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EuromaxFX Review - Is it scam or safe?

EuromaxFX Review - is euromaxfx.com scam or good forex broker?

RATING: 2 / 1 REVIEWS ForexBrokerz EuromaxFX
EuromaxFX is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Trading Account Minimum deposit  Min. trade size Maximum leverage Spreads
Micro $10 0.01 1:500 2.0 pips, fixed
Standard $100 0.01 1:500 2.0 pips, fixed

 

Clients of EuromaxFX have two account options: Micro & Standard accounts. Both of them offer high leverage levels, fixed spreads, and commission-free trading on the MetaTrader 4 platform.  Micro tradeable lots are available only on the micro account.

 

Islamic (swipe-free) services are also available with this broker.

 

Overall, EuromaxFX’s trading conditions seem reasonable: you may start with just $10, and its fixed spreads are average – 2.0 pips on EUR/USD. In comparison, another offshore broker, FxChoice, offers average spreads of 1.2 pips on its commission-free accounts. Variable spreads are generally tighter than fixed ones, however they widen during news releases and times of low liquidity. For further information and comparison, you may look up the real-time spreads of 15 leading brokers here.

 

EuromaxFX claims that it executes customers’ orders in Non-Dealing Desk mode, however it looks like a Market Maker to us (does not offer ECN environment, spreads are fixed).

 

Also, keep in mind that EuromaxFX allows Scalping with limitations: trades must be open for more than 5 minutes and Stop loss, Take Profit and Pending Orders must be 10 pips or more away from the current price.

 

The Company. Security of Funds

 

Company

Country

Regulation

EUROMAX COMMERCIAL CORP.

BVI

FSC

 

EuromaxFX is a broker that offers trading in more than 20 currency pairs, as well as precious metals on the standard MT4 platform. Popular instruments such as indices and stock CFDs are not available with this broker. The company behind the brand is Euromax Commercial Corp., which holds a license from British Virgin Islands’ Financial Services Commission.

 

Although offering regulated status, the BVI Commission simply registers brokers and allows companies to be entirely based overseas. It does not exercise effective supervision and client protection. This is usually the case with offshore jurisdictions and that is why we do not recommend investing with offshore brokerages. You’d better choose among brokers regulated by the FCA, ASIC or another trustworthy regulatory body.

 

Trading Platform

 

EuromaxFX offers its clients the most popular software in the forex industry - MetaTrader 4, available as desktop and mobile versions.

 

The MT4 Terminal is a perfectly equipped and provides the all necessary tools and features to analyze price dynamics of financial instruments, make the trade transactions, and create and use automated trading programs (Expert Advisors).

 

EuromaxFX’s Mt4. Click to enlarge.

 

Methods of Payment

 

EuromaxFX offers its clients the following payment modes: credit/debit card (Visa, MasterCard), bank wire transfer, and e-wallets Skrill, and Neteller.

 

Conclusion

 

It looks like EuromaxFX is another offshore forex and broker and supposedly a market maker that supports the MT4 platform. Besides, it does not offer indices & stocks CFDs and has imposed some limitations on scalping. Here are, in a nutshell, the pros and cons of EuromaxFX:

 

Pros Cons
Low minimum initial deposit required Registered offshore
Commission-free trading Scalping limitations
High leverage levels available Market maker model
MT4 available No choice of platforms, no indices & stocks CFDs available

 

Latest news about EuromaxFX
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Traders` reviews for EuromaxFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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