If you have a penchant for trading, you’d probably know about Axos’ impressive robo-advisor managed portfolios.
Moreover, Axos boasts a stellar self-directed trading feature.
This review dives deep into the Axos Self-Directed Trading platform, giving insights to help determine its suitability for your investment needs.
A Glimpse into Axos
Operating since 2000, Axos brokerage presents its Self-Directed investment feature, granting you the autonomy over affordable portfolios and addressing potential concerns you might have with their Managed Portfolio. This could be an ideal choice for beginners looking for a platform that supports their trading growth.
With the Self-Directed platform, you aren’t bound by minimum investment stipulations, allowing you to open retirement, solo, or combined accounts. Beyond investments, the platform lets you maintain checking and savings accounts without any fees via a single app.
For newcomers, a bonus awaits: deposit over $2,000, make 2 trades within two months, and earn a $250 welcome bonus.
Unraveling How Axos Self-Directed Trading Functions
On setting up your self-directed trading account, Axos presents its trading interface, granting access to stocks, ETFs, and mutual funds. Those who get approved can also venture into margin and options trading.
There’s no base investment for the Self-Directed platform. However, opening an IRA demands at least a $50 investment. You have the flexibility to open various types of investment accounts, including Traditional and Roth IRAs, all of which come with the perk of commission-free stock and ETF trading.
If desired, there’s an Axos Elite subscription available for $10 monthly, which offers more extensive benefits that we’ll discuss shortly.
In addition to trading, Axos provides an array of other financial services, allowing you to handle checking, savings, personal loans, and mortgages via their platform and app.
A Look at the Fee Structure
While Axos Self-Directed Trading promotes commission-free stock and ETF trading, other fees may apply. Still, their fee layout remains clear-cut.
Some notable fees include:
- $1 per options contract with a basic account.
- Mutual fund trades at $9.95, comparatively lower than many competitors.
- Portfolio transfer to another platform incurs a $75 charge.
- A $40 yearly custodial fee for IRAs.
- Margin trading starts at 5.5% interest.
Most users will find trading stocks and ETFs cost-free on Axos. Other fees, although present, align with what other brokerages typically charge. For an exhaustive fee list, one should visit their official website.
Features of the Axos Platform
Aiming to consolidate its diverse financial offerings, Axos’ primary investing platform is user-friendly yet feature-rich. It offers:
- Trading across 17,000 stocks, including IPOs and penny stocks, with in-depth stock data.
- Access to around 2,700 ETFs with detailed insights.
- An ‘Option Radar’ section detailing options trading metrics.
- Several order types to tailor your trades.
Exploring the Research Tools
Axos offers a range of research tools suitable for novice to intermediate investors. These encompass stock screeners and comprehensive market updates. Moreover, within the Elite plan, there’s the unique Elite TipRanks offering top-tier investment insights.
Interestingly, despite being cost-effective, Axos presents a robust stock screener with over 10 customizable filters.
Educational Content
Axos slightly falls short here. It lacks video tutorials and in-depth educational material, though they offer a blog with insightful articles. For complete investment novices, external resources might be required to grasp the basics.
The Axos Application
A standout feature of Axos is its seamless integration with the Axos Bank app, available for Android and iOS. This app lets you handle all your Axos accounts, with Elite members getting extra trading and research functionalities.
The integration level Axos offers is unique among online trading platforms, allowing users to manage all their finances in one place, using a single app.
Introducing Axos Elite
To access more features and reduced trading fees, an upgrade to Axos Elite, priced at $10/month, is available. The benefits offered by this subscription can outweigh the cost for active traders, although beginners might find the basic plan adequate.
Navigating the Axos Self-Directed Trading Experience
Axos’ platform design is minimalist, making it user-friendly. The customization of stock screeners is intuitive. However, a basic account might find the research tools limited, requiring an Elite upgrade or an alternative platform for comprehensive market analysis.
Limited educational resources imply that prior foundational knowledge is needed to harness the platform fully.
Customer Assistance
Axos is well-regarded for its customer support. Although entirely online, they offer various contact channels, with the app-based direct message often being the most efficient. Their customer service webpages are organized and responsive.
