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Formax Prime Forex broker specializes in providing foreign exchange trading services, the company's official website https://secureportal..., the company's legitimate regulatory information United KingdomFCAStraight Through Processing (STP) to enhance the security of the company's address

Formax Prime Forex Broker

Basic Information

Registered Region

United Kingdom

Operating Period

Company Name

Formax Prime Capital（UK）Limited

Abbreviation

Formax Prime

Company employee

Customer Service Email Address

support@formaxprime.co.uk

Contact Number

+44（0）20 3819 3100

Company Website

https://www.formaxprime.co.uk/

Facebook

https://www.facebook.com/FormaxPrime/

https://twitter.com/Formax_Prime

Keywords

5-10 years

Suspicious Regulatory License

Suspicious Scope of Business

High potential risk

Company profile

Note: Formax Prime's official site - https://www.formaxprime.co.uk/is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. Formax Prime Review Summary Company Name Formax Prime Capital Limited Founded 2014 Registered Country/Region United Kingdom Regulation FCA (Suspicious Clone) Market Instruments 60+ Forex Currency Pairs, Gold and Silver, CFDs, Indices, Commodities, etc. Demo Account Yes Leverage 1:200 EUR/USD Spread 0.2 pips (Raw Account) Commission £3 per Lot Trading Platform MT4, ZuluTrade Minimum Deposit £1000 Customer Support Tel: +44（0）20 3819 3100, Email: support@formaxprime.co.uk, Twitter, Facebook What is Formax Prime？ Formax Prime (Formax Prime Capital Limited) is a broker based in the United Kingdom in 2014. It currently holds no regulations and its official website has already shut down. Pros & Cons Pros Cons Competitive Spreads Suspicious Clone Regulation MT4 Supported Dead Official Website Demo Accounts Available High Minimum Deposit Commission Charged Pros of Formax Prime Competitive Spreads: Formax Prime offers competitive spreads, particularly on popular currency pairs like EUR/USD, where spreads can start as low as 0.2 pips on the ECN Raw account. MT4 Supported: The broker provides access to the industry-leading MetaTrader 4 (MT4) platform, renowned for its powerful analytical tools, advanced charting, and extensive customization options. Demo Accounts Available: Formax Prime offers demo accounts, allowing traders to practice and refine their trading strategies in a risk-free environment. Cons of Formax Prime Suspicious Clone Regulation: The firm's regulatory status is flagged as a “Suspicious Clone” by the Financial Conduct Authority (FCA), raising concerns about the legitimacy and trustworthiness of the broker. Dead Official Website: The official website of Formax Prime is dead, which undermines the brokers credibility, and it is very difficult for users to search for Formax Prime's information. High Minimum Deposit: The broker requires a relatively high minimum deposit of £1000, which can be very high for new or small-scale traders looking to start with a smaller capital investment. Commission Charged: While Formax Prime offers low spreads, the ECN Raw account involves a commission of approximately £3 per standard lot (per side), which will add extra costs. Is Formax Prime Legit？ Regulatory Sight: Formax Prime's regulatory status is overseen by the Financial Conduct Authority (FCA) in the United Kingdom. The company holds a Straight Through Processing (STP) license, which means that its trading operations are designed to provide direct market access without dealing desk intervention. However, the current status of Formax Prime is listed as a “Suspicious Clone” under the FCA's oversight, which concerns users about its legitimacy. The specific license number attributed to Formax Prime by the FCA is 624225. User Feedback: Users should check the reviews and feedback from other clients to gain a more comprehensive sight of the broker, or look for reviews on reputable websites and forums. Security Measures: So far we haven't found any information about the security measures for this broker. Market Instruments Formax Prime offers a certain range of market instruments. These include: Forex Currency Pairs: Formax Prime provides the opportunity to trade in more than 60 currency pairs. This includes major pairs such as EUR/USD, GBP/USD, and USD/JPY, as well as a variety of minor and exotic pairs. Gold and Silver: The platform allows trading in precious metals, specifically gold and silver. CFDs (Contract for Difference): CFDs are financial derivatives that let traders speculate on the rising or falling prices of fast-moving global financial markets. Indices: Trading in indices allows traders to speculate on the performance of a basket of stocks, representing a specific market segment or economy. Commodities: Besides precious metals, Formax Prime offers other commodities like oil, natural gas, and agricultural goods. Account Types Formax Prime offers two types of trading accounts: the ECN Commission Free Account and the ECN Raw Account. You can only open one account on Formax Prime. It also allows traders to open a demo account to practice trading. Leverage Formax Prime offers a maximum leverage ratio of up to 1:200 for all its account types, which provides traders with the ability to significantly amplify their market exposure compared to their initial investment. This leverage means that for every $1 of the trader's capital, they can control up to $200 worth of assets. Spreads & Commissions Formax Prime provides different spreads and commission structures for both accounts: The ECN Raw Account offers raw spreads that can be as low as 0.2 pips on major currency pairs like EUR/USD. However, this account involves a commission based on trading volume, with an average spread around 0.6 pips on EUR/USD and a commission fee of approximately £3 per standard lot per side, resulting in a total of £6 round trip. On the other hand, the ECN Commission Free Account does not charge any commission but incorporates costs into the spreads. Traders using this account can expect spreads starting from 0.6 pips on EUR/USD. What's more, the minimum deposit required is £1,000, which is a bit high in the industry. So Formax Prime will be more suitable for the ones with larger capitals. Trading Platforms Formax Prime provides users with these two trading platforms: MetaTrader 4 (MT4): MT4 is one of the most popular and widely used forex trading platforms in the industry. Known for its robustness, reliability, and a broad array of features. MT4 supports extensive customization, and automated trading through Expert Advisors (EAs), and has advanced charting and analysis capabilities. The platform also includes a variety of technical indicators and an extensive back-testing environment that allows traders to test their strategies against historical data. Supporting MT4 will provide users with more convenience. ZuluTrade: ZuluTrade is a different type of platform that specializes in social trading, particularly known for its copy trading features. It enables traders to follow and copy the trades of experienced traders, known as signal providers. ZuluTrade ranks these providers based on various performance metrics, allowing users to choose whom to follow based on their individual risk tolerance and trading objectives. Deposits & Withdrawals Formax Prime offers several payment methods, all managed through the Clients dashboard. For deposits, traders can choose from several multi-currency solutions. Bank transfers are available without any fee charges. Credit and debit card deposits incur a 3% transaction charge. Traders can also deposit securely using popular e-wallets, including Skrill, Neteller, and China UnionPay, which come with respective fees of 2.9%, 4%, and 1.5%. For withdrawals, Bank transfers incur a fee of $25 per transaction, while credit card withdrawals are free of charge. For e-wallet withdrawals, Skrill has a fee of 1% plus $2.50 per transaction. Customer Support Formax Prime offers several customer support channels including telephone, email, and social media. The telephone line, +44 (0)20 3819 3100, provides direct access to support representatives. Email support is available atsupport@formaxprime.co.uk, allowing customers to send detailed questions or issues and receive thorough responses. Additionally, the presence on social media platforms like Twitter and Facebook allow traders to stay updated with the latest news, receive quick responses to queries, and engage with the community. Conclusion As a broker, Formax Prime provides competitive spreads, allows demos, and supports MT4 and Zulutrade. However, it currently holds a suspicious clone regulatory license and has no accessible official website. In this case, we do not recommend users to trade with this broker. Frequently Asked Questions (FAQs) Question: Is there a commission charged？ Answer: Yes. A commission is charged for the ECN Raw Accounts, which is at around £3 per standard lot per side. Question: Does Formax Prime support MT4/5？ Answer: Yes. It does support MT4. Question: Is Formax Prime regulated？ Answer: Yes. However, its regulatory license is suspected to be a clone. Question: Can I open a demo account to practice trading？ Answer: Yes. Question: What is the lowest spread offered by Formax Prime？ Answer: The lowest spread offered by Formax Prime is 0.2 pips. Question: What is the minimum deposit required to open an account？ Answer: The minimum deposit required is £1000. Risk Warning Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

