FxPremax offers just over 70 tradable instruments including Forex, spot oil and metals, as well as CFDs on some of the major indices.
About company. Fund security
The broker claims it is FSA-licensed Saint Vincent and the Grenadines. This offshore zone is very popular with many brokers due to its fast registration process, low minimum fees and more loyal control. Despite the fact that the FSA is committed to European standards, so far experts assess it as a regulator with a low level of protection. We advise you to think carefully before investing in offshore brokers, especially if you are going to invest large sums.
Based on the language versions of the site, FXPremax is primarily targeted at clients in South and Southeast Asia.
FXPremax has four types of live trading accounts. There is also a no swap option that can be activated for any type of account at the request of the trader for religious reasons. There are also free demo accounts. The broker provides the opportunity for a PAMM account.
The broker allows you to start trading even with 1 cent on all accounts, however, you are unlikely to be able to get big profits from this. But for beginners and traders who develop algorithms, this is a big plus.
Spreads and commissions
FXPremax has floating spreads. For the popular EUR / USD pair, the average spread is 1.9 pips. This is a pretty good deal in the industry, although brokers can be found with even smaller spreads for this pair.
1: 1 - 1: 500 for accounts with deposits up to USD 25,000; 1: 1 - 1: 200 for accounts with a deposit of USD 25,000 to USD 100,000; 1: 1 - 1: 100 for accounts of USD 100,000 and above.
The broker offers the well-known MT4 terminal, which is used by millions of traders around the world. The terminal is known for its great charting package, customizable analytical tools, back testing and popular automated strategies - "experts" (EAs). Despite the fact that the developer MetaQuotes has released a newer version of the software, MetaTrader 5, MT4 continues to be the most popular Forex trading platform.
Forex Copytrader is one of the broker's offers. The platform for social trading allows beginners or those traders who do not want to spend time trading on Forex, earn money, copy transactions of other market participants.
There is a rating of the most successful managers, which is displayed on the main page of the site. You can also view the trading history of each manager.
You can ask questions to specialists by phone, which is indicated for four regions (Russia, Great Britain, Hong Kong, Malaysia), also by Skype or e-mail.
Ways of payment
FXPremax provides many options for customer deposits. The broker accepts payments by bank transfer through local deposits in some countries. There is also the option to pay via international bank transfers and online payment systems such as Neteller, Skrill, OKPay, UnionPay and FasaPay.
Criticism of traders
There are many positive reviews from traders about working with FXPremax. But nevertheless, there are several points that confuse us. There are many suspicious positive reviews on the sites, the broker does not tell anything about his history and the broker is in an offshore zone under weak supervision.
MT4; high leverage; several types of accounts; choice of payment methods.
No one has commented on this broker yet
FXPREMAX is a brokerage company whose task is to provide intermediary services to traders. Brokers provide access to currency trading in the first place. Many of them also provide an opportunity to transact with company stocks, bonds, commodities, precious metals, indices, cryptocurrencies and other assets. A private person can make transactions with all these instruments only on the trading platform, which the broker provides access to.
In addition, thanks to the brokerage company, an individual can operate on the market with amounts that significantly exceed the size of their own funds. This is called providing leverage. For example, having a deposit of 1,000 USD with a 1: 400 leverage, a trader can make deals for 400,000 USD.
The broker also opens access to analytics, auxiliary tools, and trading signals. Modern trading is impossible without all this.
The broker FXPREMAX makes profit from traders' transactions, as a rule, in two main ways.
The first is the most common. Using spreads. This word refers to the difference between the best prices for buying and selling a particular asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between a broker and users of the Forex market - another. The mediator takes the difference for himself.
The second way is easier to understand. This is the collection of a commission for each transaction performed. Most often it has a standard value, but it can be measured as a percentage.
Thus, the brokerage company is interested in attracting as many clients as possible and for them to conduct active trading.
We have found out how honest brokers should work and how they work. Now let's look at how scammers operate, they are also called the kitchen.
The most common way to cheat is to tweak quotes. The broker provides the trader with quotes that differ from the real market ones. Data substitution occurs in order to make operations unprofitable. The deposit is reduced, and then completely zeroed out. At the same time, the trader thinks that his operations were carried out in the market, but in fact - only on the site of scammers.
Bonuses are traps. They are generously distributed for anything: for registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money, mixed with bonus money, it will be necessary to fulfill a number of virtually impossible conditions. For example, conduct trading operations for an amount tens of times greater than the size of the deposit.
In the User Agreement, a clause can also be disguised that allows the broker to manage the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points is the place of registration and regulation of the company's activities.
Let's talk about registration first. As a rule, brokers from either their own country or from an economically developed country, for example, a member of the European Union, are more credible to traders. Of course, compliance with UK legislation is reassuring, and compliance with the legislation of an unknown island in the Indian Ocean does not mean anything to most.
However, most brokerage companies are registered offshore. And it's not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are offshore zones popular among brokers. By registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has any claims against such a company, then it is likely that he will have to deal with it in accordance with the legislation of that very conditional Belize. It is possible to be physically present there at the court sessions. And this is extremely expensive and difficult.
But is it worth running like fire from just the word "offshore"? As an answer, we will give the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes through offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point - this is the regulation of the broker's activities. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokerage activities. So, in Russia it is the Central Bank of the Russian Federation. A trader can find permissive documentation on the websites of such bodies. But there are also supranational structures. For example, the International Financial Commission (The Financial Commission), which is an independent self-regulatory organization, considering disputes between its members - brokers and their clients.
If the broker's website does not contain information about the regulation of its activities, then these are almost certainly scammers. Or the site contains information about a certain license issued to him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, study its history. Check out the links to her experts. If one of the leading TV channels in economic news for 5 years in a row refers to the opinion of the analyst of the broker in question, this is good. If a broker claims to have been working for 15 years, but there is no information about him on the Internet at all, this is bad.
It's important to pay attention to company reviews. And read them not only on the website of the broker itself. In the kitchen, they will probably only be laudatory. It is best to browse as many sites as possible.
Pay attention exclusively to the specifics in the offers on the brokers' websites. Honest companies openly write about interest, spread size, minimum deposit, etc. Fraudsters lure with loud, streamlined phrases about a rich tomorrow, stable income, misleading with incomprehensible terms about multi-sites, super functions, and so on.
Find out the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers sometimes hold social promotions. Fraudsters will definitely not do this.
Thus, the process of choosing a broker is complex. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich all over the world.
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Brokers who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the broker. FXPREMAX received a score of 1 of 5 on our resource.