Read Our FXPremax Review and Save Your Money from This Broker
No matter how hard scammers try, they cannot escape our watchful eye. Our latest point of attention was FXPremax and its shady practices. We took a closer look and saw some disturbing signs, so we wanted to protect you and wrote this review.
Read our FXPremax Review to see what led us to believe this broker is a scammer and find out all the reasons you should avoid them.
|Broker name||Reliable Broker Must Have|
|Legal name:||Primax Capital Ltd||Transparently displayed in the disclaimer or legal documents|
|Regulation:||Unregulated||Within your legal jurisdiction – local regulator|
|Registered in:||The UK (allegedly)||Your country or the country whose license applies in your legal jurisdiction|
|Established:||2014||The older the domain – the higher the possibility the company is trustworthy|
|Website:||fxpremax.com||Domain should be from local or international zones, no .xyz, etc.|
|Financial Authorities Warnings:||No||None|
|Contacts:||Email: [email protected]
|Phone, email, social media, web form|
|Is withdrawal possible:||Highly unlikely||Yes|
|Fees:||0.005% of the transaction amount with the ECN account||Transparent fees – list of spread and commissions|
|If Active on Social Media:||Facebook, Instagram, YouTube||Often present on social media|
|Investor Protection:||No||Compensation fund|
Fraudulent brokers use different tactics to cover their deficiencies, but a trained eye can see through every trick. FXPremax does not have a license which is the most crucial item in Forex trading. They try to hide it by boasting about their platform, trading conditions, etc., hoping you will not see they are missing a license.
Their owner company – Primax Capital Ltd, has headquarters (supposedly) in the UK, meaning they fall under the FCA jurisdiction. A quick check of the FCA register yielded no results, so we can confidently say FXPremax is UNREGULATED and, therefore, dangerous.
When you are looking for a reliable broker, they must have a license from a trusted regulator. Preferably, they will come from Malaysia, Thailand, Indonesia, Singapore, or South Africa, but there are also other good regulatory bodies.
Found on fxpremax com, this broker tries to deceive potential customers with some parts of its offer. We mostly think about their trading platforms section.
One of the available platforms is the well-known MetaTrader 4 (MT4). This platform is one of the best platforms on the market due to its advanced tools, functionality, and user-friendly interface. The problem comes when you see their second platform, which they refer to as only MT7.
Now, this will immediately smell fishy to an experienced trader, but that might not be the case with beginners. The successor of MT4 is MT5, and there has not been an upgrade since. MT7 is short for Mobius Trader 7, which is not on the MT4/5 level, so you can see why the scammer does not mention its full name. These shady tactics are common with fraudsters and are a clear sign of who they really are.
The broker has four account options – Micro STP, Standard Fixed, Standard STP, and ECN ZERO. There is no FXPremax Minimum Deposit, so you can open an account for free.
|Trading platforms:||MetaTrader 4, Mobius Trader 7|
|Account types:||Micro STP
|Financial Instruments On Offer:||CFDs (USD/EUR, GBP/USD, JPY/EUR, etc.)
Energies (oil, Brent, etc.)
Metals (gold, silver, aluminum, etc.)
|Education or Extra tools:||Yes|
Is This Broker Safe?
No, FXPremax is not safe. With no license, they cannot guarantee you any safety. Imagine this like the financial version of going bungee jumping. If you came to the bridge and your instructor told you they do not have a license to provide bungee-jumping services, you would not jump, right? It is the same thing with brokers, only you are not risking your life but your savings.
However, there are many reliable brokers with legitimate licenses. You can try and find them on your own, or you can contact us, and we can go through the whole process with you for free.
Trader Reviews – Sharing Experiences
Sadly for everyone, we did not find any user reviews for FXPremax. There is a company with the same name on Trustpilot, but it has no ratings or comments.
However, this situation might have a silver lining. It is possible that all traders saw through the FXPremax Scam and decided not to invest in the first place. With that decision, they had no opportunity to be in contact with the broker and have any experience, good or bad.
How Does the FXPremax Platform Reach Clients and Who Are They?
With no online reviews, it can be hard to pinpoint where the FXPremax clients come from. But near the FXPremax login button, you can find the languages menu. If we were to assume based on that, the broker targets traders from the Asian market, specifically China, Indonesia, Thailand, and Malaysia.
You already know what we think about this scammer, but there are also reliable brokers you can trust with your investment. Reach out, and who knows? Maybe you will find the perfect broker for you today.
Deposits and Withdrawal Methods
FXPremax accepts many payment and withdrawal methods, including:
- Credit/debit cards
- Wire transfers
- Other e-wallets
The broker charges you no deposit fees and only the ECN account comes with withdrawal fees. The commission rate with this account is 0.005% of the transaction amount.
Reasons To Avoid This Company
There are many reasons why your money would be better spent elsewhere, but if we were to choose the biggest one, it would be the broker’s lack of license. Without one, you would always have to fret if you will see your money again, and you do not need that.
FXPremax also showed us they have no problem deceiving potential customers, and you would be no different. Other brokers that behave in the same way include GlobalX, Moneta Markets, and RaceOption, and you should stay away from them too.
Our Safe Trading Experts’ Opinion of FXPremax
Reaching the end of our FXPremax Review, we hope we convinced you to pass on this scammer and invest with someone else. Trading is already complex enough, and you do not need to worry about your fund safety too.
If you want to find a broker that is the exact opposite of FXPremax, contact us today! In our free consultations, we will analyze your needs, goals, skill level, and financial situation to give you a tailor-made broker recommendation!
What is FXPremax?
FXPremax is a broker allegedly based in the UK. However, they are running a scam, so you should stay away from them.
Is FXPremax safe?
No, FXPremax is not safe. They do not have a trading license, and you should not engage with them.
Is FXPremax Running Any Promotions At Present?
Yes, they are. They offer a 20 and 100-dollar welcome bonus and a 100-dollar trading bonus.