circles. It is one of the most traded currency pairs globally, which means high liquidity and relatively low spreads.

The best time for trading GBP/USD is when both the UK and US markets are open for trading. This is from 8:00 AM to 10:00 AM GMT and from 12:00 pm to 15:00 PM GMT.

Looking for the lowest GBP/USD spread FX brokers?

If you are looking for brokers with the lowest GBP/USD spread and FX fees, check our top list of the lowest GBP/USD spread brokers.

For more details on Axi, read our comprehensive Axi review for 2024.

Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.

Further reading

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

author
Krisztián Gátonyi
Author of this article
I have 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. I'm actively involved in reviewing the 100+ brokers listed on our site. I personally open accounts with real money, execute trades, test customer services. I hold an MSc in International Business from the University of Middlesex. My purpose is to help people find the best investment provider.
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