FXPremax Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this FXPremax Review.
FXPremax has four types of live trading accounts. Each of them also has a swap-free option that can be activated upon request, for religious reasons. There are also free demo accounts of the live types. The broker provides the option for a PAMM account.
The broker offers a little over 70 tradable instruments, including forex, spot oil and metals and CFDs on some major indices.
The Company. Security of Funds
Company Country Regulation
Premax Capital Ltd UK No
FXPremax is owned by the company Premax Capital Ltd. It provides an address in London, but we could not find a company registration in UK’s Companies House registry. In the contacts section of the broker’s site are listed telephone numbers for UK, Russia, Hong Kong, Thailand and Malaysia. FXPremax explicitly says it does not accept clients from US.
The broker also claims it is a licensed FSP with the offshore Financial Service Provider Commission (FSPC), but our check revealed that the license has expired on January 29, 2017 and it seems it has not been renewed, several months later.
Judging by the language versions of the site, FXPremax is mostly targeting clients in Southern and South Eastern Asia.
The fact that the broker is not regulated should serve as a warning for potential clients that dealing with it could be rather risky. Overall, it is safer to deal with properly regulated brokers, though there is a vast difference among the requirements and oversight provided by the different regulators. UK’s FCA and the Australian Securities and Investment Commission (ASIC), for example, are known for their strict requirements and robust oversight.
Like the vast majority of forex brokers across the world – MetaTrader 4 (MT4), but only in its desktop version.
MT4 has been around for 10 years and is preferred by brokers and traders alike because of its stability and user-friendliness. Besides, MT4 has many functionalities and charting and technical analysis tools. It supports multiple types of orders, autotrading, Expert Advisories and hedging. The platform also lets users devise and implement own trading strategies and allows hedging. Among other things, MT4 supports money management accounts as well.
FXPremax is rather generous, when it comes to types of promotions. The broker offers a welcome bonus and a no deposit bonus. There is also the option for VPS hosting and its $35 monthly fee could be waived by the broker if the trader maintains a certain sum in the client account and trades a certain sum in one order.
Methods of payment
FXPremax provides numerous options for client deposits. The broker accepts payments with bank transfers through local deposits in some countries. There is also the option to pay through international bank transfer and online payment systems such as Neteller, Skrill, OKPay, UnionPay and FasaPay.
Obviously FXPremax is targeting mostly Asian clients and even though some facts around the broker raise some questions, its trading conditions are fairly favorable.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
FXPremax Review Conclusion
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