Formax Prime Review

Formax Prime is an established forex broker company in the United Kingdom.

Broker: Formax Prime Capital

Leverage: 1:30

Regulation: FCA

Min. Deposit: 1000 US$

HQ: UK

Platforms: MT4

Found In: 2013

Website: www.formaxprime.co.uk

Formax Prime Licenses

FCA (UK), registration number. 624225 is not active.

You should carefully review the offering of any company before you sign anything. Here is Formax Review.

What is Formax?

The global coverage of Formax FX clients is approximately 200,000 clients around the world who choose the broker because of their exceptional service and dedicated support on a wide range of trading tools. Trades in popular FX, commodities, and indices can be done quickly, securely, and on-the-go by the broker. This provides added benefits for clients and those who need professional tools and expertise.

Trading transparency and interference are achieved through ECN or Straight to Process technology. Prices can be transparent and spreads can be as low as 0.2 pip.

Formax is also a socially responsible business that supports charitable and social causes wherever possible. Formax is proud to be associated in two sports that reflect the competitive spirit required for successful forex trading: motor racing and jet ski. Formax sponsorships include Jet Ski, Ferrari Motor Racing, Porsche Motor Racing, etc.

Overview

Formax Prime Capital UK Limited, one of the most established Forex trading firms and investment firms in Britain, allows clients to trade using technology by using powerful capabilities and instant liquidity. Formax Group Limited is an international financial company that has a subsidiary in this company. The group subsidiaries are located in Australia, New Zealand and Hong Kong.

The Formax does more than just provide technology for trading. They also work closely with clients to offer the best options and costs.


Pros

  • Formax is regulated and licensed by UK FCA

  • Formax strives to offer ECN trading environment

  • Formax is no restricted trading activities on Formax’s MT4

  • The spread is very low as it starts from 0.2 pips with only ￡3 per 1 lot of extra commissions

Cons

  • The maximum leverage available is 1:200, which is lower than the average of other online brokers

  • No NBP is supported, thus the loss is unlimited in Formax’s trading accounts

  • The required minimum deposit amount is 1000GBP, which is a bit high hurdle comparing to other brokers

  • No Bonus promotions are offered often by Formax

Rating of the company overall

  • Reliability ⭐⭐⭐⭐⭐

  • Platform ⭐⭐⭐⭐

  • Commissions ⭐⭐⭐

  • Support ⭐⭐⭐⭐

  • Financial instruments ⭐⭐⭐

RATING: 3.8


Is Formax a safe and legitimate business?

Formax is regulated by UK's Financial Conduct Authority (FCA). This provides a secure trading environment. The company will cooperate with any investigation authority to ensure client protection.

Formax is determined to not allow the company to be used to fund such activities. Formax monitors, implements, and continuously monitors a variety of internal procedures, policies, and controls to stop any suspicious activity.

Clients can also feel secure with funds in segregated accounts.

Trading Platforms

Formax traders have the option to choose from the industry-leading MT4 platform that is compatible for tablet, desktop and mobile devices or ZuluTrade. MT4 is well-known for its powerful capabilities and features that enhance trading via comprehensive analytical tools, automation, or even your own development. ZuluTrade allows you to easily copy orders. EAs and a Free VPS server are two options to achieve the stability you need. To use the service, trader must have at least 20 standard FX lots per calendar month.

ZuluTrade allows traders to follow an expert and trade as they do. Traders can open the same account with a standard offer, but the trader cannot connect to the trader of their choice with Zulu Rank to keep control of the account's risk.

The combination of the factors security, stability, and trading capability of MT4 makes a significant difference in proprietary technology trading.

Trading costs

Flexible pricing models allow clients to choose the best trading model for them. Formax is an ECN broker that uses STP models. All traders are routed directly to liquidity providers by the Formax. You can choose between ECN Commission Free or ECN Raw +.

Commission Account. All clients have access to the Demo account opening option and the opportunity for education online. This is the risk-free trading environment.

ECN Commission Free is a simple feature that includes all costs in spread starting at 0.6 pip. Clients can open accounts with a minimum deposit of 1,000$. They also have access to all benefits such as trading allowances and company support.

ECN Raw + Commission Account with dedicated personal manager and additional services such as priority withdrawals. With tailored raw pricing and spreads starting at 0.2 pip, the commission cost is only PS3 per lot.

Payment Methods

Formax Prime offers multiple payment options to ensure the transfer of money is secure and efficient. All transactions can be made through the Client's dashboard using the chosen option. Multi-currency solutions include bank transfers with no fees, Credit/ Debit cards with a 3% transaction fee, and depositing securely with an e-wallet such as Skrill, Neteller, or China Unionpay. This implies accordingly 2.9%, 4% and 1.5%.

Withdrawals are the same seamless process that is possible through the same payment options. The Formax fee is an additional charge that can be added to withdrawal fees. This fee varies depending on the method used. Bank Transfer costs 25$, Credit Card charges are free and Skrill charges 1% + 2.50$ for each transaction.

Conclusion for Formax

Formax Prime is a highly secure company that provides advanced trading technology. The ECN environment gives traders a clear view of capital usage and allows them to tailor pricing for each client. The ECN environment does not allow dealers to intervene in pricing decisions. The broker's strong financial backing, advanced trading technology and global resources enable traders to get the most out of trading through its diverse offering.

Formax Updates

Formax has stopped offering trading solutions recently and temporarily ceased accepting new clients. It is possible to renew the service if it is not renewed, as its former company is still active.