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Formax was established in 2014 as Formax Prime Capital (UK) Ltd., positioning itself as a significant player in the forex trading and financial services sector. The company aimed to provide advanced trading technologies and services to both private and institutional traders.
Formax operates under the umbrella of Formax Group, which encompasses various subsidiaries across the globe. The parent company, Formax Prime Capital (UK) Ltd., is incorporated in the United Kingdom.
The headquarters of Formax is located at 107 Cheapside, London, United Kingdom, EC2V 6DN. This strategic location in one of the worlds financial hubs allows Formax to maintain close ties with key financial institutions and regulatory bodies.
Formax has expanded its presence internationally, establishing offices in several countries including Hong Kong, China, Vietnam, Australia, New Zealand, and India. This global footprint enables the company to cater to a diverse clientele and adapt to various market demands.
Formax is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, with the registration number 624225. This regulatory oversight is crucial as it ensures that the broker adheres to strict financial standards and operational guidelines.
Since its inception in 2014, Formax has achieved several key milestones, including the launch of its proprietary trading platform, the establishment of multiple international offices, and the introduction of various trading accounts tailored to different trader needs.
Formax has strategically expanded its operations to cater to a growing customer base. Initially focused on the UK market, the company has broadened its reach to Asia-Pacific and other regions, enhancing its service offerings and technological capabilities.
Over the years, Formax has cultivated a diverse customer base, including retail and institutional traders. The broker's commitment to customer service and education has played a significant role in attracting and retaining clients.
Formax has continuously improved its trading platform, primarily through the integration of MetaTrader 4 (MT4), which is widely recognized for its user-friendly interface and robust trading features. The platform supports various trading strategies, including scalping and automated trading.
While specific awards were not highlighted in the sources, Formaxs adherence to regulatory standards and its focus on customer service have positioned it as a reputable broker in the industry.
Formax offers a comprehensive range of forex trading options, including access to over 70 currency pairs, encompassing major, minor, and exotic pairs. This extensive selection allows traders to diversify their portfolios and capitalize on various market conditions.
Although Formax primarily focuses on forex trading, it also provides access to stock trading through contracts for difference (CFDs), allowing clients to speculate on stock price movements without owning the underlying assets.
Formax offers a variety of CFD trading products, including commodities, indices, and metals. This enables traders to engage in a broader spectrum of financial markets, enhancing their trading strategies and opportunities.
In addition to forex and CFD trading, Formax has explored opportunities in commodities and indices. However, the company does not currently offer cryptocurrency trading, which may limit options for traders interested in digital assets.
Formax distinguishes itself through its ECN (Electronic Communication Network) trading model, which provides direct access to liquidity providers and ensures transparent pricing. The broker also offers a demo account, enabling traders to practice and refine their strategies without financial risk.
Formax is regulated by the Financial Conduct Authority (FCA) in the UK, which is known for its rigorous regulatory framework. The FCA ensures that brokers maintain high standards of financial integrity and client protection.
Formax operates under different legal entities depending on the region. The primary entity, Formax Prime Capital (UK) Ltd., is based in the UK, while subsidiaries in other countries adhere to local regulations.
As an FCA-regulated entity, Formax is required to maintain client funds in segregated accounts, ensuring that client capital is protected in the event of financial difficulties. Additionally, clients are eligible for compensation under the Financial Services Compensation Scheme (FSCS), which provides up to £50,000 in case of insolvency.
Formax caters to a global clientele, with a particular focus on Asia-Pacific markets. However, it does not accept clients from the United States due to regulatory restrictions.
While Formax has generally maintained compliance with regulatory requirements, there have been reports of operational challenges leading to the cessation of trading activities in December 2018. This highlights the importance of thorough due diligence for potential clients.
Formax faces competition from several prominent brokers in the forex and CFD trading space, including:
Formax positions itself as a reliable ECN broker, emphasizing transparency and direct market access. Its regulatory compliance and commitment to customer service enhance its reputation in a crowded market.
Formax differentiates itself through its focus on ECN trading, which offers lower spreads and direct access to liquidity providers. Additionally, its customer support and educational resources contribute to a positive trading experience for clients.
In conclusion, Formax has established itself as a notable player in the forex trading industry, offering a range of services and maintaining regulatory compliance. However, potential clients should conduct thorough research and consider the companys operational history before engaging in trading activities. For more information, learn more.
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