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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 / 0 REVIEWS
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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

 

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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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Traders` reviews for Trademax Capital

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