Formax Market Review 2020

Formax Market Rated 0/5
learn more Learn more about eToro. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Formax Market Guide

Formax Market are an online broker founded in 2012 offering Forex trading, and Social Trading trading.

Formax Market are a global broker and have a head office in UK.

When trading in the financial markets it can be very time consuming to find a broker that meets your needs.

Often you have to visit and read many broker websites all of which have different uses of language. The wording can be very confusing. In our review of Formax Market we break down the pros and cons. What Formax Market are able to offer, what countries Formax Market are available in. Who Formax Market are regulated by and more.

Having a reliable and capable broker is crucial to your success in online trading. Make sure that your broker is not fake or unreliable to avoid losing your investment. Ensure that your needs fit the profile of your broker as well, in order for you to have a good working profitable relationship.

Benefits of trading with Formax Market

  • Regulated by: Unregulated
  • Headquarters Country : UK
  • Foundation year 2012
  • Min Deposit : 1
  • Used by over 10,000 traders
  • Formax Market is not available in the following countries : US
Open Formax Market's Website

Losses can exceed deposits

At the bottom of this review you can also learn about some pretty good alternatives to Formax Market

With this review we hope to help you see if Formax Market is a good fit for you.

It is a common myth that online trading is confusing. It is only difficult for people who have not done the research. In this article, you will learn important information regarding Formax Market that will help you get off to a good start in the world of online trading.

Formax Market Review Table of Contents

Formax Market what you should know

Formax Market offer two ways to trade: Forex, Social Trading.

With Formax Market you will need a minimum deposit of $1. You can sign up for a demo account to acquaint yourself with Formax Market platform.

Formax Market are able to accommodate various levels of traders whether you are experienced or a beginner.


Are Formax Market safe?

When choosing a broker like Formax Market the administrative body and regulatory status of the broker is very important. Brokers who conduct trades without supervision of a regulatory body do so at their own discretion. Any capital you invest is at risk.

Established in 2012, and in operation for 8 years Formax Market have a head office in UK.

Formax Market is regulated. This means Formax Market are supervised by and is checked for conduct by the Unregulated regulatory bodies.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to Formax Market, this will be honored. If Formax Market violate any regulatory rules their regulated status could be stripped.

Any payments funded to Formax Market accounts by traders are held in a segregated bank account.

For added security Formax Market use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Try creating two accounts when you are working with Formax Market. One is the real account, with your real money and the other is your demo account. The demo account is your experimental account.

Open a demo account Visit Formax Market

Losses can exceed deposits

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

Broker Formax eToro XTB Pepperstone
Year Established 2012 2006 2002 2010
Head Office UK Cyprus, UK Poland Australia
Regulation Unregulated Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC)
Used By 10,000+ 12,000,000+ 250,000+ 10,000+
Negative balance protection No No Yes Yes
Guaranteed Stop Loss No No Yes No
Learn More Visit Formax Market Visit eToro Visit XTB Visit Pepperstone
Risk Warning Losses can exceed deposits 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Your capital is at risk CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

Formax Market Pros and Cons

What we like about Formax Market

  • Used by over 10,000 traders
  • Established in 2012
  • Regulated by Unregulated
  • Min. deposit from $1

What we don't like about Formax Market

Formax Market Financial Regulation and Supervision in more detail

Formax Market are not supervised or regulated by any well known regulatory bodies. Its normal to find online brokers like Formax Market that are not regulated yet appear to be legitimate.

Formax Market maybe relatively new. Some brokers provide their service under offshore licenses to save operational costs. Regulatory licensing can be very costly. We recommend only trading with regulated brokers. Should anything go wrong with Formax Market you are not guarenteed help in a difficult situation.

  • Unregulated

Formax Market General Fees

  • Formax Market doesn't charge withdrawal fees
  • Formax Market does charge inactivity fees
  • Formax Market does charge deposit fees
Broker Formax eToro XTB Pepperstone
Min Deposit 1 200 0 200
Withdrawl Fees No Yes varies No
Inactivity Fees Yes No Yes
Deposit Fees Varies No No No
CFD Commission Fees No Yes Yes

Formax Market Commissions

  • Formax Market does charge commission on CFD instruments.

