SAFUMAX foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website http://www.safumax.com/application.php, about the company's legal and temporary regulatory information, the company's address 6c Morrin Road SainT Johns Auckland.
SAFUMAX Forex Broker
Basic Information
Hong Kong
5-10 years Suspicious Regulatory License Suspicious Scope of Business New Zealand Financial Service Corporate Revoked Australia Appointed Representative(AR) Revoked Suspicious Overrun High potential riskCompany profile
Rating Index
Safumax Forex Broker - Complete Information Guide
1. Broker Overview
Safumax is a foreign exchange broker established in 2017 and primarily operates from New Zealand. The company is officially known as Safumax Group Limited. It offers a range of trading services aimed at individual and institutional clients. The broker is privately held and has positioned itself within the financial services sector as a provider of forex trading, indices, commodities, and digital currencies.
Since its inception, Safumax has aimed to provide traders with a user-friendly trading environment, leveraging the widely recognized MetaTrader 4 (MT4) platform. Over the years, the company has faced regulatory challenges, including the revocation of its licenses by the Australian Securities and Investments Commission (ASIC) and the Financial Service Providers Register (FSPR) in New Zealand. Despite these challenges, Safumax continues to operate, focusing on enhancing its trading offerings and customer service.
The broker primarily targets retail forex traders, but it also extends its services to institutional clients, offering various account types and trading instruments. Safumax's business model is centered around retail forex trading, providing clients access to a diverse range of markets and trading tools.
2. Regulatory and Compliance Information
Safumax's regulatory status presents significant concerns for potential clients. The broker was previously regulated by the ASIC under the license number 001279299 and by the FSPR with license number 327266. However, both licenses have been revoked, which raises questions regarding the broker's compliance with financial regulations.
The revocation of these licenses occurred on March 28, 2022, in Australia, and on December 6, 2019, in New Zealand. This indicates that Safumax is currently operating without formal regulatory oversight, which is a critical factor for traders to consider when evaluating the safety of their investments.
Safumax does not participate in any investor compensation schemes, which further heightens the risk for potential clients. The broker claims to adhere to Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures; however, the absence of regulatory backing makes it difficult to verify the effectiveness of these policies.
3. Trading Products and Services
Safumax offers a diverse range of trading products across multiple asset classes. The broker provides access to 61 forex currency pairs, including major, minor, and exotic pairs, catering to a wide array of trading strategies.
In addition to forex, Safumax offers Contracts for Difference (CFDs) on various asset classes:
- Indices: 25 different indices, likely including major global indices such as the S&P 500, NASDAQ, and FTSE.
- Commodities: 22 products, including precious metals like gold and silver, as well as energy resources such as oil and natural gas.
- Digital Currencies: A selection of 10 cryptocurrencies, including prominent options like Bitcoin and Ethereum.
The broker's product offerings are regularly updated, although specific details on the frequency of updates or new product additions are not clearly outlined. Safumax caters primarily to retail clients but also provides services for institutional clients, including potential white-label solutions.
4. Trading Platform and Technology
Safumax utilizes the MetaTrader 4 (MT4) trading platform, which is well-regarded for its robust features and user-friendly interface. The platform supports desktop trading on PCs, but it is noted that mobile applications for iOS and Android are not available, limiting accessibility for some traders.
While the MT4 platform is highly customizable and supports automated trading through Expert Advisors (EAs), it lacks certain modern security features such as two-step login and biometric authentication. The broker operates its servers in the United States, ensuring relatively fast execution speeds, although specific latency figures are not provided.
Safumax does not have a proprietary trading platform, relying instead on the third-party MT4 platform. This choice may limit the broker's ability to offer unique features or enhancements that could differentiate it from competitors.
5. Account Types and Trading Conditions
Safumax offers various account types to cater to different trading needs. The primary account types include:
- Standard Account: Requires a minimum deposit of $500 and features competitive spreads starting from 0.1 pips. Specific commission structures are not disclosed.
- Joint Account: Designed for multiple users to manage a trading account collaboratively.
The broker provides a demo account option for new traders to practice without financial risk. Leverage ratios vary across different products, with a maximum leverage of 1:500 available for forex and commodities trading.
The minimum trade size is not explicitly mentioned, and information regarding overnight fees or swap rates is also not clearly provided.
6. Fund Management
Safumax supports a range of deposit methods, including:
- Bank Transfers
- Credit/Debit Cards
- Third-Party Payment Services
The minimum deposit requirement is $500 for standard accounts. Deposits are processed relatively quickly, although specific processing times are not detailed. There are no explicit fees listed for deposits, which is a positive aspect for potential clients.
Withdrawal methods mirror the deposit options, allowing clients to withdraw funds through bank transfers, credit/debit cards, and third-party services. However, there have been reports from users indicating difficulties with withdrawal requests, which is a significant red flag. The typical withdrawal processing time is stated to be up to two business days, but this may vary based on the method used.
7. Customer Support and Educational Resources
Safumax offers customer support through multiple channels, including:
- Phone: +852 3543 1017
- Email: info@safumaxsol.com
Support is available in English and Traditional Chinese, catering to a diverse client base. However, users have reported long wait times when seeking assistance.
The broker provides a limited range of educational resources, with no specific mention of webinars, tutorials, or eBooks. Market analysis services, including daily updates and research reports, are not highlighted, which may limit the support available to traders seeking to enhance their market understanding.
8. Regional Coverage and Restrictions
Safumax primarily serves clients in New Zealand and Australia, although it has a broader reach that may include other regions. However, the broker does not accept clients from certain countries, including the United States and Japan, due to regulatory restrictions.
The operational structure of Safumax includes a physical office located in Hong Kong, which serves as the central point for customer service operations. Despite its international presence, the lack of regulatory oversight and the revocation of licenses in key markets raise concerns about the broker's reliability and safety.
In conclusion, while Safumax offers a range of trading products and services, potential clients should exercise caution due to its unregulated status and history of complaints. Thorough research and consideration of the risks involved are essential when engaging with this broker.
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Latest Reviews
FX2883727290
Hong Kong
It has been for the better part of a month. The customer service said the withdrawals are disabled now because of system upgrade. I wonder that the transfers should be suspended because of the system upgrade?
Exposure
2020-11-27
FX3637562261
Hong Kong
XAU/USD slumped by $115 on the evening of October 9. The trader opened sell with stop limit. Each order was sold at the stop limit price. And we can trade normally at that night in SAFUMAX. While SAFUMAX revoked all the orders on the grounds of abnormal trade the nest afternoon, resulting that traders' accounts became negative. How can we trust such platform which shinks responsibility? We can't make money.
Exposure
2020-11-11
dygyduieyh
Colombia
As a user of SAFUMAX, I have mixed feelings. I must acknowledge their trading system is highly intuitive and user-friendly. However, I was left disappointed when my successful trades were revoked the next day on the grounds of being labeled as 'abnormal'. This situation resulted in my account balance going into negative. Though the platform provides all the necessary tools, this incident has raised concerns about its reliability. How can a platform be trusted when it shrinks responsibility like this? I worry about investing more time and resources into SAFUMAX.
37130
2023-12-19