Formax Prime broker review

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How to login to Formax Prime?

Formax Prime Complete Account Guide: Registration, Account Opening, and Login Processes Part One: Account Registration Process How to Register a Formax Prime Account Registering for a Formax Prime account is the first step to accessing their trading platform. Heres a detailed guide to help you throu

Formax Prime Forex Broker - Complete Information Guide

1. Overview of the Broker

　　Formax Prime Capital UK Limited, established in 2014, is a prominent forex trading provider based in London, UK. As a subsidiary of the Formax Group Limited, an international financial company, Formax Prime operates with a strong focus on innovation and the development of financial technology. The broker caters primarily to retail forex traders and institutional clients, providing them with advanced trading technologies and access to a wide range of financial instruments.

　　Over the years, Formax Prime has built a solid reputation, serving approximately 200,000 clients worldwide. The broker's commitment to delivering exceptional service and dedicated support has contributed to its growth in the competitive forex market. Notably, Formax Prime is associated with high-adrenaline sports such as jet skiing and motor racing, sponsoring events that reflect the competitive spirit necessary for successful forex trading.

　　The business model of Formax Prime is centered around retail forex trading, offering clients the ability to trade in various currency pairs, commodities, and indices through its advanced trading platforms. As a STP (Straight Through Processing) and ECN (Electronic Communication Network) broker, Formax Prime ensures that clients can trade quickly, securely, and with minimal interference.

2. Regulatory and Compliance Information

　　Formax Prime is regulated by the Financial Conduct Authority (FCA) in the UK, with the registration number 624225. This regulation provides clients with a level of security, ensuring that the broker adheres to strict operational standards and practices. The FCA is known for its rigorous oversight of financial institutions, which adds credibility to Formax Prime's operations.

　　The broker's regulatory license covers various aspects of its operations, including the safeguarding of client funds. Formax Prime maintains client funds in segregated accounts, ensuring that they are protected and not mixed with the company's operational funds. Additionally, the broker participates in the Financial Services Compensation Scheme (FSCS), which provides compensation of up to £50,000 per person in the event of insolvency.