What can you trade with Formax Market?

You can trade a wide variety of instruments with Formax Market over instruments infact.

If you are looking at trading currency pairs Formax Market offer over 65 currency pairs.

Compare Formax Market with eToro and XTB below.

Losses can exceed deposits

Broker Formax eToro XTB Pepperstone
Instruments Available 100 1,500 100
Platforms MT4, Mirror Trader, Tablet & Mobile apps Web Trader, Tablet & Mobile apps MT4, Mirror Trader, Web Trader, Tablet & Mobile apps MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet & Mobile apps
FX / Currencies Visit Formax Market Visit eToro Visit XTB Visit Pepperstone
Forex pairs offered 65 50 50 70
Major forex pairs Yes Yes Yes Yes
Minor forex pairs Yes Yes Yes Yes
Exotic forex pairs Yes Yes Yes Yes
Cryptocurrencies No Yes Yes Yes
Commodity CFDs Visit Formax Market Visit eToro Visit XTB Visit Pepperstone
Commodities Offered 0 0 21 16
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural Yes Yes No
Indiced & Stock CFDs Visit Formax Market Visit eToro Visit XTB Visit Pepperstone
Stocks Offered 0 957 1696 60
UK Shares Yes Yes No
US Shares Yes Yes No
German Shares Yes Yes Yes
Japanese Shares Yes Yes No

Trading on Formax Market web platforms and other applications

Formax Market offer the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers.

Formax Market also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you’re on the move.

See Formax's platforms

Formax Market Trading benefits :

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

Formax Market Trading Accounts Offered :

  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Islamic account

Can I try Formax Market before I buy?

Formax Market offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

Formax Market withdrawl and funding methods.

Formax Market offer the below funding payment methods. learn more about Formax Market

  • Credit cards
  • Bank Transfer
  • Neteller
  • UnionPay
Broker Formax eToro XTB Pepperstone
Bank transfer Yes Yes Yes Yes
Credit Cards Yes Yes Yes Yes
Paypal No Yes Yes Yes
Skrill No Yes Yes Yes
Payoneer Yes Yes Yes
Neteller Yes Yes Yes Yes

How can I start trading with Formax Market?

When opening a trading account with Formax Market, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on Formax Market trading platforms here.

Performing trades with Formax Market

With Formax Market, the minimum and maximum trade requirements vary depending on the trader and the instrument. As Formax Market offer ECN and STP execution, you can expect very tight spreads with more transparency over the price you‘re paying to execute your trades.

As a nice bonus, Formax Market are one of very few brokers that claim to have no requotes, so you don't have to worry about slippage (your trades being ordered at a different price to what you executed them at).

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments.

Limit Risk When Trading with Formax Market Stop Loss, Formax Market Stop Limit Orders

A stop-loss order is an order placed with a broker like Formax Market to buy or sell once the stock reaches a certain price. A stop-loss is designed to limit a traders loss on a security position.

Most traders need to use stop losses to protect themselves from huge risk unless the trade is hedged against another trade or the trader is not using leverage. Circumstances differ depending on the trade and the markets.

Education resources at Formax Market

To trade effectively with Formax Market, it's important to get a have a good understanding of the Formax Market trading tools and the markets.

Formax Market offer a good selection of educational resources. Spend some time reading up on how the markets and trading works, making active trades, active trading times, and managing risk.

Having an analytical approach may be a good way to approach trading with Formax Market.

Take time to look around the Formax Market platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at Formax Market

Formax Market support a limited number including

Formax Market have a D grade support rating because because sometimes the response was slow or our query wasnt answered. Formax Market less customer support features compared to other brokers like live chat, phone and email support. email support and supports a limited amount of Languages. Live chat support supports a limited amount of Languages. Phone support supports a limited amount of Languages.

Livechat Support at Formax Market

We tested the Formax Market live chat and it works well. We sent messages to Formax Market livechat through their app and website and recieved a response within 20 minutes. Sometimes there was no response.

We tested communicating with Formax Market support in multiple languages in multiple countries. Formax Market where able to resolve our customer issues.

