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Trademax Capital Review - is it scam or safe?

Trademax Capital Review - is trademax.com.au scam or good forex broker?

RATING: 2.7 / 12 REVIEWS Trademax Capital
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Trading Accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Average Spreads (& Commission)
Standard $200 0.1 1:400 3.3 pips + $30/lot
Edge $20 000 0.1 1:200 From 0.2 pips + commission
Pro $100 000 0.1 1:100 N/A

 

Trademax Capital offers its clients a choice of several account types, however information on its website on trading conditions is limited to the initial deposit required and to the claims of STP/ECN execution. We had to download its demo MetaTrader 4 platform to figure out the trading costs, which leaves a rather bad impression, as it means that Trademax Capital does not follow a transparent pricing policy.

 

The Company. Security of Funds

 

Company

Country

Regulation

Trademax Capital Pty Limited

Australia

ASIC

 

Trademax Capital is an Australian forex and CFD broker that uses the popular MetaTrader 4 platform. According to the information on its website, the company behind the brand is Trademax Capital Pty Limited, a wholly owned subsidiary of Goldland Capital Group Pty Ltd. It holds a financial services company and regulated by Australia Securities & Investments Commission (AFSL No. 436416). Goldland Capital Group also operates the GCG brand.

 

Regulation by the Australian Securities and Investment Commission (ASIC) means that Trademax Capital holds at least 1,000,000 AUD in net tangible assets. Apart from the operational capital requirements, Australian brokerages must keep client funds into Client Segregated Trust Accounts (CSTA), which are completely separated from the funds of the company.

 

ASIC requires licensed financial services providers to meet strict capital requirements ($ 1 million) and to implement certain internal procedures, such as for risk management, staff training, accounting and audits. In addition, all client funds must be held in fully segregated client trust accounts.

 

Australian forex brokers, however, are not covered by any compensation scheme. Nonetheless, Goldland Capital claims to be a member of Financial Ombudsman Services - an external dispute resolution body authorized by ASIC. If client complaints cannot be resolved internally, clients can raise complaints to the FOS.

 

Trading Conditions

 

Minimum Initial Deposit

Traders are required to deposit $200 in order to open an account with Trademax Capital, which is an average amount to start with.

 

Average Spreads & Commissions

When we tried out Trademax Capital’s demo MT4, the spread for the EUR/USD pair was floating around 3.4 pips. Such spread is very high, but what is worse, commission fees also apply, amounting to $30 per standard lot. Basically, this means that trading costs with Trademax Capital amount to around 6.4 pips on EUR/USD per standard lot, a value more than three times higher than the spreads offered by most brokers.

 

By comparison, easyMarkets (holding licenses from both ASIC and CySEC) provides spreads fixed at 1.0 pips on EUR/USD. For further information and comparison, you may take a look at real-time spreads of 15 major brokers on our dedicated page.

 

Maximum Leverage

The maximum leverage levels available for clients of Trademax Capital are quite high, reaching 1:400. While such leverage levels are not unusual in the forex industry, keep in mind that risky and highly leveraged products may not be suitable for you.

 

Leverage enables you to outlay a relatively small amount to secure an exposure to the underlying Instruments and amplifies both gains and losses. So, leverage can work against you as well as for you.

 

Trading Platforms

 

Trademax Capital supports the standard forex trading platform MetaTrader 4 (MT4), available to its clients as desktop download and mobile apps.

 

MT4 is the most commonly offered platform, as it is both easy to use and professional. It has been appreciated by traders for more than 10 years now due to its solid charting tools, useful built-in technical indicators, back-testing options and Expert Advisers (EAs).

 

 

Trademax Capital’s demo MT4. Click on the image to zoom in.

 

When we downloaded the broker’s MT4 platform, we found out it is owned by Goldland Capital Group Company Ltd. – probably another member of the GCG group.

 

Methods of Payment

 

Trademax Capital offers its clients the following deposit/withdrawal methods: bank transfer, debit/credit cards, e-wallet payments PayPal, FasaPay, POLi, BPay & China UnionPay.

 

Conclusion

 

Trademax Capital is a well-regulated Australian forex and CFD broker that is a part of the Goldland Capital Group. The main problem with this MT4 broker is that its spreads are very high and on top of that feature salty commission fees. To sum things up, here are the advantages and drawbacks with regards to Trademax Capital:

 

Pros

Cons

ASIC-regulated

Very high spread and commission fees

MT4 available

Trading costs not announced on website

 

No micro tradeable lots

 

Latest news about Trademax Capital
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Traders` reviews for Trademax Capital

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

 

 

All These ladies are scam...!!!

