TradeMax Review – Is it a scam company or a legit broker?
Among many existing brokers, there are some scam brokers, others are no legit, some of them are simply performing very badly and there are very few good brokers available in the market. The competition in the online trading industry is increasing time by time and many new brokers pop up annually. Some of them manage to keep afloat, while others can not survive a year and sink down below. Some of the brokers are extremely successful from the starting point. They can be even more successful than the old school ones. In rare cases, new and fresh brokers overcome the performance and the operation of the old brokers. Though, in this article, we will not be reviewing this type of broker.
In this article, we will be talking about TradeMax, one of the active brokers. The company has been operating in the market for already 7 years, though yet has not managed to calm down the wave of negative feedbacks and scamming. This should be for a reason. While the broker can be legal and can be operating legally, it still does not mean that this is the best place, you should invest your money.
TradeMax Broker Review
The first thing you notice about the person is the appearance. It is a very obvious thing. Whenever you meet a person, the first thing that comes across is the physical visual and appearance. While the facial features and many other physical aspects may not be the best, a person can manage to shade it with the look. The same happens with the brokers. The first thing you notice about them is their webpage. This is very logical as the first thing you do is visit their webpage.
From the very beginning, you can already have a clear impression of whether the broker is user friendly or not. If the webpage is very neat, it is accurate and easy to navigate through, it pretty much means that the opinion and feedback, as well as the comfort of the customer, is the broker’s top priority. If the webpage is not organized and gives you only very brief information, it definitely does not say a lot of good about the operator.
While visiting TradeMax for the first time, the first thing you see is a load of text. This is not a good sign already. When there is a lot of text on the home page, without any visual side, without any pictures, without any idea what this text is all about, it becomes very hard to interest the reader and the guest. It is also very hard to keep the visitor going through the following pages.
This is something that makes the visitor feel very uncomfortable already. Whenever it is told that the customer should get acknowledged with all of the information in order to avoid further inconveniences, it is definitely true. Though, before acknowledging with something, we should inform them what it is about. Otherwise, at first sight, it feels like you have delayed the wrong number and called someone else instead of your friend.
One of the most important things to consider while choosing the broker to trade with is the legal side of the broker. Many brokers are operating in the market illegally. You should never ever address illegal brokers. This means that you can lose all of your money at any point. YOu have no guarantees and in case of the worst scenario, there will be no one to help you.
The license part is always important. The TradeMAx broker is legit. It is based in Australia and regulated by the Australia Security and Investment Commission (ASIC) with an Australian Financial Services Licence. The license number is also provided on the home page of the broker. YOu can always double-check the information.
This is the section of the menu bar of the website. The product section is all about the TradeMax account types and the details of the accounts. Accounts are generally one of the most important components of the broker and have significant importance for the trader. Usually, brokers offer several types of accounts in order to give the customer freedom of choice. This is a very good practice so that the customer can choose what is best suitable for him or her.
In the case of TradeMax, we also come across several types of accounts. Those are the Standard account, Premium account, Pro account, and Raw Spread Account. Usually, the list of the account can be bigger, though this is not bad overall. The most important thing though, is that the broker does not offer the Demo Account, which is one of the most important aspects of trading for the beginners.
The beginners usually address the demo account as it is the best opportunity to learn trading without losing a lot of money. With the demo account, you can trade as much as you want, learn the market, check if it is good or not for you, and only after, switch to the live account. With TradeMax, you are not given this opportunity.
Lets’s talk about the existing account types. The most common type of account is Standard. Though, even for the standard account the minimum amount of TradeMax deposit if $1,000. This is not a small amount of money, and you will definitely find a broker in the market who has the lowe deposit request. The leverage with the Standard account type is 1:400, which is also very common. Prior to switching to other accounts, it should be mentioned that all four account holders get the Dedicated Account Manager.
The Premium account does not differ from the Standard one a lot. The main difference is the minimum deposit which is $50,000 in the case of a Premium Account. The leverage remains the same and no additional advantages are available. The next is the Pro account, which comes with the changes. Both the Pro and the Raw accounts have the leverage of 1:200. Both of them also have additional services, such as VIP Desk, Free VPS, and MMAM service. There is n difference between the minimum requested TradeMax costs either. For both accounts, it is $100,000.