Email Support at Formax Market

We sent several emails to Formax Market and answer times overall were excellent. The fastest response from Formax Market was 4 hours and the slowest response was 5 days. Sometimes there was no response. Support response times may vary for you with Formax Market, but this was our experience sending 10 emails at varying times.

The team resolved and answered our queries. Overall average email support from Formax Market.

Phone Support at Formax Market

We called Formax Market and the call was answered very quickly. The call was answered in less than 5-10 minutes.

The Formax Market phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual Formax Market team by calling in varying languages. Formax Market made an effort to make sure our queries were answered.

Overall the phone support from Formax Market was okay.

See how Formax Market Support Compares Against Other Brokers

Broker Formax eToro XTB Pepperstone
Support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
Languages English, German, Spanish, French, and Italian English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic
Learn More Visit Formax Market Visit eToro Visit XTB Visit Pepperstone
Risk Warning Losses can exceed deposits 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Your capital is at risk CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

What you will need to open an account with Formax Market

As Formax Market is regulated by Unregulated, every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore Formax Market's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with Formax Market you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from # on 12th August 2018.

Is Formax Market A Good Broker?

We spent over 3 months examining Formax Market in depth. Although we found some very useful aspects of the Formax Market platform that would be useful to some traders. Overall our feeling is that you would be better served with an alternative Formax Market broker.

  • Formax Market have a good track record of offering Forex, Social Trading.
  • Formax Market has a history of over 6 years.
  • Formax Market has a reasonable sized customer support of at least 10.
  • Formax Market are regulated by Unregulated. This means Formax Market fall under regulation from a jurisdiction that can hold a broker responsible for its misgivings; or at best play an arbitration role in case of bigger disputes.
  • Formax Market have regulation from a Tier 1 reputable country.
  • Formax Market has the ability to get deposits and withdrawals processed within 2 to 3 days. This is important when withdrawing funds.
  • Formax Market have an international presence in multiple countries. This includes local Formax Market seminars and training.
  • Formax Market are able to hire people from various locations in the world who can better communicate in your local language.

Formax Market Risk Disclaimer

Losses can exceed deposits

Formax Market not quite right?

Check out these Formax Market Alternatives

We have spent years researching the best alternatives to Formax Market. Click the links below to learn more.

If you feel some of the above Formax Market are not quiet what you are looking for or perhaps you would just like to see some alternatives. See our highly rated list of Formax Market alternatives below.

Related Formax Market Comparisons

If you would like to see how Formax Market stands up against other brokers you can read some of our Formax Market comparisons below. We compare side by side some of our top rated Formax Market versus comparisons. Read some indepth Formax Market VS pages below.

FORMAX MARKET Frequently Asked Questions

Can I try Formax Market before I buy?

Formax Market do not offer a demo account so it looks like you will have to sign up for at least a trial period. Learn more here

What funding methods do Formax Market accept?

Formax Market offer the following funding payment methods accept Credit cards, Bank Transfers, Neteller, Wire Transfer, among other payment methods.
Learn more here

Losses can exceed deposits

Is Formax Market safe?

While Formax Market may not be considered unsafe, they are not regulated or supervised by any major regulatory body. Depending on your trading style this may be okay. We recommend you trade with a regulated broker.Any payments funded to Formax Market accounts by traders are held in a segregated bank account. For added security Formax Market use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Is Formax Market trading good?

While Formax Market may not necessarily be considered bad, they are not regulated. We would recommend trading with only regulated brokers.Formax Market is used by over Formax Market active traders. Formax Market offers Forex trading, and Social Trading trading. Minimum deposit with Formax Market is mindeposit.

Is Formax Market trading Legit?

Formax Market was founded in UK in 2012. Formax Market has been facilitating trade on the financial markets for over 8 years. Formax Market offers clients Forex trading, and Social Trading trading. All funds deposited to Formax Market are held in segregated tier 1 bank accounts for security. Formax Market is not regulated. Although this doesnt mean Formax Market are awful, we recommend trading with regulated brokers.

Is Formax Market a good broker?

