FXOptimax

The Company. Security of Funds

The company was founded in 2009 and FXOptimax provides on-line No Dealing Desk (NDD) trading of 46 well-known currency pairings (including exotics) as well as silver and gold on the most well-known MT4 platform.

The business behind the brand name, FXOptimax Group Limited, is registered in St. Vincent & the Grenadines (SVG). Based in SVG, International Business Companies (IBC) offer financial services in their local regulatory system which is one of the most open ones. The process of registration is straightforward and cost-effective, which is the reason the Caribbean island has become a well-known place for Forex start-ups (and most importantly frauds). To say that brokers registered with the SVG are licensed, is an exaggeration.

This is why, if you are planning to invest a significant amount of money, we’d suggest you select brokers that are regulated by the EU, US or Australia or in another country that has financial watchdogs are in alert , and your investments are safe.

Trading Conditions

Minimum Initial Deposit

To create an account at FXOptimax the customer must make a deposit of just $10, which is an extremely low minimum amount, given the broker’s regulatory status. Comparatively, ForexBrokerInc, located within the Marshall Islands, requires $100 for the initial deposit and is a much more, but it also applies to ECN accounts as well.

Average Spreads & Commissions

FXOptimax provides both variable and fixed spreads. Fixed spreads on the 4-Digits account , are average and are 2 pips for EUR/USD. Spreads that are variable on the Precision account are also averaged at 2 pips, but this is considered to be high for the market of forex, because the fixed spreadsare typically larger in comparison to floating ones. Spreads that are variable are available on Pro accounts are among the lowest that this broker offers and are described as having spreads of 0.2 pip on USD/EUR, and when we add in the fee of $4 per standard lot , round around, the trading costs for this pair will be approximately 0.6 per cent that is a great deal.

For contrast Belize-based JustForex has variable spreads, averaging 0.4 + $5 for a parcel on their ECN accounts. To learn more it is possible to search and examine the real-time spreads offered by 15 top broker here.

Maximum Leverage

Maximum leverage rate that this broker offers are quite high and can reach 1:1000. Although certain jurisdictions limit leverage at levels much less in comparison to 1:50 (1:50 for the US) Many forex brokers provide leverage of up to or greater than 1:500 which includes the ForexBrokerInc.

The traders, however, must be aware that the greater amounts of leverage used, the higher the risk. Hence, it is essential to use caution when trading margin.

Trading Platforms

FXOptimax is compatible with MetaTrader 4 (MT4), the most well-known platform for traders and brokers alike. It is available for download as an app for desktop as well as mobile-based trading apps.

MT4 offers everything the instruments and information a trader requires: a very user-friendly interface, numerous technological indicators built into the program, an advanced charting software, a broad selection of Expert Advisors (EAs) and a vast back-testing capabilities. EAs permit full automation of trades. Traders can relax and let the program take care of all the work.

Additionally, FXOptimax offers its clients an array of sophisticated auto trading options, including Signal Trader, MyFXBook`s AutoTrade and, of course, Zulutrade.

Promotions

As of the date of this review’s writing, FXOptimax offers a 50 percent bonus on every deposit that is at least $50 in the event that 12.5 lots are exchanged.

Methods of Payment

FXOPTIMAX offers its customers the following methods of withdrawal or deposit through credit/debit cards wire transfer local payment agents or via e-wallets Neteller, Skrill, FasaPay, OKPay, Perfect Money and China UnionPay.

Conclusion

FXOptimax operates as an off-shore broker with a light touch regulation, but it’s worth looking into its trading conditions competitively across a variety of currency pairs as well as precious metals on the well-known MT4 platform.