MAX FOREX

Overview of MAX FOREX

MAX FOREX, established in 2022 and registered in the Virgin Islands, operates without regulatory oversight and has been designated as a suspicious clone by the Australia Securities & Investment Commission (ASIC). The broker offers forex, commodities, indices, stocks, and cryptocurrencies. MAX FOREX provides three account types such as ECN accounts, High leverage accounts, and Islamic accounts. Traders can access the MetaTrader 5 platform. The broker supports 24/7 customer service via live chat and offers multiple deposit and withdrawal methods including online banking, credit cards, and cryptocurrency payments.

Pros and Cons

MAX FOREX offers access to forex pairs, commodities, and the use of the advanced MT5 trading platform. The broker also supports multiple deposit and withdrawal options. Additionally, the 24/7 online live chat support is a significant benefit for those requiring immediate assistance at any time.

However, MAX FOREX is not regulated and is designated as a suspicious clone. Withdrawal fees are charged under certain conditions, and there is a 7% fee for third-party deposits, which can be costly. Furthermore, the lack of phone support could be inconvenient for traders who prefer direct communication.

Is MAX FOREX legit or a scam？

MAX FOREX is an unregulated broker, and is officially designated as a suspicious clone by the Australia Securities & Investment Commission (ASIC). The absence of regulation means that there is no authoritative body ensuring the safety and fairness of trading activities.

Market Instruments

• Forex: Trade major, minor, and exotic currency pairs with leverage up to 1:200. Some of the currency pairs available are AUDCAD, EURUSD, GBPUSD, and USDJPY.

• Commodities: Trade popular commodities such as cocoa, coffee, cotton, natural gas, sugar, UK oil, US oil, silver, gold, palladium, and platinum with leverage up to 1:100.

• Indices: Trade major global indices like CHINA 50, TECH 100, FRA 40, AUS200, DJ30 (Dow Jones 30), SP500 (S&P 500), and UK100.

• Stocks: Trade stocks of major companies such as Apple, Google, Amazon, Alibaba, Boeing, and more, with leverage up to 1:40.

• Cryptocurrencies: Speculate on the price movements of cryptocurrencies like Bitcoin and Ethereum without actually owning the underlying coins.

Account Types

MAX FOREX offers three types of trading accounts along with a demo account:

1. ECN Account: Suitable for both beginners and experienced traders, offering leverage options of 1:100 and 1:200. It requires a minimum deposit of $50. Spreads on major pairs start from 0.6 pips, with no commission. The account supports a maximum lot size of 20 per order and a minimum trade volume of 0.01. Margin closeout levels are 50% on weekdays and 100% on weekends.

2. High Leverage Account: For traders with smaller capital (less than $1000), offering leverage up to 1:1000. The minimum deposit is $50, and spreads start from 1.0 pips with no commission. The maximum lot size per order is 20, and the minimum trade volume is 0.01. Margin closeout levels are 5% on weekdays and 500% on weekends.

3. Islamic Account: For traders adhering to Islamic principles, offering leverage options of 1:100 and 1:200 with a minimum deposit of $50. It offers spreads starting from 0.6 pips. A commission is charged, and there is no overnight interest. The account supports a maximum lot size of 20 per order and a minimum trade volume of 0.01. Margin closeout levels are 50% on weekdays and 100% on weekends.

Additionally, a free demo account with $10,000 virtual funds is available for practice.

How to Open an Account with MAX FOREX

Please follow the instructions below to create a live account:

1. Enter Registration Details: On the MAX FOREX registration page, enter your email address or mobile phone number, and tap “Next” to receive a verification code. After submitting the correct verification code, you can proceed to create a live account.

1. Select Registration Method: Choose other registration methods such as Google account, Facebook account, or Apple ID. Tap “Continue,” and then tap “Confirm” after setting your password to complete the account creation process.

2. Initial Deposit: Note that investors can only deposit a small amount of capital on their first deposit in an unverified state. Complete the identity verification process before accessing all deposit methods and the maximum deposit amount supported.

3. Identity Verification: Submit your ID card, passport, or drivers license for account verification.

4. Switch Account Types: After the registration is completed, investors can switch between the live account and the demo account on the “Account Details” page. By default, the ECN account type will be selected upon successful account creation.

Leverage

MAX FOREX offers a leverage structure depending on the type of account and the instruments traded:

1. ECN Account: Leverage options of 1:100 and 1:200.

2. High Leverage Account: Leverage up to 1:1000.

3. Islamic Account: Leverage options of 1:100 and 1:200.

Additionally, different instruments have distinct leverage options:

• Forex: Up to 1:200.

• Commodities: Up to 1:100.

• Stocks: Up to 1:40.

Spreads & Commissions

The ECN Account features spreads starting as low as 0.6 pips without any commission. The High Leverage Account offers spreads from 1.0 pips, also commission-free. The Islamic Account charges spreads from 0.6 pips and a commission per traded lot.

Other Fees

MAX FOREX implements several non-trading fees, including withdrawal fees, administrative charges, and overnight interest fees.

1. Withdrawal Fees: If a single withdrawal amount is under $20 USD or if the daily free withdrawal limit (three times) is exceeded, a $3 USD fee is charged per additional withdrawal.

