This Formax Prime review will discuss their trading platform, the minimum deposit, leverage ratio, spreads, research tools, and more. If you’re new to trading, consider reading our Formax Prime review in trading. Although the company does not provide education tools, it is a good idea to research trading before engaging in it. Proper research can help traders prevent unnecessary losses and improve their profits.
Minimum initial deposit
Before making your initial investment, it’s important to make sure you can afford the company’s minimum initial deposit. This is the amount of money you must deposit to get started trading with Formax Prime. It is also essential to note that any withdrawals must be made using the same method of payment as your deposit. If you use Skrill to withdraw your money, the fee is 1% + $2.50.
With Formax Prime, you can choose from a variety of payment methods for transferring money. All of these methods are secure, and the company guarantees efficiency and security. Deposits can be made through the Client dashboard. Bank transfers are free of charge, while credit card and debit card transactions incur a 3% transaction fee. You can also deposit funds using e-wallet services like Skrill or Neteller.
Leverage ratio
Formax Prime is a British regulated and authorized forex broker that offers full-service trading on major currencies as well as on CFDs, metals, and commodities. The company offers a low maximum leverage ratio of 200:1, which may be advantageous for those traders who are prone to overextending their positions. Are you checking the formax prime review before trading?
Leverage ratio is important to new traders as it helps them learn the risk-reward ratio. Traders should ensure that they deposit at least 1% of their trading account to maintain a 1% margin position on a $1 million stock. A 1% margin position requires a minimum deposit of $10,000 to open a new trade. A maximum leverage of 1:200 is available for all account types at Formax Prime.
Spreads
Formax Prime has competitive variable spreads for all account types. The EUR/USD trading pair, for example, offers 0.6 pips on an ECN Commission account. In addition, it charges approximately PS3 per standard lot for commission. For max leverage, a trader must have at least one hundred percent of his or her trading account’s margin to open a new trade. This amount is comparable to the average cost of trading on the pair.
The broker provides two basic types of accounts for traders. In case you are looking for a micro tradable account, Formax Prime provides a commission-free option that enables you to trade in micro lots. The other account type is a raw ECN account, which requires a fee based on trading volume. In addition to commission-free accounts, Formax Prime offers spreads as low as 0.2 pips on the EUR/USD currency pair. Formax Prime offers account management services and support.
Research tools
The Formax Prime trading platform has several important analytical tools that traders can use. These include statistics and effective margin levels. The statistics can help traders make accurate decisions and ensure that their money is being invested in a safe and profitable manner. The proprietary algorithm that powers this platform is also a useful tool for trading. The fees and commissions are different depending on the country where the client lives. Formax Prime also offers a demo account.
The trading platform on Formax Prime is very user-friendly and is based in the UK. It boasts of having strategic trading services that are very useful for aspiring traders. Though the insights provided by the broker are helpful, you should only use them if you’re an experienced trader. The platform also offers precious options for investors to trade in. In addition, Formax Prime has a head office in the UK where you can visit and learn more about trading.
Customer service
Formax Prime has recently suspended its trading activities, citing tight regulatory conditions. A Formax Prime customer support representative explained that the ESMA leverage cap, as well as the cost of mergers and acquisitions and compressed margins, led to a sharp decline in volume for unregulated brokers. While this may seem like a big deal, it’s important to remember that a brokerage firm is only as good as its customer support, so it’s important to check a broker’s level of support before committing your money.
