Last update: 23 July 2020
5 min read
Non-recommended broker
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FXPremax review

23 July 2020

This broker was not featured in our 2020 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.

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FXPremax is the online presence for a company called Premax Capital Limited. A registered financial services provider acting as a Forex/CFD Brokerage firm and registered with the Financial Service Provider Commission. Although, at the time of writing this review the certification had expired on the 29th January 2017, and it is unclear whether the company has renewed its registration. We would therefore advise anyone considering this broker to weigh up all your options before opening an account and risking your own funds. But in case the company does renew its registration and for anyone who is prepared to take the risk we’ll continue with this FXPremax review.

Is FXPremax running any promotions at present?

At this present time there are a number of promotions and bonuses being offered by FXPremax, for both regular and new investors. Here are a few examples:

  • 20 USD Welcome Bonus – Open a Standard STP Account and receive a 20 USD welcome bonus after you’ve made your first deposit of at least 100 USD
  • 100 USD Welcome Bonus – Receive this bonus into your STP Standard Account after you’ve made at least 1000 USD in one single deposit
  • 100 USD Trading Bonus – You will receive this bonus when you have achieved the volume of trading 50 standard lots in your Standard STP Account

These bonuses can also be received when you open another type of account, such as a Standard Fixed Account, an ECN Account or a Micro STP Account. Terms and conditions apply to all bonuses and promotions so be sure to read and understand them before registering for an account and making a deposit.
There is also a cashback bonus of 5 USD per lot Instant Rebate that is applicable for all types of trading account and for all clients. The commission you earn on your trades can be withdrawn, transferred or used for trading.

FXPremax has accounts for beginners and more experienced traders

FXPremax provides a range of different trading accounts because it appreciates clients needs can be different. It doesn’t matter whether you are a complete beginner or an expert trader, there will be something for everyone. The different account options are as follows:
Micro STP Account

  • No minimum deposit
  • Maximum balance 3,000 USD
  • 75 currency pairs, gold, silver
  • Floating spreads from 1.9 pips
  • Leverage up to 1:500
  • Expert Advisors allowed

Standard Fixed Account

  • No minimum deposit
  • No maximum balance
  • 74 currency pairs, gold, silver
  • Fixed spreads from 3 pips
  • Leverage up to 1:500 for accounts up to 25,000 USD, up to 1:200 for accounts from 25,000 USD up to 100,000 USD and 1:100 for accounts with more than 100,000 USD

Standard STP Account

  • No minimum deposit
  • Maximum balance unlimited
  • 74 currency pairs, gold, silver, CFDs
  • Floating spreads from 1.9 pips
  • Leverage up to 1:500 for accounts up to 25,000 USD, up to 1:200 for accounts from 25,000 USD up to 100,000 USD and 1:100 for accounts with more than 100,000 USD
  • Expert Advisors allowed
  • Demo account allowed

ECN Account

  • No minimum deposit
  • Maximum balance unlimited
  • 74 currency pairs, gold, silver, CFDs
  • Spreads depending on the market, from 0 pips
  • Commissions 0.005% from the amount of transaction
  • Leverage up to 1:500 for accounts up to 25,000 USD, up to 1:200 for accounts from 25,000 USD up to 100,000 USD and 1:100 for accounts with more than 100,000 USD
  • Expert Advisors allowed
  • Demo account allowed

Deposits and withdrawals can be made using a variety of methods. Visa and MasterCard, Skrill, Neteller, OKPay, UnionPay and bank wire transfers are all accepted. Depending on the method chosen processing of deposits can take anything from 24 hours to 5 days.

Choose MetaTrader 4 as your trading platform or why not try Copytrade

currency signsWith FXPremax you have MetaTrader 4 as the standard trading platform. But there is also the option of trading in a different way and using Copytrade. It is one of the best social trading platforms available and means you can leave all the trading decisions to someone else. Which is perfect if you’re a complete novice and would appreciate the opportunity to watch and learn from an expert. But will also suit a trader who already has a busy life and not much time to be sat continuously monitoring charts and the markets. All you have to do is pick a CopyTrader manager with a strategy and style you feel comfortable with and simply copy what they do.
And you can also choose to participate from the other side as well. If you’re confident in your trading decision and want to make some extra profit from commissions, you could opt to become a FXPremax Copytrade manager.

Customer support and education with FXPremax

Register with FXPremax and you’ll be invited to join the Academy. It’s not, however, an Academy as you might be thinking, but more a glossary explaining some of the common trading terms. We would have much preferred to see some training material in the form of ebooks, videos, webinars and seminars. But at the end of the day the fact that there is nothing can’t be seen as too negative. Quite simply because there is a wealth of information elsewhere online.
If you need to get in touch with FXPremax because you have a problem or a query you can contact the multilingual customer support team. Either by email, telephone, Skype or by simply writing a letter. There are numerous telephone numbers to choose from based in locations around the world. For example, Russia, Thailand, UK, Hong Kong and Malaysia.
In view of the fact that this broker has been registered with the Financial Service Provider Commission, but its certification has lapsed, we are unable to give a definitive recommendation as to whether you should choose this broker. Ideally, you should choose to work with a broker that is licensed and regulated, as this offers the most protection for you and your investment.
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