Formax Prime Review (2023)
Before signing with any company you should check carefully what their offering is about and here is Formax Review.
What is Formax?
Formax Prime Capital UK Limited is one of the British established Forex trading providers and investment firms that enables clients to trade through technologies by utilizing powerful capabilities and instant access to liquidity. The company is the subsidiary of Formax Group Limited, an international financial company with a strong focus on innovation and development of financial technology, the group subsidiaries are based in the UK, New Zealand, Hong Kong, China, India, Thailand and Australia.
Global coverage of the Formax FX clients goes to around 200,000 world clients that choose the broker for their excellent service and dedicated support on a broad range of trading tools. The ability to trade popular FX, indices and commodities the broker enables to trade quickly, securely and on the move, with the added benefits to the clients, and to those who require demanded professional tools and expertise.
The trading clarity and zero interference performed though STP (Straight to Process) or ECN technology, with full pricing transparency and competitive spreads from 0.2 pips.
The Formax do not provide only the technology to trade but works closely with the clients while giving the necessary options and costs that matters with flexible conditions and account options, platform choice and access to markets support or customer care.
Moreover, Formax is a socially responsible company that offers support wherever possible to organizations and institutions to social or charitable causes. Formax is also proud to be associated with two sports that the company believes reflect the competitive spirit and skills required of successful forex trading: jet ski and motor racing. Formax sponsorships include Jet Ski, Ferrari Motor Racing, Porsche Motor Racing, etc.
Is Formax safe or a scam?
The confidante trading environment provided by the fact that Formax is regulated by the respected Financial Conduct Authority (FCA, UK). The company fully cooperates and assist with any investigating authority towards the client protection in accordance with all requirements.
The origin conceals and ownership of the proceeds involves the use of legitimately derived funds to finance Formax are determined in not allowing the company to be used for any such activities. For that reason, Formax implements and monitors on a continuous basis a number of internal policies, procedures and controls to prevent any suspicious activity.
The further reassurance from funds held in segregated accounts rest assures clients in its transparent conditions, along with other settled rules to provide safe investment and trading environment.
Trading Platforms
The Formax trader is able to choose between the industry-leading MT4 platform suited for desktop, mobile and tablet or to use ZuluTrade. While MT4 is quite known within the industry for its powerful capabilities and features to enhance trading through comprehensive analytical tools, automation or even the own development, the ZuluTrade delivers an environment to copy orders easily. The choices to gain the necessary stability with the help of tools enabled and include EAs, and Free VPS server that improves uptime and speed with Formax Prime to a reliable connection 24 hours a day. Yet, the trader should qualify a minimum 20 standard FX lots per month in order to use the service for free.
ZuluTrade lets the trader follow the expert and trade like them, while the trader is able to open the same account as a standard offering, simply connect to the trader of the choice with Zulu Rank and to stay in control of risk within the account.
After all, the combination between the factors of the security, stability of MT4 for complete trading along with the low latency trading capabilities make a meaningful difference to the proprietary technology trading.
Trading Costs
Flexible pricing models help to establish and perform the most suited trading whichever model the client use. Since the Formax is an ECN broker with STP model all traders are routed to the liquidity providers without intervention through the choice between two account ECN Commission Free and ECN Raw +
Commission Account. Nevertheless, the online education is enabled to all clients along with the Demo account opening possibility, which is the risk-free trading environment.
ECN Commission Free delivers an easy feature with all costs included into spread from 0.6 pips. The minimum deposit to open the account is 1,000$ while the client able to enjoy all the benefits from the company support and trading allowances.
ECN Raw + Commission Account designed with dedicated personal manager feature along with extra services alike priority withdrawals. And of course, with tailored raw pricing with interbank rates of spreads from 0.2 pips, yet the commission charge is £3 Per Lot.
Payment Methods
Formax Prime offers multiple payment methods to ensure the secure money transfer and its efficiency. The trader can perform all transactions through the Client’s dashboard by the selected option. The multi-currency solution methods include to deposit via bank transfer with no fee charges, by the Credit/ Debit cards with a 3% transaction charge, or to deposit securely using an e-wallet of the choice Skrill, Neteller or China Unionpay, that implies accordingly 2.9%, 4%, and 1.5%.
The withdrawal is the same seamless procedure which is available through the same payment methods. However, the Formax add on above the withdrawal fee that varies from the method to another, e.g. Bank Transfer will cost 25$, Credit Card is free from charges and Skrill applies 1% + 2.50$ per transaction.
Conclusion on Formax
The Formax Prime review is about the highly secured company provider of the technology to perform advanced trading. Through the ECN environment, the trader gains a clear picture of how the capital is deployed, also with the flexibility and competitive pricing tailor to every client. There is no dealer intervention thus there is no meddling with prices. Hence, with strong financial backing, advanced trading technologies and global resources the broker enable the trader to enjoy the maximum from the trading through its diversified offering.
Formax Updates
Recently Formax does not offer trading solutions and temporarily sease its service, therefore does not accept any new clients. Meanwhile, since its former company remains active there is a possibility to renew its service upon notice.
