Forex trading has been in practice for decades and the number of finance enthusiasts is constantly increasing. The business is blooming day by day with more people indulging in forex trading. The best part about forex trading is that anyone with a financial knack can crack a strategy and start trading. It’s indeed an open platform but it’s very tricky to navigate.
However, getting started can be a tricky part. Novice traders sometimes get caught in scams leading to substantial losses. Before starting your trading journey, find the best forex broker with the help of platform reviews. This review provides information on everything you need to know about trading on TradeMax.
We have prepared the TradeMax review and CFD platform. This detailed guide will help you decide whether this platform matches your trading style and requirements.
Given below is a detailed overview of TradeMax
|REGULATORS||The Australian Security and Investment Commission (ASIC)|
|MINIMUM DEPOSIT||USD 100|
|PLATFORMS OFFERED||MT4, MT5 and iRess|
|TRADING INSTRUMENTS||50 Currency pairs, 15,000 CFDs on shares, 15 indices, 3 metals and 2 energy resources|
|ACCOUNT CURRENCY||EUR, USD and CAD|
|MAXIMUM LEVERAGE||1:100 for energy, 1:400 for CFDs, 1:500 for others.|
|DEPOSIT OPTIONS||Credit cards, Regional Operators, Wire transfer, Sticpay, Neteller, Skrill, Paytrust, Fasapay, Revolut, Wise,|
|COMMISSION||TradeMax does not charge any commission|
|SPREADS||1 pip for a variable account, 0.0 pip for a raw spreads account|
|CONTESTS AND BONUSES||No|
What is TradeMax?
TradeMax is a moderate-risk online forex and CFD broker. Operating since 2013, it is a trusted platform with certain advantages and disadvantages. It is an easy-to-use broker platform, appropriate for novice traders. If you’re a beginner Mitrade Broker also provides a free demo account with tool accessibility.
It has features like a large range of instruments suitable for various trading needs. However, it charges a certain minimum deposit fee which may or may not be easily feasible for traders. It ranks under the top 100 best broker ranking provided by Trader’s Union.
We Recommend TradeMax Because..
TradeMax has many advantages that make it an authentic and trustworthy broker platform. TradeMax provides more than 15,000 trading instruments including indices, energies CFD and 50 plus currency pairs.
For traders looking to invest, The Trademax platform can be used to select your preferred currency pair. It also provides a mobile app to traders. Not only can novice traders utilize this platform but traders looking for mobile software can also go for Trademax.
It has an exceptional spread starting at 0.0 and 1 pip depending on the type of accounts. One of the biggest perks of this platform is its financial regulation under ASIC which is an internationally trusted financial authority.
TradeMax also has a remarkable leverage value ranging from 1:100 to 1:400 for different trading instruments. Trademax’s wide range of deposit and withdrawal options also makes it a suitable trading platform.
Is TradeMax Regulated?
Regulation here refers to a financial regulation license which means the trading platform operates authentically. You must know if a broker platform has an authentic financial regulator.
It will help you choose the most trusted broker platform, increase safe trading, and remove the chances of potential risks and scams.
TradeMax is regulated by one of the top international financial authorities i.e. The Australian Security and Investment Commission (ASIC) with the AFSL no. 436416. It is located at Level 28, One International Tower, 100 Barangaroo Avenue, 2000 Sydney, NSW Australia.
Trademax’s offline office is located in two different regions including Australia and Vanuatu. Therefore this platform operates under two licenses under each region and is additionally regulated under the Financial Market Authority (FMA) with FSP no. 569807.
The offline office is located at 151 Queen Street, Auckland CBD, Auckland 1010, New Zealand. Based on the financial regulations, forex trading using Trademax can be considered safe and reliable.
Trademax is also authorized by the Vanuatu Financial Services Commission (VFSC) under registration no. 40356. You can find its offline office at 1276, Kumul Highway, Port Vila, Vanuatu, Republic of Vanuatu. Trademax is licensed under FSC Mauritius. It is registered under license no. GB22201012, at 33, Edith Cavell Street C/o IQ EQ Fund Services (Mauritius) Ltd Port Louis, 11324 Mauritius.
TradeMax Account Types
There are different types of accounts like demo accounts for novice traders. TradeMax offers 5 different types of accounts. Most prominently, Raw Spreads Account and Variable Spreads Account are provided by this platform. Let’s understand the perks of each account type:
Raw Spreads Account
Raw Spread account is known to be more transparent and accurate in terms of market fluctuations. It provides tight spreads, and fixed commissions on trade. It also allows unlimited switching of your position in the market.
