Looking for a Regulated and Transparent Forex Broker? Read our MaxFX Broker Review
When you’re looking for a Forex broker, it pays to choose one that keeps nothing hidden. That way there will be no nasty surprises waiting to trip you up and leave you with a bad feeling. MaxFX isn’t one of these brokers. Take a look at their website and everything you need to know is there for you to read. To save you a little time, and give you some of the basic details, we’re writing this honest review.
TOPFX Ltd is the name behind MaxFX, and is a financial services provider licensed and regulated by CySEC. It also operates within the guidelines set out in MiFID, and holds a passport agreement that allows it to operate in a number of other EU countries.
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MaxFX enables traders to access a wide range of markets
With MaxFX you get the opportunity to trade a vast range of global markets, including indices, metals, energies, shares, and of course Forex. Trading takes place with the help of the MetaTrader 4, cTrader Suite, and Myfxbook. With leverage of up to 500:1 there are 80 currency pairs for trading, with flexible spreads starting as low as 0.20. CFD traders can choose from 150 shares, and take advantage of leverage of up to 10:1. Leverage of up to 14:1 is offered if you prefer to trade energies such as oil. And if the most popular type of CFD is more you thing, there are 13 indices to choose from, with leverage of up to 20:1.
There’s a choice between MT4 and cTrader Suite
We won’t bore you with the benefits of MT4, and instead will look at the cTrader Suite offered by MaxFX. Available in desktop, web, and mobile versions, it is an award winning, ECN multi-asset trading platform that has the traders best interests at its heart. Features include:
- Snappy user-friendly interface
- One-click trading
- Cloud features and customisable workspaces
- Fully integrated with mirror trading
- Algorithmic trading support
- Fast order execution
- Low latency trading
MaxFX also provide Myfxbook, for those traders who enjoy social trading. It enables traders to hand pick suitable trading systems, and be in full control of the traders chosen to follow.
To suit the needs of a variety of traders MaxFX offers a range of account
It’s always of benefit if the broker you’ve chosen offers a number of different accounts. Trading the markets is an ever changing pastime, and it’s highly likely your needs will change. So what better than to pick a broker who can cater for those changes. MaxFX has a number of different accounts to choose from, depending on your needs.
Zero account – Minimum deposit is $200, with leverage of up to 500:1. Spreads are from 0.9 pips, and there is no commission. Minimum contract size is 0.01 lots, EA’s are supported and hedging is allowed. Support is available 24/5.
Fixed spread account – Minimum deposit is $100, with leverage of up to 300:1. Spreads are fixed (for example EUR/USD 3.0 pips), and there is no commission. Minimum contract size is 0.01 lots, EA’s are supported, and hedging is allowed. Support is available 24/5.
ECN Max account – Minimum deposit is $500, with leverage of up to 500:1. Spreads start at 0.1 pips, and there is a commission charge of $3 per lot. Minimum contract size is 0.01 lots, EA’s are supported, and hedging is allowed. Support is available 24/5.
VIP Max account – Minimum deposit is $10,000, and spreads start at 0.1 pips. There is a commission charge of $1.5 per lot, and leverage is up to 500:1. EA’s are supported, hedging is allowed, and there is also a personal account manager. Support is available 24/5.
We should also mention there is an Islamic account that has no swap or rollover interests on overnight positions. And let’s not also forget the very useful demo account.
A number of payment methods are supported includes credit cards, Skrill, Neteller, Unionpay or WebMoney, and all payments are conducted via your own personal secure client area.
MaxFX believe an educated trader is a winning trader
And we have to agree. While trading the markets can be done with very little knowledge, the chances of being successful increase significantly the more you learn. MaxFX have a number of articles for both the beginners and more experienced traders, as well as a good selection of videos that will teach clients how to trade. Included are videos covering the basics of Forex trading, risk management, trading psychology,chart patterns, fundamental and technical analysis, creating a trading system and a whole lot more.
If you need to get in touch to discuss a problem, or have a question about your account, there is a telephone and a fax number, along with an email address. There is also live chat and the option of lodging a support ticket in your client area.
So, if you’re looking for a regulated and transparent broker, you may well have found what you’re looking for with MaxFX.