Looking to read Paymax reviews, you are in the right place. Is Paymaxxfx.com a scam or legit broker? Read reviews to know about this forex broker.
This article promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
Paymax FX otherwise known as Paymaxxfx.com is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices.
What We Discovered about Paymaxxfx.com Regulation
First of, Paymaxxfx.com claims to be based in London, United Kingdom. But, the website is pretty much anonymous. To clear the doubts, we searched the register of the UK’s financial regulator, the FCA and it showed this broker is not authorized to provide investment services.
Furthermore, this broker does not offer money back guarantee which means trading on such platform is clearly putting your funds at a risk of scam.
These drawbacks are for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Paymax Minimum Deposit for Traders
Paymax offers variety of trading account for clients like ECN, Elite and PRO. According to the account descriptions, the broker leverage is capped 1:500.
The broker Paymax does not reveal its minimum deposit. In contrast, licensed FX brokers clearly spell out their regulations and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
Paymax deposit says it accepts wire transfer and in cash.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Paymax Provides What Trading Software?
Paymax claims to offer MT5 software. As a matter of fact, the broker does not offer any sort of functional trading software after we registered.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Frankly, we say don’t consider doing that with an illegitimate forex broker like this one because you stand the chance of losing your money.
Paymax Licensing and Regulation
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that Paymaxxfx.com is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Paymax FX located at Paymaxxfx.com appears like a trustworthy trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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