FXPremax Forex Broker
Basic Information
Saint Vincent and the Grenadines
5-10 years Suspicious Regulatory License Suspicious Scope of Business Suspicious Overrun High potential riskCompany profile
Rating Index
Standard
Micro
FXPremax Forex Broker - Complete Information Guide
1. Broker Overview
FXPremax, established in 2014, is a forex and CFD broker that operates under the ownership of Premax Capital Ltd. The broker claims to be headquartered in London, UK, with an address listed at Suite 1, 4 Queen Street, Edinburgh, UK, but its actual operations are believed to be based in Saint Vincent and the Grenadines. FXPremax is a privately held company that primarily targets retail forex traders and institutional clients, focusing on the Southeast Asian market, particularly in countries like Indonesia and Malaysia.
Since its inception, FXPremax has sought to provide a range of trading services to its clients, including access to forex, commodities, indices, and cryptocurrencies. The broker has developed a reputation for offering competitive trading conditions, including high leverage options and a variety of account types. However, it is essential to note that FXPremax does not hold any significant regulatory licenses, which raises concerns about its operational legitimacy and the safety of client funds.
The business model of FXPremax is centered around retail forex trading, offering clients the ability to trade various financial instruments through its trading platform. The broker provides multiple account types tailored to different trading styles and preferences, thus catering to a diverse clientele.
2. Regulation and Compliance Information
FXPremax is currently unregulated, which is a significant red flag for potential traders. The broker claims to be registered with the Saint Vincent and the Grenadines Financial Services Authority (SVG FSA), but this regulatory body does not issue licenses for forex trading or brokerage services. Consequently, FXPremax operates without the oversight of any major financial regulatory authority, such as the UK Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC).
Due to its lack of regulatory oversight, FXPremax does not offer the protections typically associated with regulated brokers, such as the segregation of client funds or participation in an investor compensation scheme. This absence of regulation means that clients have limited recourse in the event of disputes or financial loss. Furthermore, FXPremax's KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance measures are unclear, which further complicates the safety of trading with this broker.
3. Trading Products and Services
FXPremax offers a diverse range of trading products, including over 70 forex currency pairs, which encompass major, minor, and exotic currencies. In addition to forex, the broker provides access to various CFD products, including:
- Indices: Major global stock indices
- Commodities: Precious metals such as gold and silver, as well as energy products like oil
- Cryptocurrencies: A selection of over 35 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin
The broker frequently updates its product offerings, aiming to meet the evolving needs of its clients. FXPremax primarily serves retail traders but also offers services that may appeal to institutional clients, such as white-label solutions and asset management services.
4. Trading Platforms and Technology
FXPremax primarily supports the MetaTrader 4 (MT4) trading platform, a widely recognized platform among forex traders due to its robust features and user-friendly interface. The broker also offers Mobius Trader 7, a less common platform that provides additional trading functionalities.
The MT4 platform is known for its advanced charting capabilities, technical analysis tools, and support for automated trading through Expert Advisors (EAs). The broker's trading environment is designed for both desktop and mobile users, allowing traders to execute trades and manage their accounts on the go.
FXPremax operates on an ECN (Electronic Communication Network) and STP (Straight Through Processing) basis, which facilitates direct market access and potentially faster trade execution. The broker claims to have a reliable technical infrastructure, although specific details about server locations and API access for automated trading are not clearly outlined.
5. Account Types and Trading Conditions
FXPremax offers several account types to accommodate different trading preferences:
- Micro STP Account: No minimum deposit required, floating spreads starting from 1.9 pips, and leverage up to 1:500.
- Standard Fixed Account: No minimum deposit, fixed spreads starting from 3 pips, and leverage options depending on the account balance.
- Standard STP Account: No minimum deposit, floating spreads starting from 1.9 pips, and leverage up to 1:500.
- ECN Zero Account: No minimum deposit, spreads starting from 0 pips, and a commission of 0.005% of the trading volume.
All accounts allow for a minimum trade size of 0.01 lots, and the broker offers a demo account for traders to practice without financial risk. FXPremax also provides a swap-free option for clients who require it for religious reasons.
6. Fund Management
FXPremax supports a variety of deposit and withdrawal methods, making it relatively easy for clients to manage their funds. The available deposit methods include:
- Bank Transfers
- Credit/Debit Cards (Visa, Mastercard)
- E-wallets (Neteller, Skrill, Fasapay, UnionPay)
The minimum deposit requirement is just $1, making it accessible for new traders. Deposits are processed quickly, typically within 12 to 24 hours, depending on the method used. However, withdrawals, especially via bank transfer, may take 3 to 5 business days to process.
