Formax Prime Review 2024
Website: www.formaxprime.co.uk
Min. Deposit: US$ 1000
Leverage: 1:30
Trading Platforms: MT4
Regulation: FCA
Headquarters: UK
Founded: 2013
Regulatory Licenses:
- Formax Prime Capital (UK) - authorized by FCA (UK) registration no. 624225 not active
Updated on April 30, 2024
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Formax Prime Capital UK Limited stands as a distinguished British Forex trading provider and investment firm, facilitating client trades through state-of-the-art technologies that offer powerful capabilities and immediate access to liquidity. As a subsidiary of Formax Group Limited, an international financial conglomerate dedicated to the innovation and development of financial technology, its reach extends through its various subsidiaries located in the UK, New Zealand, Hong Kong, China, India, Thailand, and Australia.
With a global client base of approximately 200,000, Formax has earned a reputation for excellent service and dedicated support across a wide array of trading tools. It provides the ability for trading in popular FX, indices, and commodities quickly, securely, and on the move, complementing these offerings with professional tools and expertise for those who demand them.
The trading process, characterized by clarity and zero interference, is facilitated through STP (Straight Through Processing) or ECN (Electronic Communication Network) technology, ensuring full pricing transparency and competitive spreads starting from 0.2 pips.
Beyond merely providing technology for trading, Formax engages closely with its clients, offering necessary options, flexible conditions, platform choice, and access to market support or customer care. Additionally, Formax upholds social responsibility, supporting various organizations and institutions in social or charitable causes, and takes pride in its associations with sports like jet ski and motor racing, reflecting the competitive spirit and skills emblematic of successful forex trading. Formax's sponsorships include prominent events and teams in Jet Ski, Ferrari Motor Racing, Porsche Motor Racing, and more.
Formax's trading environment is fortified by its regulation under the esteemed Financial Conduct Authority (FCA, UK), ensuring a secure and reliable trading experience. The firm's dedication to client protection is evident through its full cooperation and assistance with investigating authorities, adhering to all regulatory requirements.
The origin, concealment, and ownership of proceeds are rigorously monitored to prevent the company's use in illicit activities. Formax implements and continuously monitors a comprehensive set of internal policies, procedures, and controls to deter any suspicious activity.
The assurance provided by funds held in segregated accounts solidifies trust in Formax's transparent conditions, alongside other established rules aimed at furnishing a safe investment and trading environment.
Formax traders have the flexibility to select between the industry-standard MT4 platform, which is compatible with desktop, mobile, and tablet devices, and ZuluTrade for a more focused copy-trading experience. The MT4 platform is renowned for its robust features that empower traders with advanced analytical tools, automation capabilities, and the option for custom development to enhance their trading strategies. Additionally, Formax Prime offers tools such as Expert Advisors (EAs) and a complimentary VPS server, subject to a minimum trading volume of 20 standard FX lots per month, to ensure high uptime and speed for a reliable 24-hour connection.
ZuluTrade, on the other hand, provides a convenient way for traders to mimic the strategies of expert traders. By creating a standard account, users can connect with their chosen trader using Zulu Rank and manage risk within their accounts effectively.
The combination of MT4's security and stability, along with low latency trading capabilities and proprietary technology, significantly enhances the trading experience at Formax.
Formax offers flexible pricing models to cater to various trading preferences, being an ECN broker with an STP model that routes all trades directly to liquidity providers without any dealer intervention. Traders can choose between two account types: the ECN Commission Free and ECN Raw + Commission Account. Moreover, Formax provides all clients with access to online education and the option to open a Demo account for a risk-free trading environment.
The ECN Commission Free account incorporates all trading costs into the spread, starting from 0.6 pips, with a minimum deposit requirement of $1,000. This account type allows traders to enjoy comprehensive support and trading allowances from the company.
For those seeking more tailored services, the ECN Raw + Commission Account offers raw interbank spread rates starting from 0.2 pips, with a commission charge of £3 per lot. This account also comes with additional benefits such as a dedicated personal manager and priority withdrawals, enhancing the trading experience for serious traders.
Formax Prime capitalizes on providing a variety of payment methods to facilitate secure and efficient money transfers. Traders can manage all their transactions via the Client’s dashboard, selecting from the available options. The brokerage supports multi-currency solutions, allowing deposits through bank transfers without any fees, Credit/Debit cards with a 3% transaction charge, or via popular e-wallets such as Skrill, Neteller, or China UnionPay, which incur fees of 2.9%, 4%, and 1.5% respectively. When it comes to withdrawals, the process is equally streamlined, accessible through the same payment methods. However, Formax imposes additional withdrawal fees that vary depending on the chosen method; for instance, Bank Transfers are subject to a $25 fee, Credit Card withdrawals are charge-free, and Skrill transactions attract a fee of 1% + $2.50 per transaction.
The review of Formax Prime highlights it as a highly secure and technologically advanced company, offering an environment conducive to advanced trading. Operating within an ECN framework allows traders to have a transparent view of capital deployment, coupled with flexibility and competitive pricing tailored to individual client needs. The absence of dealer intervention ensures that there is no manipulation of prices. Formax's strong financial foundation, along with cutting-edge trading technologies and extensive global resources, empowers traders to fully leverage their trading potential across its diverse product offering.
In recent developments, Formax has temporarily halted its trading solutions and is not accepting any new clients at this time. This suspension of services is due to internal considerations, although the company that formerly managed Formax remains operational. There exists a potential for the brokerage to resume its services in the future, pending further announcements.
