Is FXPremax a scam or a legit broker?
FXPremax is not a safe broker. According to our research, FXPremax has been suspected in fraudulent actions. The company does not hold any financial licenses, but claims the opposite. Therefore the company seems to be highly suspicious while might operate its services from an absolutely different location.
|🗺️ Registered in||No Registration|
|🗺️ Type of License||No License|
|🛡️ Is FXPremax safe to trade||No|
|🗺️ Recommended Licenses||FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺|
|🖥 Alternative Broker||FP Markets - licensed by ASIC in Australia|
FXPremax is a Forex and CFD broker that claims to be located in London, UK but doesn’t have a license from the UK’s Financial Conduct Authority, so it is not allowed to offer financial services to UK residents.
The website provides the address (Suite 1 4 Queen Street, Edinburgh, UK) and British phone number, but most probably the firm is not even located in the country, as the company that owns FXPremax, Premax Capital Ltd., is based in Indonesia, Jakarta.
We don’t recommend dealing with unregulated brokers, especially if they provide false information on their websites. Some of such entities run investment scams, and clients of such brokers don’t have any protection.
Unlike FCA-licensed brokers, unregulated ones are not obliged to keep their clients’ money in segregated accounts.
The license from UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license. You can check the list of the FCA-regulated brokers here.
We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.
Yet, it is always great to hear your personal opinion about FXPremax. So you may share your experience or thoughts or discuss them below or ask us for additional information.
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