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FXOptimax FxOptimax NZ Review

FX Optimax Review and Rating | FxOptimax Metatrader forex broker

RATING: 3 / 1 REVIEWS
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FXOptimax execution and slippage

0.75 pips

 

Slippage is the difference between the price at which the order has been placed and the price at which it has been executed by the broker. The less slippage you get, the better your trading results will be. 

Our slippage data about FX Optimax is sampled by 10 of the most popular forex trading strategies in Zulutrade.com.
 
0.21 pips

FXOptimax slippage with Kama-spot trading strategy

Kama-spot is a forex trading strategy, based on technical analysis. It trades mainly EUR/USD, GBP/USD and USD/CHF

Average profit:                14.0 pips
Average trade lifespan:  19 hours
Most traded pairs:               EUR/USD, GBP/USD and USD/CHF

 

0.02 pips

FXOptimax slippage with Saved FX trading strategy

Average profit:                  16.0 pips

Average trade lifespan:    1 day

Most traded pairs:                 EUR/USD, GBP/USD, USD/CHF
0.14 pips

FXOptimax slippage with Qurenix trading strategy

Average profit:                  9.0 pips

Average trade lifespan:  5 hours

Most traded pairs:             EUR/USD
0.22 pips

FXOptimax slippage with Forex Cruise Control trading strategy

Average pips/trade:           5.0

Average trade lifespan:   18 hours

Most traded pairs:              GBP/USD
0.25 pips

FXOptimax slippage with For333 trading strategy

Average pips/trade:           12.0

Average trade lifespan:   15 hours

Most traded pairs:              GBP/USD, EUR/USD, AUD/USD
1.78 pips

FXOptimax slippage with Azar Consulting trading strategy

Average profit:                   28.0 pips

Average trade lifespan:   3 days

Most traded pairs:               EUR/USD
0.38 pips

FXOptimax slippage with The Best Player trading strategy

Average profit:                  22.0 pips

Average trade lifespan:   13 hours

Most traded pairs:               EUR/USD
2.16 pips

FXOptimax slippage with Xiaolidao trading strategy

Average pips/trade:           9.0 pips

Average trade lifespan:   1 day

Most traded pairs:               EUR/USD
1.97 pips

FXOptimax slippage with Youron trading strategy

Average profit:                  9.0 pips

Average trade lifespan:   11 hours

Most traded pairs:               EUR/USD, GBP/USD
0.34 pips

FXOptimax slippage with Duanxian(GBP\USD) trading strategy

Average profit:                      10.0 pips

Average trade lifespan:      1 days
 
Most traded pairs:                   EUR/USD, NZD/USD, GBP/USD

Trading Accounts

 

Account type  Minimum deposit  Minimum trade size Maximum leverage Average Spreads 
4-Digits $10  0.01 1:1000 Fixed, 2 on EUR/USD
Precision $10 0.01 1:1000 2 pips on EUR/USD
Pro  $100 0.01 1:500 0.2 pips on EUR/USD + commission $2 per $100k traded

 

FXOptimax offers its clients a choice of three account types - 4-Digits, Precision and Pro. The only difference between the first two accounts is that 4-Digits provides fixed spreads, while the Precision offers variable ones. Otherwise both accounts offer commission-free trading. Leverage up to 1:1000 and small minimum initial deposit. The Pro account, on the other hand, provides less leverage and demands a higher initial deposit amount, however the spreads are really tight – starting from 0 pips.


What is more, FXOptimax provides Multi Account Management (MAM) tools - a service of interaction between experienced traders and investors who wish to entrust their money to be managed by professionals.


The Company. Security of Funds


Established in 2009, FXOptimax offers online No Dealing Desk (NDD) trading in 46 popular forex pairs (including exotics), gold and silver on the most widely used MT4 platform.


