Last update: 21 July 2020
4 min read
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Formax review

21 July 2020

Formax is currently closed but we can recommend these brokers.

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If you live in the UK and are looking to start Forex trading, you’ll need to find yourself a regulated broker. The regulatory body in the UK is the FCA, the Financial Conduct Authority. There are a number to choose from and this Formax review is going to introduce you to one of them. Formax Prime Capital (UK) Limited is the name behind the Formax website and its principal place of business is London. is its authorised website and allows it to provide regulated products and services. By virtue of its FCA license it is also entitled to offer services in other EEA member states.

Formax is an FCA regulated broker with subsidiaries based in New Zealand, Hong Kong, China, India, Thailand and Australia. It offers traders the opportunity to buy and sell a range of assets, including foreign currency pairs, commodities and indices. It operates a Straight-Through-Processing (STP) model, which routes all trades directly to the company’s liquidity providers, with no intervention from a dealing desk.

There are currently no bonuses or promotions running so we’ll continue this review by looking at the account options.

Formax offers traders a choice between 2 different accounts

ECN Commission Free Account

  • Minimum deposit amount $1,000
  • Account currencies GBP, USD, EUR
  • Available instruments Forex, commodities and indices
  • Leverage from 1:200
  • Minimum volume 0.01 lot (Micro)
  • Maximum volume 100 lots
  • Spreads from 0.6 pip
  • Zero commission

ECN Raw + Commission Account

  • Minimum deposit amount $5,000
  • Account currencies GBP, USD, EUR
  • Available instruments Forex, commodities and indices
  • Leverage from 1:200
  • Minimum volume 0.01 lot (Micro)
  • Maximum volume 100 lots
  • Spreads from 0.2 pip
  • Commissions from £3 per lot

Both accounts allow scalping and Expert advisors. Online education is also provided as well as mobile trading and 24/5 customer support. Opening an ECN Raw account will also entitle the account holder to priority withdrawals and the services of a personal manager 24/7.
It’s also possible to open a demo account with Formax. Allowing you to practice trading with virtual funds, view charts, live prices and tailor the interface to suit your trading style. It also allows you to find your way around the site and get a feel for the Formax service before you risk any of your own cash.
A number of different payment methods are accepted including bank transfers, Visa, MasterCard, Maestro, JCB, Skrill and Neteller. Various conditions apply to making payments so be sure to take the time to read and understand what they are.

Traders can take advantage of MetaTrader 4 when trading with Formax

skyscraperThere are a number of advantages to using MetaTrader 4, and they are the reason for this trading platform’s popularity. It’s suitable for both new and experienced traders and provides both with a stable and very user-friendly interface. It is very well designed with a host of features such as advanced charting, one click trading and automated trading options. Other benefits include:

  • Hedging is allowed
  • Trading can be done in Micro lots
  • The use of Expert Advisors is supported
  • One click trading is possible
  • Tier 1 liquidity providers providing ECN pricing
  • From one platform traders can trade Forex, indices and commodities
  • Charts are fully customisable
  • Pure STP with no dealing desk to get in the way

Formax customer support and education

A minimum deposit of $1,000 means that Formax is aiming its service at those with a little more experience than a complete beginner. Nevertheless, it has decided to include an education section in its website. And to cover a little more than the absolute basics. Yes, it does give a clear explanation of how Forex works, what drives the market and when and where Forex can be traded. But it also goes into Forex pricing, going long and short, along with explaining leverage. It also gives a clear explanation of trading CFDs. Including margin trading, fractional trading and a brief warning about the risks involved in trading online. There is also an extensive FAQs section where you can find out about opening an account, making payments, swaps, margin requirements and a number of other common issues.
If you need to get in touch with Formax there is a postal address, an email and it’s also possible to telephone or request a call back. There is also a live chat option which is something we always like to see.
So what do we think of Formax? Overall, it’s a full service brokerage firm offering the option to trade Forex, CFDs and indices. The maximum leverage is pretty low, but there’s nothing wrong in that, as it will prevent traders from overstretching themselves and finding themselves in a heap of trouble if they pick the wrong trades. With a minimum deposit of $1,000 required to open an account it is obviously targeting traders who are a little more serious about trading, which is why there isn’t such an extensive educational section. There’s isn’t really anything negative we can say about this broker, and a big plus is the fact that it’s regulated by the FCA. The only improvement we can suggest is maybe the option of another trading platform, but for many of you reading this it will not be an issue that MT4 is the only one available. Another possible obstacle for some of you will be the high minimum deposit.

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