Since the Forex industry creates a great possibility for both new and experienced traders, it is logical that the market grows and that many companies are developing around the world. However, even though everyone is trying to get their piece of cake, this business can also bring certain risks for traders and brokers equally. Therefore, it is crucial for the companies to be regulated by law, which will provide safer, but still not a risk-free environment for the clients. It means that you can participate in safe trades, but also need to be careful not to invest more money than you should or than you are comfortable to lose. Among those regulated companies which offer their services to the customers around the world, it is important to mention MAXFX.
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Background and Regulations
Primarily, MAXFX is a trade name of TOPFX LTD which is one of the regulated brokers. TOPFX was regulated in April 2011 and has the license of the Cyprus Securities and Exchange Commission with license number 138/11. Besides, TOPFX is also a member of the Investors’ Compensation Fund, which is established by the authorities to offer protection to both investors and clients in Cyprus. MAXFX is, therefore, also regulated by CySEC (Cyprus Securities and Exchange Commission), which offers segregated accounts which are held entirely separate from TOPFX’s accounts. Besides, MAXFX is registered with the regulators of 25 European Union country members. This further means that MAXFX company needs to execute certain requirements like capital adequacy and submitting financial reports. Moreover, the company is required to agree to an in-depth inspection which is performed every year by a third party examiner to make certain compliance. For all those who are want to engage in trading this company will provide a good start. It is important to mention that due to the different time zones of the major financial centers, such are those in the United States, Australia, Japan, Hong Kong, and Europe, their services are open 24 hours a day – Forex market never sleeps, except on weekends.
MAXFX Trading Platform
MAXFX uses two platforms which are supported by different devices and web. Like many other brokers, it is using the world’s most popular trading platform – MetaTrader 4.This platform is a great option since it offers a rich environment as well as automated trading ability. It is not just a platform it is a global community which is also available for iOS and Android. MAXFX also uses cTrader which is a new, award-winning ECN trading platform which offers many possibilities for traders. It allows fast order entry and execution speeds, and it offers direct order entry via charts as well as Level II pricing. These are the reasons why clients prefer this platform, this, however, does not bother software developers and brokers who are both eager to provide the best service for their customers.
MAXFX Account Types
There are four account types available for the potential clients:
- Zero Account
- Fixed Account
- ECN Account
- VIP Account
All of these accounts offer great advantages to their users. It is important to say that minimum initial deposit is 500 USD/EUR/GBP/CHF or 60.000 JPY which is relatively small when comparing to other companies on Forex market.
Bonus Policy
Unfortunately, like many other companies lately, MAXFX does not have special offers, bonuses, and promotions, which may be considered as a disadvantage by many clients who are willing to choose this broker.
Banking Options
It is probably the most important characteristic that it requires no deposit fees regardless of its size, which makes it an excellent choice for many clients. Moreover, funding MAXFX account is very easy and can be completed within 2 minutes. Besides, all transactions within the system are secure. It is also necessary to mention that the account supports currencies like Euros, British Pounds, American Dollars, Swiss Franc and Japanese Yens. Both deposit and withdrawal options are available for Credit or Debit cards users – Master Card, Visa and China Union Pay. There are also e- wallet options like Skrill, Neteller and WebMoney, with instant processing time for deposit option, and 24 hours for withdrawal period, and Bank Transfer with 3-5 business days processing period for deposits and 24 hours for withdrawing funds. Maximum single transaction limit is $5000 USD through Credit or Debit card, as well as through China Union Pay and e-wallets, while wire transfer has unlimited transactions.
Customer Service
One of the crucial characteristics when it comes to currency trading companies is that they offer 24/7 support team which can quickly respond to all of the clients questions. Therefore, MAXFX offers a contact form option, leaves a phone number as a possible connection to the support team as well as various e-mail addresses for particular departments and customer service. To get the help, e-mails need to be sent from your registered e-mail address.