Promax Trading Forex Broker

Promax Trading Review SummaryFounded2018Registered Country/RegionSaint LuciaRegulationNo regulationMarket InstrumentsForex, Commodities, Stocks, IndicesDemo Account✅LeverageUp to 1:500EUR/USD Spread1.3 pips (Starter account)Trading PlatformMetaTrader 5 (MT5)Minimum Deposit$200Customer SupportPhone: +971-42632-571Email: support@promaxtrading.comPromax Trading Information Promax Trading, founded in 2018, offers access to forex, commodities, stocks, and indices with competitive conditions and the popular MT5 platform. It features high leverage up to 1:500 and a low minimum deposit of $200, appealing to both beginner and experienced traders. However, it lacks strong regulatory oversight, raising concerns about transparency and fund security.Pros and ConsPros Cons Wide range of tradable instrumentsNo regulationDemo accountsHigh minimum depositSupports the popular MT5 platformNo deposit/withdrawal feesIs Promax Trading Legit? Promax Trading is not a legitimate broker. It is registered in Saint Lucia but holds no valid regulatory license from the local authority or any official body. Major global regulators like the FCA (UK), ASIC (Australia), and NFA (USA) also do not license or oversee its operations. The domain promaxtrading.com was registered on December 26, 2019, and will expire on December 26, 2030. It is currently in a “client transfer prohibited” status, which means the domain is locked to prevent unauthorized transfers or changes.What Can I Trade on Promax Trading? Promax Trading offers a range of tradable instruments including forex, commodities, stocks, and indices.Tradable Instruments Supported Forex✔Commodities✔Indices✔Stocks✔Cryptos✖Bonds✖Options✖ETFs✖Account Type Promax Trading offers four types of live accounts: Starter, Premium, Ultimate, and PAMM. It also provides a demo account for practice.Account TypeMinimum DepositMaximum LeverageSpreadCommissionSuitable forStarter$2001:500Variable$0Beginners, small-scale tradersPremium$5,000From 0.0 pips$8Active traders needing tight spreadsUltimate$25,000$5Professional, high-volume tradersPAMM$500Variable$0Investors using managed accountsDemo ////Practice, strategy testingLeverage Promax Trading offers leverage of up to 1:500. Note that high leverage can amplify not only profits but also losses. Promax Trading Fees Compared to industry standards, Promax Tradings fees are relatively competitive, especially on its Premium and Ultimate accounts with spreads starting from 0.0 pips, though commissions apply.SymbolStarter Account Premium Account Ultimate Account EUR/USD1.3 pips0.0 pipsAUD/USDGBP/USD1.6 pipsNZD/USD1.3 pipsUSD/CHFUSD/CAD2.1 pipsUSD/JPY Non-Trading FeesNon-Trading Fees AmountDeposit Fee 0Withdrawal Fee 0Inactivity Fee Not mentionedTrading PlatformTrading PlatformSupported Available Devices Suitable for MetaTrader 5 (MT5)✔Windows, Mac OS, iOS, AndroidExperienced tradersWeb Terminal✔Any web browser (desktop, mobile)/Mobile App✔iOS, Android/MetaTrader 4 (MT4)✖/BeginnersDeposit and Withdrawal Promax Trading does not charge any deposit or withdrawal fees. The minimum deposit is $200.Payment MethodMinimum DepositFeesDeposit TimeWithdrawal TimeSkrill$2000Up to 2 hoursUp to 24 hoursDirect Debit / Credit CardWebmoneyNetellerBank Wire3–5 business days3–5 business daysUnionPayUp to 2 hoursUp to 24 hoursKnetFasapay