Trademax provides certain benefits with this type of spread account. The starting spread of this account is 0.0 pip which is considered a pretty high potential spread. It requires a minimum charge of $7 USD.
Variable Spreads Account
This type of trading account is great for removing requests. The variations in spread impact the market conditions hence eliminating requotes regarding the forex market.
One of the best perks of variable spreads is that it allows transparent pricing and provides liquidity. Trademax provides a spread starting from 1 pip which is a reasonably valuable spread.
It is a low-spread account best for traders to increase their trading strategies. The minimum deposit for this account starts at $100 with a no-commission charge. An edge account is great for improving your trading performance, Trade245 provides the best trading edge.
A classic TradeMax account gives traders access to live markets. With a minimum deposit of $100, traders can have access to different trading strategies. It includes hedging, scalping, and even trading EA. It’s a great type of account for traders looking for a flexible trading strategy.
How to Open a TradeMax Account?
Step 1: Go to the TradeMax Website
Search TradeMax registration and you will find the official website. Click the link and you will be directed to this page
Step 2: Fill out the details
After opening the official registration page fill in your personal details including names, email id, contact number etc. Enter the captcha and you are good to go.
Step 3: Account Configuration
For account configuration, set up the trading leverage, account type and currency as per your requirement. Set a password for your account and you can move on to the next step.
Step 4: Verification
To verify your account, you must submit documents including photo ID or ID proof and address proof. Once these documents are verified, you can start trading with TradeMax.
Pros and Cons of Trading with TradeMax
TradeMax is indeed a reliable trading platform but it also has certain disadvantages. We have listed the pros and cons of trading with TradeMax to give you a better insight.
|Regulated by multiple top-tier financial authorities||Requires verification to access the account|
|Diversification of customer funds||High deposit in the beginning|
|High Leverage||MAM or PAMM accounts are not available|
|15,000 plus trading instruments|
|Technical and customer support|
Trading Platforms Provided by TradeMax
Trademax provides two platforms for trading including MT4 and Pulse Trader. It does not support the MT5 platform but if you are looking for one that does, check out IFX Broker. Let’s look at the key features of the two platforms.
MT4 or MetaTrader 4 is a popular and reliable platform supported by most regulated brokers. This platform offers several tools and benefits for advanced trading experience. The user interface is extremely user-friendly and customizable to fit into customer’s demands.
Available in multiple languages to support international traders. MT4 supports strategy testers through demo accounts to practice trading risk-free. You can track your trading records with the historical time frame data feature.
Other features like one-click trading, pending stop orders, trailing stops, price alerts, 50+ pre-installed technical indicators, etc. can make your trading better. This platform includes 9 time frames and is suitable for desktop use. Android, and iOS.
Pulse Trader is a lesser-known but reliable trading platform. It offers several benefits like quick and easy execution of commands, real-time streaming data, excel real-time feeds, etc. It provides a hassle-free user experience through customization and a user-friendly interface.
You can find important tools like 65 technical indicators, order management tools, price alerts, advanced order types, price quotation tools, etc. It also provides traders with live newsfeeds and announcements to stay up to date.
With Pulse Trader’s one-click trading easy-to-use tools and friendly user interface, it can be considered a great platform for trading.
Deposition and Withdrawal
TradeMax provides a convenient way for withdrawal and deposition with various options available for payments. It includes the following:
- Visa and MasterCard
- Bank wire transfer
- Local deposit through FasaPay.
- E-wallets like POLi Internet banking
These deposit options enable smooth online transactions. Some brokers like Lexatrade provide additional payment options like Union Pay, Skrill etc. The request for withdrawal takes 1 business day to get approved.
It does not require any commission on financial transactions. However, it does require user verification before withdrawal to ensure the security of your asset transaction.
Instruments in trading refer to tools that make the trading experience more convenient. Instruments also work as a guiding tool for novice traders.
Therefore, selecting a broker platform with reliable and appropriate tools is important to achieve your trading goals. Let’s look at the instruments provided by Trademax in detail:
- Indices: Trademax also provides global indices or stocks for traders to invest in. German DAX, NASDAQ, AEX are some of the global stocks that TradeMax provides.
- Foreign Exchange Trade: TradeMax is a known platform for forex trading, with a variety of currency pairs options.
- CFDs CFD or Contract for difference trading is similar to forex but includes betting on the currency price. Since the global finance market is liquid and constantly fluctuating, CFD is a risky trading instrument.