2. Administrative Fees: A 6% fee is applied to withdrawals if 50% of the deposit amount has not been used for trading. Additionally, third-party deposits incur a 7% administrative fee upon refund.

3. Overnight Interest Fees: Charges or credits are applied for positions held overnight, calculated based on international banking standards:

1. Forex, Gold, and Crude Oil: Settled two days after trading (T+2), with interest charged daily except for Wednesday's positions, which incur a three-day charge.

2. Indices: Three-day interest charged on Fridays, with daily charges on other days.

3. Cryptocurrencies: Daily interest charged.

Trading Platform

MAX FOREX equips its clients with the MetaTrader 5 (MT5) platform, accessible across web trader and Mobile Applications. Equipped with advanced charting, extensive analytical tools, and automated trading support via Expert Advisors (EAs), MT5 offers access to a wide range of financial instruments, including forex, commodities, indices, stocks, and cryptocurrencies. The platform's sophisticated features include multiple order types, advanced market depth, and integrated trading signals.

Trading Tools

• Analysis Tools: Including market news updates and research reports, these tools help traders stay informed about the latest developments and potential trading opportunities.

• Economic Calendar: This tool tracks important economic events and announcements that could impact financial markets, helping traders to plan their trades around significant market-moving events.

• Emotional Indices: By analyzing the emotional reactions of traders, this tool provides insights into market sentiment.

• Investment Bank Orders: Providing data on the positions of major market players, this tool helps traders anticipate market movements and adjust their strategies accordingly.

• Gold ETF and EIA Crude Oil Data: Offering detailed insights into the gold and crude oil markets, these tools aid traders in making precise trading decisions within these markets.

Deposit & Withdrawal

At MAX FOREX , deposits can be made via online banking transfer, Mastercard, mobile banking transfer, and cryptocurrency payments, with funds typically arriving within 10 minutes. For withdrawals, clients can use debit cards, bank accounts, and cryptocurrencies, with requests processed on the same day if submitted before 16:00 GMT+8.

While deposits are generally free of charge, withdrawals will incur an administrative fee of $3 USD if the amount is less than $20 USD or if the withdrawal exceeds the daily limit of three free withdrawals. Additionally, a 6% fee is charged if 50% of the deposit amount has not been used for trading. Third-party deposits are not accepted and will be refunded with a 7% fee.

Customer Support

Company address: 3th Floor Ellen Skelton Building 3076 Sir Francis Drake Highway Road Town, Tortola British Virgin Islands VG1110.

24/7 Online Live Chat: Available directly on the MAX FOREX website.

Educational Resources

• Online Courses: A series of courses that cover both fundamental and technical aspects of trading, divided into levels to allow progression from basic concepts to advanced strategies. The courses include six categories, namely Basic, Terms, Products, Trading, Fundamentals and Technical.

• Educational Videos: A variety of videos on topics such as product details, trading tips, and technical analysis, presented by experienced traders to provide practical trading insights.

• Technical Analysis with Martin Pring: Modular video tutorials by renowned technical analysis expert Martin Pring, offering deep insights into trading with technical analysis, along with online quizzes to test knowledge. With Martin Pring as your guide, you can learn at your own pace and enhance your trading skills.

Conclusion

MAX FOREX, founded in 2022 and registered in the Virgin Islands, operates without regulatory oversight and is flagged as a suspicious clone by ASIC. It provides multiple trading instruments, various account types, and the MetaTrader 5 platform. However, the broker's unregulated status and clone designation pose serious problems. Though it offers 24/7 live chat support and a variety of educational tools, it has high withdrawal fees, administrative charges, and the lack of direct phone support.

FAQs

Q: Is MAX FOREX a regulated broker？

A: No, MAX FOREX is not regulated and has been identified as a suspicious clone by ASIC.

Q: What trading instruments can I trade with MAX FOREX？

A: You can trade forex, commodities, indices, stocks, and cryptocurrencies at MAX FOREX.

Q: How much do I need to deposit to start trading with MAX FOREX？

A: The minimum deposit to open an account with MAX FOREX is $50.

Q: What is the maximum leverage available at MAX FOREX？

A: MAX FOREX offers leverage up to 1:1000.

Q: Can I open a demo account with MAX FOREX？

A: Yes, MAX FOREX provides a demo account with $10,000 in virtual funds.

Q: Which trading platform does MAX FOREX use？

A: MAX FOREX uses the MetaTrader 5 (MT5) platform for trading.

Q: What methods can I use to deposit and withdraw funds at MAX FOREX？

A: Deposits and withdrawals at MAX FOREX can be made via online banking transfers, Mastercard, mobile banking transfers, and cryptocurrency payments.

Risk Warning

Online trading poses substantial risks, with the potential for complete loss of invested capital, rendering it unsuitable for all traders. It is imperative to comprehend the inherent risks and acknowledge that the information provided in this review is subject to change due to continuous updates in the company's services and policies.

Additionally, the review's generation date is a critical consideration, as information may have evolved since then. We strongly advise readers to verify updated details directly with the company before making any decisions, as the readers must be aware of and willing to accept the inherent risks involved in utilizing this information.