Formax is a part of the Formax Groups that was established in 2014. It is also a division of Formax Prime Capital UK Limited, a company that is one of the leading providers when it comes to Forex trading technologies and services to both private and institutional traders in all parts of the world.
Formax has a “Straight Through Processing” (STP) technology that routes directly to major liquidity providers such as banks and larger Forex brokers automatically. FoxmaxMarket also has a presence in different countries in the world including the United Kingdom, Australia, New Zealand, China, Thailand, Hong Kong and India, although they do not take clients from the United States.
They allow their traders to have the option of selecting an Electronic Communications Network, or ECN account, to trade on the company’s trading platform, MetaTrader 4. Their traders can also use a maximum leverage ratio of 200:1.
Using this service, the traders are provided with inexpensive trading costs and price accuracy that extends to over five decimal places. Furthermore, FormaxMarket gives their customers the best available market price with a stable and expedient execution service. FoxmaxMarket offers a demo account to its customers in order for traders to use for evaluating their ECN and Islamic accounts, as well as their brokerage services.
The company also gives trading incentives to its clients, like a trading competition for demo accounts, where they could win cash prizes and initial cash bonus.
Why Trade with Formax
- No minimum deposit required to open an account, but they do offer $100 USD incentive to those clients who opened an account with a deposit of $1,000.
- Minimum trading volume is 0.01 lit, 30 lots for commodities and 100 lots for Forex trades on all account types.
- Depositing can be made in USD, EUR and GBP, and the process takes 1-5 business days to process.
- Deposits routed at Barclays’ FormaxMarket’s bank account can be made for free, other accounts like the ECN and Islamic accounts can only be funded with U.S. dollars.
- Customers have the option to choose to deposit their funds through credit or debit cards like MasterCard, Maestro, JCB cards and Visa.
- Authorized and regulated by the British Financial Conduct Authority (FCA).FormaxMarket has the ability to trade metals,
- FormaxMarket has the ability to trade metals, commodities, and CFDs and offers a full-service Forex brokerage despite having a low maximum leverage ratio of 200:1.
Additional Deposit Costs
Deposits are instantaneous, debit cards charge a fee at the rate of 0.25% for USD, EUR, and GBP deposits while credit cards charge a fee of 2.0% for deposits in USD, EUR, and GBP.
Withdrawals can be made in USD, EUR, or GBP, but it takes 24-hours for the process to complete, excluding weekends. If the withdrawal is made from the company’s Barclays bank account, it would take 3-5 business days with no charge.