The company behind the brand, FXOptimax Group Limited, is registered in St. Vincent & the Grenadines (SVG). SVG-based International Business Companies (IBC) provide financial services under the local financial regulatory regime, which is one of the most liberal ones. Registration procedure is easy and less costly, that is why this Caribbean island is a popular jurisdiction for forex start-ups (and, of course, scams). In fact, to say that brokers registered in the SVG are regulated, would be an exaggeration.


That is why, if you plan to invest a large amount of money, we would advise you to select among brokers regulated in the EU, US or Australia, or another jurisdiction, where the respective financial watchdogs are on alert and your funds will be safe.


Trading Conditions


Minimum Initial Deposit
In order to open an account with FXOptimax, one has to deposit just $10 – a reasonably low minimum initial deposit, considering the broker`s regulation status. In comparison, ForexBrokerInc, registered in the Marshall Islands, requires $100 as a start, which is considerably higher amount, however it applies to ECN accounts too.


Average Spreads & Commissions
FXOptimax offers both variable and fixed spreads. Fixed ones, offered on the 4-Digits account are average, amounting to 2 pips on EUR/USD. Variable spreads on the Precision account are also averaged 2 pips, however this is considered high for the forex market, as fixed spreads are generally wider than floating ones. Variable spreads on Pro accounts are the lowest offered by this broker, which cites as typical a spread of 0.2 pips on EUR/USD, and if we add the commission of $4 per standard lot round turn, trading costs for this pair amount to around 0.6 pips, which is really good.


In comparison, Belize-based JustForex offers variable spreads averaged 0.4 + $5 for 1 lot on its ECN accounts. For further information, you may look up and compare real-time spreads of 15 leading brokers here


Maximum Leverage
The maximum leverage rates offered by this broker are very high, reaching 1:1000. Although some jurisdictions cap leverage to levels significantly lower than this (1:50 in the US), many forex brokers offer leverage equal to or exceeding 1:500, including ForexBrokerInc.


Traders, however, should be aware of the fact that the higher the leverage levels, the greater the risk, and exercise caution when trading on margin.


Trading Platforms


FXOptimax supports MetaTrader 4 (MT4), the most popular platform among both brokers and traders. It is available as a desktop download and mobile trading apps.


MT4 provides all the tools and resources a trader needs: extremely user friendly interface, a number of built-in technical indicators, advanced charting package, a wide range of Expert Advisers (EAs) and extensive back-testing environment. EAs allow full automatization of trades, so traders may sit back and let the program do all the work.


What is more, FXOptimax offers its clients a number of advanced auto trading options: Signal Trader, MyFXBook`s AutoTrade, and also, Zulutrade


Promotions
At the time of writing this review, FXOptimax offers a 50% bonus on each deposit of at least $50, provided that 12.5 lots are traded.


Methods of Payment


FXOPTIMAX offers its clients the following deposit/withdrawal methods: via credit/debit card, wire transfer, local payment agents, or e-wallets Neteller, Skrill, FasaPay, OKPay, Perfect Money and China UnionPay.


Conclusion


FXOptimax is an offshore broker with light-touch regulation, however it is worth checking out its competitive conditions for trading in a number of currency pairs and precious metals on the ever popular MT4 platform. To sum things up, here are the advantages and drawbacks with regards to FXOptimax:

 

Pros  Cons
Low spreads  Not regulated
STP execution No index & commodities CFDs
Advanced auto trading options  
Low initial deposit required   
High leverage levels  
MT4 available  

 

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Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for FXOptimax

FXOptimax is the best

I am trading in fxoptimax now for 2 years. I have 2 live accounts in this broker and so far the experience is excellent. The execution is very fast and there are no requotes in fxoptimax. The spread is very low in all pairs, specially GBP/USD, where it starts from 0.6 pips.

I made withdrawal several times and the withdrawal is almost instant. They support various payment processor. I have now $2000 deposit in fxoptimax. I wish to make good profit with this broker in future also.

Melon 02/27/2013
Forex
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