All those ladies are scam,i lost my 8000$ and i already reported about them. so please report to ASIC through the below link:
https://asic.gov.au/about-asic/contact-us/how-to-complain/report-misconduct-to-asic/
its the only way we can catch and stop them.

Zain 03/19/2019

Chinese girls scamming (continues, part 2)

Now this 2nd account she was using was like a backup account on wechat posting the exact same posts as her other account. Weird right???
It’s like she uses it just in case she is caught in a scam using the other by the wechat team. (Just to let you know wechat/China are not stopping these scams from happening because its western guys they are scamming which is bringing money into their country)
From this moment, I knew she must of been working for Trademax and is pressured to get people to invest. Something ain’t right. She invaded my privacy and even knew how much I deposited and will know how much everytime in the future and the money I’m making.
Well, I told her 2-3 weeks before on the day I blocked her I’ll be putting on $5000 in the next 4-6 weeks. She led me on to believe I can make a fortune but because I travel for work a lot I told her I need to save a bit for traveling for now. She didn’t care about my financial situation and carried on demanding me to put money on ASAP, $1000 at least. But she said really I needed $5000 to make good money. When I said I couldn’t yet and can only put $500 on next week she got angry with me and started pretending to get upset saying I wasted her time - this all happened before I blocked her but then alarm bells rang louder once I deposited 2 weeks later $200.
Anyways I got all the info I need, I know for a fact her address as we did live location. Her other wechat she uses to scam people. Her advisor’s wechat. Even very little things I can’t mention I have got down.
You guys if you need to chat to me send me a message with your contact via email/wechat/WhatsApp. I have a few girls on my wechat doing this but I know there is many many more out there!

Max 03/18/2019

Chinese girls scamming western guys

Same as the other guys,

What these Chinese girls do I think is they are paid to travel abroad (mainly Europe and Australasia) and collect contacts over wechat and other apps to lure guys into their fantasy lives for corrupted trading sites like TradeMax. I feel they are paid to do this and get everything needed to lure guys in. If they don’t get the returns in they are fired and another girl will take her spot. These Chinese girls don’t care about your financial situation. They are ruthless. Some of the reviews here and the downvotes are from these Chinese girls. The ones going round scamming innocent guys.
I have wechat, I travel and I have had 4-5 girls added on my phone who do this.
This one girl I was chatting to told me she was doing it for 8 years, really nice sweet girl chatting like normal for a week or 2 then all of a sudden she got serious chatting about trading. I seen her on video call, we spoke sometimes but she didn’t speak good English which was weird because she typed perfect English quickly. We spent 5-6 hours one day going through to sign me up on MT4 app and Trademax, she took my Trademax number but that was it. I told her I will put $1000 on there that week and another $2000 in 2 weeks with $5000 over 6 weeks. But then that night I just decided to block her and plan my assault to find out the hidden secrets. I had her advisor on my wechat which she didn’t know neither did her advisor knew of me going through this. They both posted similar moments/posts on wechat and found out they were friends. So I planned to do something about it... 2 weeks later I decided to just put $200 on my Trademax account and started trading. Little money on purpose and I kid you not... Literally an hour or 2 after, she used her other account to contact me after I blocked this girl for 2 weeks... She was like, are you trading?

Max 03/17/2019

Same experiences

pls log your complaints here - had a very similar experience but luckily haven't opened a real account. Same story - promised returns, support in turn for opening a real account and depositing money. occasionally hear from the same Chinese person via WeChat - her screenshots are most likely from demo accounts highlightins 'profits' to lure you in.

https://asic.gov.au/about-asic/contact-us/how-to-complain/report-misconduct-to-asic/

Shan - of course you should be able to close your account, extract your money and find a more suitable broker. There are many better brokers offering better spreads/lower commissions and access to free research materials and trade technical analysis. Just google and you'll find some - i don't wish to name any here in case its perceived that im affiliated with and advertising others' services (which im not).

Will let ASIC decide whether their behaviour represents a scam but at the least i view it as misconduct so would encourage you all to log your grievances using the above link.

S Jackson 03/11/2019

Scam?

I was also approach by Chinese girl on whatsapp asking me to make investments through trademark. I opened account but still did not start transaction. What should I do! Please advice.

