FXPremax Review

Is FXPremax Scam or Legit Broker?

FXPremax is not a safe broker. According to our research, FXPremax has been suspected of fraudulent actions. The company does not hold any financial licenses but claims the opposite. Therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.

What is FXPremax?

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. Still, 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 FCA-regulated brokers here.

Overall FXPremax Forex Ranking 

As we revealed safety and regulation issues during our FXPremax research, we do not rank positively FXPremax, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• FXPremax Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

FXPremax Alternative Brokers

Our research of FXPremax showed multiple issues in respect of regulations, so here are much better Alternatives to FXPremax with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• AvaTrade – Good Instruments and CopyTrading
• Pepperstone – Low Spreads and Competitive Trading Conditions
• XM – Wide Range of Trading Opportunities

Deposits and Withdrawals

Deposit funds into the FXPremax trading account is a quick and easy process. There is a wide range of payment methods including Credit Cards, Debit Cards, Bank Wire transfers, and e-wallets such as Skrill, Neteller, fasapay, etc. Generally, deposits take from 12 to 24 hours to be completed, depending on the location of the trader. In the case of online payment methods, the deposits are instant.

• Withdrawals, on the other hand, take longer in the case of bank wires (about 3-5 business days). 

FXPremax Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities and comply with the required set of rules and have 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.

• Overall ranking and experience for FXPremax Forex is Negative