BlueMax Capital Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this BlueMax Capital Review.
BlueMax Capital Review
BlueMax Capital offers several trading account types, deepening on the client’s initial deposit. All of them offer floating spread, which vary by account type. Micro lots are available for trade on Explorer and Standard accounts. Besides, the brokerage offers advanced PAMM solutions, which allow distribution of trades from a single account to a group of sub accounts.
What bothers us with regards to BlueMax Capital’s offering is that in order to access competitive spreads, one has to invest at least $10 000. The variable spreads on Explorer accounts start at 1.5 pips on EUR/USD, which is above the average for the FX market.
By comparison, by investing just $300 you can open a cTrader (ECN) account with CySEC-regulated Fibo Group and trade with average spreads amounting to 0.2 pips on EUR/USD, involving a commission of $6 per lot round turn, instead of investing thousands of dollars in an offshore brokerage.
For further information, you may look up the real-time spreads of 15 leading brokers here.
The Company. Security of Funds
BlueMax CapitalGlobal Ltd.
BlueMax Capital is an international broker that operates from its offices in Belize, Hong Kong and UK. It provides online trading in forex, CFDs on commodities and precious metals on the most popular forex trading platform, MetaTrader 4.
The company behind the brand, BlueMax CapitalGlobal Ltd., is licensed by the International Financial Services Commission (IFSC) of Belize as a provider for brokerage/consultancy/advisory services (List H).
IFSC-licensed companies are required to have a minimum of $500,000 net tangible assets and to keep client funds in segregated accounts.
Despite providing a regulated status, the IFSC has very liberal control over forex brokers. Its supervision focuses on promulgation of regulation and a binding code of conduct. Little attention is paid to compliance-checking, reporting and on-going supervision. So, keep that in mind if you intend to invest in a Belize-registered broker. Also, the chances to recover your funds in case of a fraud or bankruptcy are close to zero.
We would like to note that BlueMax Capital does not seem like a typical offshore scam brokerage – it does not offer any bonuses to attract clients (and urge them trade in large volumes with great risk exposure in order to be able to withdraw them), and it has a 4-star rating at the Forex Peace Army forum.
BlueMax Capital offers its clients the leading MetaTrader 4 (MT4), available as desktop, web and mobile versions.
MT4 is easy to use and offers a number of technical indicators, extensive back-testing options, advanced charting package, and wide range of Expert Advisors (EA), allowing clients to fully automate their trades.
Besides, there is a Multi-Account Manager Application embedded within the MT4 terminal. This solution allows a trader to manage simultaneously unlimited quantity of managed accounts from a single MT4 client terminal application.
Methods of Payment
BlueMax Capital offers its clients the following payment modes: bank wire, credit/debit cards, Skrill, Neteller and cryptocurrencies (BTC and ETH). Withdrawals take up to one business day (2 for bank wire transfers). MaxWallet innovative payment processor
Keep in mind that certain transaction fees apply.
BlueMax Capital is an offshore forex broker that has pretty good reputation, however Its offerings do’t seem very attractive. Its minimum initial deposit is high and in order to get competitive spreads, one has to invest even more.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
BlueMax Capital Review Conclusion
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