Promax-Overview of Minimum Deposit, Leverage, Spreads

General Information

Promax is an online forex broker registered in Saint Vincent and the Grenadines, which was not established long, with an operating time of 2-5 years.

Promax offers its clients an extensive range of more than 60 trading instruments, and four trading account options, with a minimum deposit as low as $10, and leverage up to 1:500.

When it comes to regulation, it has been verified that Promax does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and it receives a relatively low score of 1.70/10. Please be aware of the risk.

Market Instruments

Promax says it offers a bulk of more than 60 trading instruments, including Foreign Exchange, Precious Metals, Stocks, Indices, and Cryptocurrency.

Account Types

Promax offers its clients a total of four trading accounts to choose from, namely Standard, Pro, ECN, and Zero accounts. The minimum initial deposit for all four trading accounts is as low as $10, which sounds quite friendly to investors.

The Swap-free option is not applicable with the Standard accounts, while other accounts are available with swap-free.

Besides, hedging and scalping are allowed with all four trading accounts.

Spreads & Commissions

Spreads and commissions are determined by trading accounts. The standard account offers a zero-commission trading environment, accompanied by the minimum spread of 1.8 pips, not that competitive. The Pro account offers spread from 1.2 pips, with a commission of $4 per side. The ECN account and the Zero account offer comparatively lower spreads, from 0.2 pips and 0.0 pips, with a commission of $3 per side and $12 per side, respectively.

Leverage

Trading leverage differs depending on trading accounts, ranging from 1:100 to 1:500, a very high amount. Since Promax is an offshore forex broker under no restriction on leverage, it offers a generous leverage amount to attract investors.

Bear in mind that, leverage can magnify gains as well as losses, inexperienced traders are not advised to use excessive leverage.

Trading Platform

What Promax offers is the leading MT5 trading platform, one of the most popular trading platforms around the world.

Promax hypes that its MT5 trading platform allows clients to a comprehensive choice of sophisticated trading features, including live-streaming prices, a large variety of charting tools, different types of orders and full management of personal accounts. Besides, it also offers a comprehensive set of technical analysis tools enabling the usage of automated trading (EA).

Deposit & Withdrawal

The minimum deposit amount to invest with Promax is $10 and the minimum withdrawal amount is also $10. Promax allows its clients to make a deposit and withdrawal through a series of payment methods, such as Bank Wire, Bitcoin, MasterCard, Neteller, Perfect Money, Skrill, VISA, and WebMoney. Promax promise that it wont charge any fees for deposit and withdrawal. The processing time of deposit and withdrawal varies depending on different payment methods.

Customer Support

Promax's email and phone support services are available to traders with inquiries or problems related to trading. Contact details are listed below:

Telephone: +994 55 839 47 96

Email: support@promaxtrading.com

Company Address: First Floor, First St. Vincent Bank Ltd. Building,

James Street, Kingstown, St. Vincent and Grenadines.

Or you can follow this brokerage on social media platforms, such as Facebook and Instagram.

Risk Warning

Online trading in leveraged Forex and CFD instruments contains a high level of risk and may not be suitable for all investors.

Please note that the information contained in this article is for general information purposes only.