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Suspicious Clone
Score
1.32 /10
Danger
MAX FOREX
2-5 yearsSuspicious Regulatory License
Suspicious Scope of Business
High potential risk
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Exposure
Time Machine
Website
Score
Regulatory Index0.00
Business Index5.56
Risk Management Index0.00
Software Index4.00
License Index0.00
Time Machine
Website
Licenses
VPS Standard
No restriction on the broker account. Support service provided by WikiFX
Single Core
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40G
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Warning: Low score, please stay away!
2
Previous Detection :
2024-12-26
- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
- The AustraliaASIC regulation (license number: 001276870) claimed by this broker is suspected to be clone. Please be aware of the risk!
WikiFX Verification
| MAX FOREXReview Summary | |
| Founded | 2021 |
| Registered Country/Region | Cayman Islands |
| Regulation | Suspicious Clone |
| Market Instruments | Forex, Commodities, Indices, Stocks, Cryptocurrencies |
| Demo Account | Free demo with $10,000 virtual funds |
| Leverage | Up to 1:1000 |
| Spread | As low as 0.6 pip |
| Trading Platform | MetaTrader 5 |
| Min Deposit | $20 |
| Customer Support | Phone: +852-31100709 |
| Email: cs@max-forex.cominfo@max-forex.com | |
| 24/7 Online support | |
| Physical Address: 3rd Floor Ellen Skelton Building, 3076 Sir Francis Drake Highway Road Town, Tortola, British Virgin Islands | |
MAX FOREX Information
MAX FOREX is a broker registered in the Cayman Islands, offering a variety of trading instruments, including Forex, commodities, indices, stocks, and cryptocurrencies. Traders can choose from 3 different account types, or a free demo account with $10,000 virtual funds. The broker provides leverage up to 1:1000 and supports the MetaTrader 5 platform for trading. The broker is regulated by ASIC and VFSC, and the minimum deposit requirement is $20. The company is based in the British Virgin Islands.
Pros and Cons
| Pros | Cons |
| Diversified trading products | Company information in trading contract is different from the broker |
| High leverage | |
| Demo account available |
Is MAX FOREX Legit?
It is clear that MAX FOREX was registered in 2021, and its current status is Suspicious Clone, which is insecure.
What Can I Trade on MAX FOREX?
MAX FOREX offers traders the opportunity to trade forex, commodities, indices, stocks, cryptocurrencies.
The broker supports trading in 32 currency pairs, such as USD/CNY, AUD/CAD pairs; 11 types of commodities, such as coffee and cotton; 14 indices, such as Dow Jones 30, China 50, SP500; and some large listed company stocks, such as Apple, Amazon, etc.
| Tradable Instruments | Supported |
| Stocks | ✔ |
| Forex | ✔ |
| Funds | ❌ |
| Bonds | ❌ |
| Options | ❌ |
| Futures | ❌ |
| Derivatives | ❌ |
| Structured Products | ❌ |
| CFDS | ❌ |
| Cryptocurrencies | ✔ |
| Precious metals & Commodities | ✔ |
| Indices | ✔ |
Account Types
MAX FOREX offers a total of 3 different types of accounts to traders -ECN Account, Hight Leverage Account and Islamic Account. Among them, the leverage ratio of high leverage accounts can reach 1:1000, but the spreads of such accounts are also relatively high. Meanwhile, we can also note that Islamic accounts cannot earn or pay interest.
| Account Types | ECN | High Leverage | Islamic |
| Base Currency | USD | USD | USD |
| Leverage | 1:100 / 1:200 | 1:1000 | 1:100 / 1:200 |
| Minimum Deposit | $50 | $50 | $50 |
| Negative Balance Protection | ✅ | ✅ | ✅ |
| Spread On All Majors | As low as 0.6 pip | As low as 1.0 pip | As low as 0.6 pip |
| Commission | ❌ | ❌ | ✅ |
| Overnight Interest | Charge or pay | Charge or pay | None |
| Max Lot For Per Order | 20 | 20 | 20 |
| Min Trade Volume | 0.01 | 0.01 | 0.01 |
| Margin Closeout Level | 50%(weekday)100%(weekend, effective 30 minutes before close) | 5%(weekday)500%(weekend, effective 30 minutes before close) | 50%(weekday)100%(weekend, effective 30 minutes before close) |
| Max Size For Position | 100 | 100 | 100 |
| Execution Quality | Executed in less than 1 second | Executed in less than 1 second | Executed in less than 1 second |
| Multilingual Customer Support | ✅ | ✅ | ✅ |
| Free Regular Trading Strategy | ✅ | ✅ | ✅ |
MAX FOREX Fees
MAX FOREX claims that only Islamic account will be charged commission. All three account types have spreads, but high leverage accounts have the highest spreads. Another point is that Islamic accounts do not have overnight interest, but the other two types of accounts do.
Trading Platform
MAX FOREX's trading platform is MetaTrader 5, which supports traders on the web and mobile.
| Trading Platform | Supported | Available Devices | Suitable for |
| MetaTrader 5 | ✔ | Web, Mobile | Beginners and Experts |
| cTrader | ❌ | Web, Mobile |
Deposit and Withdrawal
Investors are able to deposit through the methods including but not limited to the following options:
1. Online Banking Transfer - Fund will arrives within 10 minutes approximately;
2. Mastercard - Fund will arrives within 10 minutes approximately;
3. Mobile Banking Transfer - Fund will arrives within 10 minutes approximately;
4. Cryptocurrency Payment - Fund will arrives within 10 minutes approximately;
Note: Some of the above withdrawal methods are only applicable to designated countries or regions, and the specific time of arrival is subject to the processing speed of your bank.
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