WikiFX Broker Assessment Series| Pemaxx: Legit or Scam?

Registered in the United Kingdom, Pemaxx presents itself as an online trading platform providing a large financial market including Forex, Futures, Stocks, Indices, Crypto, and Commodities, with the leverage up to 1:500.

Market Instruments

Pemaxx boasts that investors are given access to a total of six trading assets covering Forex, Futures, Stocks, Indices, Cryptocurrencies, as well as commodities.

• Forex- Over 40 currency pairs to trade, including major, minor, and crosses

• Futures-Metals (Gold, Silver, Copper) and Energy (Crude, Brent & Natural Gas)

• Stocks-Over 65 shares across UK, US and European markets on popular shares including Amazon, Boeing, Facebook and Netflix.

• Indices- Trade on basket of top shares

• Crypto-Bitcoin, Ethereum, Litecoin, Dash, etc

Account Types

ECN accounts, Diamond accounts and Platinum accounts are available options all potential and new clients. However, the minimum deposit required by each account is not disclosed.

Spreads & Commissions

Trading accounts set the commissions and spreads. Spreads start at 0.0 pips for Standard accounts, spreads starting at 0.5 pips on the Diamond account and 0.1 pips on the Platinum account. Commissions are not mentioned yet.

Leverage

When it comes to leverage, Pemaxx provides its customers with access to 1:500, which is far greater than the levels regarded appropriate by many regulators, with the maximum leverage for major currencies up to 1:30 in Europe and Australia, and 1:50 in the United States and Canada.

Since leverage can amplify both gains and losses, it can result in devastating losses for investors who lack experience. If you're just starting out in the trading world, it's best to stick with the lower size, no more than a 1:10.

Trading Platform

Pemaxxhypes that it provides the world-class MT5 trading platform. Although this maybe a favorable offering, clients should be aware that this is an unregulated broker and trading with it is taking a huge risk of losing your money.

Payment Methods

Pemaxx does not elaborate on its minimum deposits, and clients are allowed to make a deposit and withdrawal through multiple payment methods, including Bank Transfer, VISA, MasterCard, Maestro, Neteller, Skrill, Fasapay, Perfect Money. Currencies can be deposited in EUR, USD, GBP, with no fees charged.

Customer Support

It appears that Pemaxx provides multiple contact channels for clients who have trading-related issues to reach them:

Live Chat

Telephone: +971 56 438 6943

Email: support@pemaxx.com

Registered Company: Level 6 Ken Lee Building 20, Edith Cavell Street, Port Louis, Mauritius

Physical Address: Dubai BusinessBay,33, Marasi Drive Road.

Pros & Cons

Pros	Cons
Three types of trading accounts available	No regulation
Free deposit and withdrawal	No clear info about minimum deposit, commissions
MT5 supported	Poor customer support
Wide selection of trading instruments	No demo & Islamic account
High leverage

Review

When we searched for Peemax on Wikifx. We noticed that It is an unregulated and unlicensed broker with an extremely low rating of 1.25 out of 10. Wikifx also issued a warning about the broker, stating Warning: Low score; please stay away!

It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

Bottom Line

Therefore, at the end, it is advisable not to opt for this broker. Instead, search for authorised and licenced brokers in the market. To stay away from any kind of scam, search for your chosen broker on WikiFx and know about the credibility of the broker.

Wikifx is a platform that can help you in various ways. It provides you with information on forex brokers and their services, allowing you to compare and choose the best one for your needs. Additionally, You can also file a complaint against any broker on this platform. Wikifx, indeed is a valuable tool for both novice and experienced traders. Download Wikifx app on your phones. Here is the Link to the download: https://www.wikifx.com/en/download.html