The TradeMAx uses the most common platform for the brokers. The platform is MetaTrader 4. This is a widely used platform by many brokers. Trademax’s platforms are available for windows as well as for mobile and Web MT4. Usually, the platform is adapted to the Mac OS and iOs systems, but it says nothing about this capability in the case of TradeMax. This is not the best thing to fail at yet.
TradeMax Australia offers a wide array of commodity CFDs that can be traded through our MT4 platform, allowing you access to these markets at your convenience no matter where you are in the world.
The next on the list is the resources section. This is basically a whole new and very different world. It is all about the ongoing situation in the world and the most recent news. The news are of course relevant to the topic. This is a valid move in order to update the traders with the latest information and to keep them up to date.
Within this section, you can also get the information regarding the Economic Calendar of the year. I am not sure how helpful and valuable this is, but some people find it helpful, so the broker decided to dedicate the whole page to it.
It is always very important that the costumers understand the whole subject. It is also very important that everyone gets the idea of Forex Trading before trading. Though, those people who have not acknowledged the Forex Trading and still lack some of the information can get it from the Education section on the menu bar.
Within this section, there is the brief information on the Forex, the trading generally, the TradeMax trading platform is also explained. But this is it. No more information. And when you thought that you were getting closer to it, it is not a big step you have taken.
The TradeMax offers some VIP courses for those people who want to learn some more about Forex. This is not very fair, as there are many website sand articles offering this information for free. Though, the broker promises that those classes will be 1v1. Not sure in their effectivity. If they are as effective as the broker itself, I doubt that you take out any knowledge at all.
As the last option, the broker also offers some online tutorials on how to trade Forex for life and how to become very rich via trading Forex. Unfortunately, online tutorials, do work only in case of simple math problems and history lessons. What is very interesting though is that company managed to dedicate way more information to explaining their values and talking about themselves, rather than providing people with some valuable information.
Deposits and Withdrawals
It is one of the very important aspects of trading. Unfortunately, the broker decided not to dedicate any separate pages for the depositing and withdrawal processes. Moreover, you will not be able to find any information regarding the TradeMax withdrawal, until you visit the FAQ section of the page. All in all, some wise people fixed their opinion and asked the question, so the company had to include it in the paragraph.
The information about the withdrawal is not available on the website. Normally the brokers have a separate page dedicated to deposit and withdrawal. Information on how to withdraw your funds is available only in the legal documents. But unfortunately, the information about TradeMax withdrawal is very limited there. It mentioned that for the residents of Australia withdrawal is a fee, for the traders outside the country it costs 25 AUD.
Commissions are not indicated on the website as well, the only thing we were able to find about this matter was in the FAQ section. According to the broker, it is not charging any service fee but the spreads are different for the different TradeMax account types as the broker is making money via spreads. For the raw account, spreads are from 0 hence there is a commission fee of 7 USD or 9AUD per lot traded.
In the formal documents of the broker, which can be seen on the website TradeMax Forex broker suggests that there can be other charges as well, such as swap charges, rollover charges, interest charges, commissions, conversion fees, corporate action charges, and administration charges. However, it is not mentioned how much are these charges and why can some of them occur. This way, you might find out that some of your money has been taken from your account for any reason unknown to you.
This paragraph already says it all for itself. Stating two very controversial things, will no how to bore a trust and loyalty form the costumers’ side. This is definitely one fo the major points, they have skipped. Though, they have dedicated a full home page to the history of Forex trading, and not even to its explanation.
There is the last section of the menu tab on the top of the page. This is all about promotions and bonuses the broker offers to its traders. There are quite some promotions active during certain periods, but you have to be attentive with the duration and terms and conditions. At some point, all of the promotions can be deactivated already.
Some of the most interesting promotions from TradeMax FX are for students. There are some bonuses as well as cashback bonuses on the specific expenditure throughout a certain period. If the students provide their ID with Student identification, they will be eligible for the promotion.
All of the promotions are banned from US residents. This broker is generally restricted to AU citizens only, though coming out of certain terms and conditions, the only country restrictions they have is the US.
The journey through forex trading is very long and very hard. Nobody promised that it would be easy, but at least promise yourself to choose a valid and very rigid partner for the whole journey. As from the fails and some very critical misconceptions the broker has been identified for, we would definitely advise you to look at some other corners. While the TradeMax FX brokerage is not a scam and is licensed, it yet does not mean that you have to invest your money and even more valuable time in him.