Ram 03/11/2019

Australia Financial Regulators should investigate this company

I too was approached by a wechat stranger from China befriending and boasting about how easy it is to make money off gold trading using Trademax. She asked me to open a account with Trademax and only with Trademax and she will advise on 'how to trade'. On hindsight, the large profit she claimed to have made on a daily basis was probably off a demo account as the trading size was huge.
As mentioned by the others here, the bid/offer spreads that Trademax charges are ridiculously high.
In my opinion, anybody who suffered losses should approach the Australian Financial regulators to conduct a thorough investigation on this company on the way it recruit new customers and the way these wechat recruiters misrepresent and misled.I am actually surprised no one has raise a complaint so far.

Demaul 03/09/2019

Is she scam or real?

I'm new in Forex trade. one stranger, Chinese girl sent me message on Facebook and start chatting through Wechat App. she said to open a Trademax account and she will help to make profit easily. she said she have 8 years experience in it. I have learned some Forex basic things from youtube. so i feel comfortable and can make money from it. so i started Forex trading through Trademax ( she sent me a link) with her help. first i lost 3000$, then she said to add more money. i added 5000$ and now my balance is $3000 only. some times will get profit, but most of the time i lost. I'm still trading with her help, but when i read some reviews here, i felt i'm trapped with her. someone help me please. what i can do now? can i close Trademax and start with another broker? do you feel she is a scammer? i have her photos and Chinese address(i don't know its real). i hope i can get a help as soon as possible and escape from her if she is a fraud.

shan 03/07/2019

Scammer' pic

Lluis Codina Musach,
You have pic of her ?Someone approached
Me too about joining .I have feeling its same girl.

Ken Smith 03/05/2019

de acuerdo con Javier Garcia

Mas o menos la misma experiencia que Javier. A mi me contacto la misma chica, con un nombre diferente pero la misma identidad de WeChat.
Me explico que es experta en análisis de mercado, pero sus conclusiones y ganancias supestas, no coincidían con el mercado real. Ahora me está hablando desde otro we chat d_cici_

More or less same history than Javier, she contact me thru the WeChat, same girl with diffrent name but same WeChat Id.
She explain to me that she is expert in market Forex analysis, but her conclusions and earns, don't feed the real market situation. Now she is contact me from another WeChat id: d_cici_

Lluis Codina Musach 03/04/2019

Scam scam scam scam scam!!!

te agrega mediante wechat, una chica china simpatica, pero su única finalidad es que acabes haciendo trading en trademax.au con elevadisimas comisiones hasta que acabas perdiendo todo tu dinero, ESTAFA, en 4 meses iré a australia y pienso pasarme por esa maldita oficina

adds you via wechat, a nice chinese girl, but its only purpose is that you end up trading in trademax.au with high commissions until you end up losing all your money, SCAM, in 4 months I will go to australia and I will go through that damn office

WECHAT
NAME Cindy
ID taiyanghua4777

it's a big bitch

Javier garcia 02/22/2019

TradeMax Capital is a scam?

This is my real story with Trademax.

I was approached by a random person texting me on whatsapp and motivated me to start trading Forex after a week talking without mentioning Forex at all.
She introduced me to Trademax, I trusted her and did all procedures to open an account. Now thinking back I see that I was dumb for not comparing multiple brokers and I didn't understand the importance of spread - it was a month ago when I was really fresh to this market.

She showed me an account of about $800k balance so I just trusted her - I didn't even question if it was real or demo. Yes, blame it on me.

So simply put, I was recommended to Trademax, the platform which oftens have spread on EUR/USD from 5-10 pips and for XAU/USD its typically 30-50 cents while for other brokers its 1-3 pips and 5-10 cents respectively. And of course don't forget now its $50 commission on standard lot. All are rediculous.

I was so mad when I realized this. There were days I was trading and gained $500 while TradeMax got over $2k from my trades. How does this make sense??

I'm now using another broker (after my account went down to as close to 0 as possible, my bad and also i got ripped off). They have spread as low as 1-2 pips for standard account on EUR/USD as an example. Commission included in the spread as how it should be.

They provide no education or any kind of active support as far as I've experienced.

Conclusion? The spread and commission are extremely unreasonable, why would you go for a broker like this? Especially if you're recommended by someone like me, be aware.

Holmes Nguyen 02/06/2019

Trademax.com.au is a scam

Their "advisors" are nothing but scammers, they tell you predictions that never come true, and if the rate goes in the opposite direction they just say "wait some more". If you lose all your money they just tell you to add more so they can "advise" you some more. Stay away from them.

David 12/29/2018
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