Formax Market is not regulated by a top tier financial regulator. While many traders may still find trading with Formax Market useful, we recommend only trading with a broker that has regulation.Formax Market allows Forex trading, and Social Trading trading.

Is Formax Market trustworthy broker?

While having many plus points because Formax Market is not regulated we personally would not trade with them. Make any broker you trade with is regulated and places any funded money into segregated tier 1 bank accounts. If your money is in a segregated bank account the broker has no direct access to your funds so cannot misappropriate your money.

What is the minimum deposit for Formax Market?

The minimum deposit to trade with Formax Market is 1.

How long do Formax Market withdrawals take?

Withdrawing money from Formax Market processing time varies but averages 2-5 days.

Is Formax Market regulated?

Formax Market is not regulated by a top tier financial regulator.

Is Formax Market a market maker?

Formax Market is a not a market maker. A market maker speeds up trading as a market maker will purchase your stocks and commodities even is a buyer is not lined up.

How can I start trading with Formax Market?

When opening a trading account with Formax Market, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on Formax Market trading platforms here.

Is my money safe with Formax Market?

Formax Market is regulated by Unregulated. One of the most important criteria for traders when choosing a broker like Formax Market is the regulatory body and regulatory status of the broker. Brokers who conduct business without regulation do so at their own discretion and pose a direct risk to the security of their clients money.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to Formax Market, this will be honored. If they violate any regulatory rules their regulated status can be stripped.

Is Formax Market a con?

While we would noy say that Formax Market is a con. Because they are not regulated by a top tier financial regulator we would not trade with them.

Can you make money with Formax Market?

Although traders have had great success with Formax Market. Trading on the financial markets with Formax Market is not a get rich scheme. If you educate yourself, practise with a demo account and carefully plan your trading your chance of success will greatly increase. Never trade with money you cannot afford to lose. Losses can exceed deposits.

Does Formax Market have fees?

Formax Market doesn't charge withdrawal fees. Formax Market does charge inactivity fees. Formax Market does charge deposit fees.

When was Formax Market founded?

Formax Market was founded in 2012.

How many people use Formax Market?

Formax Market is used by over 10000 registered traders.

What is Formax Market Headquarters country?

Formax Market has its head quarters office in UK.

Does Formax Market offer negative balance protection?

Formax Market does not offer negative balance protection. With Negative balance protection means traders cannot lose more money than they have deposited.

Does Formax Market offer guaranteed stop loss?

Formax Market does not offer guaranteed stop loss. With guaranteed stop loss protection risk is managed. Traders are guarenteed to close your trade at your specified price.

Does Formax Market allow scalping?

Formax Market offers scalping.

Does Formax Market allow hedging?

Formax Market offers hedging.

Does Formax Market offer CFD trading?

Formax Market does not offer CFD trading.

Does Formax Market offer STP?

Formax Market offers STP trading.

How many people use Formax Market?

Formax Market is used by over 10000 traders.

Is Formax Market an ECN broker?

Formax Market offers ECN trading.

Does Formax Market offer a demo account?

Formax Market does not offer demo account.

Does Formax Market offer an Islamic account?

Formax Market offers a Islamic accounts.

What are the funding methods for Formax Market?

Formax Market accept the following funding methods : Credit cards, Neteller, UnionPay, Bank Transfer.

Formax Market review written by Andrew Blumer and Mark Hansen

We hope you found our review of the Formax Market brokerage firm useful.

This article was written by our financial editor Mark Hansen and Andrew Blumer.

Mark was previously of the Kiel Insitute and has worked with financial organisations across Europe, Australia, South East Asia, South Africa and the Middle East. Mark has over 15 years experience in financial analysis, forecasting, financial modeling idenifying new market opportunities in Stocks, CFD's, Forex and Commodities.

Andrew has a well-established career in fintech and came up with comparebrokers.co to make trading on financial markets more transparent and accessible.

Whether you want to trade Forex, Stocks, Commodities or Indices we will help you find the best online broker for you from 400+ brokers for clients based in the UK, Europe, Asia, South Africa and Australia.

Formax Market review written by Mark Hansen of Comparebrokers.co