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Title

Formax Broker Review

Forex CFD Crypto

Spread

1

Max. Leverage

1:300 Pro

Deposit Protection

£50,000

Min. Deposit

£100

Spread

1

Max. Leverage

1:30

Deposit Protection

£50,000

Min. Deposit

£100

Our Overall Rating

Rating NAN

Formax Time (FMTM) is an Asian forex and CFD brokerage that is relatively new to the forex trading scene in the Asia-Pacific market. With a company base in St.Vincent and the Grenadines, Formax Time also claims to have offices in Singapore, Belize, the Philippines, and New Zealand. Although this might look like a nice spread, users should be careful about who’s regulatory authority this puts them under. As of this moment, they are not under the jurisdiction of any major regulatory authority, which means users should proceed with caution when approaching this forex broker.

Commissions & Fees

Rating

According to other reviews on the internet and some of the scant information we have been able to find online, Formax Time claims to offer typical spreads of around 1 pip on EUR/USD trades. This level is fixed, which arguably presents a favourable spread for users. However, not much other information is available on this broker, so perhaps take these promises with a grain of salt or two! There doesn’t appear to be any other fees, or commissions levied on users for trades. However, this information is hard to come by through the website, so it is recommended that you do your homework before investing with the platform.

Platforms & Tools

Rating

Although they advertised access to both the Metatrader 4 and 5 platforms, it only appears that users can access MetaTrader 5. This is one of the few advantages in Formax Time’s favour, however, as over the website is uninspiring. Beyond this, they don’t appear to offer any new or interesting features that would appeal to more advanced users. And in this respect, you might be better off trying your luck elsewhere.

Customer Service

Rating

One of the essential features of any trading and investment platform is customer service. Indeed, many in the industry are of the opinion that you are only as strong as your customer service! With that in mind, the customer support offerings on Formax Time aren’t particularly inspiring. The reviews online don’t seem to be particularly good, and industry sentiment is notably negative when it comes to this aspect of the website. Customer support is available by email, although based on customer reviews, it seems somewhat slow if not unresponsive.

Final Thoughts

Despite the competitive spreads and the access that is provided to the MetaTrader 4 and 5 platforms, we would struggle to recommend this platform to users enthusiastically. Whilst they do seem to have a decent presence in the Asia-Pacific market, their regulatory status is somewhat of a mystery. They don’t fall under the regulatory jurisdiction of any major regulatory body, which isn’t a particularly encouraging sign. When it comes to protecting your individual investments and investment funds, customer protection is everything. Given this is not a certainty with Formax Time, you should proceed with caution if you intend to invest with them. Given how many other brokerages there are on the market right now, customers can afford to be picky when it comes to choosing a platform to invest with.

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