What else do you need to know?
What protections remain?
Client money protection: We will treat your money in accordance with the FCA's Client Money Rules and keep it protected in a segregated account, separate from our own money.
Financial Ombudsman Service: As an individual, you have rights for redress if you are dissatisfied with the outcome of a complaint to us.
Financial Services Compensation Scheme: As an individual, you are eligible for compensation from the FSCS for up to £85,000 (or equivalent) that you hold with us.
Protections you will lose
Negative Balance: You will not be covered by Negative Balance Protection and may end up owing more than your initial deposit.
Risk Warnings: We will not have regulatory obligation to provide you with the current risk warnings that we provide to retail clients or any standardised risk warning that is introduced in future in relation to transactions in complex financial products.
Communications: There are certain regulatory requirements relating to the form and content of communications with retail clients that mean we must use language that is clear, fair and not misleading. As a professional client, we can use more sophisticated language when communicating with you.
Best Execution: The application of our Best Execution policy may be different for Professional clients compared to Retail clients, although at present it is the same.
Restrictions: You understand that the trading restrictions imposed on Retail clients are there to protect them and that by being classed as a Professional client without those restrictions you may lose more than if you were a Retail client.
I already have a Standard Account with you – do I need to start a new application, or can I upgrade to a Axi Professional account.
As an existing client, provided you meet the FCA’s eligibility criteria, we can switch you to a Professional account using current terms and conditions. However, please note that you may lose some protections, as outlined elsewhere.
What’s the difference between an Axi Professional account and a Pro Account?
A Pro Account, as opposed to a Standard Account, simply refers to the pricing available to clients, which is more favourable but for which you pay a commission. Some clients prefer this option and depending on the volumes you trade may be more beneficial.
Whereas as Axi Professional Account refers to the trading status of the client and as such allows them greater flexibility by not be bound by regulatory limits on things like leverage. So their accounts can still be Standard or Pro, but will have higher leverage, if that is what they want.