Rating Index

Pros

Competitive spreads starting from 0.2 pips on the ecn raw account.

Regulated by the UK's Financial Conduct Authority (FCA), providing a level of security.

Offers a demo account for risk-free practice and testing of strategies.

Cons

High minimum deposit requirement of £1,000, which may be a barrier for new traders.

Regulatory status is flagged as a "suspicious clone," raising concerns about legitimacy.

No frequent bonus promotions or incentives for new clients.

Formax Prime broker Accounts

Formax Prime Account Type

Formax Prime offers three distinct account types tailored to meet the diverse needs of traders:

Standard Account:

Minimum Deposit: $1,000
Floating Spread: Starts from 1.5 pips
Ideal for newcomers entering the forex market.

Pro Account:

Minimum Deposit: $10,000
Floating Spread: Starts from 0.5 pips
Designed for experienced traders seeking enhanced trading capabilities.

VIP Account:

Minimum Deposit: $50,000
Floating Spread: Starts from 0.2 pips
Targeted at the most discerning and seasoned traders.

These account options allow traders to select the one that best aligns with their proficiency level and trading volumes, whether they are novices or seasoned professionals.

Formax Prime Broker Account Opening Process

Opening an account with Formax Prime is a straightforward process that involves the following steps:

Visit the Website: Go to the Formax Prime official website.
Registration: Click on the account opening link and fill in the required personal details, including your name, email address, and phone number.
Verification: Complete the verification process by providing necessary documents such as a passport or ID and a utility bill for proof of residence.
Deposit Funds: Choose your preferred account type (Standard, Pro, or VIP) and make the minimum deposit required for that account type.
Start Trading: Once your account is activated, you can download the trading platform (MT4) and begin trading.

The minimum deposit amounts are $1,000 for the Standard account, $10,000 for the Pro account, and $50,000 for the VIP account.