FXPremax does not charge deposit fees, but there may be withdrawal fees associated with the ECN account. The lack of clear information regarding withdrawal limits and fees is a concern for potential clients.
7. Customer Support and Educational Resources
FXPremax provides customer support through multiple channels, including:
- Phone Support: Available for various regions
- Email: Support can be reached via email
- Live Chat: Instant messaging support on the website
- Social Media: Active on platforms like Facebook and Instagram
The broker claims to offer support in several languages, catering to its diverse client base. However, specific details about the service hours and language support are not readily available.
In terms of educational resources, FXPremax offers various materials, including webinars, tutorials, and market analysis. These resources aim to help traders enhance their skills and stay informed about market trends. The broker also provides trading tools such as calculators and economic calendars to assist clients in their trading activities.
8. Regional Coverage and Restrictions
FXPremax primarily serves clients from Southeast Asia, with a significant focus on countries like Indonesia and Malaysia. The broker has regional offices in various countries, but specific locations are not detailed.
However, FXPremax does not accept clients from the United States and other regions where regulatory restrictions apply. This limitation is crucial for potential clients to consider when deciding to engage with the broker.
In summary, FXPremax presents itself as a forex broker with a range of trading products and services. However, the lack of regulation and transparency raises concerns about the safety and reliability of trading with this broker. Prospective traders should conduct thorough research and consider regulated alternatives before making any financial commitments with FXPremax broker.
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Latest Reviews
Sultan4831
United Arab Emirates
FXPremax - A Reliable Brokerage with Exceptional Service I have been trading with FXPremax for a considerable period, and I am thrilled to share my positive experience with this brokerage. FXPremax has consistently proven to be a reliable partner, offering exceptional services that have greatly contributed to my trading success. One of the standout aspects of FXPremax is their commitment to providing a secure and transparent trading environment. With stringent regulatory compliance and segregated client accounts, I feel confident that my funds are well-protected. FXPremax goes above and beyond to prioritize the safety and integrity of their clients' assets. The trading platform offered by FXPremax is highly impressive. Its intuitive interface, combined with powerful analytical tools and real-time market data, has greatly facilitated my trading decisions. The platform is stable, user-friendly, and offers lightning-fast trade execution, ensuring I never miss out on trading opportunities. Moreover, FXPremax offers an extensive range of tradable instruments across various asset classes. Whether it's forex, commodities, indices, or cryptocurrencies, their diverse selection allows for a well-diversified investment portfolio. I appreciate the flexibility to explore different markets and tailor my trading strategies accordingly. Customer support at FXPremax deserves special commendation. The support team is highly professional, knowledgeable, and always available to address an
Positive
2023-06-01
河
New Zealand
I started with a small capital on the FXPremax platform, around $100. Quite satisfied with its MT4 trading platform. Honestly, I relied on the EA trading during the night, and it performed well. Amazing!
37130
2023-02-23
Akmal8818
Malaysia
I only using micro account and has 2k USD but when I tell my LD that grop RTFTT owned by gero azrul I want close my account because fxpremax so much problem.i had Been scam by fxpremax they make my micro account 2kusd margin call in second by manipulate price I have the Proff I already ss you can see the time and date and the price gold at that time.gold not move at all at that time but at my account I already mc because price fall.before that happen I told my LD that I want close my account at fxpremax what make me curious how fxpreamax know and make my account mc just like that.for record I use fxpremax for 4 year and many problem that happen and not make sense at all they will not give you withdraw by using excuse like abitrage trade and swap abuse although U using free swab accaunt.i only use fxpremax because want support Gero azrul but when this happen and I tell him about my problem he ignore me although he guarantee fxpremax safe and promote fxpremax everytime in his live.he also claim he is best friend owner fxpremax and also LD fxpremax so when he don't want help me I try to dig myself and find fxpremax regulatation but fxpremax using fake regulation..I'm curious Gero azrul and the owner already has been partner to scam their customer.i also put Gero azrul picture that has been rated please investigate him back because he already know fxpremax not regulate and fake but still promote and force his student to register and using fxpremax.i also in to his live to tell his student that fxpremax no regulate but he block my chat so his student don't see when I want to aware them
Exposure
2023-09-19