Thinking of Formax? “Must-Read” Pros & Cons of the Service

November 1, 2016

You should read this before start trading with Formax Market.

Thinking of Formax? “Must-Read” Pros & Cons of the Service

We understand that there are hundreds of misleading information on the web, and you may be tired of seeing the same advertisement mentioning the same things.

Here are some tips for you to choose the most suited broker for yourself.

Pros

Formax is regulated and licensed by UK FCA(Financial Conduct Authority).

Formax strives to offer ECN(Electronic Communication Network) trading environment, and there is no restricted trading activities on Formax’s MT4.

The spread(trading cost) is very low as it starts from 0.2 pips with only £3 per 1 lot of extra commissions.

Cons

Formax is relatively a new Forex & CFD broker founded in 2015, and there are not reviews regarding to the broker yet.

The maximum leverage available is 1:200, which is lower than the average of other online brokers.

No NBP(Negative Balance Protection) is supported, thus the loss is unlimited in Formax’s trading accounts.

The required minimum deposit amount is 1000GBP, which is a bit high hurdle comparing to other brokers.

No Bonus promotions are offered often by Formax.

Is Formax suited for you?

Formax is relatively a new broker, and there is not much information regarding to the broker and their service. Also NBP is not supported, so you could lose more than you deposit to Formax.

In case you are looking to invest your funds with Formax, please proceed at your own risk.

If Formax’s ECN trading environment is actually provided through MT4, the advantage of Formax would be its transparent trading environment and the UK financial license.

Hercules

Along with the $30 no deposit bonus, XM offers 100% deposit bonus to new traders.

Along with the $30 no deposit bonus, XM offers 100% deposit bonus to new traders.