FxOptimax Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this FxOptimax Review.
FXOptimax offers its clients a choice of three account types – 4-Digits, Precision and Pro. The only difference between the first two accounts is that 4-Digits provides fixed spreads, while the Precision offers variable ones. Otherwise both accounts offer commission-free trading. Leverage up to 1:1000 and small minimum initial deposit. The Pro account, on the other hand, provides less leverage and demands a higher initial deposit amount, however the spreads are really tight – starting from 0 pips.
What is more, FXOptimax provides Multi Account Management (MAM) tools – a service of interaction between experienced traders and investors who wish to entrust their money to be managed by professionals.
The Company. Security of Funds
Established in 2009, FXOptimax offers online No Dealing Desk (NDD) trading in 46 popular forex pairs (including exotics), gold and silver on the most widely used MT4 platform.
The company behind the brand, FXOptimax Group Limited, is registered in St. Vincent & the Grenadines (SVG). SVG-based International Business Companies (IBC) provide financial services under the local financial regulatory regime, which is one of the most liberal ones. Registration procedure is easy and less costly, that is why this Caribbean island is a popular jurisdiction for forex start-ups (and, of course, scams). In fact, to say that brokers registered in the SVG are regulated, would be an exaggeration.
That is why, if you plan to invest a large amount of money, we would advise you to select among brokers regulated in the EU, US or Australia, or another jurisdiction, where the respective financial watchdogs are on alert and your funds will be safe.
Minimum Initial Deposit
In order to open an account with FXOptimax, one has to deposit just $10 – a reasonably low minimum initial deposit, considering the broker`s regulation status. In comparison, ForexBrokerInc, registered in the Marshall Islands, requires $100 as a start, which is considerably higher amount, however it applies to ECN accounts too.
Average Spreads & Commissions
FXOptimax offers both variable and fixed spreads. Fixed ones, offered on the 4-Digits account are average, amounting to 2 pips on EUR/USD. Variable spreads on the Precision account are also averaged 2 pips, however this is considered high for the forex market, as fixed spreads are generally wider than floating ones. Variable spreads on Pro accounts are the lowest offered by this broker, which cites as typical a spread of 0.2 pips on EUR/USD, and if we add the commission of $4 per standard lot round turn, trading costs for this pair amount to around 0.6 pips, which is really good.
In comparison, Belize-based JustForex offers variable spreads averaged 0.4 + $5 for 1 lot on its ECN accounts. For further information, you may look up and compare real-time spreads of 15 leading brokers here.
The maximum leverage rates offered by this broker are very high, reaching 1:1000. Although some jurisdictions cap leverage to levels significantly lower than this (1:50 in the US), many forex brokers offer leverage equal to or exceeding 1:500, including ForexBrokerInc.
Traders, however, should be aware of the fact that the higher the leverage levels, the greater the risk, and exercise caution when trading on margin.
FXOptimax supports MetaTrader 4 (MT4), the most popular platform among both brokers and traders. It is available as a desktop download and mobile trading apps.
MT4 provides all the tools and resources a trader needs: extremely user friendly interface, a number of built-in technical indicators, advanced charting package, a wide range of Expert Advisers (EAs) and extensive back-testing environment. EAs allow full automatization of trades, so traders may sit back and let the program do all the work.
What is more, FXOptimax offers its clients a number of advanced auto trading options: Signal Trader, MyFXBook`s AutoTrade, and also, Zulutrade.
At the time of writing this review, FXOptimax offers a 50% bonus on each deposit of at least $50, provided that 12.5 lots are traded.
Methods of Payment
FXOPTIMAX offers its clients the following deposit/withdrawal methods: via credit/debit card, wire transfer, local payment agents, or e-wallets Neteller, Skrill, FasaPay, OKPay, Perfect Money and China UnionPay.
FXOptimax is an offshore broker with light-touch regulation, however it is worth checking out its competitive conditions for trading in a number of currency pairs and precious metals on the ever popular MT4 platform.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
FxOptimax Review Conclusion
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