- Cryptocurrency: TradeMax also supports crypto trading, which is trading done via cryptocurrencies like Bitcoin. This shows that TradeMax is a versatile platform that supports various trading types.
- Commodities and ETFs: EFTs hold assets that can be traded like stocks. It also allows trading on commodities like agricultural commodities, oil, gas, metal etc.
Reliability and Security
TradeMax as mentioned above is regulated by multiple top-tier financial regulators. Therefore the security of traders’ assets is not compromised. Being licensed with a reliable regulator provides TradeMax investors with a security cover.
Fees and Commission
Creating an account in TradeMax requires a minimum deposit of $100. If you find it expensive you can check out Vault Markets as it provides a low deposit fee. Each type of trading account requires this much deposit along with zero commission charges.
However, TradeMax does not require commission or fees for withdrawal and deposition.
TradeMax has 24/7 support working 5 days a week. We have listed the pros and cons of TradeMax’s current customer support. Trademax provides multiple mediums to contact, you can reach out through any of the following customer support sources:
- Phone: +61 280368388
- Fax: +61 280368388
- Email: [email protected]
- Web: www.tmgm.com
|Customer support is meant for all, including those willing to enquire. It is not just restricted to TradeMax’s clients||It does not work on weekends.|
|Multiple languages are available to support international traders.|
As per the customer reviews, TradeMax is rated as a good broker platform. According to Traders Union ratings, 50% of customers of trademax find the services satisfactory. The clients are impressed with Trademax’s wide range of instruments, account types, withdrawal or deposit options, etc.
TradeMax stands out as a regulated forex and CFD broker, offering a wide array of trading instruments and account options for traders of different expertise levels. Its friendly interface and mobile trading support cater to both beginners and seasoned traders.
The platform’s transparency, backed by top-tier regulators like ASIC, ensures a secure trading environment. While detailed verification and a minimum deposit might be seen as drawbacks, TradeMax compensates with features like negative balance protection and segregated customer funds, enhancing overall safety.
The availability of comprehensive educational resources and multilingual customer support enhances the user experience. Despite its limitations, TradeMax remains a reliable choice for those seeking a trustworthy and versatile trading platform in the competitive forex and CFD trading world.
Is TradeMax Reliable?
Trademax is a reliable broker with multiple financial regulators. It has excellent customer support with multiple channels to reach out. It provides transparency through its official website and allows easy accessibility. But be aware of potential scams and risks during CFD trading.
Who is the CEO of TradeMax?
Trademax is a global forex and CFD broker licensed by multiple top-tier financial regulators. It is headquartered in Sweden, and its offline office is located in Australia and Vanuatu. The chief executive officer of TradeMax is Mr. Lee Yu.
What is The Minimum Deposit of TMGM?
Trademax or TMGM has a minimum deposit of $100. After the deposit, you can start trading with Trademax using multiple platforms- MT4, MT5, and IRess. You can use Trademax’s excellent spreads to improve your trading performance.
Is TradeMax a Safe Platform for Trading?
Yes, trademax is safe for trading because it is regulated under the strict authority of ASCI. Traders can officially file complaints if any of the rules are violated. Moreover, it offers a demo account for novice traders to practice before the real game, which minimizes risks and increases security.
What is the ranking of TradeMax?
TradeMax has a pretty decent ranking. According to the Trade Union’s ranking, trademax is ranked 5.4 out of 10. It is a moderate-risk trading broker suitable for beginners.
Is TradeMax better than OctaFX?
As per ForexBroker.com, Trademax is more a trustable with a trust score of 83 out of 99. Whereas OctaFX is considered a less trusted and average risk broker with a 70 out of 99 score. Trademax offers better investments and educational resources compared to OctaFX.
What is the tradeMax commission?
TradeMax does not have any commission charges. To open a TradeMax you are only required to pay the minimum deposit of $100.
Is TradeMax a scam or a legit broker?
Yes, TradeMax is legit! It is a broker platform regulated by ASCI and other top-tier financial regulators. Moreover, it has decent customer reviews and ranking among different forex brokers.
How much leverage does Trademax provide?
TradeMax provides reasonable leverage ranging between 1:100 and 1:500 depending on the type of asset. For energy, the leverage is 1:100, for CFD and other assets it is 1:400 and 1:500 respectively.
Does TradeMax Provide a Demo Account?
Yes! TradeMax does provide a demo account for novice traders to practice before stepping into the real forex market. It’s a virtually funded demo account.
The amount of deposit is not clear but the expiration date of the account will last for 30 days. To open a demo account, trademax allows easy registration without any document submissions.