　　Formax Prime implements comprehensive KYC (Know Your Customer) and AML (Anti-Money Laundering) measures to prevent fraudulent activities and ensure compliance with regulatory requirements. These measures involve verifying the identity of clients and monitoring transactions for suspicious activities.

3. Trading Products and Services

　　Formax Prime offers an extensive range of trading products, primarily focusing on forex trading. The broker provides access to over 60 currency pairs, including major pairs such as EUR/USD, GBP/USD, and USD/JPY. In addition to forex, clients can trade CFDs (Contracts for Difference) on various instruments, including indices, commodities, and precious metals like gold and silver.

　　The broker also facilitates trading in popular indices, such as the S&P 500 and FTSE 100, allowing clients to speculate on the performance of major stock markets. While Formax Prime does not currently offer cryptocurrencies, it continually updates its product offerings to meet market demands.

　　Formax Prime provides retail trading services, ensuring that individual traders have access to the necessary tools and resources to succeed in the forex market. Additionally, the broker may offer institutional services, including white-label solutions and asset management services, to cater to a wider range of clients.

4. Trading Platforms and Technology

　　Formax Prime supports the widely recognized MetaTrader 4 (MT4) trading platform, known for its user-friendly interface and robust features. The MT4 platform allows traders to utilize advanced charting tools, technical indicators, and automated trading through Expert Advisors (EAs). This platform is compatible with desktop, mobile, and tablet devices, providing flexibility for traders to access the markets anytime, anywhere.

　　In addition to MT4, Formax Prime offers the Zulutrade platform, which specializes in social trading and copy trading. Traders can follow and replicate the trades of experienced investors, allowing them to leverage the expertise of others while managing their own risk.

　　The broker operates on an ECN and STP model, ensuring that all trades are executed directly with liquidity providers, minimizing dealer intervention and enhancing pricing transparency. Formax Prime's infrastructure is designed to provide low-latency trading, which is crucial for executing trades in fast-moving markets.

5. Account Types and Trading Conditions

　　Formax Prime offers two primary account types for traders: the ECN Commission-Free Account and the ECN Raw Account. The minimum deposit for the ECN Commission-Free Account is £1,000, while the ECN Raw Account requires a minimum deposit of £5,000.

Account Features:

　　ECN Commission-Free Account:
　　Spreads start from 0.6 pips.
　　No commission charged on trades.
　　ECN Raw Account:
　　Spreads start from 0.2 pips.
　　A commission of approximately £3 per lot is charged.

　　Both account types offer leverage of up to 1:200, allowing traders to amplify their market exposure. The minimum trade size is set to accommodate various trading strategies, and overnight fees are applicable based on the positions held.

　　Additionally, Formax Prime provides a demo account option, allowing traders to practice their strategies in a risk-free environment. This is particularly beneficial for new traders looking to familiarize themselves with the trading platform and market dynamics.

6. Fund Management

　　Formax Prime supports multiple deposit methods, including bank transfers, credit/debit cards, and e-wallets such as Skrill and Neteller. The minimum deposit requirement varies by account type, with the ECN Commission-Free Account requiring £1,000 and the ECN Raw Account requiring £5,000.

Deposit and Withdrawal Details:

　　Deposit Methods:
　　Bank Transfer: No fees.
　　Credit/Debit Cards: 3% transaction fee.
　　E-wallets: Fees vary (Skrill 2.9%, Neteller 4%, UnionPay 1.5%).
　　Withdrawal Methods:
　　Bank Transfer: $25 fee.
　　Credit Card: No fees.
　　E-wallets: Fees vary (Skrill 1% + $2.50, Neteller varies).

　　Withdrawals are processed within 1-5 business days, with bank transfers typically taking around 24 hours. The broker emphasizes the importance of quick and efficient fund management to enhance the trading experience.

7. Customer Support and Educational Resources

　　Formax Prime provides comprehensive customer support through various channels, including phone, email, and live chat. The support team is available 24/5, catering to clients across different time zones. The languages supported include English, Estonian, Chinese, French, Japanese, and Korean.

　　The broker also offers a range of educational resources aimed at enhancing traders' knowledge and skills. These resources include:

Webinars: Conducted by industry experts covering various trading topics.
Trading Guides: Providing insights into market analysis and trading strategies.
Economic Calendar: Keeping traders informed about important market events.

　　Additionally, Formax Prime offers tools such as trading calculators and market analysis reports to assist clients in making informed trading decisions.

8. Regional Coverage and Restrictions

　　Formax Prime primarily serves the European and Asian markets, with a strong presence in the UK and several other countries. However, the broker does not accept clients from the United States due to regulatory restrictions. The company's regional offices are located in key financial hubs, including Hong Kong, Shanghai, and Shenzhen, enhancing its global reach.

　　Clients should be aware of the specific trading conditions and restrictions applicable in their respective regions, as well as the legal implications of trading with a UK-regulated broker.

　　In conclusion, Formax Prime broker stands out in the forex trading landscape by offering a wide range of trading products, robust platforms, and a commitment to regulatory compliance. Its focus on customer support and educational resources further enhances the trading experience for both novice and experienced traders alike.

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