Finding a reliable and trustworthy broker can be a bit of a challenge when it comes to the volatile Forex market, and that is why we always try to provide our readers with the most relevant information. We pay particular attention to those organizations that have certain drawbacks or show signs of illegal activities, and our Formax review is a perfect example of one such project. We have examined every little detail about this brokerage, and this will allow you to learn more about Formax and decide whether you would like to invest your funds in such an enterprise.
Formax markets review – about the company
Knowing a thing or two about the background of the broker can help a lot in the long run, and that is why we gathered all the necessary facts so that you can see if any Formax scam is present with this trading enterprise. As it turns out, this brokerage is a part of a relatively large multinational corporation called “Formax Group Ltd,” and the primary focus of this organization lies in “wealth management, as they say on their website. Because of their rapid growth, they wanted to expand over to the Forex sector as well, and in 2014 – Formax as a broker company was born. The main offices of this broker are located in London, but their franchises are scattered all over the world, including Shanghai, China.
Trading with Formax: Opinion
Formax broker is a real STP platform, which stands for Straight Through Processing, and this company is licensed and regulated by the FCA in the UK. The Financial Conduct Authority is a reputable agency, and Formax somehow managed to acquire a permit from this governing body. Their license number is 642225, and this gives traders a sense of guarantee that their funds will be safe and protected, even if the broker goes bankrupt or in the case of insolvency.
Formax review of trading accounts
Just like almost all other Formax reviews, we will also take a look at the trading accounts that this broker house provides. According to a lot of clients, these accounts are one of the principal reasons for complaints, among others, but Formax is still not changing the way they operate. In other words, they are still offering two essential categories of accounts, and these are called ECN Commission Free and ECN Raw – Commission Account. In case you are not familiar with the abbreviation ECN, it stands for Electronic Communications Network accounts. Another possible warning sign for prospective investors is the fact that Formax does not require a minimal deposit to open up one of these accounts, and this could be a well-prepared trap for greedy traders. Additionally, the broker offers a demo feature and an Islamic account.
Formax Markets: trading software
Our Formax opinion is based on several factors, and one of the essential elements for rating any broker is the quality of their trading software. Formax is using a well-known and verified software solution in the form of MetaTrader4 platform, and this trading terminal can be customized and equipped with various features and trading tools. Also, the platform is available on mobile devices as well, and it will provide you with only 70 currency pair, which is a relatively small amount when you compare it to the competition in the market. Evidently, this broker is not using the platform to its full potential.
Promotions and other incentives
Most Formax opinions are focused on the quality of their site or on the types of accounts they offer, but bonuses and trading benefits are an equally important element. Like most other brokers, Formax offers deposit bonus of $100 if you invest $1000, but, as usual in the trading world, this bonus is tied to highly demanding terms and conditions.
Formax banking options and customer support review
When it comes to the quality of customer support with Formax Forex broker, this company is not offering high-quality services, and clients could face problems when trying to solve some difficult or unexpected occurrence. The support teams are available 24/5, and customers can contact them via phone, mail, or live chat. When it comes to payments and banking methods, you can deposit your funds with the help of traditional means of transferring money to and from your account, and these include credit cards, e-wallets, and wire transfers.
Formax review conclusion
Formax is still a relatively young company, and that is also one of the reasons why our Formax FX broker review was not too harsh. However, this brokerage has a lot of room for improvements, and it remains to be seen if they will raise their standards in the upcoming period.