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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.
Trading conditions
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.
Minimum deposit
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.
Leverage
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.
Trading platforms
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 Despite the fact that the developer MetaQuotes has released a newer version of the software, MetaTrader 5, MT4 continues to be the most popular Forex trading platform.
Significant services
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.
Support service
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.
Pros:
MT4; high leverage; several types of accounts; choice of payment methods.
Minuses:
unregulated broker.
No one has commented on this broker yet
FXPREMAX is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.
In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.
As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.
FXPREMAX profits from traders' trades, usually in two main ways
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First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.
The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.
Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.
How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.
The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.
Bonus – traps. They are generously distributed for anything: 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 actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.
The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of 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 – it is the place of registration and regulation of the company's activities.
First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.
On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.
No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point – this is the regulation of the broker / crypto exchange. 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 brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization, specifies disputes between its members – brokers and their clients.
If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.
It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.
Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.
Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.
Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around 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. Companies 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 company you chose. FXPREMAX received a score of 1 of 5 on our resource.