MaxFX Review

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Company Information MaxFX is a brand new Forex broker. The business has been active since 2015. The company operates with about 30 employees and is based in Cyprus. MaxFX might… more

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Website URL
HeadquartersLimassol, Cyprus
Support Number+357 25344282
Support TypesPhone, Live Chat, E-mail
LanguagesEnglish, German, Japanese, Russian
Minimum 1st Deposit$200
Minimum Trade Amount0.01 lots
PayoutUp to 500:1
Free Demo AccountYes
Regulated Yes
RegulationCyprus Securities and Exchange Commission (CySEC)
Account TypesZeroAccount, FixedSpread, ECNMax, VIPMax
Deposit MethodsVisa, MasterCard, China UnionPay, Neteller, Skrill, Webmoney, Bank Transfer
Withdrawal MethodsVisa, MasterCard, China UnionPay, Neteller, Skrill, Webmoney, Bank Transfer
Types of AssetsForex, Shares, Indices, Metals, Oil
Account CurrencyUSD, EUR, GBP, JPY, CHF
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

MaxFX is a brand new Forex broker. The business has been active since 2015. The company operates with about 30 employees and is based in Cyprus. MaxFX might be new, but it’s getting traction for the short time it was on the market. More and more people are turning to the broker, because of the benefits, trading platforms and attitude towards the customers. Curiously, the MaxFX Forex broker is owned and operated by TopFX Ltd. It’s registered as a Cyprus Investment Firm. MaxFX is licensed and regulated by CySEC, one of the most prominent commissions. An excellent level of finance security is the fact that the trader’s funds are directly deposited into Tier 1 bank accounts. This is one of the few things a Forex broker can do to ensure the safety of their clients’ funds. These Tier 1 accounts cannot be claimed by the broker; they are only available to the trader. MaxFX doesn’t offer accounts to citizens of the USA, the Islamic Republic of Iran and North Korea. On the other hand, you can get a demo account with this broker. It’s always important to test out the waters before committing to a broker-trader relationship. The website is masterfully designed. It lacks any complex elements, which would just make space feel convoluted. The white, blue and green are used to give life to a slim, minimal design. You can find all types of information on MaxFX’s website.

Trading information

MaxFX lets Forex traders use a variety of tools and account types. Over 200 instruments are available for trading, including Forex pairs, indices, shares, oil and precious metals. The maximum leverage you can get is 1:500, a balanced number. The lot size can be in a wide range, from 0.01 to 100000.0. This allows for greater flexibility when trading in a highly competitive niche. The account types vary a bit from each other, and the conditions become better as the minimum deposit sum is rising. The cheapest account type is the Fixed Spread. The maximum leverage is 1:300; spreads are fixed at 3.0 EUR or USD. The minimum deposit is $100 and makes this account option very accessible for new traders. Zero Account’s range starts from 0.9; the maximum leverage is 1:500 and the minimum deposit is $200. Both accounts have no commission and can only be used with MetaTrader 4. ECN Max has spreads from 0.1 and a minimum deposit of $500, but the commission is $3 per lot. The best and most expensive account MaxFX offers is VIP Max. The spread also starts from 0.1, but the commission is halved – $1.5 per lot. This account option also lets traders use an account manager. However, the minimum deposit is $10000, making it accessible to a small percentage of traders.

Trading platforms

MaxFX Forex broker offers support for two of the best trading platforms. The first one is the famous and most widely used one – MetaTrader 4. It’s probably the easiest platform to customize and fit your specific needs. Of course, it lacks some points concerning extras, but virtually everybody can start trading with MT4. MaxFX MT4 allows trading with Forex and energies. Indices, shares, metals and power shares are reserved for the cTrader platform. Both trading platforms allow for manual and automatic trading. MT4 uses EAs, while cTrader uses cBots to do the job. The cTrader platform has a lot more functions than MT4 when provided by MaxFX. Traders can receive email alerts, make use of 3 depths of the market, reverse/double down position, use advanced take profit and break-even stop loss. Most of these functions are essential for any aspiring Forex trader. Of course, you can also use cTrader on multiple monitors. If you don’t want to install the program, don’t worry – you can use it in your browser, too.

Security and customer service

MaxFX’s customer service is quite excellent, considering that the company is only a year old. Even though the business is new, the client care department knows how to take care of problems. They answer on four channels, including phone, chat, and e-mail. The FAX is a bit outdated, but it’s still supported by MaxFX. The customer service agents speak four languages – English, Russian, Greek, and Polish.

The MaxFX website uses the latest in security technology. A 256-bit SSL encryption is protecting your connection to the site. It’s issued by COMODO RSA. You can expect that your data, transactions, and personal details will be completely safe. The Forex broker is also regulated by some controlling authorities

Deposits and withdraws

All the deposit and withdrawal methods of MaxFX are identical regarding processing time, currency and fees. The only difference is Union Pay since it only works with CNY. The major card providers, e-wallet services, and bank transfer process the payments within a 24-hour period. The fees from 10-300 USD are 5 USD. The fee is 15 USD up to 1000 USD, 25 USD up to 3000 USD and 75 USD above the last sum. The only difference here is the bank transfer since the fees there depend on the various banks around the world.

To withdraw money, you need to be verified. This process is done by providing copies of the following documents: Proof of Identity, Proof of Residence, Debit/credit card if you are planning on using one.

Deposit bonus and loyalty programs

MaxFX doesn’t offer any deposit bonuses or loyalty programs. However, you can become either an Introducing Broker or a Money Manager. Both of the options offer some distinct advantages. As an introducing broker, you get a personal tracking link, where you can view how many people you have recruited, plus other information. You also get a set of professionally designed banners to use at your leisure. You also get a widget you can implement on your website and live-stream market information. There are numerous other extras you can get if you register as an introducing broker.

Becoming a money manager brings you numerous benefits regarding earnings, performance and management fees. You can also receive payment on a regular basis – monthly or quarterly. You will also be able to use some reporting tools to track your managed accounts, client activity, and funding.

If you are looking for a great Forex broker, MaxFX certainly fits the bill.

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